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ACC 403 Course Success is a Tradition - snaptutorial.com

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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: 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: – PowerPoint PPT presentation

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Title: ACC 403 Course Success is a Tradition - snaptutorial.com


1
ACC 403 Course Success is a Tradition
-snaptutorial.com
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2
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • ACC 403 Final Exam 1 Chp. 9-13
  • ACC 403 Final Exam 2 Chp. 14-17 2124
  • 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?

3
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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?

4
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

5
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

6
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

7
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

8
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

9
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

10
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

11
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

12
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

13
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

14
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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 calledQuestion 3
  • When the client changes the computer software

15
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

16
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

17
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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?

18
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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?

19
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

20
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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?

21
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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?

22
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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?

23
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

24
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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?

25
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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?

26
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

27
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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?

28
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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

29
ACC 403 Course Success is a Tradition
-snaptutorial.com
  • 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.

30
ACC 403 Course Success is a Tradition
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