This document provides the answers to an ACCT 400 final exam with 50 true/false questions covering chapters 1-2 and 6-11. It also provides contact information for obtaining the exam answers and more course materials. The exam questions cover topics like subsequent events, internal controls, audit procedures, revenue recognition, and regulatory requirements.
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ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
Acc 492 new Social Responsibility / tutorialrank.comPrescottLunt432
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ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
(2019 Syllabus)
For more course tutorials visit
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ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
(2019 Syllabus)
ACC 492 Week 2 Team Assignment
492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
(2019 Syllabus)
ACC 492 NEW Effective Communication/tutorialrank.comjonhson247
For more course tutorials visit
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ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
Acc 492 new Social Responsibility / tutorialrank.comPrescottLunt432
For more course tutorials visit
www.tutorialrank.com
ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
(2019 Syllabus)
For more course tutorials visit
www.newtonhelp.com
ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
(2019 Syllabus)
ACC 492 Week 2 Team Assignment
492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
(2019 Syllabus)
OBJECTIVE
To understand the steps that need to be followed when a notice is received from the Income Tax Department. To know how to respond to such notices and to understand the practical issues involved in facing such assessments.
1 ACCT 422 – Auditing Theory and Practice Final.docxjoyjonna282
1
ACCT 422 – Auditing Theory and Practice
Final Exam
Due: 4 hours after Private Message containing exam is opened and no
later than Sunday, March 9, 2014 at 11:00 p.m. EST
Instructions: You have four (4) hours to complete and submit this final exam in your
assignment folder. This is an open book, open notes exam. This final exam consists of 3
parts. Your answers to the exam should be submitted on a separate answer sheet. Your
answer sheet should be submitted as an attachment in your assignment folder under the
“Final” folder in Microsoft Word, WordPerfect or PDF format. Please write your name
on your answer sheet. Please do not write your answers directly in the narrative portion
of your assignment folder.
Part 1: Multiple Choice questions – (worth total of 75 points)
For Part 1, please number your answer sheet from 1 to 40 and provide the letter corresponding to
the best answer (eg, 1. A, 2. B, etc.).
1.
Insurance expense for the period is a function of which of the following?
A. The beginning prepaid balance, current premium payments and the ending prepaid
balance.
B. The beginning prepaid balance and the current period premium payments.
C. The current period premium payments.
D. The current period premium payments and the ending prepaid balance.
2.
A significant customer of the firm suffers a large economic loss after year end, but
prior to completion of field work. The audit client believes this event will have material
effect on the financial statements. The auditor should:
A. adjust the financial statements for the year under audit.
B. add a paragraph to the audit report.
C. advise the client to disclose the event in the notes to the financial statements.
D. advise the client to delay issuing the financial statements until the economic loss
can be determined.
3.
Which of the following statements is true?
A. There is an inverse relationship between the interest and dividends accounts and
debt and equity.
B. There is no relationship between the interest and dividends accounts and debt and
equity.
C. There is a direct relationship between the interest and dividends accounts and debt
and equity.
D. None of the above is true.
2
4.
The process of transferring money from one bank account to another and improperly
recording the transaction is referred to as:
A. kiting.
B. lapping.
C. scamming.
D. embezzling.
5.
Which of the following is least likely to uncover fraud?
A. External auditors
B. Internal auditors
C. Internal controls
D. Management
6.
Which of the following is not correct regarding an auditor's decision that a lower
acceptable audit risk is appropriate?
A. More evidence is accumulated.
B. Less evidence is accumulated.
C. Special care is required in assigning experienced staff.
D. Review of audi ...
Test bank for Intermediate Accounting 11th Edition by David Spiceland.pdfssuserf63bd7
Test bank for Intermediate Accounting 11th Edition by David Spiceland
Full download please contact u84757@protonmail.com
https://qidiantiku.com/test-bank-for-intermediate-accounting-11th-edition-by-david-spiceland.shtml
TEST BANK For Auditing & Assurance Services A Systematic Approach, 11th Editi...Donc Test
TEST BANK For Auditing & Assurance Services A Systematic Approach, 11th Edition & 12th Edi.pdf
TEST BANK For Auditing & Assurance Services A Systematic Approach, 11th Edition & 12th Edi.pdf
OBJECTIVE
To understand the steps that need to be followed when a notice is received from the Income Tax Department. To know how to respond to such notices and to understand the practical issues involved in facing such assessments.
