Acct 400 Final Exam Answers

ACCT 400 Final Exam Answers

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Part 1 of 1 – Final Exam 45.0/ 50.0 Points

The Final Exam has 50 true/false questions, covers Chapters 1 & 2, and 6 through 11, and has a 4 hour time limit.

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....