ACC 403 Success Begins / snaptutorial.com - PowerPoint PPT Presentation

View by Category
About This Presentation
Title:

ACC 403 Success Begins / snaptutorial.com

Description:

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. – PowerPoint PPT presentation

Number of Views:0
Date added: 14 August 2019
Slides: 60
Provided by: Robinson06

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: ACC 403 Success Begins / snaptutorial.com


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 2124 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?
51
ACC 403 Success Begins / snaptutorial.com
  ACC 403 Week 8 Quiz 6 Chapters 12-13 For more
classes visit www.snaptutorial.com   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
52
ACC 403 Success Begins / snaptutorial.com
ACC 403 Week 9 Quiz 7 Chapter 14 15 For more
classes visit www.snaptutorial.com   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 subseq
53
ACC 403 Success Begins / snaptutorial.com
  ACC 403 Week 9 Quiz 7 For more classes
visit www.snaptutorial.com   A document that
initiates shipment of goods and indicates the
description of the merchandise, the quantity
shipped, and customer name and address is the
54
ACC 403 Success Begins / snaptutorial.com
ACC 403 Week 10 Quiz 8 - Part 1 Chapter 16 For
more classes visit www.snaptutorial.com   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?
55
ACC 403 Success Begins / snaptutorial.com
ACC 403 Week 10 Quiz 8 - Part 2 Chapter 17 For
more classes visit www.snaptutorial.com   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
56
ACC 403 Success Begins / snaptutorial.com
ACC 403 Week 10 quiz 8 For more classes
visit www.snaptutorial.com   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
57
ACC 403 Success Begins / snaptutorial.com
ACC 403 Week 11 FINAL EXAM PART 1 For more
classes visit www.snaptutorial.com   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
58
ACC 403 Success Begins / snaptutorial.com
ACC 403 Week 11 FINAL EXAM PART 2 For more
classes visit www.snaptutorial.com   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.
59
ACC 403 Success Begins / snaptutorial.com
About PowerShow.com