1 ACCT 422 – Auditing Theory and Practice Final.docxjoyjonna282
1
ACCT 422 – Auditing Theory and Practice
Final Exam
Due: 4 hours after Private Message containing exam is opened and no
later than Sunday, March 9, 2014 at 11:00 p.m. EST
Instructions: You have four (4) hours to complete and submit this final exam in your
assignment folder. This is an open book, open notes exam. This final exam consists of 3
parts. Your answers to the exam should be submitted on a separate answer sheet. Your
answer sheet should be submitted as an attachment in your assignment folder under the
“Final” folder in Microsoft Word, WordPerfect or PDF format. Please write your name
on your answer sheet. Please do not write your answers directly in the narrative portion
of your assignment folder.
Part 1: Multiple Choice questions – (worth total of 75 points)
For Part 1, please number your answer sheet from 1 to 40 and provide the letter corresponding to
the best answer (eg, 1. A, 2. B, etc.).
1.
Insurance expense for the period is a function of which of the following?
A. The beginning prepaid balance, current premium payments and the ending prepaid
balance.
B. The beginning prepaid balance and the current period premium payments.
C. The current period premium payments.
D. The current period premium payments and the ending prepaid balance.
2.
A significant customer of the firm suffers a large economic loss after year end, but
prior to completion of field work. The audit client believes this event will have material
effect on the financial statements. The auditor should:
A. adjust the financial statements for the year under audit.
B. add a paragraph to the audit report.
C. advise the client to disclose the event in the notes to the financial statements.
D. advise the client to delay issuing the financial statements until the economic loss
can be determined.
3.
Which of the following statements is true?
A. There is an inverse relationship between the interest and dividends accounts and
debt and equity.
B. There is no relationship between the interest and dividends accounts and debt and
equity.
C. There is a direct relationship between the interest and dividends accounts and debt
and equity.
D. None of the above is true.
2
4.
The process of transferring money from one bank account to another and improperly
recording the transaction is referred to as:
A. kiting.
B. lapping.
C. scamming.
D. embezzling.
5.
Which of the following is least likely to uncover fraud?
A. External auditors
B. Internal auditors
C. Internal controls
D. Management
6.
Which of the following is not correct regarding an auditor's decision that a lower
acceptable audit risk is appropriate?
A. More evidence is accumulated.
B. Less evidence is accumulated.
C. Special care is required in assigning experienced staff.
D. Review of audi ...
Test bank for Intermediate Accounting 11th Edition by David Spiceland.pdfssuserf63bd7
Test bank for Intermediate Accounting 11th Edition by David Spiceland
Full download please contact u84757@protonmail.com
https://qidiantiku.com/test-bank-for-intermediate-accounting-11th-edition-by-david-spiceland.shtml
TEST BANK For Auditing & Assurance Services A Systematic Approach, 11th Editi...Donc Test
TEST BANK For Auditing & Assurance Services A Systematic Approach, 11th Edition & 12th Edi.pdf
TEST BANK For Auditing & Assurance Services A Systematic Approach, 11th Edition & 12th Edi.pdf
Question 1 The first general standard of the PCAOB requires th.docxIRESH3
Question 1
The first general standard of the PCAOB requires that an audit be performed by which type of person?
Answer
An auditor with seasoned judgment in varying degrees of supervision and review.
An auditor with appropriate technical training and proficiency.
An auditor with adequate knowledge of the standards of field work and reporting.
An auditor satisfying the independence standards
Question 2
Which assertion addresses whether all transactions and accounts that should be included in the financial statements are included?
Answer
Existence.
Valuation.
Completeness.
Rights and Obligations
Question 3
Which one of the following attributes is not required of an auditor?
Answer
Independence.
Bias.
Integrity.
Technical competence
Question 4
Which one of the following is a reporting standard requirement?
Answer
The auditor will state explicitly whether the financial statements are fairly presented in accordance with the applicable financial reporting framework.
The auditor will identify in the auditor’s report, those circumstances in which auditing principles have not been consistently observed in the current period in comparison to the preceding period.
The auditor will review adjusting journal entries for accuracy, and if the auditor concludes those entries are not reasonable accurate, the auditor must so state in the auditor’s report.
