ACC492 FINAL EXAM (36 QUESTIONS)

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ACC 492 Final Exam (Latest)
1. Which of the following accounts in a merchandising company is affected by both the revenue cycle and another cycle?
2. 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:
3. The specific audit objective that all purchases and cash disbursements made during the period were recorded relates to:
4. The specific audit objective for the audit of investments, investment revenues, and realized and unrealized gains and losses, are reported at proper amounts, relates to the:
5. Which of the following is NOT a tort?
6. Gross negligence can best be defined as:
7. The specific audit objective that the entity is liable for the payables resulting from the recorded purchase transactionsrelates to:
8. Which of the following is NOT among the specific auditing procedures the auditor performs to obtain additional audit evidence?
9. Whether the system processing is complete, accurate, timely, and authorized defines:
10. The specific account balance audit objective, plant assets and related expenses are properly identified and classified in the financial statements, relates to the:
11. The specific account balance audit objective, the entity owns or has rights to all recorded plant assets at the balance sheet date, relates to the:
12. Whether the system is protected against unauthorized physical and logical access defines:
13. The auditor’s strategy in performing test counts during the inventory observation is to:
14. The audit objective, “The accounts receivable balance represents gross claims on customers and agrees with the sum of the accounts receivable subsidiary ledger” is derived from the assertion of:
15. Section 18 liability is relatively narrow in scope because it relates only to a false or misleading statement in documents “filed” with the:
16. The expenditure cycle would include:

ACC492 FINAL EXAM (36 QUESTIONS)

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17. 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:
18. 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:
19. The two main sections of the AICPA’s Code of Professional Conduct are:
20. By definition, subsequent events occur between:
21. The use of the computer to compare production hours to direct labor hours on daily production reports relates to the:
22. The auditor’s special report on financial statements prepared on an OCBOA should contain all of the following EXCEPT:
23. Which of the following functions is NOT part of the production cycle?
24. During the count of cash on hand, it is NOT necessary for the auditor to:
25. Which one of the following is NOT true of the Principles in the AICPA’s Code of Professional Conduct?
26. The control of all funds during the count of cash on hand is meant primarily to prevent:
27. The specific audit objective for the audit of investments, all investments are included in the balance sheet investment accounts, relates to the:
28. When inventories are material and the auditor does not observe the inventory at or near the year-end, professional standards require the auditor to:
29. The specific audit objective for the audit of investments, investment balances are properly identified and classified in the financial statements, relates to the:
30. Which one of the following is an investing activity?
31. Which of the following is NOT among the characteristics of the procedures performed in completing the audit?
32. The Principle of Integrity in the AICPA’s Code of Professional Conduct would be violated in cases of:
33. All sales, cash receipts, and sales adjustments are accurately valued using GAPP and correctly journalized, summarized, and posted. These actions are transaction objectives for:
34. When statistical sampling methods are used by the client in determining inventories, professional standards require that the auditor ascertain the following EXCEPT that the:
35. 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:
36. In performing an attest engagement, a CPA performs all of the following EXCEPT: