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ACC 403 Success Begins / snaptutorial.com

<br>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:<br>2. The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related.<br>

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ACC 403 Success Begins / snaptutorial.com

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  1. ACC 403 Success Begins / snaptutorial.com

  2. ACC 403 Success Begins / snaptutorial.com ACC 403 Final Exam 1 Chp. 9-13 For more classes visit www.snaptutorial.com 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:

  3. ACC 403 Success Begins / snaptutorial.com ACC 403 Final Exam 2 Chp. 14-17 & 21&24 For more classes visit www.snaptutorial.com 1. What critical event must take place before goods can be shipped in order to assure payment can be reasonably expected?

  4. ACC 403 Success Begins / snaptutorial.com ACC 403 Final Exam Part 1 For more classes visit www.snaptutorial.com 1. Auditors typically rely on internal controls of their private company clients:

  5. ACC 403 Success Begins / snaptutorial.com ACC 403 Final Exam Part 2 For more classes visit www.snaptutorial.com 1. A document prepared to initiate shipment of the goods sold by an independent shipper is the:

  6. ACC 403 Success Begins / snaptutorial.com ACC 403 Mid Term I For more classes visit www.snaptutorial.com 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):

  7. ACC 403 Success Begins / snaptutorial.com ACC 403 Mid Term Part 1 For more classes visit www.snaptutorial.com 1. Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called:

  8. ACC 403 Success Begins / snaptutorial.com ACC 403 Mid Term Part 2 For more classes visit www.snaptutorial.com 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:

  9. ACC 403 Success Begins / snaptutorial.com ACC 403 midterm exam part 1 For more classes visit www.snaptutorial.com 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

  10. ACC 403 Success Begins / snaptutorial.com ACC 403 Midterm Exam part 2 For more classes visit www.snaptutorial.com 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:

  11. ACC 403 Success Begins / snaptutorial.com ACC 403 midterm part 1 For more classes visit www.snaptutorial.com 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

  12. ACC 403 Success Begins / snaptutorial.com ACC 403 Midterm part 2 For more classes visit www.snaptutorial.com 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:

  13. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 8 For more classes visit www.snaptutorial.com 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:

  14. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 1 Set 1 For more classes visit www.snaptutorial.com 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):

  15. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 1 Set 2 For more classes visit www.snaptutorial.com 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:

  16. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 1 Set 3 For more classes visit www.snaptutorial.com 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?

  17. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 2 Chp 3-4 For more classes visit www.snaptutorial.com 1. When there is a justified departure from GAAP which is considered material, the auditor should issue a(n):

  18. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 2 For more classes visit www.snaptutorial.com 1. A misstatement in the financial statements can be considered material if knowledge of the misstatement will affect a decisio

  19. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 3 Chapter 5-6 For more classes visit www.snaptutorial.com 1. If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of:

  20. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 3 Set 1 For more classes visit www.snaptutorial.com 1. If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of:

  21. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 3 Set 2 For more classes visit www.snaptutorial.com 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:

  22. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 3 Set 3 For more classes visit www.snaptutorial.com 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

  23. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 4 Chapter 9 For more classes visit www.snaptutorial.com 1. The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related. 2. Auditors generally allocate the preliminary judgment abo

  24. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 4 For more classes visit www.snaptutorial.com 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:

  25. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 5 Chapters 10-11 For more classes visit www.snaptutorial.com 1. 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:

  26. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 5 week 7 For more classes visit www.snaptutorial.com 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:

  27. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 5 For more classes visit www.snaptutorial.com 1. 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:

  28. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 6 Set 2 For more classes visit www.snaptutorial.com 1. An internal control deficiency occurs when computer personnel: 2. The most important output control is: 3. When the client changes the computer software:

  29. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 6 Set 3 For more classes visit www.snaptutorial.com 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

  30. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 6 Set 4 For more classes visit www.snaptutorial.com 1. Which of the following is a component of general controls?

  31. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 6 For more classes visit www.snaptutorial.com 1. An example of a physical control is: 2. The auditor's objective in determining whether the client's automated controls can correctly handle valid and invalid transactions as they arise is accomplished through the:

  32. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 7 Chapter 14 -15 For more classes visit www.snaptutorial.com 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:

  33. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 7 Set 2 For more classes visit www.snaptutorial.com 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:

  34. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 7 For more classes visit www.snaptutorial.com 1. The document that accompanies the customer's payment is the: 2. Before goods are shipped on account, a properly authorized

  35. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 8 Chapters 16-17 For more classes visit www.snaptutorial.com 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?

  36. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 8 Set 1 For more classes visit www.snaptutorial.com 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:

  37. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 8 Set 2 For more classes visit www.snaptutorial.com . If the client's internal control for recording sales returns and allowances is evaluated as ineffective:

  38. ACC 403 Success Begins / snaptutorial.com ACC 403 quiz 8 For more classes visit www.snaptutorial.com 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?

  39. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz Chapters 21-24 For more classes visit www.snaptutorial.com 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?

  40. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz Set 4 For more classes visit www.snaptutorial.com 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

  41. ACC 403 Success Begins / snaptutorial.com ACC 403 Quiz 6 For more classes visit www.snaptutorial.com Week 8 Quiz 6 ACC 403 Question 1 ________ is not a risk specific to the IT environments

  42. ACC 403 Success Begins / snaptutorial.com ACC 403 Week 2 Quiz 1 For more classes visit www.snaptutorial.com 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?

  43. ACC 403 Success Begins / snaptutorial.com ACC 403 Week 3 Quiz 2 For more classes visit www.snaptutorial.com 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 appro

  44. ACC 403 Success Begins / snaptutorial.com ACC 403 Week 4 Quiz 3 For more classes visit www.snaptutorial.com 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? 4. "Absence of reasonable care that can be expected of a person in a set of circumstances" defines: 5. The laws that have been developed through court decisi

  45. ACC 403 Success Begins / snaptutorial.com ACC 403 Week 5 Midterm Exam Part 1 For more classes visit www.snaptutorial.com 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):

  46. ACC 403 Success Begins / snaptutorial.com ACC 403 Week 5 Midterm Part 2 For more classes visit www.snaptutorial.com 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:

  47. ACC 403 Success Begins / snaptutorial.com ACC 403 Week 6 Quiz 4 For more classes visit www.snaptutorial.com 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

  48. ACC 403 Success Begins / snaptutorial.com ACC 403 Week 6 Quiz Chapter 9 For more classes visit www.snaptutorial.com 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?

  49. ACC 403 Success Begins / snaptutorial.com ACC 403 Week 7 Quiz 5 For more classes visit www.snaptutorial.com . 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

  50. ACC 403 Success Begins / snaptutorial.com ACC 403 Week 7 Quiz For more classes visit www.snaptutorial.com 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?

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