AC 492 Final Exam
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1.
The specific audit objective that all purchases and cash disbursements made
during the period were recorded relates to:
existence
or occurrence.
presentation
and disclosure.
rights
and obligations.
completeness.
2.
The use of the computer to compare production hours to direct labor hours on
daily production reports relates to the:
rights
and obligations assertion.
completeness
assertion.
existence
or occurrence assertion.
valuation
or allocation assertion.
3.
During the count of cash on hand, it is NOT necessary for the auditor to:
insist
on the presence of the custodian of the cash throughout the count.
insist
on the presence of an internal auditor throughout the count.
obtain
a signed receipt from the custodian on return of the funds.
control
both cash and non-cash negotiable instruments held by the client.
4.
By definition, subsequent events occur between:
the
report date and the date the report is issued.
the
interim and balance sheet date.
the
balance sheet date and the report date.
the
balance sheet date and the date the report is issued.
5.
The expenditure cycle would include:
payroll
transactions.
payments
by check.
the
purchase of another entity’s stocks.
the
purchase of treasury stock.
6.
The specific account balance audit objective, plant assets and related expenses
are properly identified and classified in the financial statements, relates to
the:
presentation
or disclosure assertion.
existence
or occurrence assertion.
rights
and obligations assertion.
completeness
assertion.
7.
The specific account balance audit objective, the entity owns or has rights to
all recorded plant assets at the balance sheet date, relates to the:
rights
and obligations assertion.
existence
or occurrence assertion.
completeness
assertion.
valuation
or allocation assertion.
8.
When inventories are material and the auditor does not observe the inventory at
or near the year-end, professional standards require the auditor to:
disclaim
an opinion on the financial statements.
observe
some physical counts of the inventory.
thoroughly
test the accounting records.
resign
from the engagement.
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