The auditor will express an unqualified opinion on the financial statements, or will conduct additional audit procedures until such an opinion can be expressed
Question 5
When obtaining an understanding of internal controls, what is the independent external auditor primary concerned with?
Answer
Detecting all errors.
Determining the effectiveness of operations.
Determining whether the internal controls can be relied upon.
Determining whether the controls promote efficiency
Question 6
Which of the following is an inherent limitation of internal controls?
Answer
Lack of auditor independence.
Collusion.
Separation of duties.
Employee peer review.
Question 7
Which of the following is clearly a test of controls?
Answer
Walk-through of the expense cycle from performance of the service to the reporting in the balance sheet.
Examination of a sample of purchase order records for electronic, authenticated, authorization.
Observing the controller's use of company owned equipment.
Sending a letter to the client's attorney to determine litigation that is pending between plaintiff and the defendant
Question 8
Which of the following is an example of a detective control in an information system?
Answer
Automated reports to management that specifically identify delinquent receivable.
A requirement that salaried employees submit written requests to work overtime.
Assurance from top management that computer centers are kept locked.
The employment of trustworthy people to enter data into the information system
Question 9
Which of foll ...
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AC 107 Week 1 Unit 1 Assignment (Score 49.5/50)
AC 107 Week 1 Discussion
AC 107 Week 2 Unit 2 Assignment (Score 47/50)
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Any essay questions need a reference and for it to be in APA format..docxboyfieldhouse
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Question 1 of 25 4.0 Points
When weighted average cost of capital (WACC) is used to value a levered firm, the interest tax shield is:
A. ignored.
B. considered by deducting the interest payment from the cash flows.
C. automatically considered because the after-tax cost of debt is used in the WACC formula.
D. none of the above
Reset Selection
Question 2 of 25 4.0 Points
In order to find the present value of the tax shields provided by debt, the discount rate used is the:
A. cost of capital
B. cost of equity
C. cost of debt
D. none of the above
Reset Selection
Question 3 of 25 4.0 Points
On January 2, Michigan Mining declared a $25-per-share quarterly dividend payable on March 9th to stockholders of record on February 9. What is the latest date by which you could purchase the stock and still get the recently declared dividend?
A. February 5
B. February 6
C. February 7
D. February 8
Reset Selection
Question 4 of 25 4.0 Points
A firm has a total market value of $10 million and debt has a market value of $4 million. What is the after-tax weighted average cost of capital if the before - tax cost of debt is 10%, the cost of equity is 15% and the tax rate is 35%?
A. 13%
B. 11.6%
C. 8.75%
D. None of the given answers
Reset Selection
Question 5 of 25 4.0 Points
Subsidized loans have the effect of:
A. Increasing the NPV of the loan, thereby reducing the APV.
B. Decreasing the NPV of the loan, thereby reducing the APV.
C. Decreasing the NPV of the loan, thereby increasing the APV.
D. Increasing the NPV of the loan, thereby increasing the APV.
Reset Selection
Question 6 of 25 4.0 Points
Why is liquidity relevant?
Question 7 of 25 4.0 Points
Given the following data:
Current assets = 500
Current liabilities = 250
Inventory = 200
Account receivables = 200
Calculate the current ratio:
A. 2.0
B. 1.0
C. 1.5
D. None of the above
Reset Selection
Question 8 of 25 4.0 Points
Discuss some examples of the conflicts of interest that may arise between bondholders and stockholders when a firm is in financial distress.
Question 9 of 25 4.0 Points
Efficiency ratios indicate:
I) How productively is the firm utilizing its assets.
II) How liquid is the firm.
III) How profitable is the firm.
IV) How highly is the firm valued by investors.
A. I only
B. II only
C. III only
D. III and IV only
Reset Selection
Question 10 of 25 4.0 Points
If an individual wanted to borrow with limited liability he/she should:
A. Invest in the equity of an unlevered firm
B. Borrow on his/her own account
C. Invest in the equity of a levered firm
D. Invest in a risk-free asset like T-bills
Reset Selection
Question 11 of 25 4.0 Points
Assets are listed on the balance sheet in order of:
I) Decreasing liquidity
II) Decreasing size
III) Increasing size
IV) Relative life
A. I only
B. III and IV only
C. II only
D. IV only
Reset Selection
Question 12 of 25 4.0 Points
Give.
