Exam 16: Audit of Transaction Cycles and Financial Statement Balances II

arrow
  • Select Tags
search iconSearch Question
flashcardsStudy Flashcards
  • Select Tags

The term 'property, plant and equipment' normally includes land, buildings and equipment, but does not include furniture or motor vehicles.

(True/False)
4.8/5
(36)

The most important objective for depreciation expense is:

(Multiple Choice)
4.9/5
(31)

The most important objective for depreciation is accuracy. One aspect of this objective is the consistency of depreciation policy. The four considerations in determining this do NOT include:

(Multiple Choice)
4.8/5
(39)

The test of details of balances procedure to 'foot the acquisitions schedule' is done to satisfy the audit objective of:

(Multiple Choice)
4.9/5
(31)

The test that proves the bank reconciliation to additions and subtractions including all reconciling items is an attempt to satisfy the audit objective of:

(Multiple Choice)
4.9/5
(34)

To prevent the improper or incorrect issue of share certificates, it is common practice for publicly listed companies to engage:

(Multiple Choice)
4.8/5
(31)

The balance- related audit objective realisable value is not applicable when auditing loans payable.

(True/False)
4.9/5
(38)

The audit of dividends transactions is typically performed using attributes sampling.

(True/False)
4.8/5
(41)

Cash account is primarily affected by which transactions in the sales and collection cycle?

(Multiple Choice)
4.9/5
(38)

State the specific balance- related audit objectives applicable to loans payable and interest and, for each objective, identify one common test of details of balances.

(Essay)
4.8/5
(35)

Which one of the following is NOT a characteristic of the capital acquisition and repayment cycle?

(Multiple Choice)
4.9/5
(36)

Which of the following misstatements would result in the improper payment of cash or failure to receive cash not normally discovered as part of the audit of the bank reconciliation?

(Multiple Choice)
4.7/5
(42)

Which of the following misstatements will normally be discovered as part of the audit of the bank reconciliation?

(Multiple Choice)
4.8/5
(37)

Which of the following is a balance- related audit objective for owners' equity?

(Multiple Choice)
5.0/5
(40)

The process of transferring money from one bank account to another and improperly recording the transaction is referred to as:

(Multiple Choice)
4.8/5
(35)

Typically, bank confirmations in the audit verify:

(Multiple Choice)
4.8/5
(34)

The periodic payments of interest and principal are normally tested as a part of the:

(Multiple Choice)
4.7/5
(37)

The tests of details of balances procedure which requires the auditor to examine duplicate copies of loans for authorisation is an attempt to satisfy the audit objective of:

(Multiple Choice)
5.0/5
(29)

Which of the following concerns in auditing issued and paid- up capital involves tests of balances?

(Multiple Choice)
4.7/5
(35)

Discuss what is meant by kiting and discuss how it is performed.

(Essay)
4.8/5
(26)
Showing 41 - 60 of 137
close modal

Filters

  • Essay(0)
  • Multiple Choice(0)
  • Short Answer(0)
  • True False(0)
  • Matching(0)