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For more classes visitwww.snaptutorial.com1. If an auditor believes the chance of financial failure is high and there is a corresponding increase in business risk for the auditor, acceptable audit risk would likely:2. The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related.3. Auditors generally allocate the preliminary judgment about materiality to the:4. Auditors are ________ to document the known and likely misstatements in the financial statements under audit.5. An auditor who audits a business cycle that has low inherent risk should:

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Acc 403 course success is a tradition snaptutorial com

ACC 403 Course Success is a Tradition -snaptutorial.com

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Acc 403 course success is a tradition snaptutorial com1

ACC 403 Final Exam 1 Chp. 9-13

ACC 403 Final Exam 2 Chp. 14-17 & 21&24

  • 1. If an auditor believes the chance of financial failure is high and there is a corresponding increase in business risk for the auditor, acceptable audit risk would likely:

  • 2. The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related.

  • 3. Auditors generally allocate the preliminary judgment about materiality to the:

  • . What critical event must take place before goods can be shipped in order to assure payment can be reasonably expected?

  • 2. When designing audit procedures, tracing of source documents to the customers subsidiary ledger and subsequently to the general ledger is done to satisfy what assertion?

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ACC 403 Final Exam Part 1

ACC 403 Final Exam Part 2

  • 1. Auditors typically rely on internal controls of their private company clients:

  • 2. An auditor who audits a business cycle that has low inherent risk should:

  • 3.

  • Inherent risk is often high for an account such as:

  • 1. A document prepared to initiate shipment of the goods sold by an independent shipper is the:

  • 2. The document used to indicate to the customer the amount of a sale and payment due date is the:

  • 3. Who is generally responsible for opening receipts when a company uses a lockbox to speed the handling of cash receipts?

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ACC 403 Mid Term I

ACC 403 Mid Term Part 1

  • 1. An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n):

  • 2. Which of the following services provides the lowest level of assurance on a financial statement?

  • 3. Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n):

  • 1. Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called:

  • 2. ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate.

  • 3. The use of the Certified Public Accountant title is regulated by:

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ACC 403 Mid Term Part 2

ACC 403 midterm exam part 1

  • 1. The principal issue in cases involving alleged negligence is usually:

  • 2. "Absence of reasonable care that can be expected of a person in a set of circumstances" defines:

  • 3. While the Foreign Corrupt Practices Act of 1977 remains in effect, its internal control provisions have been largely superseded by which of the following?

  • 1. ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate.

  • 2. Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n):

  • 3. In "auditing" financial accounting data, the primary concern is with:

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ACC 403 Midterm Exam part 2

ACC 403 midterm part 1

  • . In the performance of an audit, a CPA:

  • 2. Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This would not include:

  • 3. An individual who is not party to the contract between a CPA and the client, but who is known by both and is intended to receive certain benefits from the contract is known as:

  • 1. ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate.

  • 2. Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n):

  • 3. In "auditing" financial accounting data, the primary concern is with:

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ACC 403 Midterm part 2

ACC 403 Quiz 1 Set 1

  • 1. In the performance of an audit, a CPA:

  • 2. Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This would not include:

  • 3. An individual who is not party to the contract between a CPA and the client, but who is known by both and is intended to receive certain benefits from the contract is known as:

  • 1. An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n):

  • 2. The Sarbanes-Oxley Act applies to which of the following companies?

  • 3. Three common types of attestation services are:

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ACC 403 Quiz 1 Set 2

ACC 403 Quiz 1 Set 3

  • 1. Which of the following is considered audit evidence?

  • 2. Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called:

  • 3. The three requirements for becoming a CPA include all but which of the following?

  • 4. An accountant:

  • 1. An accountant:

  • 2. The Sarbanes-Oxley Act applies to which of the following companies?

  • 3. A correct relationship among the auditor, the client, and the external users is:

  • 4. Which of the following is considered audit evidence?

