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ACC 410 QUIZ 8 (3)



ACC 410 QUIZ 8 (3) Most tests of accounts receivable are based on what schedule, file, or listing? Which of the following is likely to be determined first when performing tests of details for accounts receivable? The two primary classes of transactions in the sales and collection cycle are: 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? When do most companies record sales returns and allowances? For sales, the occurrence transaction-related audit objective affects which of the following balance-related audit objective? The understatement of sales and accounts receivable is best uncovered by: The most important aspect of evaluating the client’s method of obtaining a reliable cutoff is to: Communication addressed to the debtor requesting him or her to confirm whether the balance as stated on the communication is correct or incorrect is a: The most effective audit evidence gathered for accounts receivable is the: The most important test of details of balances to determine the existence of recorded accounts receivable is: Cutoff misstatements occur: For most audits, a proper cash receipts cutoff is less important than the sales cutoff because the improper cutoff of cash: An auditor is performing a credit analysis of customers with balances over 60 days due. She is most likely obtaining evidence for which audit related objective? When designing tests of details of balances, an important point to remember is: When errors are found in a sample, auditors in practice generally make the assumption: The final step in the evaluation of the audit results is the decision to: The word below that best explains the relationship between required sample size and the acceptable risk of incorrect acceptance is: The auditors principal objective when using a sample of tests of details of balances is whether the: The most commonly used method of statistical sampling for tests of details of balances is: If the population is not considered acceptable, one step the auditor is likely to take is to: When using monetary unit sampling, the recorded dollar population is a definition of all the items in the: As the amount of misstatements expected in the population approaches tolerable misstatement, the planned sample size will: If an auditor desires a greater level of assurance in auditing a balance, the acceptable risk of incorrect acceptance: The allowance for sampling risk when no misstatements are found in the sample is: When the sample selection is done using probability proportional to size sample selection (PPS): In estimating the population misstatement, the first step in projecting from the sample to the population is to: The auditor is concerned with the audited value rather than the error amount of each item in the sample when using: 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: You are auditing Nelson and Company and determined that the sample results support a conclusion that the account is materially misstated, when in fact it was not misstated. This illustrates the risk of:


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