Exam 16: Audit of transaction cycles and financial statement balances II

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The starting point for verifying current year disposals of property, plant, and equipment is the client's schedule of recorded disposals.Discuss the types of information that should be included in this schedule.

(Essay)

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Question 121

Discuss the internal controls related to owners' equity that are of concern to the auditor.

(Essay)

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Question 122

Estimated unpaid obligations for services or benefits that have been received prior to the balance sheet date are classified as:

(Multiple Choice)

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Question 123

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

(Multiple Choice)

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Question 124

Which one of the general tests of details of balance objectives is NOT considered vital in the audit of borrowings?

(Multiple Choice)

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Question 125

The accuracy objective for share transactions is ordinarily tested by confirming the amount with the share transfer agent.

(True/False)

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Question 126

The starting point for the audit of loans payable is a schedule of loans payable and accrued interest.Discuss the information typically included in the schedule.

(Essay)

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Question 127

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

(Multiple Choice)

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Question 128

The balance-related audit objective to determine that cash in bank is properly presented and disclosed can be met through which of the following tests of details of balances?

(Multiple Choice)

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Question 129

A set of records for each piece of equipment that includes descriptive information, date of acquisition, original cost, current year depreciation, and accumulated depreciation is the:

(Multiple Choice)

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Question 130

The auditor recalculates approximate interest expense, using overall monthly instalments payable and average interest rates, to test for:

(Multiple Choice)

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Question 131

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

(Multiple Choice)

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Question 132

Client business risk relating to cash may arise from:

(Multiple Choice)

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Question 133

When auditing owners' equity, the rights and obligations objective is not applicable.

(True/False)

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Question 134

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

(Multiple Choice)

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Question 135

Which of the following objectives is usually the focus in auditing cash balances?

(Multiple Choice)

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Question 136

Tests for kiting are performed using a list of all bank transfers made within a few days of the balance date.

(True/False)

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Question 137

Showing 121 - 137 of 137

The starting point for verifying current year disposals of property, plant, and equipment is the client's schedule of recorded disposals.Discuss the types of information that should be included in this schedule.

Discuss the internal controls related to owners' equity that are of concern to the auditor.

Estimated unpaid obligations for services or benefits that have been received prior to the balance sheet date are classified as:

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

Which one of the general tests of details of balance objectives is NOT considered vital in the audit of borrowings?

The accuracy objective for share transactions is ordinarily tested by confirming the amount with the share transfer agent.

The starting point for the audit of loans payable is a schedule of loans payable and accrued interest.Discuss the information typically included in the schedule.

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

The balance-related audit objective to determine that cash in bank is properly presented and disclosed can be met through which of the following tests of details of balances?

A set of records for each piece of equipment that includes descriptive information, date of acquisition, original cost, current year depreciation, and accumulated depreciation is the:

The auditor recalculates approximate interest expense, using overall monthly instalments payable and average interest rates, to test for:

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

Client business risk relating to cash may arise from:

When auditing owners' equity, the rights and obligations objective is not applicable.

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

Which of the following objectives is usually the focus in auditing cash balances?

Tests for kiting are performed using a list of all bank transfers made within a few days of the balance date.

Demand for audit and assurance services

Auditors’ legal environment

Audit quality and ethics

Audit responsibilities and objectives

Audit evidence

Audit planning and documentation

Materiality and risk

Internal control and control risk

Fraud auditing

The impact of information technology on the audit process

Overall audit plan and audit program

Audit of the sales and collection cycle: Tests of controls and substantive tests of transactions

Completing tests in the sales and collection cycle: Accounts receivable

Audit sampling

Audit of transaction cycles and financial statement balances I

Completing the audit

Audit reporting

Other auditing and assurance engagements

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