ACC 491 WEEK 5 Final Exam
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ACC 491 WEEK 5 Final Exam Purchase here http://chosecourses.com/acc-491-week-5-final-exam DescriptionaCC 491 Sample Final Exam 1) If reported sales for 2010 erroneously include sales that occur in 2011, the assertion violated on the 2010 statements would be 2) The rights and obligations assertion applies to 3) Which of the following assertions is NOT made by management in placing an item in the financial statements? 4) Section 11 of the Securities Act of 1933 uses the term material fact to limit the amount of information required. Under the Act, the standard used to determine an item’s materiality 5) Individuals or entities the auditor knew or should have known and would rely on the audit report in making business and investment decisions are 6) Section 18 liability is relatively narrow in scope because it relates to a false or misleading statement in documents filed with the 7) Within generally accepted auditing standards, general standards relate primarily to 8) Statements on auditing standards are interpretations of what? 9) Which of the following best describes the relationship that should exist between the external auditor and the management of the client company? 10) Statement on Quality Control Standards No. 2 identifies certain quality control elements that should be considered when performing which types of services? 11) Internal auditors are primarily involved with 12) The Government Accounting Office reports directly to the 13) With respect to audit objectives, the term validity relates to which of the assertions below? 14) Which of the following procedures consists of seeking information from knowledgeable persons throughout or outside the entity?15) Specific audit objectives are normally 16) The assessment of inherent risk requires considering matters that have a pervasive effect on assertions for all or many accounts and matters that may pertain only to assertions for specific accounts. Which of the following is an example of a pervasive effects matter? 17) The assessment of inherent risk requires considering matters that have a pervasive effect on assertions for all or many accounts and matters that may pertain only to assertions for specific accounts. Which of the following is an example of a specific account matter? 18) The risk that the auditor may unknowingly fail to appropriately modify his or her opinion on financial statements that are materially misstated is 19) In accepting an engagement, an auditor takes on professional responsibilities to 20) In communicating with the previous auditor, the potential successor should make specific and reasonable inquiries regarding matters that may affect the decision to accept the engagement. Which of the following items is least likely to be included in the inquiries? 21) The importance of the accept or reject decision for a particular client is reflected in the inclusion of acceptance and continuation of clients as 22) In making preliminary judgments about materiality, the auditor initially determines the aggregate level of materiality for each statement. For planning purposes, the auditor should use the 23) Professional standards recognize that a misstatement that is quantitatively immaterial may be qualitatively material. In regards to these items, professional standards require the auditor to 24) When setting the level of materiality on a particular engagement, the auditor must consider 25) The Committee of Sponsoring Organizations report identified five interrelated components of internal control. Since then, a sixth category has been identified, which is 26) Which of the following is NOT one of the interrelated components of internal controls identified by the COSO report? 27) Which of the following is NOT one of the fundamental concepts in the COSO report’s definition of internal control? 28) Which of the following necessary controls would address a potential misstatement arising from a voucher being paid twice? 29) The nature of tests of controls relates to the type of evidence obtained. Which of the following is NOT an example of a type of evidence relevant to tests of controls? 30) Which of the following is one of the four basic functions of every transaction? 31) To emphasize the importance of integrity and ethical values among all personnel or an organization, the chief executive officer and other top managers should do all of the following EXCEPT 32) Which of the following is NOT one of the factors that make up the control environment? 33) An effective accounting system should identify and record only the valid transaction of the entity that occurred in the current period, which relates to the 34) Who is responsible for establishing the process and controls for preparing accounting estimates? 35) An inaccurate form of the audit risk model would show that 36) Revising the planned level of detection risk will be necessary whenever 37) PPS sampling would most likely NOT be cost-effective in 38) Which of the following is NOT an advantage of PPS sampling? 39) PPS sampling should NOT be used when 40) Which of the following is NOT a hardware and systems software control? 41) Which of the following is NOT recognized as a type of general controls? 42) Which of the following management responsibilities is NOT established under PCAOB standards?

