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ACC 403 Final Exam 1 Chp. 9-13
1. If an auditor believes the chance of
financial failure is high and there is a
corresponding increase in business risk for the
auditor, acceptable audit risk would likely 2.
The preliminary judgment about materiality and
the amount of audit evidence accumulated are
________ related.
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ACC 403 Final Exam 2 Chp. 14-17 2124
1. What critical event must take place
before goods can be shipped in order to assure
payment can be reasonably expected? 2. 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?
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ACC 403 Final Exam Part 1
1. Auditors typically rely on internal
controls of their private company clients 2.
An auditor who audits a business cycle that has
low inherent risk should 3. Inherent risk is
often high for an account such as 4. Auditors
frequently refer to the terms audit assurance,
overall assurance, and level of assurance to
refer to ________.
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ACC 403 Final Exam Part 2
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?
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ACC 403 Mid Term I
1. An audit to determine whether an entity
is following specific procedures or rules set
down by some higher authority is classified as
a(n) 2. Which of the following services
provides the lowest level of assurance on a
financial statement? 3. Any service that
requires a CPA firm to issue a report about the
reliability of an assertion that is made by
another party is a(n)
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ACC 403 Mid Term Part 1
1. Recording, classifying, and summarizing
economic events in a logical manner for the
purpose of providing financial information for
decision making is commonly called 2.
________ risk reflects the possibility that the
information upon which the business decision was
made was inaccurate. 3. The use of the
Certified Public Accountant title is regulated by
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ACC 403 Mid Term Part 2
1. The principal issue in cases involving
alleged negligence is usually 2. "Absence
of reasonable care that can be expected of a
person in a set of circumstances" defines 3.
While the Foreign Corrupt Practices Act of 1977
remains in effect, its internal control
provisions have been largely superseded by which
of the following?
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ACC 403 midterm exam part 1
1. ________ risk reflects the possibility
that the information upon which the business
decision was made was inaccurate. 2. Any
service that requires a CPA firm to issue a
report about the reliability of an assertion that
is made by another party is a(n) 3. In
"auditing" financial accounting data, the primary
concern is with
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ACC 403 Midterm Exam part 2
1. In the performance of an audit, a CPA 2.
Under the laws of agency, partners of a CPA
firm may be liable for the work of others on whom
they rely. This would not include 3. An
individual who is not party to the contract
between a CPA and the client, but who is known by
both and is intended to receive certain benefits
from the contract is known as
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ACC 403 midterm part 1
1. ________ risk reflects the possibility
that the information upon which the business
decision was made was inaccurate. 2. Any
service that requires a CPA firm to issue a
report about the reliability of an assertion that
is made by another party is a(n) 3. In
"auditing" financial accounting data, the primary
concern is with
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ACC 403 Midterm part 2
1. In the performance of an audit, a CPA 2.
Under the laws of agency, partners of a CPA
firm may be liable for the work of others on whom
they rely. This would not include 3. An
individual who is not party to the contract
between a CPA and the client, but who is known by
both and is intended to receive certain benefits
from the contract is known as
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ACC 403 Quiz 1 Set 1
1. An audit to determine whether an entity
is following specific procedures or rules set
down by some higher authority is classified as
a(n) 2. The Sarbanes-Oxley Act applies to
which of the following companies? 3. Three
common types of attestation services are
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ACC 403 Quiz 1 Set 2
1. Which of the following is considered
audit evidence? 2. Recording, classifying,
and summarizing economic events in a logical
manner for the purpose of providing financial
information for decision making is commonly
called 3. The three requirements for
becoming a CPA include all but which of the
following?
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ACC 403 Quiz 1 Set 3
1. An accountant 2. The Sarbanes-Oxley
Act applies to which of the following
companies? 3. A correct relationship among
the auditor, the client, and the external users
is 4. Which of the following is considered
audit evidence? 5. The most common way for
users to obtain reliable information is to
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ACC 403 Quiz 2 Chp 3-4
1. When there is a justified departure from
GAAP which is considered material, the auditor
should issue a(n) 2. Under AICPA auditing
standards, the primary auditor issuing the
opinion on the financial statements is called
the 3. The auditor's responsibility section
of the standard audit report states that the
auditor is
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ACC 403 Quiz 2
1. A misstatement in the financial
statements can be considered material if
knowledge of the misstatement will affect a
decision of 2. As a result of management's
refusal to permit the auditor to physically
examine inventory, the auditor must depart from
the unqualified audit report because
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ACC 403 Quiz 3 Chapter 5-6
1. If an auditor fails to fulfill a certain
requirement in the contract, they may be guilty
of 2. Which of the following most
accurately describes fraud? 3. Which of the
following auditor's defenses usually means
nonreliance on the financial statements by the
user?
