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ACC 403

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This Tutorial was purchased 2 times & rated A+ by student like you.

1.      If an auditor believes the chance of financial failure is high and there is a corresponding increase in business risk for the auditor, acceptable audit risk would likely: 2.      The preliminary judgment about materiality and the amoun.....
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This Tutorial was purchased 1 times & rated No rating by student like you.

1.      What critical event must take place before goods can be shipped in order to assure payment can be reasonably expected? 2.      When designing audit procedures, tracing of source documents to the customers subsidiary ledger and subseque.....
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This Tutorial was purchased 2 times & rated B+ by student like you.

1.      Auditors typically rely on internal controls of their private company clients: 2.      An auditor who audits a business cycle that has low inherent risk should: 3.        Inherent risk is often hig.....
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This Tutorial was purchased 3 times & rated A+ by student like you.

1.      A document prepared to initiate shipment of the goods sold by an independent shipper is the: 2.      The document used to indicate to the customer the amount of a sale and payment due date is the: 3.      W.....
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This Tutorial was purchased 2 times & rated A by student like you.

1.      An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n): 2.      Which of the following services provides the lowest level of assurance on a financial st.....
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This Tutorial was purchased 1 times & rated B+ by student like you.

1.      Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called: 2.      ________ risk reflects the possibility that the information .....
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This Tutorial was purchased 2 times & rated A by student like you.

1.      The principal issue in cases involving alleged negligence is usually: 2.      "Absence of reasonable care that can be expected of a person in a set of circumstances" defines: 3.      While the Foreign Corru.....
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This Tutorial was purchased 3 times & rated A+ by student like you.

1.      ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate. 2.      Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by .....
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This Tutorial was purchased 1 times & rated A+ by student like you.

1.      In the performance of an audit, a CPA: 2.      Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This would not include: 3.      An individual who is n.....
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This Tutorial was purchased 2 times & rated No rating by student like you.

1.      ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate. 2.      Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by .....
$11.99

This Tutorial was purchased 2 times & rated B+ by student like you.

1.      In the performance of an audit, a CPA: 2.      Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This would not include: 3.      An individual who is n.....
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This Tutorial was purchased 2 times & rated A+ by student like you.

1.      An accountant: 2.      The Sarbanes-Oxley Act applies to which of the following companies? 3.      A correct relationship among the auditor, the client, and the external users is: 4.   &n.....
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This Tutorial was purchased 2 times & rated A+ by student like you.

1.      An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n): 2.      The Sarbanes-Oxley Act applies to which of the following companies? 3.  &n.....
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This Tutorial was purchased 3 times & rated A by student like you.

1.      Which of the following is considered audit evidence? 2.      Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called: 3.&.....
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This Tutorial was purchased 2 times & rated A by student like you.

1.      A misstatement in the financial statements can be considered material if knowledge of the misstatement will affect a decision of: 2.      As a result of management's refusal to permit the auditor to physically examine inventory, the au.....
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This Tutorial was purchased 2 times & rated A+ by student like you.

1.      When there is a justified departure from GAAP which is considered material, the auditor should issue a(n): 2.      Under AICPA auditing standards, the primary auditor issuing the opinion on the financial statements is called the: 3.....
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This Tutorial was purchased 3 times & rated A+ by student like you.

1.      If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of: 2.      Which of the following most accurately describes fraud? 3.      Which of the following auditor's defenses.....
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This Tutorial was purchased 1 times & rated No rating by student like you.

1.      If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of: 2.      The assessment against a defendant of that portion of the damage caused by the defendant's negligence is called: 3.  &nb.....
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This Tutorial was purchased 3 times & rated A by student like you.

1.      The Foreign Corrupt Practices Act (FCPA) of 1977: 2.      In the auditing environment, failure to meet auditing standards is often: 3.      In the performance of an audit, a CPA: 4.   &nb.....
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This Tutorial was purchased 2 times & rated A+ by student like you.

1.      Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This wouldnot include: 2.      In an action against a CPA in a jurisdiction that follows the Ultramares doctrine, lack of pri.....
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This Tutorial was purchased 2 times & rated A by student like you.

1.      Auditors are ________ to document the known and likely misstatements in the financial statements under audit. 2.      To what extent do auditors typically rely on internal controls of their public company clients? 3.  &nb.....
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This Tutorial was purchased 2 times & rated No rating by student like you.

1.      The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related. 2.      Auditors generally allocate the preliminary judgment about materiality to the: 3.      I.....
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This Tutorial was purchased 3 times & rated A by student like you.

1.      The employee in charge of authorizing credit to the company's customers does not fully understand the concept of credit risk. This lack of knowledge would constitute: 2.      When assessing whether the financial statements are auditabl.....
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This Tutorial was purchased 2 times & rated A+ by student like you.

1.      Which of the following components of the control environment define the existing lines of responsibility and authority? 2.      Which of the following is responsible for establishing a private company's internal control? 3. &n.....
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This Tutorial was purchased 2 times & rated B+ by student like you.

1.      Which of the following deficiency exists if a necessary control is missing or not properly formulated? 2.      An audit procedure that would most likely be used by an auditor in performing tests of control procedures in which the segre.....
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This Tutorial was purchased 1 times & rated No rating by student like you.

1.      An example of a physical control is: 2.      The auditor's objective in determining whether the client's automated controls can correctly handle valid and invalid transactions as they arise is accomplished through the: 3. &nbs.....
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This Tutorial was purchased 2 times & rated A+ by student like you.

