AC492 Final Examination Answers

AC492 Final Examination Answers

Author: sweeden jorgh

AC492 Final Examination Answers

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AC492 Final Examination Answers

1.     The specific audit objective that all purchases and cash disbursements made during the period were recorded relates to:

existence or occurrence.

presentation and disclosure.

rights and obligations.


2.     The use of the computer to compare production hours to direct labor hours on daily production reports relates to the:

rights and obligations assertion.

completeness assertion.

existence or occurrence assertion.

valuation or allocation assertion.

3.     During the count of cash on hand, it is NOT necessary for the auditor to:

insist on the presence of the custodian of the cash throughout the count.

insist on the presence of an internal auditor throughout the count.

obtain a signed receipt from the custodian on return of the funds.

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