ACC 492 Week 5 Final Exam | Assignment Help | University Of Phoenix
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- 04 Apr 2019
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ACC 492 Week 5 Final Exam | Assignment Help | University Of Phoenix
1
To determine if a sample is truly representative of the
population, an auditor would be required to:
2
Accrued payroll taxes are normally considered to be associated
with the acquisition and payment cycle.
3
In addition to confirming bank balances of your audit client, a
bank confirmation would normally contain:
4
Which of the following statements is not correct?
5
Which of the following tests are typically not necessary when
auditing a client's schedule of recorded disposals?
6
Which of the following is not one of the business functions for
the payroll and personnel cycle?
7
When auditing the capital acquisition and repayment cycle, it is
common to verify each transaction taking place in the cycle for the entire year
as a part of verifying the balance sheet accounts.
8
Which of the following balance-related audit objectives typically
is assessed as having high inherent risk for cash?
9
A sample in which the characteristics of the sample are the same
as those of the population is a(n):
10
________ accumulate costs by individual jobs as material is
issued into production and labor costs are incurred.
11
You are auditing Manufacturing Company and testing the audit related
objective of completeness for the equipment accounts. Which of the following
audit procedures is most likely to achieve your objective?
12
Which of the following audit procedures would be the most correct
in determining the audit objective of existence for the equipment account in
the fixed asset master file?
13
Because cash is the most desirable asset for people to steal, it
has a higher:
14
Which of the following accounts is not associated with the
acquisition and payment cycle?
15
Which of the following business functions is not considered to be
part of the acquisitions class of transactions?
16
The final step in the evaluation of the audit results is the
decision to:
17
The computer-generated file which records acquisitions,
disbursements and allowances for each vendor is the:
18
Which of the following is a business function related to sales
returns and allowances?
19
The ________ is a contract between a carrier (e.g., a trucking company)
and the seller of goods that dictates the details surrounding the shipment of
goods.
20
The total of the individual employee earnings in the payroll
master file should equal the total:
21
Auditors are especially concerned with three aspects of internal
control for the sales and collection cycle. Which of the following is not one
of their major concerns?
22
The appropriate and sufficient evidence to be obtained from tests
of details must be decided on an:
23
Master files, spreadsheets, and reports that accumulate material,
labor, and overhead as the costs are incurred are:
question24
The introductory paragraph of the standard audit report for a
non-public company performs which functions?
25
A commitment is best described as:
26
When the auditor decides to select less than 100 percent of the
population for testing, the auditor is said to use:
27.
Which of the following is an analytical procedure to determine if
there is idle equipment or equipment that was disposed of but not written off?
28
One unique characteristic of the capital acquisition and
repayment cycle is that relatively few transactions affect the account
balances, but each transaction is often highly material in amount.
29
In most manufacturing companies, the inventory and warehousing
cycle begins with the:
30
You are auditing Rodgers and Company. You are aware of a potential
loss due to non-compliance with environmental regulations. Management has
assessed that there is a 40% chance that a $10M payment could result from the
non-compliance. The appropriate financial statement treatment is to:
31
The management's responsibility section of the standard audit
report for a non-public company states that the financial statements are:
32
Which of the following expenses is not typically evaluated as
part of the audit of the acquisition and payment cycle?
33
The audit procedure that requires an auditor to "foot the
acquisition schedule" relates to which balance-related audit objective?
34
Smaller privately held companies may not maintain an accounts
payable master file by vendor. These companies pay on the basis of:
35.
Which of the following groups has the responsibility for
identifying and deciding the appropriate accounting treatment for recording or
disclosing contingent liabilities?
36
Auditors seldom learn about the capital acquisition and repayment
cycle when gaining an understanding of the client's business and industry.
37
The word below that best explains the relationship between
required sample size and the acceptable risk of incorrect acceptance is:
38
Which of the following does not have to be considered in
determining the initial sample size of a test of details?
question39
For audit evidence to be compelling to the auditor it must be
sufficient and appropriate. Which statement below is not correct regarding the
appropriateness of audit evidence?
40
A document used by organizations to establish a formal means
of recording and controlling acquisitions which usually contains a package of
documents about the acquisition is the:
41
Some companies have customers send payments directly to an
address maintained by a bank. This is called a(n) ________ system.
42
The standard unqualified audit report for a non-public entity
must:
43
The two primary classes of transactions in the sales and
collection cycle are:
44
Which of the following is a correct statement regarding
audit evidence?
45
Which of the following is not explicitly stated in the standard
unqualified audit report?
46
The computer file used for recording payroll transactions for
each employee and maintaining total wages paid for the year to date is the:
USA 
India