ACC 492 ***University of Phoenix*** The
cash disbursements journal also is called
the
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ACC 492 ***University of Phoenix*** The cash disbursements journal also is called the
1.В The cash disbursements journal also is called the
2.В In assessing control risk for purchases, an auditor vouches a sample of entries in
the voucher register to the supporting documents.В Which assertion would this test of
controls most likely support?
3.В An important purpose of the auditor's review of the client's procurement system
should be to determine the effectiveness of the procedures to protect against
4.В A client erroneously recorded a large purchase twice.В Which of the following
internal control measures would be most likely to detect this error in a timely and
efficient manner?
5.В Which of the following departments most likely would approve changes in pay rates
and deductions from employee salaries?
6.В Possible misstatements related to the validity internal control objective for payroll
transactions include all of the following except
7.В When examining payroll transactions, an auditor is primarily concerned with the
possibility of
8.В An auditor vouched data for a sample of employees in a payroll register to
approved clock card data to provide assurance that
9.В Which of the following circumstances most likely would cause an auditor to suspect
an employee payroll fraud scheme?
10.В If preparation of a periodic scrap report is essential in order to maintain adequate
control over the manufacturing process, the data for this report should be accumulated
in the
11.В Which of the following departments typically approves purchase requisitions?
12.В Which of the following best describes the validity audit objectives for inventory?
13.В Auditors are most likely to ensure that no production activity is scheduled prior to
14.В Which of the following is least likely to be a possible cause of book-to-physical
differences in inventory quantities?
15.В The auditor is most likely t seek information from the plant manager with respect
to the
16.В In the examination of property, plant, and equipment, the auditor tries to determine
all of the following except the
17.В The auditor may conclude that depreciation charges are insufficient by noting
18.В Which of the following accounts should be reviewed by the auditor to gain
reasonable assurance that additions to property, plant, and equipment are not
understated?
19.В In auditing intangible assets, an auditor most likely would review or recomputed
amortization and determine whether the amortization period is reasonable in support of
management's financial statement assertion of
20.В Several years ago, Conway, Inc. secured a conventional real estate mortgage
loan.В Which of the following audit procedures would be least likely to be performed by
an auditor examining the mortgage balance?
21.В An internal control that ensures that long-term borrowing is properly initiated by
appropriate individuals addresses the internal control objective of
22.В The primary reason for preparing a reconciliation between interest-bearing
obligations outstanding during the year and interest expense presented in the financial
statements is to
23.В Valuation is most likely an issue for long-term debt if
24.В A substantive strategy isВ typically used to audit stockholders' equity because
25.В The least crucial element of internal control over cash is
26.В Which of the following is one of the better auditing techniques that might be used
by an auditor to detect kiting between inter-company banks?
27.В An unrecorded check issued during the last week of the year would most likely be
discovered by the auditor when the
28.В Which of the following audit procedures is the most appropriate when internal
control over cash is weak or when a client requests an investigation of cash
transactions?
29.В Which of the following internal controls most likely would reduce the risk of
diversion of customer receipts by an entity's employees?
30.В When auditing contingent liabilities, which of the following procedures would be
least effective?
31.В The auditor's primary means of obtaining corroboration of management's
information concerning litigation is a
32.В An auditor will ordinarily examine invoices from lawyers primarily in order to
33.В If a lawyer refuses to furnish corroborating information regarding litigation, claims,
and assessments, the auditor should
34.В Which of the following situations would require adjustment to or disclosure in the
financial statements?
35.В Which ofВ the following parties is responsible for the fairness of the
representations made in financial statements?
36.В Which of the following situations will not result in modification of the auditor's
report because of a scope limitation?
37.В Management believes, and the auditor is satisfied, that a material loss probably
will occur when pending litigation is resolved.В Management is unable to make a
reasonable estimate of the amount or range of the potential loss, but fully discloses the
situation in the notes to the financial statements.В If management does not make an
accrual in the financial statements, the auditor should express a/an
38.В When a question arises about an entity's continued existence, the auditor should
consider factors tending to mitigate the significance of contrary information concerning
the entity's alternative means for maintaining adequate cash flow.В An example of such
a factor is the
39.В An auditor issued an audit report that was dual dated for a subsequent event
occurring after the completion of fieldwork but before issuance of the auditor's report.
The auditor's responsibility for events occurring subsequent to the completion of
fieldwork was
40.В With respect to ethics, the theory of rights
41.В In which of the following instances would the independence of the CPA not be
considered to be impaired?В The CPA has been retained as the auditor f a brokerage
firm
42.В A CPA, while performing an audit, strives to achieve independence in appearance
in order to
43.В Which of the following is not a principle of professional conduct as defined by the
Code of Professional Conduct?
44.В According to the profession's standards, which of the following is not required of a
CPA performing a consulting engagement?
45.В According to the ethical standards of the profession, which of the following acts is
generally prohibited?
46.В An auditor, using the same degree of due care as other members of the
profession, fails to create an adequate allowance for bad debts.В This occurrence is an
example of
47.В Which of the following is the best statement of the general standard of
performance owed by an accountant in his or her professional work?
48.В Which of the following is not within the class of foreseen users of an accountant's
work product?
49.В Which of the following statements is correct with respect to ownership,
possession, or access to aВ CPA firm's audit work-papers?
50.В At which point in an ordinary sales transaction of a wholesaling business would a
lack of specific authorization be of least concern to the auditor
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