Exam 10: Substantive Testing and Balance Sheet Accounts
Exam 1: Introduction and Overview of Audit and Assurance50 Questions
Exam 2: Ethics, Legal Liability and Client Acceptance53 Questions
Exam 3: Risk Assessment I48 Questions
Exam 4: Risk Assessment II56 Questions
Exam 5: Audit Evidence61 Questions
Exam 6: Gaining an Understanding of the Clients System of Internal Controls59 Questions
Exam 7: Sampling and Overview of the Risk Response Phase of the Audit62 Questions
Exam 8: Execution of the Audit Testing of Controls56 Questions
Exam 9: Execution of the Audit Performing Substantive Procedures55 Questions
Exam 10: Substantive Testing and Balance Sheet Accounts60 Questions
Exam 11: Substantive Testing and Income Statement Accounts45 Questions
Exam 12: Completing and Reporting on the Audit53 Questions
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Theresa Bamboukian started her sales process audit and was accounting for the numerical sequence of sales invoices, sales orders and shipping documents. In addition she performed a reconciliation of billings with shipping documents. Which assertions was she fulfilling?
(Multiple Choice)
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Lynn Kevorkian was not sure which customers of her client to send confirmations. Who should she send confirmations to?
(Multiple Choice)
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When Costa Zimbalist observes the inventory count at a client to establish that the client's personnel are complying with inventory count instructions, which assertions are in play?
(Multiple Choice)
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Which of the following is a substantive test of the trade receivables balance that is always performed?
(Multiple Choice)
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When performing substantive procedures, the key objective is to determine whether:
(Multiple Choice)
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Can you help Rosa Chaput determine why there is some effort put into testing cash when the cash account is not material?
(Multiple Choice)
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The two key assertions for inventory are completeness and rights and obligations.
(True/False)
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Martin Bellefeuille was asked by his audit manager to perform an evaluation of the operating effectiveness of controls in preventing material misstatements at the assertion level. In complying with the request, what did he do?
(Multiple Choice)
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When Silvana Mathews reviewed the physical inventory compilation she performed a procedure that included tracing the cut-off information obtained during the physical inventory observation to the accounting records of sales and purchases. Which assertion did this procedure satisfy?
(Multiple Choice)
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Physically sighting fixed assets enables the auditor to test the rights and obligations assertion.
(True/False)
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George Malinowski was trying to check whether the receivables of Cosentino Distributors were being carried at their net realizable value. His objective was to fulfill which assertion?
(Multiple Choice)
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When substantive tests performed identify errors or exceptions, the first response is to:
(Multiple Choice)
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Auditors usually test for the existence of property, plant and equipment by:
(Multiple Choice)
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Explain how substantive testing is used for prepayments, investments and intercompany balances.
(Essay)
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Which of the following account balances are typically audited fully or substantially with limited or no controls testing?
(Multiple Choice)
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Which of the following is not an example of a substantive test of cash payments transactions?
(Multiple Choice)
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Discuss the specific issues that auditors should consider when designing substantive procedures.
(Essay)
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Accounting for the numerical sequence of cheques issued during a specific period is a substantive test relating to the purchases process.
(True/False)
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