This document contains sample exam questions from the ACCT 504 Midterm at DeVry University. It includes 4 sets of questions that assess internal control procedures and ask the test taker to identify strengths and weaknesses. For weaknesses, recommendations must be provided. The questions cover topics like cash reconciliation, password protection, invoice numbering, purchase order approval, and separation of duties. Answers are required to state which principle each control relates to. The document provides a resource for studying for the midterm by simulating the types of questions on the exam.
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ACC 564 Final Exam Part 2
Question 1
In the ________ stage of an operational audit, the auditor measures the actual system against an ideal standard.
Question 2
An auditor finds that employee absentee rates are significantly higher on Mondays and Fridays than on other work days. This is an example collecting audit evidence by
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Question :
(TCO 1) The principle managers follow when they only investigate significant departures from the plan is commonly known as
Points Received:
4 of 4
2.Question :
(TCO 1) Which of the following is not likely to be a fixed cost?
Points Received:
4 of 4
3.Question :
(TCO 2) Which of the following is not a manufacturing cost?
Points Received:
4 of 4
Week 5 Homework QuestionsQuestions 1 and 2 were taken directly f.docxco4spmeley
Week 5 Homework Questions
Questions 1 and 2 were taken directly from the text and I am aware that the answers are available through an internet search.
I want to remind you that searching the internet for the answers and using those answers is a violation of UMUC academic integrity policies.
In addition, using any outside source without citation is plagiarism.
However, just gaining access to the answers will not satisfy the homework assignment because I have added the requirement that you explain your answers, which cannot be found on the internet and needs to be reasoned out from the material in the chapter.
In grading, I will place more emphasis you explanation than your selection of the correct alternative.
1)
The following are several multiple choice questions adapted from the CPA exam that cover the concept and application of materiality.
For each question, selected the best answer and then explain why it is better than all the alternatives.
Your explanations should address all the possible alternatives presented in the question.
a)
Which one of the following statements is correct concerning the concept of materiality?
i)
Materiality is determined by reference to guidelines established by the AICPA.
ii)
Materiality depends only on the dollar amount of an item relative to other items in the financial statements.
iii)
Materiality depends on the nature of an item rather than the dollar amount.
iv)
Materiality is a matter of professional judgment.
Answer:
Explanation
:
b)
In considering materiality for planning purposes, an auditor believes that misstatements aggregating $10,000 will have a material effect on an entity's income statement, but that misstatements will have to aggregate $20,000 to materially affect the balance sheet.
Ordinarily, it is appropriate to design audit procedures that are expected to detect misstatements that aggregate to
i)
$10,000
ii)
$15,000
iii)
$20,000
iv)
$30,000
Answer:
Explanation
:
c)
A client decides not to record an auditor's proposed adjustments that collectively are not material and wants the auditor to issue the report based on the unadjusted numbers.
Which of the following statements is correct regarding the financial statement presentation?
i)
The financial statements are free from material misstatement, and no disclosure is required in the notes to the financial statements.
ii)
The financial statements do not conform with generally accepted accounting principles (GAAP).
iii)
The financial statements contain unadjusted misstatements that should result in a qualified opinion.
iv)
The financial statements are free from material misstatement, but disclosure of the proposed adjustment is required in the notes to the financial statements.
Answer:
Explanation
:
2)
The following are several multiple choice questions adapted from the CPA exam that cover audit risk.
For each question, selected the best answer and then explain why it is better than all the alternative.
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ACC 564 Final Exam Part 2
Question 1
In the ________ stage of an operational audit, the auditor measures the actual system against an ideal standard.
Question 2
An auditor finds that employee absentee rates are significantly higher on Mondays and Fridays than on other work days. This is an example collecting audit evidence by
For more course tutorials visit
Uophelp is now newtonhelp.com
www.newtonhelp.com
Question :
(TCO 1) The principle managers follow when they only investigate significant departures from the plan is commonly known as
Points Received:
4 of 4
2.Question :
(TCO 1) Which of the following is not likely to be a fixed cost?
Points Received:
4 of 4
3.Question :
(TCO 2) Which of the following is not a manufacturing cost?
Points Received:
4 of 4
Week 5 Homework QuestionsQuestions 1 and 2 were taken directly f.docxco4spmeley
Week 5 Homework Questions
Questions 1 and 2 were taken directly from the text and I am aware that the answers are available through an internet search.
