ACC 403 Final Exam

ACC 403 Final Exam
1.The most important general ledger account included in and
affecting several cycles is the:
2.The detail tie-in is part of the_______ assertion for account
balances.
3.
Management assertions are:
4.The occurrence assertion applies to _______.
5.The detail tie-in objective is not concerned that the details in
the account balance:
6.Which of the following statements about the existence and
completeness assertions is not true?
7.To be considered reliable evidence,
confirmations must be controlled by:
8.Which of the following is not one of the major
types of analytical procedures?
9.The primary purpose of performing analytical
procedures in the planning phase of an audit is to:
10.The Auditing Standards Board has concluded that
analytical procedures are so important that they are required during:
11.Which of the following is not a correct
combination of terms and related type of audit evidence?
12.Which of the following statements regarding
analytical procedures is not correct?
13.Which of the following normally signs the
engagement letter for an audit of a public company?
14.Which of the following is not likely to be a
related party?
15.An engagement letter sent to an audit client
usually would not include a(n)
16.Which of the following statements is not correct
with respect to analytical procedures?
17.Which of the following is correct with respect
to a company’s corporate charter?
18.The first standard of field work, which states
that the work is to be adequately planned and that assistants, if any, are to
be properly supervised, recognizes that:
19.One accounting issue that does not require management
to use significant judgments is:
20.Acceptable audit risk is ordinarily set by the
auditor during planning and
21.If planned detection risk is reduced, the amount
of evidence the auditor accumulates will:
22.When discussing control risk (CR) and the audit
risk model, which of the following is false?
23.When setting a preliminary judgment about
materiality:
24.To what extent do auditors typically rely on
internal controls of their public company clients?
25.A procedure designed to test for monetary
misstatements directly affecting the correctness of financial statement
balances is a:
26.Tests of transactions are used to determine
whether ___________ have been satisfied.
27.When the auditor finds that there are missing
controls in an area of the accounting system, the audit program in that area
would be modified in such a way as to:
28.Which of the following is not appropriate for
purposes of testing the effectiveness of controls?
29.The primary emphasis in most tests of details of
balances is on the
30.The most important consideration in developing