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ACC 491 - Week 1 - Multiple Choice Questions

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Course Detail:

 1.An audit that involves obtaining and evaluating evidence about the efficiency and effectiveness of an entity’s operating activities in relation to specified objectives is a(n): 

 a.internal audit.      

 b.external audit.     

 c.operational audit.

 d.compliance audit.           

 e.financial statement audit.          

                                     

  2.An audit that involves obtaining and evaluating evidence in order to determine whether certain financial or operating activities of an entity conform to specified conditions rules, or regulations is a(n):   

 a.internal audit.      

 b.external audit.     

 c.operational audit.              

 d.compliance audit.           

 e.financial statement audit.          

                                     

  3.Which one of the following statements is not true of the AICPA?

 a.It is public accounting’s national professional organization.         

 b.Membership is mandatory for all CPA firms who practice in more than one state.

 c.It operates through a number of divisions.     

 d.Its publications include the Journal of Accountancy.          

 e.It provides a broad range of services to members.    

                                     

  4.State accountancy laws are administered by:          

 a.state boards.        

 b.state societies.     

 c.the AICPA.           

 d.the SEC.   

 e.the GAO.  

                                     

  5.Of the following entities, which one is not associated with the public accounting profession?           

 a.state boards of accountancy    

 b.the FASB 

 c.state societies      

 d.practice units       

 e.the CASB 

                                     

  6.Which of the following is not an economic benefit of a financial statement audit?      

 a.access to capital markets          

 b.control and operational improvements           

 c.lower cost of capital        

 d.decreased inflation rates           

 e.deterrent to inefficiency and fraud      

 

  7.A CPA performing audits of governmental entities must adhere to standards established by:           

 a.the AICPA.           

 b.the GAO.  

 c.both the GASB and by the GAO.         

 d.the FASB.

 e.both the FASB and by the GAO.          

                                     

  8.Which one of the following types of services offered by a CPA is not an attest service?        

 a.examination         

 b.review       

 c.performing agreed-upon procedures  

 d.audit          

 e.accounting           

                                     

  9.The use of negative assurance in a report by a CPA associated with a set of financial statements would be appropriate only in:       

 a.examinations.    

 b.Reviews. 

 c.agreed-upon procedures.        

 d.reviews and agreed-upon procedures.         

 e.audits.     

                                     

10.The subject matter of auditing consists of:   

 a.assertions.

 b.established criteria.        

 c.evidence.  

 d.written reports.     

 e.compliance.                     

 
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