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ACC 403 Week 10 quiz 8



ACC 403 Week 10 quiz 8 For cash receipts, the occurrence transaction-related audit objective affects which of the following balance-related audit objective? The most effective audit evidence gathered for accounts receivable is the: Which of the following is the principle “weakness” of using negative confirmations for your tests of details of balances for accounts receivable? Because of its central role in auditing of accounts receivable, which of the following would normally be one of the first items tested? Tests of which balance-related audit objective are normally performed first in an audit of the sales and collection? If the client’s internal control for recording sales returns and allowances is evaluated as ineffective: The net realizable value of accounts receivable is equal to: The audit procedure that provides the auditor with the most appropriate evidence when performing test of details of balances for accounts receivable is: The understatement of sales and accounts receivable is best uncovered by: Confirmation of accounts receivable selected from the trial balance is the most common test of details of balances for the ________ of accounts receivable. Audit procedures designed to uncover credit sales made after the client’s fiscal year end that relate to the current year being audited provide evidence for which of the following audit objective? An auditor selects a sample from the file of shipping documents to determine whether invoices were prepared. This test is to satisfy the audit objective of: A type of positive confirmation known as a blank confirmation: Which of the following audit procedure would normally be included in the audit plan when auditing the allowance for doubtful accounts? For sales, the occurrence transaction-related audit objective affects which of the following balance-related audit objective? The allowance for sampling risk when no misstatements are found in the sample is: Monetary unit sampling is not particularly effective at detecting: The auditor is concerned with the audited value rather than the error amount of each item in the sample when using: The auditors principal objective when using a sample of tests of details of balances is whether the: The client’s trial balance has a balance of $410,000 for merchandise inventory. As the auditor you are willing to accept a balance that is within $20,000 of either side of the recorded balance. You compute a 95% confidence interval of $395,000 to $425,000. You could therefore: If an auditor concludes that internal controls are likely to be effective, the preliminary assessment of control risk can be reduced, leading to which of the following impacts on the acceptable risk of incorrect acceptance? When using monetary unit sampling, the recorded dollar population is a definition of all the items in the: The final step in the evaluation of the audit results is the decision to: One of the steps involved in planning the sample for the tests of details of balances is to: If the population is not considered acceptable, one step the auditor is likely to take is to: In monetary unit sampling, a sampling interval of 900 means that: If no exceptions were found in the substantive tests of transactions: The appropriate assumption to make regarding the overall percent of error in those population items containing an error is: The method used to measure the estimated total error amount in a population when there is both a recorded value and an audited value for each item in the sample is: Which of the following is not a type of statistical method that provides results in dollar terms?


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