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ANSWERS
ACC
492 Final Exam
1) The bonding of employees will normally be expected to:
2) All
sales, cash receipts, and sales adjustments are accurately valued using GAPP and
correctly journalized, summarized, and posted. These actions are transaction
objectives for:
3) Disclosure objectives include all of the following EXCEPT
4) The extent of the auditor’s inventory test count
would LEAST depend on which of the following?
5) When statistical sampling methods are used by the client in
determining inventories, professional standards require that the auditor
ascertain the following EXCEPT that the:
6) The auditor’s strategy in performing test counts during the
inventory observation is to:
7) Observation of inventories is a required audit procedure
whenever:
8) With a manufacturer, wholesaler, or retailer, however, inherent
risk for inventory may be assessed at or near the maximum level for all of the
following reasons EXCEPT:
9) During the observation of the inventory, the auditor
has NO responsibility to:
10) The specific audit objective that all purchase transactions
and cash disbursements are valued using GAAP and correctly journalized,
summarized, and posted relates to:
11) The specific audit objective that recorded purchases
represent goods, services, and productive assets received during the
period relates to:
12) The specific audit objective that all purchases and cash
disbursements made during the period were recorded relates to: acc 492
final exam
13) The specific audit objective for the audit of
investments, investment balances are properly identified and classified in
the financial statements, relates to the:
14) The
specific audit objective for the audit of investments, all recorded
investments are owned by the reporting entity, relates to the:
15) The
specific audit objective for the audit of investments, all investments are
included in the balance sheet investment accounts, relates to the:
16) The
specific account balance audit objective, plant assets and related
expenses are properly identified and classified in the financial statements,
relates to the:
17) The
audit significance of the financial ratio, fixed asset turnover, is:
18) The
substantive test of calculating fixed asset turnover is categorized
under:
19) In
confirming bank deposits, the auditor need NOT:
20) The
standard bank confirmation, developed jointly by the AICPA, the American
Bankers Association, and the Bank Administration Institute, requests information
about all of the following EXCEPT: acc 492 final exam
21) The
control of all funds during the count of cash on hand is meant primarily to
prevent:
22) Whether the entity maintains effective controls to provide
reasonable assurance that private customer information obtained as a result of
e-commerce is protected from uses not related to the entity’s business defines:
23) Best practices in approaching risk management include the
following steps EXCEPT:
24) In performing an attest engagement, a CPA performs all of the
following EXCEPT:
25) Which of the following is NOT among the
characteristics of the procedures performed in completing the audit?
26) The auditor relies on the client representation
letter to:
27) In performing an attest engagement, a CPA performs all of the
following EXCEPT:
28) Which of the following is NOT among the specific
auditing procedures the auditor performs to obtain additional audit evidence?
29) In regard to identifying and evaluating subsequent events, acc
492 final exam AU 560.12 specifies that the auditor inquires of management
having responsibility for financial and accounting matters as to all of the
following EXCEPT:
30) When an investigation of the discovery of facts existing at the
report date confirms the existence of the fact and the auditor believes the
information is important to those relying or likely to rely on the financial
statements, the auditor should immediately:
31) The two main sections of the AICPA’s Code of Professional
Conduct are:
32) In general, except when explicitly stated otherwise, the Rules
of Conduct in the AICPA’s Code of Professional Conduct are applicable
to:
33) Which one of the following is NOT true of the
Principles in the AICPA’s Code of Professional Conduct?
34) Gross negligence can best be defined as:
35) Anyone identified to the auditor by name prior to the audit who
is to be the principal recipient of the auditor’s report is a
36) The Fund of Funds case illustrated that auditors could be found
liable for failure to report wrong-doings discovered
