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ACC 410 Quiz 7 (1)



ACC 410 Quiz 7 (1) Some companies have customers send payments directly to an address maintained by a bank. This is called a(n) ________ system. When assessing risk control, the auditor must do all of the following except: The ________ is a contract between a carrier (e.g., a trucking company) and the seller of goods that dictates the details surrounding the shipment of goods. Who is generally responsible for opening receipts when a company uses a lockbox to speed the handling of cash receipts? Most companies recognize sales revenue when: Credit memos are normally issued to: The auditor’s objectives for the sales and cash collections activities when the client is primarily an e-commerce business as compared to a “bricks and mortar” business are: A document that initiates shipment of goods and indicates the description of the merchandise, the quantity shipped, and customer name and address is the: Before goods are shipped on account, a properly authorized person must: A ________ is a document that indicates a request for merchandise by a customer. ________ tests are for omitted transactions, while ________ tests are for nonexistent transactions. The document that requires adjustments to the customers subsidiary ledger account is the: Which of the following is not a business function within the “Sales” class of transactions? In the accounts receivable subsidiary ledger the length of time the account has been due can be useful to the client and the auditor in preparing the: When designing audit procedures, tracing of source documents to the customers subsidiary ledger and subsequently to the general ledger is done to satisfy what assertion? The most serious shortcoming of the haphazard sample selection method is: Which of the following is the exception rate that the auditor expects to find before testing? To determine if a sample is truly representative of the population, an auditor would be required to: Which of the following occurrences would be least likely to warrant further audit attention for the auditor? Which of the following is the risk that audit tests will not uncover existing exceptions in a sample? Rodgers CPA believes that the rate of client billing errors is 4% and has established a tolerable deviation rate of 6%. In auditing client invoices Rodgers should use: A sample in which the characteristics of the sample are the same as those of the population is a(n): When the auditor decides to select less than 100 percent of the population for testing, the auditor is said to use: In using audit sampling for exception rates: When the auditor goes through a population and selects items using nonprobabilistic selection methods, without regard to their size, source, or other distinguishing characteristics, it is called: The acceptable risk of overreliance: Attributes sampling is based on the ________ distribution, in which each possible sample in the population has one of two possible values, such as yes or no. There are three phases in both statistical and nonstatistical sampling. The first phase is to: The risk which the auditor is willing to take in accepting a control as being effective when the true population exception rate is greater than a tolerable rate is the: When using statistical sampling, the auditor would most likely require a smaller sample if the:


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