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2. ACC 403 Something Great ACC 403 Final Exam 1 Chp. 9- 13 ACC 403 Final Exam 2 Chp. 14- 17 & 21&24 If an auditor believes the chance of financial failure is high and there is a corresponding increase in business risk for the auditor, acceptable audit risk would likely: 1. What critical event must take place before goods can be shipped in order to assure payment can be reasonably expected?

3. ACC 403 Something Great ACC 403 Final Exam Part 1 ACC 403 Final Exam Part 2 1. Auditors typically rely on internal controls of their private company clients: 2. An auditor who audits a business cycle that has low inherent risk should: 1. A document prepared to initiate shipment of the goods sold by an independent shipper is the: 2. The document used to indicate to the customer the amount of a sale and payment due date is the:

4. ACC 403 Something Great ACC 403 Mid Term I ACC 403 Mid Term Part 1 1. An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n): 1. Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called:

5. ACC 403 Something Great ACC 403 Mid Term Part 2 ACC 403 midterm exam part 1 1. The principal issue in cases involving alleged negligence is usually: 2. "Absence of reasonable care that can be expected of a person in a set of circumstances" defines: 1. ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate.

6. ACC 403 Something Great ACC 403 Midterm Exam part 2 ACC 403 midterm part 1 1. In the performance of an audit, a CPA: 2. Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This would not include: 1. ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate.

7. ACC 403 Something Great ACC 403 Midterm part 2 ACC 403 Quiz 1 Set 1 1. In the performance of an audit, a CPA: 2. Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely 1. An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n):

8. ACC 403 Something Great ACC 403 Quiz 1 Set 2 ACC 403 Quiz 1 Set 3 1. Which of the following is considered audit evidence? 2. Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing 1. An accountant: 2. The Sarbanes-Oxley Act applies to which of the following companies?

9. ACC 403 Something Great ACC 403 Quiz 2 Chp 3-4 ACC 403 Quiz 2 1. When there is a justified departure from GAAP which is considered material, the auditor should issue a(n): 1. A misstatement in the financial statements can be considered material if knowledge of the misstatement will affect a decision of

10. ACC 403 Something Great ACC 403 Quiz 3 Chapter 5- 6 ACC 403 Quiz 3 Set 1 1. If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of: 2. Which of the following most accurately describes fraud? 1. If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of: 2. The assessment against a defendant of that portion of the damage caused by the defendant's negligence is called:

11. ACC 403 Something Great ACC 403 Quiz 3 Set 2 ACC 403 Quiz 3 Set 3 1. The Foreign Corrupt Practices Act (FCPA) of 1977: 2. In the auditing environment, failure to meet auditing standards is often 1. Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This wouldnot include:

12. ACC 403 Something Great ACC 403 Quiz 4 Chapter 9 ACC 403 Quiz 4 1. The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related. 1. Auditors are ________ to document the known and likely misstatements in the financial statements under audit. 2. To what extent do auditors typically rely on internal controls of their public company clients?

13. ACC 403 Something Great ACC 403 Quiz 5 Chapters 10-11 ACC 403 Quiz 5 week 7 1. Which of the following components of the control environment define the existing lines of responsibility and authority? 2. Which of the following is responsible for establishing a private company's internal control? 1. Which of the following deficiency exists if a necessary control is missing or not properly formulated? 2. An audit procedure that would most likely be used by an auditor in performing

14. ACC 403 Something Great ACC 403 Quiz 5 ACC 403 Quiz 6 Set 2 1. The employee in charge of authorizing credit to the company's customers does not fully understand the concept of credit risk. This lack of knowledge would constitute: 1. An internal control deficiency occurs when computer personnel: 2. The most important output control is: 3. When the client changes the computer software:

15. ACC 403 Something Great ACC 403 Quiz 6 Set 3 ACC 403 Quiz 6 Set 4 1. A database management system: 2. A ________ is responsible for controlling the use of computer programs, transaction files and other computer 1. Which of the following is a component of general controls? 2. Programmers should be allowed access to: 3. An example of a physical control is:

16. ACC 403 Something Great ACC 403 Quiz 6 ACC 403 Quiz 7 Chapter 14 -15 Week 8 Quiz 6 ACC 403 Question 1 1. The document that accompanies the customer's payment is the: 2. Before goods are shipped on account, a properly authorized person must:

17. ACC 403 Something Great ACC 403 Quiz 7 Set 2 ACC 403 Quiz 7 1. The auditor's objectives for the sales and cash collections activities when the client is primarily an e-commerce business as compared to a "bricks and mortar" business are: 1. The document that accompanies the customer's payment is the: 2. Before goods are shipped on account, a properly authorized person must:

18. ACC 403 Something Great ACC 403 Quiz 8 Chapters 16-17 ACC 403 Quiz 8 Set 1 1. A listing of the balances in the accounts receivable master file at the balance sheet date, by total balance outstanding and by the amount of time the component parts have been outstanding, is the: 1. Which of the following is likely to be determined first when performing tests of details for accounts receivable?

19. ACC 403 Something Great ACC 403 Quiz 8 Set 2 ACC 403 Quiz 8 1. If the client's internal control for recording sales returns and allowances is evaluated as ineffective 1. Which of the following most likely would be detected by a review of a client's sales cutoff? 2. Cutoff misstatements occur:

20. ACC 403 Something Great ACC 403 quiz 8 ACC 403 Quiz Chapters 21- 24 1. Which of the following most likely would be detected by a review of a client's sales cutoff? 1. Testing the information on the aged trial balance for detail tie-in is a necessary audit procedure, which would normally include:

21. ACC 403 Something Great ACC 403 Quiz Set 4 ACC 403 Week 2 Quiz 1 1. The Sarbanes-Oxley Act applies to which of the following companies? 2. Which of the following services provides the lowest level of assurance on a financial statement? 1. The most common way for users to obtain reliable information is to:

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