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 transaction with the credit card...