ACC 403 Innovative Education--snaptutorial.com

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ACC 403 Innovative Education--snaptutorial.com
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Final Exam 1 Chp. 9-13 For more classes
visit www.snaptutorial.com   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. 3. Auditors generally allocate the
preliminary judgment about materiality to the
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Final Exam 2 Chp. 14-17 2124 For
more classes visit www.snaptutorial.com   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? 3. The audit procedure referred
to as proof of cash receipts is particularly
useful to test
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Final Exam Part 1 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Final Exam Part 2 For more classes
visit www.snaptutorial.com   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.
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Mid Term I For more classes
visit www.snaptutorial.com   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) 4. Which
of the following is not a SysTrust Services
principle as defined by the AICPA?
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Mid Term Part 1 For more classes
visit www.snaptutorial.com   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 4. The Sarbanes-Oxley
Act applies to which of the following companies?
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Mid Term Part 2 For more classes
visit www.snaptutorial.com   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? 4. The standard of due care to
which the auditor is expected to adhere to in the
performance of the audit is referred to as
the 5. In the performance of an audit, a
CPA
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 midterm exam part 1 For more classes
visit www.snaptutorial.com 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 4. Which of the following services
provides the lowest level of assurance on a
financial statement?
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Midterm Exam part 2 For more classes
visit www.snaptutorial.com   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 4. Fraud occurs when
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 midterm part 1 For more classes
visit www.snaptutorial.com   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 4. Which of the following services
provides the lowest level of assurance on a
financial statement? 5. Three common types
of attestation services are 6. The most
common way for users to obtain reliable
information is to
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Midterm part 2 For more classes
visit www.snaptutorial.com   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 4. Fraud occurs
when 5. Laws that have been passed by the
U.S. Congress and other governmental units are
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz 8 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Quiz 1 Set 1 For more classes
visit www.snaptutorial.com   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 4. ________
risk reflects the possibility that the
information upon which the business decision was
made was inaccurate. 5. In "auditing"
financial accounting data, the primary concern is
with 6. The use of the Certified Public
Accountant title is regulated by
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz 1 Set 2 For more classes
visit www.snaptutorial.com   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? 4. An accountant 5.
Three common types of attestation services
are 6. Which of the following services
provides the lowest level of assurance on a
financial statement?
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz 1 Set 3 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Quiz 2 Chp 3-4 For more classes
visit www.snaptutorial.com   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 4.
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 Innovative Education--snaptutorial.com
ACC 403 Quiz 2 For more classes
visit www.snaptutorial.com   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 3. A CPA may wish to
emphasize specific matters regarding the
financial statements even though an unqualified
opinion will be issued. Normally, such
explanatory information is
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz 3 Chapter 5-6 For more classes
visit www.snaptutorial.com   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? 4. Which
of the following most accurately describes
constructive fraud? 5. The principal issue
in cases involving alleged negligence is usually
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz 3 Set 1 For more classes
visit www.snaptutorial.com   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 4. Which of the following
most accurately describes constructive fraud?
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz 3 Set 2 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Quiz 3 Set 3 For more classes
visit www.snaptutorial.com   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, 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 Innovative Education--snaptutorial.com
ACC 403 Quiz 4 Chapter 9 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Quiz 4 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Quiz 5 Chapters 10-11 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Quiz 5 week 7 For more classes
visit www.snaptutorial.com   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? 4. Internal controls normally
include procedures designed to provide reasonable
assurance that
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz 5 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Quiz 6 Set 2 For more classes
visit www.snaptutorial.com   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 and releases them to
the operators only when authorized.
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz 6 Set 3 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Quiz 6 Set 4 For more classes
visit www.snaptutorial.com   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
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz 6 For more classes
visit www.snaptutorial.com   1. An example
of a physical control is 2. The auditor's
objective in determining whether the client's
automated controls can correctly handle valid and
invalid transactions as they arise is
accomplished through the 3. The audit
approach in which the auditor runs his or her own
program on a controlled basis to verify the
client's data recorded in a machine language is
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz 7 Chapter 14 -15 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Quiz 7 Set 2 For more classes
visit www.snaptutorial.com   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. 3.