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Acct 400 final exam answers
1. ACCT 400 Final Exam Answers
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Part 1 of 1 – Final Exam 45.0/ 50.0 Points
The Final Exam has 50 true/false questions, covers Chapters 1 & 2, and 6 through 11, and has a 4
hour time limit.
Question 1 of 50 1.0/ 1.0 Points
oType I subsequent events are always referenced in the audit report.
A.
True
B.
False
Question 2 of 50 1.0/ 1.0 Points
Regardless of the specific form, documentary evidence shows that the receiving process
occurred.
2. A.
True
B.
False
Question 3 of 50 1.0/ 1.0 Points
Preliminary time budget information is compared to actual time worked and is used for purposes
of billing, performance evaluation, and future bidding.
A.
True
B.
False
Question 4 of 50 1.0/ 1.0 Points
Sales returns and allowances remain constant in their magnitude and never need differing levels
of control and approval.
A.
True
B.
False
3. Question 5 of 50 0.0/ 1.0 Points
All assertions apply to every account.
A.
True
B.
False
Question 6 of 50 1.0/ 1.0 Points
Failure to provide the auditor information regarding pending litigation is grounds for a scope
limitation.
A.
True
B.
False
Question 7 of 50 1.0/ 1.0 Points
Detail schedules need to tie to the lead schedule.
4. A.
True
B.
False
Question 8 of 50 1.0/ 1.0 Points
Sampling risk is the risk that your sample is not representative of the population.
A.
True
B.
False
Question 9 of 50 1.0/ 1.0 Points
An auditor’s report on an integrated audit will be unqualified if internal control over financial
reporting does not have any material weaknesses and the financial statements are fairly
presented.
A.
True
B.
False
5. Question 10 of 50 0.0/ 1.0 Points
If a transaction is paid for by credit card, the seller processes the sales transaction with the credit
card issuer when the item is received.
A.
True
B.
False
Question 11 of 50 1.0/ 1.0 Points
The last steps of an integrated audit are to understand the industry and contract with the client to
do the audit.
A.
True
B.
False
Question 12 of 50 1.0/ 1.0 Points
Cash received for sales comes in through several channels.
6.
A.
True
B.
False
Question 13 of 50 1.0/ 1.0 Points
Recalculation is a form of reperformance.
A.
True
B.
False
Question 14 of 50 1.0/ 1.0 Points
When the mail is opened and checks are received, a document called a daily remittance list is
immediately prepared.
A.
True
B.
False
7. Question 15 of 50 1.0/ 1.0 Points
All transactions in the sales and collection cycle need not be recorded at the correct amounts.
A.
True
B.
False
Question 16 of 50 1.0/ 1.0 Points
The audit report must contain explanatory language if there is a going concern issue.
A.
True
B.
False
Question 17 of 50 1.0/ 1.0 Points
One of the first concerns regarding the revenue cycle is that all recorded sales entries are the
result of real transactions that do not meet the criteria for revenue recognition.
8.
A.
True
B.
False
Question 18 of 50 1.0/ 1.0 Points
The Sarbanes-Oxley Act limits the amount of non-attest services that auditors may perform for
public companies they audit.
A.
True
B.
False
Question 19 of 50 1.0/ 1.0 Points
An audit report must be issued whenever an auditor is associated with financial statements.
A.
True
B.
False
9. Question 20 of 50 1.0/ 1.0 Points
Preventative controls are preferred over detective controls.
A.
True
B.
False
Question 21 of 50 0.0/ 1.0 Points
Unfilled orders are taken off the list after they are received and recorded.
A.
True
B.
False
Question 22 of 50 1.0/ 1.0 Points
Deciding that internal controls are effective when they in fact they are not is an example of
assessing control risk too high.
10.
A.
True
B.
False
Question 23 of 50 1.0/ 1.0 Points
The SEC is responsible for setting standards for not-for-profit organizations.
A.
True
B.
False
Question 24 of 50 1.0/ 1.0 Points
Substantive testing can be reduced as a result of ITGC testing performed at year-end.
A.
True
B.
False
11. Question 25 of 50 1.0/ 1.0 Points
Materiality is a measure of magnitude; yet, it is affected by both quantitative and qualitative
factors.
