Exam 6: Completing the Tests in the Sales and Collection Cycle: Accounts Receivable, Audit Sampling for Tests of Details of Balances, and Audit of the Acquisition and Payment Cycle

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Accounting standards require that sales returns and allowances be matched with related sales:

(Multiple Choice)

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Question 21

The receipt of goods and services in the normal course of business represents the date clients normally recognize:

(Multiple Choice)

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Question 22

Which of the following is not a term relevant to sampling for tests of details?

(Multiple Choice)

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Question 23

Accounting standards require that material sales returns and allowances be:

(Multiple Choice)

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Question 24

Assume that during cutoff testing you determined that the last receiving report number for inventory was 24986. Which of the following receiving report numbers would you not expect to be included in inventory and accounts payable at year- end?

(Multiple Choice)

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Question 25

Which of the following does not need to be considered when the auditor generalizes from the sample to the population?

(Short Answer)

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Question 26

In a probability proportional to size (PPS) sample, all population physical audit units with an amount equal to or greater than the amount of the interval will automatically be included in the sample if the auditor uses:

(Multiple Choice)

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Question 27

A failure to record acquisitions of goods most likely will affect all but which of the following?

(Multiple Choice)

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Question 28

Cutoff misstatements can occur for:

(Short Answer)

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Question 29

Tests of controls and tests of transactions for the acquisition and payment cycle are normally divided into two broad areas. What are these areas?

(Essay)

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Question 30

The test of details of balances procedure to 'trace from account payable list to vendors' invoices and statements' satisfies the objective of:

(Multiple Choice)

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Question 31

Which of the following is an effective internal accounting control over cash payments?

(Multiple Choice)

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Question 32

When auditors sample for tests of details of balances, the objective is to determine whether the:

(Multiple Choice)

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Question 33

The statistical results when MUS is used are called exception bounds.

(True/False)

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Question 34

What are the three primary types of sampling methods used for calculating dollar misstatements in auditing?

(Essay)

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Question 35

The primary factor affecting the auditor's decision about ARIA is assessed inherent risk.

(True/False)

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Question 36

The computer- generated file that includes all acquisition transactions during a given period is the:

(Multiple Choice)

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Question 37

Tolerable misstatements for overstatements and understatements:

(Multiple Choice)

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Question 38

Which of the following is the auditor least likely to consider when estimating misstatements in the population?

(Multiple Choice)

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Question 39

The audit of the acquisition and payment cycle often takes ________ time to audit than other cycles.

(Multiple Choice)

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Question 40

Showing 21 - 40 of 51

Accounting standards require that sales returns and allowances be matched with related sales:

The receipt of goods and services in the normal course of business represents the date clients normally recognize:

Which of the following is not a term relevant to sampling for tests of details?

Accounting standards require that material sales returns and allowances be:

Assume that during cutoff testing you determined that the last receiving report number for inventory was 24986. Which of the following receiving report numbers would you not expect to be included in inventory and accounts payable at year- end?

Which of the following does not need to be considered when the auditor generalizes from the sample to the population?

In a probability proportional to size (PPS) sample, all population physical audit units with an amount equal to or greater than the amount of the interval will automatically be included in the sample if the auditor uses:

A failure to record acquisitions of goods most likely will affect all but which of the following?

Cutoff misstatements can occur for:

Tests of controls and tests of transactions for the acquisition and payment cycle are normally divided into two broad areas. What are these areas?

The test of details of balances procedure to 'trace from account payable list to vendors' invoices and statements' satisfies the objective of:

Which of the following is an effective internal accounting control over cash payments?

When auditors sample for tests of details of balances, the objective is to determine whether the:

The statistical results when MUS is used are called exception bounds.

What are the three primary types of sampling methods used for calculating dollar misstatements in auditing?

The primary factor affecting the auditor's decision about ARIA is assessed inherent risk.

The computer- generated file that includes all acquisition transactions during a given period is the:

Tolerable misstatements for overstatements and understatements:

Which of the following is the auditor least likely to consider when estimating misstatements in the population?

The audit of the acquisition and payment cycle often takes ________ time to audit than other cycles.

The Demand for Audit, Cpa Profession, Audit Reports and Other Assurance Services

Professional Ethics, Legal Liability, Audit Responsibilities and Objectives

Audit Evidence, Audit Planning, Analytical Procedures, Materiality and Risk

Internal Control, Control Risk, Section 404 Audits, Fraud Auditing, and the Impact of Information Technology on the Audit Process

Overall Audit Strategy, Audit Program, Audit of the Sales and Collection Cycle, Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts, Audit of the Payroll and Personnel Cycle, Audit of the Inventory and Warehousing Cycle

Audit of the Capital Acquisition, Repayment, Audit of Cash and Financial Instruments, and Completing the Audit

Other Assurance Services, Internal and Governmental Financial Auditing and Operations Auditing

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