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ACC 491 - Week 3 - MCQs

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1.Choices about audit evidence are influenced by all of the following except:  
  a.the auditor’s understanding of the business and industry.  
  b.decisions about inherent risk and control risk.  
  c.comparisons of the auditor’s expectations of the financial statements with the client’s books and records.  
  d.decisions about immaterial risk factors.
  e.decisions about assertions that are material to the financial statements.

 
2.Accounting records generally include:  
  a.contracts. 
  b.minutes of meetings.  
  c.internal control manuals.  
  d.confirmations from third parties.  
  e.Analysts’ reports

 
3.When planning the audit, the auditor must make the following important decisions except the:  
  a.assignment of staff to perform audit tests.  
  b.nature of tests to be performed.  
  c.characteristics of tests to be performed.
  d.extent of tests to be performed.  
  e.timing of tests to be performed.

 
4.The five management assertions outlined in generally accepted auditing standards include all of the following except:  
  a.rights and obligations.  
  b.materiality. 
  c.existence and occurrence.  
  d.presentation and disclosure.  
  e.valuation or allocation.

 
5.With respect to audit objectives, the term validity relates to which of the assertions below? a.existence and occurrence  
  b.Completeness  
  c.valuation or allocation  
  d.presentation and disclosure
  e.rights and obligations

 
  6.Specific audit objectives are normally:  
  a.the same as the categories of management’s financial statement assertions.  
  b.developed for each item in the financial statements and derived from the categories of management’s financial statement assertions.
  c.derived from the categories of management’s financial statement assertions.  
  d.developed for each item in the financial statements.  
  e.developed for material items in the financial statements.

 
  7.Which of the following would not be considered underlying accounting data?  
  a.sales invoices  
  b.the general ledger  
  c.books of original entry  
  d.accounting manuals  
  e.accounts receivable ledger

 
  8.Which of the following would not be considered corroborating information?  
  a.canceled checks held by the client  
  b.confirmation from vendors  
  c.oral evidence obtained from client personnel
  d.the accountant’s work sheet  
  e.other information obtained by the auditor

 
9.Generally accepted auditing standards recognize two categories of evidential matter: underlying accounting data and corroborating information.  In making an audit in accordance with GAAS:  
  a.corroborating information is always required, while underlying  accounting data may bengathered under certain circumstances.  
  b.underlying accounting data must always be gathered, while corroborating information need only be obtained when the accounting records are not reliable.  
  c.both categories are required.  
  d.the auditor may choose the category to use, and omit the other.  
  e.neither category is required.

 
10.Which of the following would not be considered an analytical procedure?  
  a.calculate the gross profit ratio and compare it to the industry figure  
  b.compare current year’s operating expenses to prior year’s  
  c.compare current year’s working capital to prior year’s  
  d.divide sales commissions by sales and compare the results to the established
     commission rate.
  e.compare the per unit price on a sales invoice to the master price list

 
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