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.

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...