Week 8 Quiz 6 ACC 403 Question 1 ________ is not a risk specific to the IT environments.   Question 2 The approach to auditing where the auditor does not test automated controls to reduce assessed control risk is called:Question 3 When the client changes the computer .....
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This Tutorial was purchased 1 times & rated A+ by student like you.

1.      An internal control deficiency occurs when computer personnel: 2.      The most important output control is: 3.      When the client changes the computer software: 4.      A ___.....
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This Tutorial was purchased 3 times & rated A by student like you.

1.      A database management system: 2.      A ________ is responsible for controlling the use of computer programs, transaction files and other computer records and documentation and releases them to the operators only when authorized. 3.....
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This Tutorial was purchased 2 times & rated A by student like you.

1.      Which of the following is a component of general controls? 2.      Programmers should be allowed access to: 3.      An example of a physical control is: 4.      Old and new syst.....
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This Tutorial was purchased 2 times & rated A+ by student like you.

1.      The document that accompanies the customer's payment is the: 2.      Before goods are shipped on account, a properly authorized person must: 3.      The document that requires adjustments to the customers s.....
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This Tutorial was purchased 2 times & rated A+ by student like you.

1.      The document that accompanies the customer's payment is the: 2.      Before goods are shipped on account, a properly authorized person must: 3.      Credit memos are normally issued to: 4.  &n.....
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This Tutorial was purchased 1 times & rated A+ by student like you.

1.      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: 2.      A ________ is a document that is matched with the cus.....
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This Tutorial was purchased 1 times & rated No rating by student like you.

1.      Which of the following most likely would be detected by a review of a client's sales cutoff? 2.      Cutoff misstatements occur: 3.      Analytical procedures: 4.      Most test.....
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This Tutorial was purchased 2 times & rated A by student like you.

1.      Which of the following most likely would be detected by a review of a client's sales cutoff? 2.      Cutoff misstatements occur: 3.      Analytical procedures: 4.      Most test.....
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This Tutorial was purchased 2 times & rated No rating by student like you.

1.      A listing of the balances in the accounts receivable master file at the balance sheet date, by total balance outstanding and by the amount of time the component parts have been outstanding, is the: 2.      Which of the following is the.....
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This Tutorial was purchased 3 times & rated A+ by student like you.

1.      Which of the following is likely to be determined first when performing tests of details for accounts receivable? 2.      If the client's internal control for recording sales returns and allowances is evaluated as ineffective: 3.&n.....
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This Tutorial was purchased 2 times & rated A+ by student like you.

1.      If the client's internal control for recording sales returns and allowances is evaluated as ineffective: 2.      Which of the following is likely to be determined first when performing tests of details for accounts receivable? 3.&n.....
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This Tutorial was purchased 3 times & rated A+ by student like you.

1.      Testing the information on the aged trial balance for detail tie-in is a necessary audit procedure, which would normally include: 2.      Which of the following is the principle "weakness" of using negative confirmations for your tests.....
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This Tutorial was purchased 1 times & rated No rating by student like you.

1.      The Sarbanes-Oxley Act applies to which of the following companies? 2.      Which of the following services provides the lowest level of assurance on a financial statement? 3.      Which of the following is.....
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This Tutorial was purchased 3 times & rated A+ by student like you.

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.....
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This Tutorial was purchased 2 times & rated B+ by student like you.

1.      When do most companies record sales returns and allowances? 2.      Which of the following is the principle "weakness" of using negative confirmations for your tests of details of balances for accounts receivable? 3.  &nb.....
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This Tutorial was purchased 1 times & rated No rating by student like you.

1.      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 cou.....
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This Tutorial was purchased 2 times & rated A+ by student like you.

1.      An auditor who audits a business cycle that has low inherent risk should: 2.      The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related. 3.      Audito.....
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This Tutorial was purchased 1 times & rated A+ by student like you.

1.      The audit procedure referred to as proof of cash receipts is particularly useful to test: 2.      Which of the following is an account that is not affected by the sales and collection cycle? 3.    &nbs.....
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This Tutorial was purchased 2 times & rated No rating by student like you.

1.      The most common way for users to obtain reliable information is to: 2.      The three requirements for becoming a CPA include all but which of the following? 3.      An accountant: 4.   &.....
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This Tutorial was purchased 2 times & rated A+ by student like you.

1.      If the phrase "except for" is present in the opinion paragraph of the audit report, the auditor has issued a(n): 2.      The term "explanatory paragraph" was replaced in the AICPA auditing standards with: 3.    .....
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This Tutorial was purchased 1 times & rated B+ by student like you.

1.      Which of the following most accurately describes fraud? 2.      A CPA is subject to criminal liability if the CPA: 3.      While the Foreign Corrupt Practices Act of 1977 remains in effect, its internal con.....
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This Tutorial was purchased 2 times & rated B+ by student like you.

1.      Which of the following is considered audit evidence? 2.      The Sarbanes-Oxley Act applies to which of the following companies? 3.      Any service that requires a CPA firm to issue a report about the reli.....
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This Tutorial was purchased 1 times & rated No rating by student like you.

1.      Which of the following most accurately describes constructive fraud? 2.      Laws that have been passed by the U.S. Congress and other governmental units are: 3.      "Absence of reasonable care that can be.....
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