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strayer ACC 403 Week 10 quiz 8




Question;ACC 403 Week 10 quiz 8;Question 1;For cash receipts, the occurrence;transaction-related audit objective affects which of the following;balance-related audit objective?;Question 2;The most effective audit evidence;gathered for accounts receivable is the;Question 3;Which of the following is the;principle "weakness" of using negative confirmations for your tests;of details of balances for accounts receivable?.;Question 4;Because of its central role in;auditing of accounts receivable, which of the following would normally be one;of the first items tested?;Question 5;Tests of which balance-related;audit objective are normally performed first in an audit of the sales and;collection?;Question 6;If the client's internal control;for recording sales returns and allowances is evaluated as ineffective;Question 7;The net realizable value of;accounts receivable is equal to;ounts.;Question 8;The audit procedure that provides;the auditor with the most appropriate evidence when performing test of details;of balances for accounts receivable is;Question 9;The understatement of sales and;accounts receivable is best uncovered by;Question 10;Confirmation of accounts;receivable selected from the trial balance is the most common test of details;of balances for the ________ of accounts receivable.;Question 11;Audit procedures designed to;uncover credit sales made after the client's fiscal year end that relate to the;current year being audited provide evidence for which of the following audit;objective?;Question 12;An auditor selects a sample from;the file of shipping documents to determine whether invoices were prepared.;This test is to satisfy the audit objective of;Question 13;A type of positive confirmation;known as a blank confirmation;Question 14;Which of the following audit;procedure would normally be included in the audit plan when auditing the;allowance for doubtful accounts?;Question 15;For sales, the occurrence;transaction-related audit objective affects which of the following;balance-related audit objective?;Question 16;The allowance for sampling risk;when no misstatements are found in the sample is;Question 17;Monetary unit sampling is not;particularly effective at detecting;Question 18;The auditor is concerned with the;audited value rather than the error amount of each item in the sample when;using;Question 19;The auditors principal objective;when using a sample of tests of details of balances is whether the;Answer;Question 20;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;Question 21;If an auditor concludes that;internal controls are likely to be effective, the preliminary assessment of;control risk can be reduced, leading to which of the following impacts on the;acceptable risk of incorrect acceptance?;Question 22;When using monetary unit;sampling, the recorded dollar population is a definition of all the items in;the;Question 23;The final step in the evaluation;of the audit results is the decision to;Question 24;One of the steps involved in;planning the sample for the tests of details of balances is to;Question 25;If the population is not;considered acceptable, one step the auditor is likely to take is to;Question 26;In monetary unit sampling, a;sampling interval of 900 means that:.;Question 27;If no exceptions were found in;the substantive tests of transactions;Answer;Question 28;The appropriate assumption to;make regarding the overall percent of error in those population items;containing an error is;Question 29;The method used to measure the;estimated total error amount in a population when there is both a recorded;value and an audited value for each item in the sample is;Question 30;Which of the following is not a;type of statistical method that provides results in dollar terms?


Paper#40358 | Written in 18-Jul-2015

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