  • 5. The most common way for users to obtain reliable information is to:

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ACC 403 Quiz 2

ACC 403 Quiz 2 Chp 3-4

  • . A misstatement in the financial statements can be considered material if knowledge of the misstatement will affect a decision of:

  • 2. As a result of management's refusal to permit the auditor to physically examine inventory, the auditor must depart from the unqualified audit report because:

  • . When there is a justified departure from GAAP which is considered material, the auditor should issue a(n):

  • 2. Under AICPA auditing standards, the primary auditor issuing the opinion on the financial statements is called the:

  • 3. The auditor's responsibility section of the standard audit report states that the auditor is:

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ACC 403 Quiz 3 Chapter 5-6

ACC 403 Quiz 3 Set 1

  • 1. If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of:

  • 2. Which of the following most accurately describes fraud?

  • 3. Which of the following auditor's defenses usually means nonreliance on the financial statements by the user?

  • 1. If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of:

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

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

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ACC 403 Quiz 3 Set 2

ACC 403 Quiz 3 Set 3

  • 1. The Foreign Corrupt Practices Act (FCPA) of 1977:

  • 2. In the auditing environment, failure to meet auditing standards is often:

  • 3. In the performance of an audit, a CPA:

  • 4. The principal issue to be resolved in cases involving alleged negligence is usually:

  • 1. Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This wouldnot include:

  • 2. In an action against a CPA in a jurisdiction that follows the Ultramares doctrine, lack of privity is a viable defense provided the plaintiff:

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ACC 403 Quiz 4

ACC 403 Quiz 4 Chapter 9

  • 1. Auditors are ________ to document the known and likely misstatements in the financial statements under audit.

  • 2. To what extent do auditors typically rely on internal controls of their public company clients?

  • 3. Inherent risk and control risk:

  • 1. The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related.

  • 2. Auditors generally allocate the preliminary judgment about materiality to the:

  • 3. If an auditor establishes a relatively high level for materiality, then the auditor will:

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ACC 403 Quiz 5

ACC 403 Quiz 5 Chapters 10-11

  • . The employee in charge of authorizing credit to the company's customers does not fully understand the concept of credit risk. This lack of knowledge would constitute:

  • 2. When assessing whether the financial statements are auditable, the auditor must consider:

  • 3. Which of the following deal with ongoing or periodic assessment of the quality of internal control by management?

  • . Which of the following components of the control environment define the existing lines of responsibility and authority?

  • 2. Which of the following is responsible for establishing a private company's internal control?

  • 3. Reasonable assurance allows for:

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ACC 403 Quiz 5 week 7

ACC 403 Quiz 6

  • 1. Which of the following deficiency exists if a necessary control is missing or not properly formulated?

  • 2. An audit procedure that would most likely be used by an auditor in performing tests of control procedures in which the segregation of functions and that leaves no "audit" trail is:

  • 3. Which of the following is responsible for establishing a private company's internal control

  • Question 2

  • The approach to auditing where the auditor does not test automated controls to reduce assessed control risk is called:Question 3

  • When the client changes the computer software:

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ACC 403 Quiz 6 Set 2

ACC 403 Quiz 6 Set 3

  • 1. An internal control deficiency occurs when computer personnel:

  • 2. The most important output control is:

  • 3. When the client changes the computer software:

  • 4. A ________ is responsible for controlling the use of computer programs, transaction files

  • 1. A database management system:

  • 2. A ________ is responsible for controlling the use of computer programs, transaction files and other computer records and documentation and releases them to the operators only when authorized.

  • 3. An internal control deficiency occurs when computer personnel:

  • 4. The continued integration of IT in accounting systems can impact a company by:

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ACC 403 Quiz 6 Set 4

ACC 403 Quiz 7

  • 1. Which of the following is a component of general controls?