I want to remind you that searching the internet for the answers and using those answers is a violation of UMUC academic integrity policies.
In addition, using any outside source without citation is plagiarism.
However, just gaining access to the answers will not satisfy the homework assignment because I have added the requirement that you explain your answers, which cannot be found on the internet and needs to be reasoned out from the material in the chapter.
In grading, I will place more emphasis you explanation than your selection of the correct alternative.
1)
The following are several multiple choice questions adapted from the CPA exam that cover the concept and application of materiality.
For each question, selected the best answer and then explain why it is better than all the alternatives.
Your explanations should address all the possible alternatives presented in the question.
a)
Which one of the following statements is correct concerning the concept of materiality?
i)
Materiality is determined by reference to guidelines established by the AICPA.
ii)
Materiality depends only on the dollar amount of an item relative to other items in the financial statements.
iii)
Materiality depends on the nature of an item rather than the dollar amount.
iv)
Materiality is a matter of professional judgment.
Answer:
Explanation
:
b)
In considering materiality for planning purposes, an auditor believes that misstatements aggregating $10,000 will have a material effect on an entity's income statement, but that misstatements will have to aggregate $20,000 to materially affect the balance sheet.
Ordinarily, it is appropriate to design audit procedures that are expected to detect misstatements that aggregate to
i)
$10,000
ii)
$15,000
iii)
$20,000
iv)
$30,000
Answer:
Explanation
:
c)
A client decides not to record an auditor's proposed adjustments that collectively are not material and wants the auditor to issue the report based on the unadjusted numbers.
Which of the following statements is correct regarding the financial statement presentation?
i)
The financial statements are free from material misstatement, and no disclosure is required in the notes to the financial statements.
ii)
The financial statements do not conform with generally accepted accounting principles (GAAP).
iii)
The financial statements contain unadjusted misstatements that should result in a qualified opinion.
iv)
The financial statements are free from material misstatement, but disclosure of the proposed adjustment is required in the notes to the financial statements.
Answer:
Explanation
:
2)
The following are several multiple choice questions adapted from the CPA exam that cover audit risk.
For each question, selected the best answer and then explain why it is better than all the alternative.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
1. DEVRY ACCT 504 Midterm Exam (4 Sets)
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1. Question : (TCOs A and E) Your friend, Ellen, has hired you to
evaluate the following internal control procedures.
Explain to your friend whether each of the numbered items
below is an internal control strength or weakness. You must
also state which internal control procedure relates to each of
the internal controls.
For the weaknesses, you also need to state a recommendation
for improvement.
(1) The cashier counts the total receipts and reconciles the
receipts with the cash register total.
(2) Electronic documents are password-protected.
(3) The accountant is completely independent of the sales
department.
2. (4) Invoices are not numbered.
(5) Large purchase orders must be approved by a manager.
TCOs A and E) Your friend, Ellen, has hired you to evaluate the
following internal control procedures.
Explain to your friend whether each of the numbered items
below is an internal control strength or weakness. You must
also state which internal control procedure relates to each of
the internal controls.
For the weaknesses, you also need to state a recommendation
for improvement.
(1) The cashier counts the total receipts and reconciles the
receipts with thecash register total.
(2) Electronic documents are password-protected.
(3) The accountant is completely independent of the sales department.
(4) Invoices are not numbered.
(5) Large purchase orders must be approved by a manager. (Points : 30)
Set 2
1: Invoices are pre-numbered.
2: The controller approves of the purchases and makes the payment since he or she is familiar with the purchases.
3: The office manager is in charge of the petty cash fund.
4: Blank checks are stored in the safe.
3. 5: At the end of the day, the total receipts are counted by the cashier on duty and reconciled to the cash register total. (Points : 30)
Set 3
Invoices are pre-numbered.
The controller approves of the purchases and makes the payment since he
or she is familiar with the purchases.
The office manager is in charge of the petty cash fund.
Blank checks are stored in the safe.
At the end of the day, the total receipts are counted by the cashier on duty
and reconciled to the cash register total
Set 4
Question 14. Question : (TCO D) Your friend Dean has hired you to evaluate the following internal control procedures.
a: Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which principle relates to each
of the internal controls.
b: For the weaknesses, you also need to state a recommendation for improvement.