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....