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ACC 403 Quiz 3 Set 1
1. If an auditor fails to fulfill a certain
requirement in the contract, they may be guilty
of 2. The assessment against a defendant of
that portion of the damage caused by the
defendant's negligence is called 3. In
connection with the audit of financial
statements, an independent auditor could be
responsible for failure to detect a material
fraud if
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ACC 403 Quiz 3 Set 2
1. The Foreign Corrupt Practices Act (FCPA)
of 1977 2. In the auditing environment,
failure to meet auditing standards is often 3.
In the performance of an audit, a CPA 4.
The principal issue to be resolved in cases
involving alleged negligence is usually
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ACC 403 Quiz 3 Set 3
1. Under the laws of agency, partners of a
CPA firm may be liable for the work of others on
whom they rely. This wouldnot include 2. In
an action against a CPA in a jurisdiction that
follows the Ultramares doctrine, lack of privity
is a viable defense provided the plaintiff 3.
An individual who is not party to the contract
between a CPA and the client
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ACC 403 Quiz 4 Chapter 9
1. The preliminary judgment about
materiality and the amount of audit evidence
accumulated are ________ related. 2.
Auditors generally allocate the preliminary
judgment about materiality to the 3. If an
auditor establishes a relatively high level for
materiality, then the auditor will
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ACC 403 Quiz 4
1. Auditors are ________ to document the
known and likely misstatements in the financial
statements under audit. 2. To what extent do
auditors typically rely on internal controls of
their public company clients? 3. Inherent
risk and control risk 4. If planned
detection risk is reduced, the amount of evidence
the auditor accumulates will
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ACC 403 Quiz 5 Chapters 10-11
1. Which of the following components of the
control environment define the existing lines of
responsibility and authority? 2. Which of
the following is responsible for establishing a
private company's internal control? 3.
Reasonable assurance allows for 4.
Narratives, flowcharts, and internal control
questionnaires are three common methods of
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ACC 403 Quiz 5 week 7
1. Which of the following deficiency exists
if a necessary control is missing or not properly
formulated? 2. An audit procedure that would
most likely be used by an auditor in performing
tests of control procedures in which the
segregation of functions and that leaves no
"audit" trail is 3. Which of the following
is responsible for establishing a private
company's internal control?
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ACC 403 Quiz 5
1. The employee in charge of authorizing
credit to the company's customers does not fully
understand the concept of credit risk. This lack
of knowledge would constitute 2. When
assessing whether the financial statements are
auditable, the auditor must consider
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ACC 403 Quiz 6 Set 2
1. An internal control deficiency occurs
when computer personnel 2. The most
important output control is 3. When the
client changes the computer software 4. A
________ is responsible for controlling the use
of computer programs, transaction files and other
computer records and documentation
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ACC 403 Quiz 6 Set 3
1. A database management system 2. A
________ is responsible for controlling the use
of computer programs, transaction files and other
computer records and documentation and releases
them to the operators only when authorized. 3.
An internal control deficiency occurs when
computer personnel 4. The continued
integration of IT in accounting systems can
impact a company by
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ACC 403 Quiz 6 Set 4
1. Which of the following is a component of
general controls? 2. Programmers should be
allowed access to 3. An example of a
physical control is 4. Old and new systems
operating simultaneously in all locations is a
test approach known as 5. An internal
control deficiency occurs when computer personnel
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ACC 403 Quiz 6
Week 8 Quiz 6 ACC 403 Question 1 ________ is not
a risk specific to the IT environments. Question
2 The approach to auditing where the auditor does
not test automated controls to reduce assessed
control risk is calledQuestion 3 When the client
changes the computer software
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ACC 403 Quiz 7 Chapter 14 -15
1. The document that accompanies the
customer's payment is the 2. Before goods
are shipped on account, a properly authorized
person must 3. Credit memos are normally
issued to 4. Who is generally responsible
for opening receipts when a company uses a
lockbox to speed the handling of cash receipts?
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ACC 403 Quiz 7 Set 2
1. The auditor's objectives for the sales
and cash collections activities when the client
is primarily an e-commerce business as compared
to a "bricks and mortar" business are 2. A
________ is a document that is matched with the
customer order to assure that the correct
quantity and type of goods are shipped.
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ACC 403 Quiz 7
1. The document that accompanies the
customer's payment is the 2. Before goods
are shipped on account, a properly authorized
person must 3. The document that requires
adjustments to the customers subsidiary ledger
account is the 4. To test for recorded
sales for which there were no actual shipments,
the auditor vouches from the
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ACC 403 Quiz 8 Chapters 16-17
1. A listing of the balances in the accounts
receivable master file at the balance sheet date,
by total balance outstanding and by the amount of
time the component parts have been outstanding,
is the 2. Which of the following is the
principle "weakness" of using negative
confirmations for your tests of details of
balances for accounts receivable?
