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ACCT 444 Week 5 Quiz

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ACCT 444 Week 5 Quiz

1. (TCO 6) Tests of controls may include which of the following types of evidence? (Points : 3)

Observation
Reperformance
Inquiries
All of the above

Question 2.2. (TCO 6) Analytical procedures may be classified as being primarily (Points : 3)

tests of controls.
substantive tests.
tests of ratios.
tests of details of balances.

Question 3.3. (TCO 6) Which of the following audit tests is usually the least costly to perform? (Points : 3)

Analytical procedures
Tests of controls
Tests of balances
Substantive tests of transactions

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Question 4.4. (TCO 6) Which of the following relationships between types of tests and audit evidence is not correct? (Points : 3)

Tests of details and documentation
Tests of controls and observation
Tests of details and observation
Substantive tests of transactions and reperformance

Question 5.5. (TCO 6) The sequence of steps in gathering evidence as the basis of the auditor’s opinion are (Points : 3)

substantive tests, initial assessment of control risk, and tests of controls.
initial assessment of control risk, substantive tests, and tests of controls.
initial assessment of control risk, tests of controls, and substantive tests.
tests of controls, initial assessment of control risk, and substantive tests.

Question 6.6. (TCO 9) Prenumbered documents will only be useful for control purposes if (Points : 3)

a different numerical sequence is used for each company.
the sequence is accounted for periodically.
employees do not have access to the complete sequence.
All of the above

Question 7.7. (TCO 9) Which one of the following is not an auditor’s concern about a key authorization point in the sales or collection cycle? (Points : 3)

The receiving room must have authorization before releasing items to inventory control.
Credit must be authorized before the sale.
Goods must be shipped after the authorization.
Prices must be authorized.

Question 8.8. (TCO 9) To achieve good internal control, which department should perform the activities of matching shipping documents with sales orders and preparing daily sales summaries? (Points : 3)

Billing
Shipping
Credit
Payables

Question 9.9. (TCO 9) An auditor needs to determine whether all customers of an electric utility company are being billed. The auditor should test from the(Points : 3)

sales register to the accounts receivable ledger.
sales register to the meter department records.
accounts receivable ledger to the sales ledger.
meter department records to the sales register.

Question 10.10. (TCO 9) Which one of the following would the auditor consider to be an incompatible operation if the cashier receives remittances from the mailroom? (Points : 3)

The cashier prepares the daily deposit.
The cashier makes the deaily deposit at a local bank.
The cashier posts the receipts to the accounts receivable subsidiary ledger cards.
The cashier endorses the checks.

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ACCT 444 Week 5 Quiz

ACCT 444 Week 5 Quiz

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