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ACC 491 WEEK 5 Final Exam

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Acc 491 week 5 final exam

ACC 491 WEEK 5 Final Exam

Purchase here

http://chosecourses.com/acc-491-week-5-final-exam

Description

aCC 491 Sample Final Exam

1) If reported sales for 2010 erroneously include sales that occur in

2011, the assertion violated on the 2010 statements would be

2) The rights and obligations assertion applies to

3) Which of the following assertions is NOT made by management in placing

an item in the financial statements?

4) Section 11 of the Securities Act of 1933 uses the term material fact

to limit the amount of information required. Under the Act, the standard

used to determine an item’s materiality

5) Individuals or entities the auditor knew or should have known and

would rely on the audit report in making business and investment

decisions are

6) Section 18 liability is relatively narrow in scope because it relates

to a false or misleading statement in documents filed with the

7) Within generally accepted auditing standards, general standards relate

primarily to


Acc 491 week 5 final exam

8) Statements on auditing standards are interpretations of what?

9) Which of the following best describes the relationship that should

exist between the external auditor and the management of the client

company?

10) Statement on Quality Control Standards No. 2 identifies certain

quality control elements that should be considered when performing which

types of services?

11) Internal auditors are primarily involved with

12) The Government Accounting Office reports directly to the

13) With respect to audit objectives, the term validity relates to which

of the assertions below?

14) Which of the following procedures consists of seeking information

from knowledgeable persons throughout or outside the entity?

15) Specific audit objectives are normally

16) The assessment of inherent risk requires considering matters that

have a pervasive effect on assertions for all or many accounts and

matters that may pertain only to assertions for specific accounts. Which

of the following is an example of a pervasive effects matter?

17) The assessment of inherent risk requires considering matters that

have a pervasive effect on assertions for all or many accounts and

matters that may pertain only to assertions for specific accounts. Which

of the following is an example of a specific account matter?

18) The risk that the auditor may unknowingly fail to appropriately

modify his or her opinion on financial statements that are materially

misstated is


Acc 491 week 5 final exam

19) In accepting an engagement, an auditor takes on professional

responsibilities to

20) In communicating with the previous auditor, the potential successor

should make specific and reasonable inquiries regarding matters that may

affect the decision to accept the engagement. Which of the following

items is least likely to be included in the inquiries?

21) The importance of the accept or reject decision for a particular

client is reflected in the inclusion of acceptance and continuation of

clients as

22) In making preliminary judgments about materiality, the auditor

initially determines the aggregate level of materiality for each

statement. For planning purposes, the auditor should use the

23) Professional standards recognize that a misstatement that is

quantitatively immaterial may be qualitatively material. In regards to

these items, professional standards require the auditor to

24) When setting the level of materiality on a particular engagement, the

auditor must consider

25) The Committee of Sponsoring Organizations report identified five

interrelated components of internal control. Since then, a sixth category

has been identified, which is

26) Which of the following is NOT one of the interrelated components of

internal controls identified by the COSO report?

27) Which of the following is NOT one of the fundamental concepts in the

COSO report’s definition of internal control?


Acc 491 week 5 final exam

28) Which of the following necessary controls would address a potential

misstatement arising from a voucher being paid twice?

29) The nature of tests of controls relates to the type of evidence

obtained. Which of the following is NOT an example of a type of evidence

relevant to tests of controls?

30) Which of the following is one of the four basic functions of every

transaction?

31) To emphasize the importance of integrity and ethical values among all

personnel or an organization, the chief executive officer and other top

managers should do all of the following EXCEPT

32) Which of the following is NOT one of the factors that make up the

control environment?

33) An effective accounting system should identify and record only the

valid transaction of the entity that occurred in the current period,

which relates to the

34) Who is responsible for establishing the process and controls for

preparing accounting estimates?

35) An inaccurate form of the audit risk model would show that

36) Revising the planned level of detection risk will be necessary

whenever

37) PPS sampling would most likely NOT be cost-effective in

38) Which of the following is NOT an advantage of PPS sampling?


Acc 491 week 5 final exam

39) PPS sampling should NOT be used when

40) Which of the following is NOT a hardware and systems software

control?

41) Which of the following is NOT recognized as a type of general

controls?

42) Which of the following management responsibilities is NOT established

under PCAOB standards?


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