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strayer ACC403 Week 9 Quiz 7




Question;ACC 403 Week 9 Quiz 7;A;document that initiates shipment of goods and indicates the description of the;merchandise, the quantity shipped, and customer name and address is the;Question 2;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;Question 3;Before goods are shipped on;account, a properly authorized person must;Question 4;In the accounts receivable;subsidiary ledger the length of time the account has been due can be useful to;the client and the auditor in preparing the;Question 5;The document that requires;adjustments to the customers subsidiary ledger account is the;Question 6;The total of the individual;account balances in the accounts receivable subsidiary ledger should equal the:.;Question 7;An effective procedure to test;for unbilled shipments is to trace from the;Question 8;When assessing risk control, the;auditor must do all of the following except;Question 9;tests are for omitted transactions;while ________ tests are for nonexistent transactions.;Question 10;A document sent to each customer;showing his or her beginning accounts receivable balance and the amount and;date of each sale, cash payment received, any debit or credit memo issued, and;the ending balance is the;Question 11;Credit memos are normally issued;to;Question 12;Generally, when is the earliest;point in the sales and collection cycle in which revenue can be recognized?;Question 13;Most companies recognize sales;revenue when;Question 14;What critical event must take place;before goods can be shipped in order to assure payment can be reasonably;expected?;Question 15;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?;Question 16;Which of the following is the;exception rate that the auditor expects to find before testing?;Question 17;Which of the following is the;risk that an auditor will reach an incorrect conclusion because a sample is not;representative of the population?;Question 18;A sample in which the;characteristics of the sample are the same as those of the population is a(n);Answer;Question 19;Rodgers CPA believes that the;rate of client billing errors is 4% and has established a tolerable deviation;rate of 6%. In auditing client invoices Rodgers should use;Question 20;When auditors wish to evaluate a;sample statistically, an acceptable selection method is;Question 21;Auditors often use the;to determine the estimated population exception rate.;Question 22;The most serious shortcoming of;the haphazard sample selection method is;Question 23;The advantage of systematic sample;selection is that;Question 24;Attributes sampling would be an;appropriate method to use on which one of the following procedures in an audit;program?;Question 25;When the computed upper exception;rate is greater than the tolerable exception rate, it is necessary for the;auditor to take specific action. Which of the following courses of action would;be most difficult to justify?;Question 26;One of the causes of nonsampling;risk is;Question 27;The sample exception rate equals;Question 28;In systematic sample selection;the population size is divided by the number of sample items desired in order;to determine the;Answer;Question 29;Which of the following would have;the least impact in determining sample size?;Answer;Question 30;When using statistical sampling;the auditor would most likely require a smaller sample if the


Paper#40359 | Written in 18-Jul-2015

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