Acc 492 Final Exam Solution

ACC 492 Final Exam Solution

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ACC 492 Final Exam Solution

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:

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...