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ACCT 400 Final Exam Solution
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ACCT 400 Final Exam Solution
Question 1 of 50 1.0/ 1.0 Points
oType I subsequent events are always referenced in the audit report.
A. True
B. False
Question 2 of 50 1.0/ 1.0 Points
Regardless of the specific form, documentary evidence shows that the receiving process occurred.
A. True
B. False
Question 3 of 50 1.0/ 1.0 Points
Preliminary time budget information is compared to actual time worked and is used for purposes of billing, performance evaluation, and future bidding.
A. True
B. False
Question 4 of 50 1.0/ 1.0 Points
Sales returns and allowances remain constant in their magnitude and never need differing levels of control and approval.
A. True
B. False
Question 5 of 50 0.0/ 1.0 Points
All assertions apply to every account.
A. True
B. False
Question 6 of 50 1.0/ 1.0 Points
Failure to provide the auditor information regarding pending litigation is grounds for a scope limitation.
A. True
B. False
Question 7 of 50 1.0/ 1.0 Points
Detail schedules need to tie to the lead schedule.
A. True
B. False
Question 8 of 50 1.0/ 1.0 Points
Sampling risk is the risk that your sample is not representative of the population.
A. True
B. False
Question 9 of 50 1.0/ 1.0 Points
An auditor’s report on an integrated audit will be unqualified if internal control over financial reporting does not have any material weaknesses and the financial statements are fairly presented.
A. True
B. False
Question 10 of 50 0.0/ 1.0 Points
If a transaction is paid for by credit card, the seller processes the sales transaction with the credit card issuer when the item is received.
A. True
B. False
Question 11 of 50 1.0/ 1.0 Points
The last steps of an integrated audit are to understand the...