  • 2. Programmers should be allowed access to:

  • 3. An example of a physical control is:

  • 4. Old and new systems operating simultaneously in all locations is a test approach known as:

  • 5. An internal control deficiency occurs when computer personnel:

  • 1. The document that accompanies the customer's payment is the:

  • 2. Before goods are shipped on account, a properly authorized person must:

  • 3. The document that requires adjustments to the customers subsidiary ledger account is the:

  • 4. To test for recorded sales for which there were no actual shipments, the auditor vouches from the:

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ACC 403 Quiz 7 Chapter 14 -15

ACC 403 Quiz 7 Set 2

  • 1. The document that accompanies the customer's payment is the:

  • 2. Before goods are shipped on account, a properly authorized person must:

  • 3. Credit memos are normally issued to:

  • 4. Who is generally responsible for opening receipts when a company uses a lockbox to speed the handling of cash receipts?

  • 1. The auditor's objectives for the sales and cash collections activities when the client is primarily an e-commerce business as compared to a "bricks and mortar" business are:

  • 2. A ________ is a document that is matched with the customer order to assure that the correct quantity and type of goods are shipped.

  • 3. What event initiates a transaction in the sales and collection cycle?

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ACC 403 Quiz 8

ACC 403 Quiz 8 Chapters 16-17

  • 1. Which of the following most likely would be detected by a review of a client's sales cutoff?

  • 2. Cutoff misstatements occur:

  • 3. Analytical procedures:

  • 4. Most tests of accounts receivable are based on what schedule, file, or listing?

  • 1. A listing of the balances in the accounts receivable master file at the balance sheet date, by total balance outstanding and by the amount of time the component parts have been outstanding, is the:

  • 2. Which of the following is the principle "weakness" of using negative confirmations for your tests of details of balances for accounts receivable?

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ACC 403 Quiz 8 Set 1

ACC 403 Quiz 8 Set 2

  • 1. Which of the following is likely to be determined first when performing tests of details for accounts receivable?

  • 2. If the client's internal control for recording sales returns and allowances is evaluated as ineffective:

  • 3. The understatement of sales and accounts receivable is best uncovered by:

  • 1. If the client's internal control for recording sales returns and allowances is evaluated as ineffective:

  • 2. Which of the following is likely to be determined first when performing tests of details for accounts receivable?

  • 3. Because of its central role in auditing of accounts receivable

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ACC 403 quiz 8

ACC 403 Quiz Chapters 21-24

  • 1. Which of the following most likely would be detected by a review of a client's sales cutoff?

  • 2. Cutoff misstatements occur:

  • 3. Analytical procedures:

  • 4. Most tests of accounts receivable are based on what schedule, file, or listing?

  • 1. Testing the information on the aged trial balance for detail tie-in is a necessary audit procedure, which would normally include:

  • 2. Which of the following is the principle "weakness" of using negative confirmations for your tests of details of balances for accounts receivable?

  • 3. Most tests of accounts receivable are based on what schedule, file, or listing?

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ACC 403 Quiz Set 4

ACC 403 Week 2 Quiz 1

  • . The Sarbanes-Oxley Act applies to which of the following companies?

  • 2. Which of the following services provides the lowest level of assurance on a financial statement?

  • 3. Which of the following is considered audit evidence?

  • 4. An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit?

  • 1. The most common way for users to obtain reliable information is to:

  • 2. The three requirements for becoming a CPA include all but which of the following?

  • 3. An accountant:

  • 4. Which of the following is not a SysTrust Services principle as defined by the AICPA?

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ACC 403 Week 3 Quiz 2

ACC 403 Week 4 Quiz 3

  • 1. If the phrase "except for" is present in the opinion paragraph of the audit report, the auditor has issued a(n):

  • 2. The term "explanatory paragraph" was replaced in the AICPA auditing standards with:

  • 3. The first step to be followed when deciding the appropriate audit report in a given set of circumstances is to:

  • 1. Which of the following most accurately describes fraud?

  • 2. A CPA is subject to criminal liability if the CPA:

  • 3. While the Foreign Corrupt Practices Act of 1977 remains in effect, its internal control provisions have been largely superseded by which of the following?

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ACC 403 Week 5 Midterm Exam Part 1

ACC 403 Week 5 Midterm Part 2

  • 1. Which of the following is considered audit evidence?

