For This and Any Other Courses,Assignments,
Disscussions,Quizes,FinalExams,Test Banks And Solution Manauals
1.
The audit procedure referred to as proof of cash receipts is
particularly useful to test:
2.
Which of the following is an account that is not affected by the sales and collection
cycle?
3.
The ________ is a contract between a carrier (e.g., a trucking
company) and the seller of goods that dictates the details surrounding the
shipment of goods.
4.
Who is generally responsible for opening receipts when a company
uses a lockbox to speed the handling of cash receipts?
5.
What event initiates a transaction in the sales and collection
cycle?
6.
Auditors often use the ________ to determine the estimated
population exception rate.
7.
Which of the following occurrences would be least likely to
warrant further audit attention for the auditor?
8.
The most serious shortcoming of the haphazard sample selection
method is:
9.
A sample in which every possible combination of items in the
population has an equal chance of constituting the sample is a:
10.
One of the causes of nonsampling risk is:
11.
Communication addressed to the debtor requesting him or her to
confirm whether the balance as stated on the communication is correct or
incorrect is a:
12.
For most audits, a proper cash receipts cutoff is less important
than the sales cutoff because the improper cutoff of cash:
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.
Confirmation of accounts receivable selected from the trial
balance is the most common test of details of balances for the ________ of
accounts receivable.
15.
Which of the following is likely to be determined first when
performing tests of details for accounts receivable?
16.
In estimating the population misstatement, the first step in
projecting from the sample to the population is to:
17.
You are auditing Nelson and Company and determined that the
sample results support a conclusion that the account is materially misstated,
when in fact it was not misstated. This illustrates the risk of:
18.
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?
19.
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:
20.
The allowance for sampling risk when no misstatements are found
in the sample is:
21.
Inventory is a complex area to audit for all but which of the
following reasons?
22.
________ is normally characterized as a difficult and complex
account to audit.
23.
If an auditor were concerned with obtaining evidence about the
appropriateness of the value of inventory, which of the following tests would
be most appropriate?
24.
When labor is a significant part of inventory, verifying the
proper accounting of these costs should be tested in the:
25.
Comparing the physical counts with the perpetual inventory
master files satisfies the balance-related audit objective of:
26.
When should auditors generally assess a client's ability to
continue as a going concern?
27.
The letter of representation obtained from an audit client
should be:
28.
After the balance sheet date, but prior to the issuance of the
audit report, the client suffers an uninsured loss of their inventory as a
result of a fire. The amount of the loss is material. The auditor should:
29.
Refusal by a client to prepare and sign the representation
letter would require the auditor to issue a:
30.
When using the probability threshold for contingencies, the
likelihood of the occurrence of the event is classified as:
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