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DeVry Chicago ACCT 444 Week 6 Quiz Chpt 15,16,17

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Question;1. Question: (TCO 9) If the auditor decides to assess control risk at the maximum level in a private company audit, tests of controls are Student Answer: increased in number. reduced in number. not performed. unchanged from prior planned settings. Question 2. Question: (TCO 9) When auditors wish to evaluate a sample statistically, the only acceptable selection method is Student Answer: probabilistic selection. judgmental selection. haphazard selection. block sample selection. Question 3. Question: (TCO 9) One of the ways to eliminate nonsampling risk is through Student Answer: proper supervision and instruction of the client's employees. proper supervision and instruction of the audit team. the use of attributes sampling rather than variables sampling. controls which ensure that the sample drawn is random and representative. Question 4. Question: (TCO 9) A customer mails and records a check to a client for payment of an unpaid account on December 30. The client receives and records the amount on January 2. The records of the two organizations will be different on December 31. Which of the following applies? Student Answer: This is a cutoff misstatement This is a timing difference Both A and B Neither A nor B Question 5. Question: (TCO 9) If the auditor decides not to confirm accounts receivable, the auditor should Student Answer: always use alternative procedures to audit the accounts receivable. do no more audit work. document the reasons for such a decision in the audit files. follow B and C, but not A. Question 6. Question: (TCO 9) For most audits, inherent risk for accounts receivable is moderate or low except for which balance-related audit objectives? Student Answer: Timing and realizable value Completeness and existence Existence and accuracy Realizable value and cutoff Question 7. Question: (TCO 9) An auditor should perform alternative procedures to substantiate the existence of accounts receivable when Student Answer: no reply to a positive confirmation request is received. no reply to a negative confirmation request is received. collectibility of receivables is in doubt. pledging of the receivables is probable. Question 8. Question: (TCO 9) Which of the following is not a term relevant to sampling for tests of details? Student Answer: Acceptable risk of incorrect rejection Analysis of misstatements Estimate misstatements in the population Define the exception conditions Question 9. Question: (TCO 9) The relationship between required sample size and the acceptable risk of incorrect acceptance is Student Answer: inverse. direct. proportional. indeterminate. Question 10. Question: (TCO 9) The acceptable risk of incorrect acceptance is most related to Student Answer: audit efficiency. audit results. audit effectiveness. None of the above

 

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