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Test 2

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  1. Test 2

  2. When do we recognize revenue Receipt of Cash does not equal Revenue

  3. Cost is what we pay to purchase something Price is what we sell it for

  4. When I try to develop scenarios to see if you understand a concept, it is frustrating when you regurgitate what you memorized rather than answer the question

  5. Joe is a staff auditor whose mother lives in Joe’s home and relies heavily on Joe for financial support • Joes’ mother is immediate family if she is dependent upon Joe and a close relative if she is not dependent upon Joe

  6. Pamela is an AUDIT Manager • Pamela will be a covered member if she is on the engagement, in position to influence the engagement or provides more that 10 hours of non-audit services

  7. Steve is a partner in the engagement office • Steve will be a covered member if he is on the engagement, in a position to influence the engagement, provides more than 10 hours of non-audit services, or resides in the engagement office

  8. Less than a 5% interest in a company is not necessarily immaterial. Apple has a $478 billion market capitalization. 5% would be $23.9 billion. I hope you don’t think $20 billion is immaterial.

  9. What is a sales receipt ?

  10. Does the Sec Exchange Act of 1934 apply Is a different question than Would the auditor be held liable for negligence

  11. Vouching is a direction Extensive testing v. Limit our testing

  12. Did any of your answers make you feel stupid? • How do you think I felt as I was grading #29

  13. #8 +1 #14 +2 #19 +1 #27 throw out +5 #28 +1