ACCT 444 Week 6 Quiz

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ACCT 444 Week 6 Quiz

1. (TCO 9) The exception rate the auditor will permit in the population and still be willing to reduce the assessed level of control risk is called the(Points : 3)

tolerable exception rate.
estimated population exception rate.
acceptable risk of overreliance.
sample exception rate.

 

Question 2.2. (TCO 9) A sample in which every possible combination of items in the population has an equal chance of constituting the sample is a (Points : 3)

random sample.
statistical sample.
judgment sample.
representative sample.

 

Question 3.3. (TCO 9) One cause of nonsampling risk is (Points : 3)

ineffective use of audit procedures.
testing less than the entire population.
use of extensive tests of controls.
any of the above.

 

Question 4.4. (TCO 9) A customer mails and records a check to a client for payment of an unpaid account on December 30. The client receives and records the amount on January 2. The records of the two organizations will be different on December 31. Which of the following applies? (Points : 3)

This is a cutoff misstatement
This is a timing difference
Both A and B
Neither A nor B

 

Question 5.5. (TCO 9) If the auditor decides not to confirm accounts receivable, the auditor should (Points : 3)

always use alternative procedures to audit the accounts receivable.
do no more audit work.
document the reasons for such a decision in the audit files.
follow B and C, but not A.

 

Question 6.6. (TCO 9) Which of the following types of receivables would not deserve the special attention of the auditor? (Points : 3)

Accounts receivable with credit balances
Accounts that have been outstanding for a long time
Receivables from affiliated companies
Each of the above would receive special attention

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Question 7.7. (TCO 9) How might the auditor determine whether a client has limited rights to accounts receivable? (Points : 3)

Review minutes from board of directors meetings
Inquiries of the client
Review bank confirmations
Any of the above may be used for this purpose

 

Question 8.8. (TCO 9) Which of the following is not a term relevant to sampling for tests of details? (Points : 3)

Acceptable risk of incorrect rejection
Analysis of misstatements
Estimate misstatements in the population
Define the exception conditions

 

Question 9.9. (TCO 9) The relationship between required sample size and the acceptable risk of incorrect acceptance is (Points : 3)

inverse.
direct.
proportional.
indeterminate.

 

Question 10.10. (TCO 9) As the acceptable risk of incorrect acceptance is reduced, the required sample size _____. (Points : 3)

increases
decreases
is unaffected
is affected in an unknown manner

 

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