Acc 403 Midterm Exam Solutions

ACC 403 Midterm Exam Solutions

 

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Part 1

 • Question 1
Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called:

 

• Question 2
________ risk reflects the possibility that the information upon which the business decision was made was inaccurate.

 

• Question 3
The use of the Certified Public Accountant title is regulated by:

 

• Question 4
The Sarbanes-Oxley Act applies to which of the following companies?

 

• Question 5
Three common types of attestation services are:

 

• Question 6
The three requirements for becoming a CPA include all but which of the following?

 

• Question 7
Members of the Public Company Accounting Oversight Board are appointed and overseen by:

 

• Question 8
Assume the Public Company Accounting Oversight Board (PCAOB) identifies a violation during its inspection of a registered accounting firm. The PCAOB:

 

• Question 9
Hansen Corporation’s stock is listed on a national stock exchange and registered with the Securities and Exchange Commission. Hansen’s management hires a CPA to perform an independent audit of Hansen’s financial statements. The primary objective of this audit is to provide assurance to the:

 

• Question 10
Which of the following are audit standards used in professional practice by audit firms?

 

• Question 11
Statements on Auditing Standards issued by the AICPA’s Auditing Standards Board are:

 

• Question 12
In order to properly plan and perform an audit, an important fact for both the auditor and the client to understand is that:

 

• Question 13
The first step to be followed when deciding the appropriate audit report in a given set of circumstances is to:

 

• Question 14
As a result of management’s refusal to permit the auditor to physically examine inventory, the auditor must depart from the unqualified audit report...