What event initiates a transaction in the sales
and collection cycle?
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz 7 For more classes
visit www.snaptutorial.com   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
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz 8 Chapters 16-17 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Quiz 8 Set 1 For more classes
visit www.snaptutorial.com   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
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz 8 Set 2 For more classes
visit www.snaptutorial.com   . 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 Innovative Education--snaptutorial.com
ACC 403 quiz 8 For more classes
visit www.snaptutorial.com   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?
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz Chapters 21-24 For more classes
visit www.snaptutorial.com   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? 4. When do most
companies record sales returns and allowances?
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Quiz Set 4 For more classes
visit www.snaptutorial.com   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?
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ACC 403 Innovative Education--snaptutorial.com
  ACC 403 Quiz 6 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Week 2 Quiz 1 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Week 3 Quiz 2 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Week 4 Quiz 3 For more classes
visit www.snaptutorial.com   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? 4. "Absence of
reasonable care that can be expected of a person
in a set of circumstances" defines
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Week 5 Midterm Exam Part 1 For more
classes visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Week 5 Midterm Part 2 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Week 6 Quiz 4 For more classes
visit www.snaptutorial.com   1. If planned
detection risk is reduced, the amount of evidence
the auditor accumulates will 2. 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 3. The
preliminary judgment about materiality and the
amount of audit evidence accumulated are ________
related.
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Week 6 Quiz Chapter 9 For more classes
visit www.snaptutorial.com   The scope paragraph
of the standard unqualified auditor's report
states that " the standards require that we plan
and perform the audit to obtain ________
assurance about whether the financial statements
are free of material misstatement." What type of
assurance is given?
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Week 7 Quiz 5 For more classes
visit www.snaptutorial.com   . An act of two or
more employees to steal assets and cover their
theft by misstating the accounting records would
be referred to as 2. Which of the following is
responsible for establishing a private company's
internal control? 3. Which of the following
components of the control environment define the
existing lines of responsibility and authority?
4. Internal controls
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Week 7 Quiz For more classes
visit www.snaptutorial.com   1. The auditors
primary purpose in auditing the client's system
of internal control over financial reporting
is 2. Which of the following components of
the control environment define the existing lines
of responsibility and authority? 3. Which of
the following is not one of the three primary
objectives of effective internal control?
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Week 8 Quiz 6 Chapters 12-13 For more
classes visit www.snaptutorial.com   1. A
control that relates to all parts of the IT
system is called a(n) 2. Controls which are
designed to assure that the information processed
by the computer is authorized, complete, and
accurate are called 3. Auditors should
evaluate which of the following before evaluating
application controls because of the potential for
pervasive effects? 4. The most important
output control is
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Week 9 Quiz 7 Chapter 14 15 For more
classes visit www.snaptutorial.com   1.
Which of the following is an account that is not
affected by the sales and collection cycle? 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? 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 Innovative Education--snaptutorial.com
ACC 403 Week 9 Quiz 7 For more classes
visit www.snaptutorial.com   A document that
initiates shipment of goods and indicates the
description of the merchandise, the quantity
shipped, and customer name and address is the
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 Before goods are
shipped on account, a properly authorized person
must
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Week 10 Quiz 8 - Part 1 Chapter 16 For
more classes visit www.snaptutorial.com   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? 4. Which
of the following is likely to be determined first
when performing tests of details for accounts
receivable?
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Week 10 Quiz 8 - Part 2 Chapter 17 For
more classes visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Week 10 quiz 8 For more classes
visit www.snaptutorial.com   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 Innovative Education--snaptutorial.com
ACC 403 Week 11 FINAL EXAM PART 1 For more
classes visit www.snaptutorial.com   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 4. As the acceptable level of
detection risk increases, an auditor may change
the
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ACC 403 Innovative Education--snaptutorial.com
ACC 403 Week 11 FINAL EXAM PART 2 For more
classes visit www.snaptutorial.com   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?
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ACC 403 Innovative Education--snaptutorial.com