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ACC 410 Quiz 8 (2)



ACC 410 Quiz 8 (2) The most important test of details of balances to determine the existence of recorded accounts receivable is: The understatement of sales and accounts receivable is best uncovered by: The net realizable value of accounts receivable is equal to: The two primary classes of transactions in the sales and collection cycle are: If the client’s internal control for recording sales returns and allowances is evaluated as ineffective: A type of positive confirmation known as a blank confirmation: For most audits, a proper cash receipts cutoff is less important than the sales cutoff because the improper cutoff of cash: For sales, the occurrence transaction-related audit objective affects which of the following balance-related audit objective? When designing tests of details of balances, an important point to remember is: Which of the following most likely would be detected by a review of a client’s sales cutoff? For cash receipts, the occurrence transaction-related audit objective affects which of the following balance-related audit objective? When do most companies record sales returns and allowances? Which of the following is likely to be determined first when performing tests of details for accounts receivable? 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: The audit procedure that provides the auditor with the most appropriate evidence when performing test of details of balances for accounts receivable is: In monetary unit sampling, the relationship between tolerable misstatement size and required sample size is: The final step in the evaluation of the audit results is the decision to: When defining the population and the sampling unit for tests of details of balances: Monetary unit sampling is not particularly effective at detecting: 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? The appropriate assumption to make regarding the overall percent of error in those population items containing an error is: If an auditor desires a greater level of assurance in auditing a balance, the acceptable risk of incorrect acceptance: When errors are found in a sample, auditors in practice generally make the assumption: The allowance for sampling risk when no misstatements are found in the sample 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: The auditor is concerned with the audited value rather than the error amount of each item in the sample when using: In monetary unit sampling, a sampling interval of 900 means that: The most commonly used method of statistical sampling for tests of details of balances is: In estimating the population misstatement, the first step in projecting from the sample to the population is to: When the sample selection is done using probability proportional to size sample selection (PPS):


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