ACC 403 Quiz 8 RECENT
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ACC 403 Quiz 8
1. Which of the following most likely would be detected by a review of a client's sales cutoff?
2. Cutoff misstatements occur:
3. Analytical procedures:
4. Most tests of accounts receivable are based on what schedule, file, or listing?
5. The most important test of details of balances to determine the existence of recorded accounts receivable is:
6. When do most companies record sales returns and allowances?
7. An auditor is performing a credit analysis of customers with balances over 60 days due. She is most likely obtaining evidence for which audit related objective?
8. When designing tests of details of balances, an important point to remember is:
9. 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?
10. A positive confirmation is more reliable evidence than a negative confirmation because:
11. Which of the following audit procedure would normally be included in the audit plan when auditing the allowance for doubtful accounts?
12. The net realizable value of accounts receivable is equal to:
13. 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:
14. An auditor selects a sample from the file of shipping documents to determine whether invoices were prepared. This test is to satisfy the audit objective of:
15. Confirmation of accounts receivable selected from the trial balance is the most common test of details of balances for the ________ of accounts receivable.
16. Monetary unit sampling is not particularly effective at detecting:
17. The allowance for sampling risk when no misstatements are found in the sample is:
18. While performing a substantive test of details during an audit, the auditor determined that the sample results supported the conclusion that the recorded account balance was not materially misstated. It was, in fact, materially misstated. This situation illustrates the risk of:
19. In monetary unit sampling, a sampling interval of 900 means that:
20. If an auditor desires a greater level of assurance in auditing a balance, the acceptable risk of incorrect acceptance:
21. When the sample selection is done using probability proportional to size sample selection (PPS):
22. The word below that best explains the relationship between required sample size and the acceptable risk of incorrect acceptance is:
23. Which of the following is not a type of statistical method that provides results in dollar terms?
24. The risk the auditor is willing to take of accepting a balance as correct when the true misstatement in the balance under audit is greater than the tolerable misstatement is:
25. When selecting a sample size for substantive tests of balances which factor, other factors being equal, would result in a larger sample?
26. If acceptable audit risk is increased, acceptable risk of incorrect acceptance should be:
27. The most commonly used method of statistical sampling for tests of details of balances is:
28. In monetary unit sampling, the relationship between tolerable misstatement size and required sample size is:
29. If no exceptions were found in the substantive tests of transactions:
30. The client's trial balance has a balance of $410,000 for merchandise inventory. As the auditor you are willing to accept a balance that is within $20,000 of either side of the recorded balance. You compute a 95% confidence interval of $395,000 to $425,000. You could therefore:
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