Exam 19: The Audit of Accounting Estimates: Basic Material Relating to Accounting Estimates
Exam 1: Introduction to Auditing42 Questions
Exam 2: Auditors Professional Roles and Responsibilities45 Questions
Exam 3: Auditors Ethical and Legal Responsibilities57 Questions
Exam 4: Reports on Audited Financial Statements52 Questions
Exam 5: Preliminary Audit Planning: Understanding the Auditees Business45 Questions
Exam 6: Assessing Risks in an Audit Engagement52 Questions
Exam 7: Internal Control Over Financial Reporting73 Questions
Exam 8: Audit Evidence and Assurance47 Questions
Exam 9: Control Assessment and Testing51 Questions
Exam 10: Audit Sampling54 Questions
Exam 11: The Revenues, receivables, and Receipts Process and Cash Account Balance78 Questions
Exam 12: The Purchases, payables, and Payments Process61 Questions
Exam 13: Payroll and Production Processes48 Questions
Exam 14: The Finance and Investment Process44 Questions
Exam 15: Completing the Audit Work53 Questions
Exam 16: Applying Professional Judgment to Form the Audit Opinion and Issue the Audit Report48 Questions
Exam 17: Other Public Accounting Services and Reportsreviews and Compilations57 Questions
Exam 18: Professional Rules of Conduct Details and Auditor Responsibilities42 Questions
Exam 19: The Audit of Accounting Estimates: Basic Material Relating to Accounting Estimates50 Questions
Exam 20: Legal Liability Cases56 Questions
Exam 21: Other Professional Accounting Services and Reports, including Fraud Auditing50 Questions
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The tendency to exaggerate the inevitability of causal sequences is known as the availability heuristic.
(True/False)
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The difference between what was reported and what should have been reported,an auditor's traditional perspective of misstatement,is the basis of the concept of auditing risk.
(True/False)
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The actual monetary amount which results from resolution of the underlying transaction(s),event(s),or condition(s)addressed by the accounting estimate is known as ________.
(Multiple Choice)
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CIFiR's (SEC established Advisory Committee on Improvements to Financial Reporting)progress report proposes a framework for accounting judgments consisting of which two components?
(Multiple Choice)
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An Accounting Estimate Problem or "Cockburn's problem" occurs when _______.
(Multiple Choice)
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Under the risk-based reasoning system for accounting estimates,there are three possible ranges or regions of probabilities of payoffs to consider.What are they and what do they each mean?
(Essay)
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The risk of misstatement arising from estimation uncertainty due to future events is known as accounting risk.
(True/False)
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Which of the following statements regarding calibration is FALSE?
(Multiple Choice)
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Under the RBR system of risk-based reasoning for accounting estimates,in the ________ region,the probability of payoff (one minus acceptable AccR)to (acceptable AccR).
(Multiple Choice)
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Generally accepted accounting principles are based on the going-concern concept.
(True/False)
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It is "reasonable" to assume the going-concern assumption for financial reporting when the degree of doubt is no higher than ________.
(Multiple Choice)
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A lack of neutrality by management in the preparation and presentation of information is known as estimation uncertainty.
(True/False)
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Risks associated with forecasting future outcomes or events in accounting estimates are increasingly recognized as the biggest source of error in accounting estimates.
(True/False)
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Which of the following statements concerning accounting risk (AccR)is FALSE?
(Multiple Choice)
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Which of the following statements regarding audit risk (AudR)and accounting risk (AccR)is FALSE?
(Multiple Choice)
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The risk-based reasoning (RBR)matrix is an attempt to summarize all the possibilities of accounting uncertainties that an auditor may encounter and classify them by reporting types.
(True/False)
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Calibration is achieved through repetition and feedback,which improves the quality of expert's estimates.
(True/False)
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