Acc 403 Midterm Exam Answers

ACC 403 Midterm Exam Answers
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ACC 403 Midterm Exam Answers
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...