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ACCT 444 Week 3 Quiz

ACCT 444 Week 3 Quiz

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ACCT 444 Week 3 Quiz

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ACCT 444 Week 3 Quiz

1. (TCO 6) Physical examination is the inspection or count by the auditor of items such as (Points : 3)

cash or inventory only.

cash, inventory, canceled checks, and sales documents.

cash, inventory, canceled checks, and tangible fixed assets.

cash, inventory, securities, notes receivable, and tangible fixed assets.

Chapter 7

 

1. (TCO 6) The distinction between physical examination of assets and examination of documents is dependent on the item being examined. If the object being examined has no inherent value, the evidence is called (Points : 3)

documentation.

physical examination.

confirmation.

none of the above.

Chapter 7

1. (TCO 6) Which of the following statements regarding documentation is not correct? (Points : 3)

Documentation includes examining client records, such as general ledgers and supporting journals.

Internal documents are documents that are generated within the company and used to communicate with external parties.

External documents are documents that are generated outside of the company and are used to communicate the results of a transaction.

All of the above are correct statements

Chapter 7

 

 

2. (TCO 6) Which of the following is not a purpose of analytical procedures? (Points : 3)

Understand the client’s industry

Assess the client’s ability to continue as a going concern

Identify misstatements

Reduce detailed audit tests

Chapter 7

 

2. (TCO 6) Analytical procedures are (Points : 3)

diagnostic tests of financial information that may not be classified as evidential matter.

calculations of financial information made by a computer.

substantive tests of financial information made by a study and comparison of relationships among data.

statistical tests of financial information designed to identify areas requiring intensive investigation.

Chapter 7

2. (TCO 6) When analytical procedures reveal no unusual fluctuations, the implication is that (Points : 3)

there are no material errors or irregularities.

there are no material errors.

there are no material irregularities.

the possibility of a material error or irregularity is lessened.

Chapter 7

 

3.

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