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ACC 403 Quiz 8 Set 1
1. Which of the following is likely to be
determined first when performing tests of details
for accounts receivable? 2. If the client's
internal control for recording sales returns and
allowances is evaluated as ineffective 3.
The understatement of sales and accounts
receivable is best uncovered by
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ACC 403 Quiz 8 Set 2
1. If the client's internal control for
recording sales returns and allowances is
evaluated as ineffective 2. Which of the
following is likely to be determined first when
performing tests of details for accounts
receivable? 3. Because of its central role
in auditing of accounts receivable, which of the
following would normally be one of the first
items tested?
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ACC 403 Quiz 8
1. Which of the following most likely would
be detected by a review of a client's sales
cutoff? 2. Cutoff misstatements occur 3.
Analytical procedures 4. Most tests of
accounts receivable are based on what schedule,
file, or listing? 5. The most important test
of details of balances to determine the existence
of recorded accounts receivable is
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ACC 403 Quiz Chapters 21-24
1. Testing the information on the aged trial
balance for detail tie-in is a necessary audit
procedure, which would normally include 2.
Which of the following is the principle
"weakness" of using negative confirmations for
your tests of details of balances for accounts
receivable? 3. Most tests of accounts
receivable are based on what schedule, file, or
listing?
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ACC 403 Quiz Set 4
1. The Sarbanes-Oxley Act applies to which
of the following companies? 2. Which of the
following services provides the lowest level of
assurance on a financial statement? 3. Which
of the following is considered audit evidence? 4.
An examination of part of an organization's
procedures and methods for the purpose of
evaluating efficiency and effectiveness is what
type of audit?
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ACC 403 Week 2 Quiz 1
1. The most common way for users to obtain
reliable information is to 2. The three
requirements for becoming a CPA include all but
which of the following? 3. An accountant 4.
Which of the following is not a SysTrust
Services principle as defined by the AICPA?
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ACC 403 Week 3 Quiz 2
1. If the phrase "except for" is present in
the opinion paragraph of the audit report, the
auditor has issued a(n) 2. The term
"explanatory paragraph" was replaced in the AICPA
auditing standards with 3. The first step
to be followed when deciding the appropriate
audit report in a given set of circumstances is
to
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ACC 403 Week 4 Quiz 3
1. Which of the following most accurately
describes fraud? 2. A CPA is subject to
criminal liability if the CPA 3. While the
Foreign Corrupt Practices Act of 1977 remains in
effect, its internal control provisions have been
largely superseded by which of the following?
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ACC 403 Week 5 Midterm Exam Part 1
1. Which of the following is considered
audit evidence? 2. The Sarbanes-Oxley Act
applies to which of the following companies? 3.
Any service that requires a CPA firm to issue
a report about the reliability of an assertion
that is made by another party is a(n) 4.
Which of the following services provides the
lowest level of assurance on a financial
statement?
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ACC 403 Week 5 Midterm Part 2
1. Which of the following most accurately
describes constructive fraud? 2. Laws that
have been passed by the U.S. Congress and other
governmental units are 3. "Absence of
reasonable care that can be expected of a person
in a set of circumstances" defines
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ACC 403 Week 10 Quiz 8 - Part 1 Chapter 16
1. When do most companies record sales
returns and allowances? 2. Which of the
following is the principle "weakness" of using
negative confirmations for your tests of details
of balances for accounts receivable? 3.
Because of its central role in auditing of
accounts receivable, which of the following would
normally be one of the first items tested?
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ACC 403 Week 10 Quiz 8 - Part 2 Chapter 17
1. 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 2.
If the population is not considered acceptable,
one step the auditor is likely to take is to
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ACC 403 Week 10 quiz 8
For cash receipts, the occurrence
transaction-related audit objective affects which
of the following balance-related audit objective?
The most effective audit evidence gathered for
accounts receivable is the Which of the
following is the principle "weakness" of using
negative confirmations for your tests of details
of balances for accounts receivable?
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ACC 403 Week 11 FINAL EXAM PART 1
1. An auditor who audits a business cycle
that has low inherent risk should 2. The
preliminary judgment about materiality and the
amount of audit evidence accumulated are ________
related. 3. Auditors are responsible for
determining whether financial statements are
materially misstated, so upon discovering a
material misstatement they must bring it to the
attention of
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ACC 403 Week 11 FINAL EXAM PART 2
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.
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ACC 403 Midterm part 2
1. In the performance of an audit, a CPA 2.
Under the laws of agency, partners of a CPA
firm may be liable for the work of others on whom
they rely. This would not include 3. An
individual who is not party to the contract
between a CPA and the client, but who is known by
both and is intended to receive certain benefits
from the contract is known as
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