Acc 403 Midterm Exam Solutions

ACC 403 Midterm Exam Solutions

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ACC 403 Midterm Exam Solutions

Part 1

• Question 1

Recording, classifying, and summarizing economic events in a logical manner for the

purpose of providing financial information for decision making is commonly called:

• Question 2

________ risk reflects the possibility that the information upon which the business decision

was made was inaccurate.

• Question 3

The use of the Certified Public Accountant title is regulated by:

• Question 4

The Sarbanes-Oxley Act applies to which of the following companies?

• Question 5

Three common types of attestation services are:

• Question 6

The three requirements for becoming a CPA include all but which of the following?

• Question 7

Members of the Public Company Accounting Oversight Board are appointed and overseen

by:

• Question 8

Assume the Public Company Accounting Oversight Board (PCAOB) identifies a violation

during its inspection of a registered accounting firm. The PCAOB:

• Question 9

Hansen Corporation’s stock is listed on a national stock exchange and registered with the

Securities and Exchange Commission. Hansen’s management hires a CPA to perform an

independent audit of Hansen’s financial statements. The primary objective of this audit is

to provide assurance to the:

• Question 10

Which of the following are audit standards used in professional practice by audit firms?

• Question 11

Statements on Auditing Standards issued by the AICPA’s Auditing Standards Board are:

• Question 12

In order to properly plan and perform an audit, an important fact for both the auditor and

the client to understand is that:

• Question 13

The first step to be followed when deciding the appropriate audit report in a given set of

circumstances is to:

• Question 14

As a result of management’s refusal to permit the auditor to physically examine inventory,

the auditor must depart from the unqualified audit...