CLICK TO GET ANSWERS 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 companyâ€™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