A.
True
B.
False
Question 26 of 50 1.0/ 1.0 Points
The auditor must index the files to conform to the balance sheet.
A.
True
B.
False
Question 27 of 50 1.0/ 1.0 Points
The auditor begins with tests of internal control.
12. A.
True
B.
False
Question 28 of 50 1.0/ 1.0 Points
The integrity of management plays a key role in deciding whether or not to accept a client.
A.
True
B.
False
Question 29 of 50 1.0/ 1.0 Points
Since much of a health-care provider’s collections are paid by third-party payers, it is important
for the health-care provider to verify the patient’s insurance coverage before providing services.
A.
True
B.
False
13. Question 30 of 50 1.0/ 1.0 Points
The cutoff assertion refers to the distinction between the company and its subsidiaries and related
entities.
A.
True
B.
False
Question 31 of 50 1.0/ 1.0 Points
When checks are received in the mail, they should immediately be restrictively endorsed and a
daily remittance list should be prepared concurrently.
A.
True
B.
False
Question 32 of 50 1.0/ 1.0 Points
Publically-traded company refers to any SEC registrant.
14. A.
True
B.
False
Question 33 of 50 1.0/ 1.0 Points
If a client changes auditors, the new auditors may have to reissue the audit report for the previous
year.
A.
True
B.
False
Question 34 of 50 1.0/ 1.0 Points
An Unbilled Services account can be used to capture services that are provided before and during
the surgery that have not yet been billed. The Unbilled Services account is most important at the
end of the fiscal period so that proper revenue is recorded.
A.
True
B.
False
15. Question 35 of 50 1.0/ 1.0 Points
Auditors perform walkthroughs as an efficient way to gain an understanding of ICFR and assess
design effectiveness.
A.
True
B.
False
Question 36 of 50 1.0/ 1.0 Points
Currently, the primary authoritative body that regulates individual CPAs is the Congress of the
United States.
A.
True
B.
False
Question 37 of 50 1.0/ 1.0 Points
Obsolete inventory is an example of inherent risk.
16.
A.
True
B.
False
Question 38 of 50 1.0/ 1.0 Points
The seller will not hear from a customer when a cash payment the customer made is not posted
to the customer’s account balance.
A.
True
B.
False
Question 39 of 50 1.0/ 1.0 Points
Deciding that internal controls are not effective when they in fact they are is an example of
assessing control risk too low.
A.
True
B.
False
17.
Question 40 of 50 1.0/ 1.0 Points
Computers are the primary resources used on an audit.
A.
True
B.
False
Question 41 of 50 0.0/ 1.0 Points
CPAs who perform financial statement audits of public companies are responsible for the
accuracy of the client’s financial statements.
A.
True
B.
False
Question 42 of 50 1.0/ 1.0 Points
Audit steps for the revenue cycle are anchored in the overall audit plan.
18.
A.
True
B.
False
Question 43 of 50 1.0/ 1.0 Points
Materiality is first set at the account balance level and is then aggregated to the financial
statement level.
A.
True
B.
False
Question 44 of 50 1.0/ 1.0 Points
Problems that come from social engineering are the result of a lack of internal controls.
A.
True
B.
False
19. Question 45 of 50 0.0/ 1.0 Points
Controls are needed to ensure that goods are received on a timely basis and bills are sent out for
all goods that are received.
A.
True
B.
False
Question 46 of 50 1.0/ 1.0 Points
The contract between the audit firm and client is called the engagement letter.
A.
True
B.
False
Question 47 of 50 1.0/ 1.0 Points
Physical vaulting refers to the control procedure involving the capture of transactions that by-
passed the firewall.
20.
A.
True
B.
False
Question 48 of 50 1.0/ 1.0 Points
An unfilled order report is an internal document listing customer orders that have received credit
approval but have not been shipped.
A.
True
B.
False
Question 49 of 50 1.0/ 1.0 Points
If the unadjusted difference resulting from projecting the error rate to the account balance is less
than the tolerable misstatement, the auditor may choose to ignore the error.
A.
True
B.
False
21.
Question 50 of 50 1.0/ 1.0 Points
Generally accepted auditing standards refer to those standards that have been adopted by the
PCAOB.
A.
True
B.
False