Question 1

Confirmation would be most effective in addressing the existence assertion for the:

Accepted Answer

A)  Addition of a milling machine to a machine shop. 
B)  Payment of payroll during regular course of business. 
C)  Inventory held on consignment. 
D)  Granting of a patent for a special process developed by the organization. 
A)  Addition of a milling machine to a machine shop. 
B)  Payment of payroll during regular course of business. 
C)  Inventory held on consignment. 
D)  Granting of a patent for a special process developed by the organization.

Question 2

Which of the following is not a basic approach often used by auditors to evaluate the reasonableness of accounting estimates?

Accepted Answer

A)  Confirmation of amounts. 
B)  Review of management's process of development. 
C)  Independent development of an estimate. 
D)  Review of subsequent events. 
A)  Confirmation of amounts. 
B)  Review of management's process of development. 
C)  Independent development of an estimate. 
D)  Review of subsequent events.

Confirmation would be most effective in addressing the existence assertion for the:

Which of the following is not a basic approach often used by auditors to evaluate the reasonableness of accounting estimates?

The Role of the Public Accountant in the American Economy

Professional Standards

Professional Ethics

Legal Liability of Cpas

Planning the Audit; Linking Audit Procedures to Risk

Internal Control

Consideration of Internal Control in an Information Technology Environment

Audit Sampling

Cash and Financial Investments

Accounts Receivable, Notes Receivable, and Revenue

Inventories and Cost of Goods Sold

Property, Plant, and Equipment: Depreciation and Depletion

Accounts Payable and Other Liabilities

Debt and Equity Capital

Auditing Operations and Completing the Audit

Auditors Report

Integrated Audits of Public Companies

Additional Assurance Services: Historical Financial Information

Additional Assurance Services: Other Information

Internal, Operational, and Compliance Auditing

Filters

Exam 5: Audit Evidence and Documentation

Confirmation would be most effective in addressing the existence assertion for the:

Which of the following is not a basic approach often used by auditors to evaluate the reasonableness of accounting estimates?

The Role of the Public Accountant in the American Economy

Professional Standards

Professional Ethics

Legal Liability of Cpas

Planning the Audit; Linking Audit Procedures to Risk

Internal Control

Consideration of Internal Control in an Information Technology Environment

Audit Sampling

Cash and Financial Investments

Accounts Receivable, Notes Receivable, and Revenue

Inventories and Cost of Goods Sold

Property, Plant, and Equipment: Depreciation and Depletion

Accounts Payable and Other Liabilities

Debt and Equity Capital

Auditing Operations and Completing the Audit

Auditors Report

Integrated Audits of Public Companies

Additional Assurance Services: Historical Financial Information

Additional Assurance Services: Other Information

Internal, Operational, and Compliance Auditing

Filters