ACC 492 Final Exam Solution
ACC
492 Final Exam Solution
1) The
bonding of employees will normally be expected to:
2) All
sales, cash receipts, and sales adjustments are accurately valued using GAPP
and correctly journalized, summarized, and posted. These actions are
transaction objectives for:
3)
Disclosure objectives include all of the following EXCEPT:
4) The
extent of the auditor’s inventory test count would LEAST depend on which of the
following?
5) When
statistical sampling methods are used by the client in determining inventories,
professional standards require that the auditor ascertain the following EXCEPT
that the:
6) The
auditor’s strategy in performing test counts during the inventory observation
is to:
7)
Observation of inventories is a required audit procedure whenever:
8) With
a manufacturer, wholesaler, or retailer, however, inherent risk for inventory
may be assessed at or near the maximum level for all of the following reasons
EXCEPT:
9)
During the observation of the inventory, the auditor has NO responsibility to:
10) The
specific audit objective that all purchase transactions and cash disbursements
are valued using GAAP and correctly journalized, summarized, and posted relates
to:
11) The
specific audit objective that recorded purchases represent goods, services, and
productive assets received during the period relates to:
12) The
specific audit objective that all purchases and cash disbursements made during
the period were recorded relates to:
13) The
specific audit objective for the audit of investments, investment balances are
properly identified and classified in the financial statements, relates to the:
14) The
specific audit objective for the audit of investments, all recorded investments
are owned by the reporting entity, relates to the:
15) The
specific audit objective for the audit of investments, all investments are
included in the balance sheet investment accounts, relates to the:
16) The
specific account balance audit objective, plant assets and related expenses are
properly identified and classified in the financial statements, relates to the:
17) The
audit significance of the financial ratio, fixed asset turnover, is:
18) The
substantive test of calculating fixed asset turnover is categorized under:
19) In
confirming bank deposits, the auditor need NOT:
20) The
standard bank confirmation, developed jointly by the AICPA, the American
Bankers Association, and the Bank Administration Institute, requests
information about all of the following EXCEPT:
21) The
control of all funds during the count of cash on hand is meant primarily to
prevent:
22)
Whether the entity maintains effective controls to provide reasonable assurance
that private customer information obtained as a result of e-commerce is
protected from uses not related to the entity’s business defines:
23) Best
practices in approaching risk management include the following steps EXCEPT:
24) In
performing an attest engagement, a CPA performs all of the following EXCEPT:
25)
Which of the following is NOT among the characteristics of the procedures
performed in completing the audit?
26) The
auditor relies on the client representation letter to:
27) In
performing an attest engagement, a CPA performs all of the following EXCEPT:
28)
Which of the following is NOT among the specific auditing procedures the
auditor performs to obtain additional audit evidence?
29) In
regard to identifying and evaluating subsequent events, AU 560.12 specifies
that the auditor inquires of management having responsibility for financial and
accounting matters as to all of the following EXCEPT:
30) When
an investigation of the discovery of facts existing at the report date confirms
the existence of the fact and the auditor believes the information is important
to those relying or likely to rely on the financial statements, the auditor
should immediately:
31) The
two main sections of the AICPA’s Code of Professional Conduct are:
32) In
general, except when explicitly stated otherwise, the Rules of Conduct in the
AICPA’s Code of Professional Conduct are applicable to:
33)
Which one of the following is NOT true of the Principles in the AICPA’s Code of
Professional Conduct?
34) Gross
negligence can best be defined as:
35)
Anyone identified to the auditor by name prior to the audit who is to be the
principal recipient of the auditor’s report is a
36) The
Fund of Funds case illustrated that auditors could be found liable for failure
to report wrong-doings discovered:
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