  • 2. The Sarbanes-Oxley Act applies to which of the following companies?

  • 3. Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n):

  • 1. Which of the following most accurately describes constructive fraud?

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

  • 3. "Absence of reasonable care that can be expected of a person in a set of circumstances" defines:

  • 4. A broad interpretation of the rights of third-party beneficiaries holds that users that the auditor

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ACC 403 Week 6 Quiz 4

ACC 403 Week 6 Quiz Chapter 9

  • 1. If planned detection risk is reduced, the amount of evidence the auditor accumulates will:

  • 2. Auditors are responsible for determining whether financial statements are materially misstated, so upon discovering a material misstatement they must bring it to the attention of:

  • 3. The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related.

The scope paragraph of the standard unqualified auditor's report states that "… the standards require that we plan and perform the audit to obtain ________ assurance about whether the financial statements are free of material misstatement." What type of assurance is given?

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ACC 403 Week 7 Quiz

ACC 403 Week 7 Quiz 5

  • 1. The auditors primary purpose in auditing the client's system of internal control over financial reporting is:

  • 2. Which of the following components of the control environment define the existing lines of responsibility and authority?

  • An act of two or more employees to steal assets and cover their theft by misstating the accounting records would be referred to as:

  • 2. Which of the following is responsible for establishing a private company's internal control?

  • 3. Which of the following components of the control environment define the existing lines of responsibility and authority?

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ACC 403 Week 8 Quiz 6 Chapters 12-13

ACC 403 Week 9 Quiz 7

  • 1. A control that relates to all parts of the IT system is called a(n):

  • 2. Controls which are designed to assure that the information processed by the computer is authorized, complete, and accurate are called:

  • 3. Auditors should evaluate which of the following before evaluating application controls because of the potential for pervasive effects?

  • A document that initiates shipment of goods and indicates the description of the merchandise, the quantity shipped, and customer name and address is the:

  • When an employee who is authorized to make customer entries in the accounts receivable subsidiary ledger, purposefully enters cash received into the wrong customer's account that employee may be suspected of:

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ACC 403 Week 9 Quiz 7 Chapter 14 & 15

ACC 403 Week 10 quiz 8

  • 1. Which of the following is an account that is not affected by the sales and collection cycle?

  • 2. When designing audit procedures, tracing of source documents to the customers subsidiary ledger and subsequently to the general ledger is done to satisfy what assertion?

  • 3. The ________ is a contract between a carrier (e.g., a trucking company)

  • For cash receipts, the occurrence transaction-related audit objective affects which of the following balance-related audit objective?

  • The most effective audit evidence gathered for accounts receivable is the:

  • Which of the following is the principle "weakness" of using negative confirmations for your tests of details of balances for accounts receivable?

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ACC 403 Week 10 Quiz 8 - Part 1 Chapter 16

ACC 403 Week 10 Quiz 8 - Part 2 Chapter 17

  • 1. When do most companies record sales returns and allowances?

  • 2. Which of the following is the principle "weakness" of using negative confirmations for your tests of details of balances for accounts receivable?

  • 3. Because of its central role in auditing of accounts receivable, which of the following would normally be one of the first items tested?

  • 1. The client's trial balance has a balance of $410,000 for merchandise inventory. As the auditor you are willing to accept a balance that is within $20,000 of either side of the recorded balance. You compute a 95% confidence interval of $395,000 to $425,000. You could therefore:

  • 2. If the population is not considered acceptable, one step the auditor is likely to take is to:

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ACC 403 Week 11 FINAL EXAM PART 1

ACC 403 Week 11 FINAL EXAM PART 2

  • 1. An auditor who audits a business cycle that has low inherent risk should:

  • 2. The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related.

  • 3. Auditors are responsible for determining whether financial statements are materially misstated, so upon discovering a material misstatement they must bring it to the attention of:

  • 1. The audit procedure referred to as proof of cash receipts is particularly useful to test:

  • 2. Which of the following is an account that is not affected by the sales and collection cycle?

  • 3. 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.

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