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ACC 491 WEEK 5 Final Exam

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ACC 491 WEEK 5 Final Exam

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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


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


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


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


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


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


42) Which of the following management responsibilities is NOT established

under PCAOB standards?