For This and Any Other Courses,Assignments,
Disscussions,Quizes,FinalExams,Test Banks And Solution Manauals
1.
A document prepared to initiate shipment of the goods sold by an
independent shipper is the:
2.
The document used to indicate to the customer the amount of a
sale and payment due date is the:
3.
Who is generally responsible for opening receipts when a company
uses a lockbox to speed the handling of cash receipts?
4.
An effective procedure to test for unbilled shipments is to
trace from the:
5.
A ________ is a document that is matched with the customer order
to assure that the correct quantity and type of goods are shipped.
6.
The most serious shortcoming of the haphazard sample selection
method is:
7.
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?
8.
A sample in which every possible combination of items in the
population has an equal chance of constituting the sample is a:
9.
In systematic sample selection, the population size is divided
by the number of sample items desired in order to determine the:
10.
When the auditor decides to select less than 100 percent of the
population for testing, the auditor is said to use:
11.
If the client's internal control for recording sales returns and
allowances is evaluated as ineffective:
12.
The understatement of sales and accounts receivable is best
uncovered by:
13.
The audit procedure that provides the auditor with the most
appropriate evidence when performing test of details of balances for accounts
receivable is:
14.
Which of the following most likely would be detected by a review
of a client's sales cutoff?
15.
The most important aspect of evaluating the client's method of
obtaining a reliable cutoff is to:
16.
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:
17.
When the sample selection is done using probability proportional
to size sample selection (PPS):
18.
The appropriate assumption to make regarding the overall percent
of error in those population items containing an error is:
19.
When errors are found in a sample, auditors in practice
generally make the assumption:
20.
If an auditor desires a greater level of assurance in auditing a
balance, the acceptable risk of incorrect acceptance:
21.
From which of the following evidence-gathering audit procedures
would an auditor obtain most assurance concerning the existence of inventories?
22.
Comparing the physical counts with the perpetual inventory
master files satisfies the balance-related audit objective of:
23.
A major difficulty in the verification of inventory cost records
for the purpose of inventory valuation is in determining the reasonableness of
the:
24.
Boxes or other containers holding inventory should also be
opened during test counts to determine the ________ of the inventory.
25.
You are auditing the inventory account and are concerned about
the possibility of an inventory overstatement. What is the best audit procedure
to detect damaged inventory?
26.
One of the primary approaches in dealing with uncertainties in
loss contingencies uses a ________ threshold.
27.
If a potential loss on a contingent liability is remote, the
liability usually is:
28.
While there is no professional requirement to do so on audit
engagements, CPAs frequently issue a formal "management" letter to
clients. The primary purpose of this letter is to provide:
29.
The standard letter of inquiry to the client's legal counsel
should be prepared on:
30.
The letter of representation obtained from an audit client
should be:
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