Question Details

ACC 403 WEEK 4 QUIZ 3
Question 1 
	
 	If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of:

			
 Question 2 
 	The assessment against a defendant of that portion of the damage caused by the defendant's negligence is called:

			
 Question 3 
	
 	In connection with the audit of financial statements, an independent auditor could be responsible for failure to detect a material fraud if:

			
 Question 4 
	
 	Which of the following most accurately describes constructive fraud?

			
 Question 5 
	
 	Which of the following auditor's defenses usually means nonreliance on the financial statements by the user?

			
 Question 6 
	
 	The preferred defense in third party suits is:

			
 Question 7 
	
 	A broad interpretation of the rights of third-party beneficiaries holds that users that the auditor should have been able to foresee as being likely users of financial statements have the same rights as those with privity of contract. This is known as the concept of:

			
 Question 8 
	
 	The expectation gap:

			
 Question 9 
	
 	In the auditing environment, failure to meet auditing standards is often:

			
 Question 10 
	
 	The principal issue to be resolved in cases involving alleged negligence is usually:

			
 Question 11 
	
 	Privity of contract exists between:

			
 Question 12 
	
 	The principal issue in cases involving alleged negligence is usually:

			
 Question 13 
	
 	Laws that have been passed by the U.S. Congress and other governmental units are:

			
 Question 14 
	
 	"Absence of reasonable care that can be expected of a person in a set of circumstances" defines:

			
 Question 15 
The standard of due care to which the auditor is expected to adhere to in the performance of the audit is referred to as the:

			
 Question 16 
	
 	Which of the following is the auditor least likely to do when aware of an illegal act?

			
 Question 17 
	
 	The most important general ledger account included in and affecting several cycles is the:

			
 Question 18 
	
 	When an auditor believes that an illegal act may have occurred, the auditor should first:

			
 Question 19 
	
 	When an auditor knows that an illegal act has occurred, she must:


			
 Question 20 
	
 	Auditors accumulate evidence to:

			
 Question 21 
	
 	A questioning mindset:

			
 Question 22 
	
 	In testing for cutoff, the objective is to determine:

			
 Question 23 
	
 	The responsibility for adopting sound accounting policies and maintaining adequate internal control rests with the:

 Question 24 
	
 	The objective of an audit of the financial statements is an expression of an opinion on:

			
 Question 25 
	
 	An audit must be performed with an attitude of professional skepticism. Professional skepticism consists of two primary components: a questioning mind and:

			
 Question 26 
	
 	The posting and summarization audit objective is the auditor's counterpart to management's assertion of:

			
 Question 27 
	
 	Fraudulent financial reporting is most likely to be committed by whom?

			
 Question 28 
	
 	Which of the following is not one of the three categories of assertions?

			
 Question 29 
	
 	Which of the following would most likely be deemed a direct-effect illegal act?

			
 Question 30 
	
 	The concept of reasonable assurance indicates that the auditor is:

			
Accounting Assignment Help, Accounting Homework help, Accounting Study Help,  Accounting Course Help