ACC 403 Strayer Quiz 8 Latest



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ACC 403 Strayer Quiz 8 Latest

ACC 403 Strayer Quiz 8 Latest


ACC 403 Strayer Quiz 8 Latest

ACC 403 Strayer Quiz 8 Latest

Question 1

Which of the following is the principle “weakness” of using negative confirmations for your tests of details of balances for accounts receivable?

Question 2

Audit procedures designed to uncover credit sales made after the client’s fiscal year end that relate to the current year being audited provide evidence for which of the following audit objective?

Question 3

Most tests of accounts receivable are based on what schedule, file, or listing?

Question 4

Analytical procedures:

Question 5

Because of its central role in auditing of accounts receivable, which of the following would normally be one of the first items tested?

Question 6

Communication addressed to the debtor requesting him or her to confirm whether the balance as stated on the communication is correct or incorrect is a:

Question 7

Tests of which balance-related audit objective are normally performed first in an audit of the sales and collection?

Question 8

The net realizable value of accounts receivable is equal to:

Question 9

The most important test of details of balances to determine the existence of recorded accounts receivable is:

Question 10

A type of positive confirmation known as a blank confirmation:

Question 11

For most audits, a proper cash receipts cutoff is less important than the sales cutoff because the improper cutoff of cash:

Question 12

When do most companies record sales returns and allowances?

Question 13

The most important aspect of evaluating the client’s method of obtaining a reliable cutoff is to:

Question 14

When designing tests of details of balances, an important point to remember is:

Question 15

The two primary classes of transactions in the sales and collection cycle are:

Question 16

The appropriate assumption to make regarding the overall percent of error in those population items containing an error is:

Question 17

Which of the following is not a type of statistical method that provides results in dollar terms?

Question 18

If acceptable audit risk is increased, acceptable risk of incorrect acceptance should be:

Question 19

The final step in the evaluation of the audit results is the decision to:

Question 20

Monetary unit sampling is not particularly effective at detecting:

Question 21

If the population is not considered acceptable, one step the auditor is likely to take is to:

Question 22

When selecting a sample size for substantive tests of balances which factor, other factors being equal, would result in a larger sample?

Question 23

When the sample selection is done using probability proportional to size sample selection (PPS):

Question 24

You are auditing Nelson and Company and determined that the sample results support a conclusion that the account is materially misstated, when in fact it was not misstated. This illustrates the risk of:

Question 25

The method used to measure the estimated total error amount in a population when there is both a recorded value and an audited value for each item in the sample is:

Question 26

The word below that best explains the relationship between required sample size and the acceptable risk of incorrect acceptance is:

Question 27

If an auditor concludes that internal controls are likely to be effective, the preliminary assessment of control risk can be reduced, leading to which of the following impacts on the acceptable risk of incorrect acceptance?

Question 28

When using monetary unit sampling, the recorded dollar population is a definition of all the items in the:

Question 29

In monetary unit sampling, a sampling interval of 900 means that:

Question 30

ACC 403 Strayer Quiz 8 Latest

ACC 403 Strayer Quiz 8 Latest

If an auditor desires a greater level of assurance in auditing a balance, the acceptable risk of incorrect acceptance: