Chap002tb
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Chap002tb

Course Number: ACC 435, Fall 2011

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Chapter 02 - Professional Standards Chapter 02 Professional Standards True / False Questions 1. The generally accepted auditing standards of field work include a requirement that the auditors obtain sufficient appropriate audit evidence. True False 2. The auditors' report on a corporation's financial statements usually is addressed to the president of the company. True False 3. The auditors are primarily...

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02 Chapter - Professional Standards Chapter 02 Professional Standards True / False Questions 1. The generally accepted auditing standards of field work include a requirement that the auditors obtain sufficient appropriate audit evidence. True False 2. The auditors' report on a corporation's financial statements usually is addressed to the president of the company. True False 3. The auditors are primarily responsible for preparing the financial statements and expressing an opinion on whether they follow generally accepted auditing standards. True False 4. Partners in CPA firms usually have the responsibility for signing the audit report. True False 5. An audit is more likely to detect tax evasion than violations of antitrust laws. True False 6. The attestation standards do not supersede any of the generally accepted auditing standards. True False 7. A peer review is generally performed by employees of the AICPA. True False 2-1 Chapter 02 - Professional Standards 8. If the auditors discover illegal acts by a client, they ordinarily must immediately resign from the engagement. True False 9. An audit should be designed to provide reasonable assurance of detecting all illegal acts. True False 10. The pronouncements of the International Auditing Assurance Standards Board do not override the national auditing standards of its members, even when financial statements are issued by a multinational company. True False Multiple Choice Questions 11. Audits of financial statements are designed to obtain reasonable assurance of detecting misstatement due to: A. Option A B. Option B C. Option C D. Option D 12. Which of the following has the highest level of accounting authority within the "GAAP Hierarchy"? A. Authoritative body pronouncements. B. Pronouncements of bodies composed of expert accountants exposed for public comment. C. Pronouncements of bodies composed of expert accountants, not exposed for public comment. D. Pronouncements of the Federal Accounting Reserve Board. 2-2 Chapter 02 - Professional Standards 13. An attestation engagement: A. Has as its primary source of standards the assurance standards. B. Includes a report on subject matter, or on an assertion about subject matter. C. Includes search and verification procedures for all major accounts. D. Is ordinarily an examination, review or compilation engagement. 14. An audit provides reasonable assurance of detecting which of the following types of important illegal acts? A. Option A B. Option B C. Option C D. Option D 15. Which of the following is not a type of auditors' opinion? A. Adverse. B. Ordinary. C. Qualified. D. Unqualified. 16. Which of the following is one of the elements of AICPA quality control? A. Assurance of proper levels of association. B. Due professional care. C. Engagement performance. D. Supervision. 2-3 Chapter 02 - Professional Standards 17. A procedure in which a quality control partner periodically tests the application of quality control procedures is most directly related to which quality control element? A. Engagement performance. B. Human resources. C. Leadership responsibilities for quality with the firm. D. Monitoring 18. Requirements for training, independence and due professional care are included in which group of the generally accepted auditing standards? A. Fieldwork. B. General. C. Reporting. D. Quality control. 19. Which of the following is considered an interpretive publication in the GAAS Hierarchy? A. Appendices to Statements on Auditing Standards. B. Statements on Auditing Standards. C. Interpretations of FASB Standards. D. Auditing articles explaining Statements on Auditing Standards in the Journal of Accountancy. 20. In which paragraph of an audit report are auditing standards generally accepted in the United States explicitly mentioned in an audit report of a nonpublic company? A. Option A B. Option B C. Option C D. Option D 2-4 Chapter 02 - Professional Standards 21. An audit should be designed to achieve reasonable assurance of detecting material misstatements due to: A. Errors. B. Errors and fraud. C. Errors, fraud, and those illegal acts with a direct effect on financial statement amounts. D. Errors, fraud and illegal acts. 22. In an audit opinion on financial statements, the expression "accounting principles generally accepted in the United States of America": A. Appears in both the scope paragraph and the opinion paragraph of the auditors' report. B. Appears in the introductory paragraph of the auditors' report. C. Appears in the opinion paragraph of the auditors' report. D. Does not appear in the auditors' report. 23. To qualify as "generally accepted," an accounting principle must: A. Have substantial authoritative support. B. Be covered in one or more of the SASs issued by the AICPA. C. Be set forth in a Financial Reporting Release issued by the SEC. D. Have received the approval of the FASB. 24. The generally accepted auditing standards adopted by the AICPA include a requirement that the CPAs: A. Assume responsibility for any losses to the client from fraud which existed during the audit but was not detected by the auditors. B. Follow accounting principles adopted by the SEC. C. Not accept as audit clients companies which compete directly with one another. D. Exercise due professional care in the performance of the examination and the preparation of the report. 2-5 Chapter 02 - Professional Standards 25. When a Statement Auditing Standards uses the word "should" relating to a requirement, it means that the auditor: A. Must fulfill the responsibilities under all circumstances. B. Must comply with requirements unless the auditor demonstrates and documents that alternative actions were sufficient to achieve the objectives of the standards. C. Should consider whether to follow the advice based on the exercise of professional judgment in the circumstances. D. May choose to change responsibilities relating to various professional standards that remain under consideration. 26. An unconditional responsibility to follow an AICPA professional standard exists when the professional standard uses the term(s) A. Option A B. Option B C. Option C D. Option D 27. Which of the following best describes a portion of the auditors' responsibility regarding illegal acts by clients? A. The auditors have a responsibility to discover all material illegal acts. B. If audit procedures reveal illegal acts, the auditors should take appropriate actions. C. If the auditors suspect illegal acts have been performed, they should conduct a legal audit of the company. D. The auditors' responsibility for the detection of all illegal acts is the same as their responsibility regarding material misstatements due to errors and fraud. 28. The auditors who find that the client has committed an illegal act would be most likely to withdraw from the engagement when the: A. Management fails to take appropriate corrective action. B. Illegal act has material financial statement implications. C. Illegal act has received widespread publicity. D. Auditors cannot reasonably estimate the effect of the illegal act on the financial statements. 2-6 Chapter 02 - Professional Standards 29. The first paragraph of the standard unqualified audit report is referred to as the: A. Introductory paragraph. B. Opening paragraph. C. Opinion paragraph. D. Scope paragraph. 30. Primary responsibility for the financial statements lies with: A. Option A B. Option B C. Option C D. Option D 31. When a conflict exists between an accounting principle supported by a pronouncement of an authoritative body and an accounting principle supported by widely recognized practice, which standard prevails? A. The authoritative body pronouncement. B. The widely recognized pronouncement. C. Both are of equal authority and the form of the transaction prevails over its substance. D. Neither, other accounting literature must be consulted to determine the appropriate accounting treatment. 32. The auditors' report for a nonpublic company should indicate: A. That the audit was made in accordance with auditing standards generally accepted in the United States of America. B. Any weakness in internal control observed by the auditors. C. That accounting principles have been consistently applied. D. That no illegal acts have been identified. 2-7 Chapter 02 - Professional Standards 33. Which of the following is not one of the six elements of AICPA quality control? A. Engagement performance. B. Monitoring. C. Relevant ethical requirements. D. Review. 34. A requirement that working papers be reviewed by the supervisor, and any deficiencies be discussed with the preparer is an example of a quality control procedure in the area of: A. Acceptance and continuance of client relationships and specific engagements. B. Engagement performance. C. Human resources. D. Relevant ethical requirements. 35. A requirement to design recruitment processes and procedures to help the firm select individuals meeting minimum academic requirements established by the firm is an example of a quality control procedure in the area of: A. Acceptance and continuance of client relationships and specific engagements. B. Engagement performance. C. Human resources. D. Relevant ethical requirements. 36. The body that issues international pronouncements providing auditing procedural and reporting guidance is the: A. International Federation of Auditors. B. Multinational Reporting Commission. C. International Auditing and Assurance Standards Board. D. Auditing Standards Board. 37. To present fairly in conformity with generally accepted accounting principles the financial statements must: A. Be consistently applied. B. Inform users of all matters that could materially affect a decision. C. Reflect transactions and events within a range of reasonable limits. D. Be considered preferable to the users of those financial statements. 2-8 Chapter 02 - Professional Standards 38. What is the general character of the three generally accepted auditing standards classified as general standards? A. Criteria for competence, independence, and professional care of individuals performing the audit. B. Criteria for the content of the financial statements and related footnote disclosures. C. Criteria for the content of the auditors' report on financial statements and related footnote disclosures. D. The requirements for the planning of the audit and supervision of assistants, if any. 39. An audit performed in accordance with generally accepted auditing standards generally should: A. Be expected to provide absolute assurance that illegal acts will be detected where internal control is effective. B. Be relied upon to disclose violations of truth in lending laws. C. Encompass a plan to actively search for all illegalities which relate to operating aspects. D. Not be relied upon to provide absolute assurance that all illegal acts will be detected. 40. When the auditors express an opinion on financial statements their responsibilities extend to: A. The underlying wisdom of their client's management decisions. B. Whether the results of their client's operating decisions are fairly presented in the financial statements. C. Active participation in the implementation of the advice given to their client. D. An ongoing responsibility for their client's solvency. 41. The standard auditors' report for the audit of a nonpublic company generally includes an introductory paragraph, a scope paragraph, and an opinion paragraph. In the report the auditors refer to both accounting principles generally accepted in the U.S. and auditing standards generally accepted in the U.S. In which of the paragraphs are these terms used? A. GAAP in the scope paragraph and GAAS in the opinion paragraph. B. GAAS in the scope paragraph and GAAP in the opinion paragraph. C. GAAS in all paragraphs and GAAP in the scope paragraph. D. GAAP in all paragraphs and GAAS in the opinion paragraph. 2-9 Chapter 02 - Professional Standards 42. An investor reading the financial statements of The Sundby Corporation observes that the statements are accompanied by an unqualified auditors' report. From this the investor may conclude that: A. Any disputes over significant accounting issues have been settled to the auditors' satisfaction. B. The auditors are satisfied that Sundby is operationally efficient. C. The auditors have ascertained that Sundby's financial statements have been prepared accurately. D. Informative disclosures in the financial statements but not necessarily in the footnotes are to be regarded as reasonably adequate. 43. The auditors' report may be addressed to the company whose financial statements are being examined or to that company's: A. Chief operating officer. B. President. C. Board of Directors. D. Chief financial officer. 44. Which of the following best describes what is meant by generally accepted auditing standards? A. Acts to be performed by the auditors. B. Measures of the quality of the auditors' performance. C. Procedures to be used to gather evidence to support financial statements. D. Audit objectives generally determined on audit engagements. 45. If an illegal act is discovered during the audit of a publicly held company, the auditors should first: A. Notify the regulatory authorities. B. Determine who was responsible for the illegal act. C. Intensify the examination to identify all illegal acts. D. Report the act to high level personnel within the client's organization and to the audit committee. 2-10 Chapter 02 - Professional Standards 46. Which of the following is not required by the generally accepted auditing standard that states that due professional care is to be exercised in the performance of the audit? A. Observance of the standards of field work and reporting. B. Critical review of the audit work performed at every level of supervision. C. Degree of skill commonly possessed by others in the profession. D. Responsibility for losses because of errors of judgment. 47. Which of the following statements best describes the primary purpose of Statements on Auditing Standards? A. They are guides intended to set forth auditing procedures which are applicable to a variety of situations. B. They are procedural outlines which are intended to narrow the areas of inconsistency and divergence of auditor opinion. C. They are authoritative statements, enforced through the Code of Professional Conduct. D. They are interpretations which may be useful guidance to auditors. 48. The primary responsibility for the adequacy of disclosure in the financial statements of a publicly held company rests with the: A. Partner assigned to the audit engagement. B. Management of the company. C. Auditor in charge of the fieldwork. D. Securities and Exchange Commission. 49. Within the context of quality control, the primary purpose of continuing professional education and training activities is to enable a CPA firm to provide personnel within the firm with: A. Technical training that assures proficiency as an auditor. B. Professional education that is required in order to perform with due professional care. C. Knowledge required to fulfill assigned responsibilities and to progress within the firm. D. Knowledge required in order to perform a peer review. 2-11 Chapter 02 - Professional Standards 50. In pursuing a CPA firm's quality control objectives, a CPA firm may maintain records indicating which partners or employees of the CPA firm were previously employed by the CPA firm's clients. Which quality control objective would this be most likely to satisfy? A. Acceptance and continuance of clients and engagements. B. Engagement performance. C. Personnel management. D. Relevant ethical requirements. 51. A CPA firm establishes quality control policies and procedures for deciding whether to accept a new client or continue to perform services for a current client. The primary purpose for establishing such policies and procedures is: A. To enable the auditor to attest to the integrity or reliability of a client. B. To comply with the quality control standards established by regulatory bodies. C. To minimize the likelihood of association with clients whose managements lack integrity. D. To lessen the exposure to litigation resulting from failure to detect fraud in client financial statements. 52. Which of the following is not an element of quality control? A. Documentation. B. Engagement performance. C. Monitoring. D. Relevant ethical requirements. 53. The generally accepted auditing standards established by the AICPA: A. Have been accepted as interim standards by the Public Company Accounting Oversight Board. B. Provide accounting guidance for nonpublic companies. C. Have been superseded by Public Company Accounting Oversight Board standards for all audits. D. Are now developed by the Securities and Exchange Commission. 2-12 Chapter 02 - Professional Standards 54. The Public Company Accounting Oversight Board has authority to establish which of the following relating to public companies? A. Option A B. Option B C. Option C D. Option D 55. Which of the following is least likely to be directly examined in an inspection performed by the PCAOB? A. Audit engagements. B. Review engagements. C. Compilation engagements. D. CPA firm quality control system. 56. As compared with the US nonpublic company audit report, the international audit report: A. Is shorter in length. B. Includes enhanced explanation of the audit process. C. Includes the name of the partner and managers on the audit, while the US report includes only the CPA firm name. D. Is dated as of year-end, whereas the US report is dated as of the last date of significant field work. 57. A peer review in which the peer reviewers study and appraise a CPA firm's system of quality control to perform accounting and auditing work is referred to as a(n): A. Engagement review. B. Inspection review. C. Supervision review. D. System review. 2-13 Chapter 02 - Professional Standards 58. An engagement review form of peer review is least likely to include a peer reviewer's detailed analysis of: A. Compilation reports. B. Documentation of procedures followed on a review C. Overall system of quality control. D. Review reports. 59. Of the following, which are current types of peer review? A. Option A B. Option B C. Option C D. Option D Essay Questions 60. Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in performing an audit. (a) Compare generally accepted auditing standards with generally accepted accounting principles. (b) Summarize two of the three generally accepted auditing standards known as the general standards. 2-14 Chapter 02 - Professional Standards 61. The standard unqualified auditors' report for audits of nonpublic companies consists of three paragraphs. Identify the three paragraphs and describe the purpose of each. 62. Auditors must consider the possibility of fraud by employees or management on every audit engagement. They must also consider the possibility that the client has engaged in illegal acts. (a) Distinguish between employee and management fraud. (b) Describe the auditors' responsibility for the detection of fraud in an audit. (c) Describe the auditors' responsibility regarding illegal acts by a client. 2-15 Chapter 02 - Professional Standards Chapter 02 Professional Standards Answer Key True / False Questions 1. The generally accepted auditing standards of field work include a requirement that the auditors obtain sufficient appropriate audit evidence. TRUE Difficulty: Easy 2. The auditors' report on a corporation's financial statements usually is addressed to the president of the company. FALSE Difficulty: Easy 3. The auditors are primarily responsible for preparing the financial statements and expressing an opinion on whether they follow generally accepted auditing standards. FALSE Difficulty: Medium 4. Partners in CPA firms usually have the responsibility for signing the audit report. TRUE Difficulty: Medium 5. An audit is more likely to detect tax evasion than violations of antitrust laws. TRUE Difficulty: Hard 2-16 Chapter 02 - Professional Standards 6. The attestation standards do not supersede any of the generally accepted auditing standards. TRUE Difficulty: Medium 7. A peer review is generally performed by employees of the AICPA. FALSE Difficulty: Medium 8. If the auditors discover illegal acts by a client, they ordinarily must immediately resign from the engagement. FALSE Difficulty: Medium 9. An audit should be designed to provide reasonable assurance of detecting all illegal acts. FALSE Difficulty: Medium 10. The pronouncements of the International Auditing Assurance Standards Board do not override the national auditing standards of its members, even when financial statements are issued by a multinational company. TRUE Difficulty: Medium 2-17 Chapter 02 - Professional Standards Multiple Choice Questions 11. Audits of financial statements designed are to obtain reasonable assurance of detecting misstatement due to: A. Option A B. Option B C. Option C D. Option D Difficulty: Hard 12. Which of the following has the highest level of accounting authority within the "GAAP Hierarchy"? A. Authoritative body pronouncements. B. Pronouncements of bodies composed of expert accountants exposed for public comment. C. Pronouncements of bodies composed of expert accountants, not exposed for public comment. D. Pronouncements of the Federal Accounting Reserve Board. Difficulty: Easy 13. An attestation engagement: A. Has as its primary source of standards the assurance standards. B. Includes a report on subject matter, or on an assertion about subject matter. C. Includes search and verification procedures for all major accounts. D. Is ordinarily an examination, review or compilation engagement. Difficulty: Hard 2-18 Chapter 02 - Professional Standards 14. An audit provides reasonable assurance of detecting which of the following types of important illegal acts? A. Option A B. Option B C. Option C D. Option D Difficulty: Medium 15. Which of the following is not a type of auditors' opinion? A. Adverse. B. Ordinary. C. Qualified. D. Unqualified. Difficulty: Medium 16. Which of the following is one of the elements of AICPA quality control? A. Assurance of proper levels of association. B. Due professional care. C. Engagement performance. D. Supervision. Difficulty: Hard 2-19 Chapter 02 - Professional Standards 17. A procedure in which a quality control partner periodically tests the application of quality control procedures is most directly related to which quality control element? A. Engagement performance. B. Human resources. C. Leadership responsibilities for quality with the firm. D. Monitoring Difficulty: Hard 18. Requirements for training, independence and due professional care are included in which group of the generally accepted auditing standards? A. Fieldwork. B. General. C. Reporting. D. Quality control. Difficulty: Medium 19. Which of the following is considered an interpretive publication in the GAAS Hierarchy? A. Appendices to Statements on Auditing Standards. B. Statements on Auditing Standards. C. Interpretations of FASB Standards. D. Auditing articles explaining Statements on Auditing Standards in the Journal of Accountancy. Difficulty: Hard 2-20 Chapter 02 - Professional Standards 20. In which paragraph of an audit report are auditing standards generally accepted in the United States explicitly mentioned in an audit report of a nonpublic company? A. Option A B. Option B C. Option C D. Option D Difficulty: Medium 21. An audit should be designed to achieve reasonable assurance of detecting material misstatements due to: A. Errors. B. Errors and fraud. C. Errors, fraud, and those illegal acts with a direct effect on financial statement amounts. D. Errors, fraud and illegal acts. Difficulty: Hard 22. In an audit opinion on financial statements, the expression "accounting principles generally accepted in the United States of America": A. Appears in both the scope paragraph and the opinion paragraph of the auditors' report. B. Appears in the introductory paragraph of the auditors' report. C. Appears in the opinion paragraph of the auditors' report. D. Does not appear in the auditors' report. Difficulty: Medium 2-21 Chapter 02 - Professional Standards 23. To qualify as "generally accepted," an accounting principle must: A. Have substantial authoritative support. B. Be covered in one or more of the SASs issued by the AICPA. C. Be set forth in a Financial Reporting Release issued by the SEC. D. Have received the approval of the FASB. Difficulty: Medium 24. The generally accepted auditing standards adopted by the AICPA include a requirement that the CPAs: A. Assume responsibility for any losses to the client from fraud which existed during the audit but was not detected by the auditors. B. Follow accounting principles adopted by the SEC. C. Not accept as audit clients companies which compete directly with one another. D. Exercise due professional care in the performance of the examination and the preparation of the report. Difficulty: Easy 25. When a Statement Auditing Standards uses the word "should" relating to a requirement, it means that the auditor: A. Must fulfill the responsibilities under all circumstances. B. Must comply with requirements unless the auditor demonstrates and documents that alternative actions were sufficient to achieve the objectives of the standards. C. Should consider whether to follow the advice based on the exercise of professional judgment in the circumstances. D. May choose to change responsibilities relating to various professional standards that remain under consideration. Difficulty: Hard 2-22 Chapter 02 - Professional Standards 26. An unconditional responsibility to follow an AICPA professional standard exists when the professional standard uses the term(s) A. Option A B. Option B C. Option C D. Option D Difficulty: Medium 27. Which of the following best describes a portion of the auditors' responsibility regarding illegal acts by clients? A. The auditors have a responsibility to discover all material illegal acts. B. If audit procedures reveal illegal acts, the auditors should take appropriate actions. C. If the auditors suspect illegal acts have been performed, they should conduct a legal audit of the company. D. The auditors' responsibility for the detection of all illegal acts is the same as their responsibility regarding material misstatements due to errors and fraud. Difficulty: Medium 28. The auditors who find that the client has committed an illegal act would be most likely to withdraw from the engagement when the: A. Management fails to take appropriate corrective action. B. Illegal act has material financial statement implications. C. Illegal act has received widespread publicity. D. Auditors cannot reasonably estimate the effect of the illegal act on the financial statements. Difficulty: Medium 2-23 Chapter 02 - Professional Standards 29. The first paragraph of the standard unqualified audit report is referred to as the: A. Introductory paragraph. B. Opening paragraph. C. Opinion paragraph. D. Scope paragraph. Difficulty: Easy 30. Primary responsibility for the financial statements lies with: A. Option A B. Option B C. Option C D. Option D Difficulty: Medium 31. When a conflict exists between an accounting principle supported by a pronouncement of an authoritative body and an accounting principle supported by widely recognized practice, which standard prevails? A. The authoritative body pronouncement. B. The widely recognized pronouncement. C. Both are of equal authority and the form of the transaction prevails over its substance. D. Neither, other accounting literature must be consulted to determine the appropriate accounting treatment. Difficulty: Medium 2-24 Chapter 02 - Professional Standards 32. The auditors' report for a nonpublic company should indicate: A. That the audit was made in accordance with auditing standards generally accepted in the United States of America. B. Any weakness in internal control observed by the auditors. C. That accounting principles have been consistently applied. D. That no illegal acts have been identified. Difficulty: Medium 33. Which of the following is not one of the six elements of AICPA quality control? A. Engagement performance. B. Monitoring. C. Relevant ethical requirements. D. Review. Difficulty: Medium 34. A requirement that working papers be reviewed by the supervisor, and any deficiencies be discussed with the preparer is an example of a quality control procedure in the area of: A. Acceptance and continuance of client relationships and specific engagements. B. Engagement performance. C. Human resources. D. Relevant ethical requirements. Difficulty: Hard 35. A requirement to design recruitment processes and procedures to help the firm select individuals meeting minimum academic requirements established by the firm is an example of a quality control procedure in the area of: A. Acceptance and continuance of client relationships and specific engagements. B. Engagement performance. C. Human resources. D. Relevant ethical requirements. Difficulty: Hard 2-25 Chapter 02 - Professional Standards 36. The body that issues international pronouncements providing auditing procedural and reporting guidance is the: A. International Federation of Auditors. B. Multinational Reporting Commission. C. International Auditing and Assurance Standards Board. D. Auditing Standards Board. Difficulty: Medium 37. To present fairly in conformity with generally accepted accounting principles the financial statements must: A. Be consistently applied. B. Inform users of all matters that could materially affect a decision. C. Reflect transactions and events within a range of reasonable limits. D. Be considered preferable to the users of those financial statements. Difficulty: Medium 38. What is the general character of the three generally accepted auditing standards classified as general standards? A. Criteria for competence, independence, and professional care of individuals performing the audit. B. Criteria for the content of the financial statements and related footnote disclosures. C. Criteria for the content of the auditors' report on financial statements and related footnote disclosures. D. The requirements for the planning of the audit and supervision of assistants, if any. Difficulty: Medium Source: AICPA 2-26 Chapter 02 - Professional Standards 39. An audit performed in accordance with generally accepted auditing standards generally should: A. Be expected to provide absolute assurance that illegal acts will be detected where internal control is effective. B. Be relied upon to disclose violations of truth in lending laws. C. Encompass a plan to actively search for all illegalities which relate to operating aspects. D. Not be relied upon to provide absolute assurance that all illegal acts will be detected. Difficulty: Medium Source: AICPA 40. When the auditors express an opinion on financial statements their responsibilities extend to: A. The underlying wisdom of their client's management decisions. B. Whether the results of their client's operating decisions are fairly presented in the financial statements. C. Active participation in the implementation of the advice given to their client. D. An ongoing responsibility for their client's solvency. Difficulty: Medium Source: AICPA 41. The standard auditors' report for the audit of a nonpublic company generally includes an introductory paragraph, a scope paragraph, and an opinion paragraph. In the report the auditors refer to both accounting principles generally accepted in the U.S. and auditing standards generally accepted in the U.S. In which of the paragraphs are these terms used? A. GAAP in the scope paragraph and GAAS in the opinion paragraph. B. GAAS in the scope paragraph and GAAP in the opinion paragraph. C. GAAS in all paragraphs and GAAP in the scope paragraph. D. GAAP in all paragraphs and GAAS in the opinion paragraph. Difficulty: Medium Source: AICPA 2-27 Chapter 02 - Professional Standards 42. An investor reading the financial statements of The Sundby Corporation observes that the statements are accompanied by an unqualified auditors' report. From this the investor may conclude that: A. Any disputes over significant accounting issues have been settled to the auditors' satisfaction. B. The auditors are satisfied that Sundby is operationally efficient. C. The auditors have ascertained that Sundby's financial statements have been prepared accurately. D. Informative disclosures in the financial statements but not necessarily in the footnotes are to be regarded as reasonably adequate. Difficulty: Hard Source: AICPA 43. The auditors' report may be addressed to the company whose financial statements are being examined or to that company's: A. Chief operating officer. B. President. C. Board of Directors. D. Chief financial officer. Difficulty: Medium Source: AICPA 44. Which of the following best describes what is meant by generally accepted auditing standards? A. Acts to be performed by the auditors. B. Measures of the quality of the auditors' performance. C. Procedures to be used to gather evidence to support financial statements. D. Audit objectives generally determined on audit engagements. Difficulty: Medium Source: AICPA 2-28 Chapter 02 - Professional Standards 45. If an illegal act is discovered during the audit of a publicly held company, the auditors should first: A. Notify the regulatory authorities. B. Determine who was responsible for the illegal act. C. Intensify the examination to identify all illegal acts. D. Report the act to high level personnel within the client's organization and to the audit committee. Difficulty: Hard Source: AICPA 46. Which of the following is not required by the generally accepted auditing standard that states that due professional care is to be exercised in the performance of the audit? A. Observance of the standards of field work and reporting. B. Critical review of the audit work performed at every level of supervision. C. Degree of skill commonly possessed by others in the profession. D. Responsibility for losses because of errors of judgment. Difficulty: Easy Source: AICPA 47. Which of the following statements best describes the primary purpose of Statements on Auditing Standards? A. They are guides intended to set forth auditing procedures which are applicable to a variety of situations. B. They are procedural outlines which are intended to narrow the areas of inconsistency and divergence of auditor opinion. C. They are authoritative statements, enforced through the Code of Professional Conduct. D. They are interpretations which may be useful guidance to auditors. Difficulty: Medium Source: AICPA 2-29 Chapter 02 - Professional Standards 48. The primary responsibility for the adequacy of disclosure in the financial statements of a publicly held company rests with the: A. Partner assigned to the audit engagement. B. Management of the company. C. Auditor in charge of the fieldwork. D. Securities and Exchange Commission. Difficulty: Easy Source: AICPA 49. Within the context of quality control, the primary purpose of continuing professional education and training activities is to enable a CPA firm to provide personnel within the firm with: A. Technical training that assures proficiency as an auditor. B. Professional education that is required in order to perform with due professional care. C. Knowledge required to fulfill assigned responsibilities and to progress within the firm. D. Knowledge required in order to perform a peer review. Difficulty: Hard Source: AICPA 50. In pursuing a CPA firm's quality control objectives, a CPA firm may maintain records indicating which partners or employees of the CPA firm were previously employed by the CPA firm's clients. Which quality control objective would this be most likely to satisfy? A. Acceptance and continuance of clients and engagements. B. Engagement performance. C. Personnel management. D. Relevant ethical requirements. Difficulty: Hard Source: AICPA 2-30 Chapter 02 - Professional Standards 51. A CPA firm establishes quality control policies and procedures for deciding whether to accept a new client or continue to perform services for a current client. The primary purpose for establishing such policies and procedures is: A. To enable the auditor to attest to the integrity or reliability of a client. B. To comply with the quality control standards established by regulatory bodies. C. To minimize the likelihood of association with clients whose managements lack integrity. D. To lessen the exposure to litigation resulting from failure to detect fraud in client financial statements. Difficulty: Medium Source: AICPA 52. Which of the following is not an element of quality control? A. Documentation. B. Engagement performance. C. Monitoring. D. Relevant ethical requirements. Difficulty: Medium Source: AICPA 53. The generally accepted auditing standards established by the AICPA: A. Have been accepted as interim standards by the Public Company Accounting Oversight Board. B. Provide accounting guidance for nonpublic companies. C. Have been superseded by Public Company Accounting Oversight Board standards for all audits. D. Are now developed by the Securities and Exchange Commission. Difficulty: Medium 2-31 Chapter 02 - Professional Standards 54. The Public Company Accounting Oversight Board has authority to establish which of the following relating to public companies? A. Option A B. Option B C. Option C D. Option D Difficulty: Hard 55. Which of the following is least likely to be directly examined in an inspection performed by the PCAOB? A. Audit engagements. B. Review engagements. C. Compilation engagements. D. CPA firm quality control system. Difficulty: Medium 56. As compared with the US nonpublic company audit report, the international audit report: A. Is shorter in length. B. Includes enhanced explanation of the audit process. C. Includes the name of the partner and managers on the audit, while the US report includes only the CPA firm name. D. Is dated as of year-end, whereas the US report is dated as of the last date of significant field work. Difficulty: Hard 2-32 Chapter 02 - Professional Standards 57. A peer review in which the peer reviewers study and appraise a CPA firm's system of quality control to perform accounting and auditing work is referred to as a(n): A. Engagement review. B. Inspection review. C. Supervision review. D. System review. Difficulty: Hard 58. An engagement review form of peer review is least likely to include a peer reviewer's detailed analysis of: A. Compilation reports. B. Documentation of procedures followed on a review C. Overall system of quality control. D. Review reports. Difficulty: Hard 59. Of the following, which are current types of peer review? A. Option A B. Option B C. Option C D. Option D Difficulty: Medium Essay Questions 2-33 Chapter 02 - Professional Standards 60. Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in performing an audit. (a) Compare generally accepted auditing standards with generally accepted accounting principles. (b) Summarize two of the three generally accepted auditing standards known as the general standards. (a) Generally accepted auditing standards are authoritative rules for measuring the quality of audits. The ten generally accepted auditing standards were adopted by the membership of the AICPA. Generally accepted accounting principles are principles of measurement and presentation for financial statements that have "substantial authoritative support." (b) The general standards include (only two required): Technical training and proficiency Independence Exercise due professional care Difficulty: Easy 61. The standard unqualified auditors' report for audits of nonpublic companies consists of three paragraphs. Identify the three paragraphs and describe the purpose of each. Introductory paragraph--describes the financial statements being auditing and the responsibilities of management and the auditors. Scope paragraph--describes the nature of an audit and indicates whether the audit was performed in accordance with generally accepted auditing standards. Opinion paragraph--expresses the auditors' opinion on the financial statements. Difficulty: Easy 2-34 Chapter 02 - Professional Standards 62. Auditors must consider the possibility of fraud by employees or management on every audit engagement. They must also consider the possibility that the client has engaged in illegal acts. (a) Distinguish between employee and management fraud. (b) Describe the auditors' responsibility for the detection of fraud in an audit. (c) Describe the auditors' responsibility regarding illegal acts by a client. (a) Employee fraud is dishonest actions by lower level employees that occur within a company despite management's efforts to prevent such actions. Management fraud occurs when the top executives of a company deliberately deceive stockholders, creditors, and the auditors by misstating the financial statements. (b) The auditors have a responsibility to design the audit to provide reasonable assurance of detecting material errors and fraud and to conduct the audit with due care and skepticism. (c) An audit cannot be relied upon to detect all illegal acts by the client. For illegal acts which have a direct and material effect on the financial statement amounts, the responsibility for detection is the same as that for errors and fraud--that is to design the audit to provide reasonable assurance of detection. For illegal acts having an indirect effect on the financial statement amounts, an audit provides no assurance of detection. Difficulty: Hard 2-35

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National - ACC - 435
Chapter 03 - Professional EthicsCHAPTER 3Professional EthicsReview Questions3-1An ethical dilemma is a situation that an individual faces involving a decision about appropriatebehavior. Ethical dilemmas generally involve situations in which the welf
National - ACC - 435
Chapter 04 - Legal Liability of CPAsCHAPTER 4Legal Liabilityof CPAsReview Questions4-1There are several reasons why the potential legal liability of CPAs for professional "malpractice"exceeds that of physicians and other professionals. One reason i
National - ACC - 435
Chapter 05 - Audit Evidence and DocumentationCHAPTER 5Audit Evidence and DocumentationReview Questions5-1Audit risk is the possibility that the auditors may unknowingly fail to appropriately modify theiropinion on financial statements that are mater
National - ACC - 435
Chapter 06 - Audit Planning, Understanding the Client, Assessing Risks, and RespondingCHAPTER 6Audit Planning, Understanding the Client,Assessing Risks and RespondingReview Questions6-1In their investigation of a prospective client, the CPAs should
National - ACC - 435
Chapter 07 - Internal ControlCHAPTER 7Internal ControlReview Questions7-1Internal control is a process, effected by the entity's board of directors, management and otherpersonnel, designed to provide reasonable assurance regarding the achievement of
National - ACC - 435
Chapter 08 - Consideration of Internal Control in an Information Technology EnvironmentCHAPTER 8Consideration of Internal Controlin an Information Technology EnvironmentReview Questions8-1System software monitors and controls hardware and provides o
National - ACC - 435
Chat 1 (Chapter 1) Solutions1-29SOLUTION: Feller Company(a) Farber should explain to Feller that an independent audit is an examination of the financialstatements in accordance with generally accepted auditing standards. The objective of anaudit is t
National - ACC - 435
2-33SOLUTION: White Company(a)(b)(c)No, Rezzo would not be justified in complying with White's request. Although Rezzo isa CPA, he has not audited the financial statements of White Company in accordance withgenerally accepted auditing standards. Pr
National - ACC - 435
5-52SOLUTION: Wayne Company(a)(b)Entries in the check register are not conclusive evidence that the notes were paid. If theentries in the check register correspond to the debits to the Notes Payable account (aftertaking interest payments into consid
National - ACC - 435
6-41SOLUTION: Valley Finance Company(a)(b)6-43The CPAs should determine the scope of the audit work by developing an audit programwhich considers the risks of material misstatement of the financial statements andcontrols in effect. The CPAs must ex
National - ACC - 435
7-39SOLUTION: Orange CorporationORANGE CORPORATIONRaw Materials Recording and Transferring System FlowchartDecember 31, 20_7-40SOLUTION: Main Street Theater(a)(b)The quantity of serially numbered tickets issued during the shift of each cashier is
National - ACC - 435
8-32SOLUTION: Ultimate Life Insurance Company(a)A data base is an integrated set of data elements that is shared by two or more applicationprograms.(b)The fundamental advantage of a data base is the elimination of data redundancy, which(1) reduces
National - ACC - 435
National - ACC - 435
2-32SOLUTION: Clinton CompanyGenerally Accepted Auditing StandardsJones's Actions Resultingin Failure to Comply WithGenerally Accepted Auditing StandardsGeneral Standards(1)The auditor must have adequatetechnical training and proficiency toperfo
National - ACC - 435
3-45SOLUTION: Sarbanes-Oxley Act of 2002(a)The Sarbanes-Oxley Act of 2002 and related SEC regulations prohibit the auditors ofpublic companies from performing:(1)(2)Financial information systems design and implementation.(3)Appraisal or valuation
National University of Singapore - EC - 2101
Chapter 1: PreliminariesPART IINTRODUCTION:MARKETS AND PRICESCHAPTER 1PRELIMINARIESTEACHING NOTESChapter 1 covers basic concepts students first saw in their introductory course but could bearsome repeating. Since most students will not have read t
Waterloo - MATH - 235
Math 235Assignment 0 Solutions1. Determine projx v and perpx v wherea) x = (2, 3, 2) and v = (4, 1, 3).Solution: projx v =(4,1,3)(2,3,2)(2, 3, 2)(2,3,2) 2=1(2, 3, 2)172= ( 2 , 3 , 17 ).17 17b) x = (1, 2, 1, 3) and v = (2, 1, 2, 1).Solution
Waterloo - STAT - 231
Waterloo - STAT - 231
Quiz 7 SolutionsCourse: Stat 231Term: Spring 2010Instructor: Dr. Jock MacKayPrepared by: Murshid Kuttihassan1. The value = 0.30 is outside the 10% likelihood interval.Answer: FalseTo obtain the 10% likelihood interval pick the point y = 0.1 on the
Waterloo - STAT - 231
Quiz 8 SolutionsCourse: Stat 231Term: Spring 2010Instructor: Dr. Jock MacKayPrepared by: Murshid Kuttihassan1. A unit isAnswer: B: a private well in Waterloo regionA unit is a single member of a set of entities being studied. Each unit contributes
Waterloo - STAT - 231
Waterloo - STAT - 231
Quiz 10 SolutionsCourse: Stat 231Term: Spring 2010Instructor: Dr. Jock MacKayPrepared by: Murshid Kuttihassan1. Is this an experimental or observational plan?Answer: A: experimentalIn an experimental plan, the investigators set the value of the exp
Waterloo - STAT - 330
Waterloo - STAT - 330
Waterloo - STAT - 330
Waterloo - ACTSC - 231
ACTSC231 ASSIGNMENT 1.DUE ON MAY 25, BEFORE CLASSThe problems are not in the order of diculties.(1) Jane deposits 500 into an account at the beginning of each 4-year period for 40years. The account credits interest at an annual eective interest rate o
Waterloo - ACTSC - 231
ACTSC231 ASSIGNMENT 1.DUE ON JUNE,1, BEFORE TESTproblems in text book:page 165(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)3.2.6, 3.2.83.3.4, 3.3.8, 3.3.103.4.43.5.2, 2.5.43.6.4, 3.6.63.7.6, 3.7.83.8.43.9.2, 3.9.83.10.2, 3.10.6, 3.10.83.11.2page
Waterloo - ACTSC - 231
ACTSC231 ASSIGNMENT 3.DUE ON JUNE,17, BEFORE CLASSproblems in text book:page 236(1)(2)(3)(4)5.2.2, 5.2.4, 5.2.65.3.2, 5.3.4,5.4.2, 5.4.4, 5.4.6chapter 5 Review: 2,4,6,81
Waterloo - ACTSC - 231
ACTSC231 ASSIGNMENT 4.DUE ON TUESDAY, JUNE,29, BEFORE CLASSproblems in text book:page 294(1)(2)(3)(4)6.2.2, 6.2.4, 6.2.66.3.2,6.4.2,6.5.2, 6.5.41
Waterloo - ACTSC - 231
ACTSC231 ASSIGNMENT 5.DUE ON TUESDAY, JULY,12, BEFORE CLASSAssignment:(1) Page 294: 6.7.2, 6.7.4, 6.8.2, 6.8.4, 6.8.6, chapter 6 review 2, 4, 6(2) A 30-year bond has 9% annual coupons and a face value of $1,000. It is redeemedat par. Coupons are rein
Waterloo - ACTSC - 231
ACTSC231 ASSIGNMENT 6 PART 1, DUE TUESDAY 27, JULY 27(1) We are given the following prices for bonds paying annual couponsmaturity annual coupon price per $100 of par110%106.796122%94.458838%100.7571Find the price of a 3-year bond with annual
Waterloo - ACTSC - 231
ACTSC231 ASSIGNMENT 6 PART 2, DUE MONDAY, AUG 2Instructions: You need to submit one Excel le that contains all your answers inthe Drop Box on the UW-ACE web site by the end of Monday Aug 2. You can use adierent sheet within your Excel le for each sub-q
Waterloo - ACTSC - 231
ACTSC231 SOLUTION OF ASSIGNMENT 3problems in text book:page 236(1)(2)(3)(4)5.2.2, 5.2.4, 5.2.65.3.2, 5.3.4,5.4.2, 5.4.4, 5.4.6chapter 5 Review: 2,4,6,8Solution 5.2.2:P82 = L v 301282+1 = L v 279 = 259.34,P56 = L v 301256+1 = L v 305 = 230.19,
Waterloo - ACTSC - 231
Waterloo - ACTSC - 231
SOLUTION FOR ASSIGNMENT 5(1)Solution 0.1. (6.7.2) Let y be the new yield for each coupon period, so we have(1 + y )1/2 cfw_30a7|y + 1065(1 + y )7 = 995one can solve above equation by solving the following equation:(1 + 0.5y )cfw_30a7|y + 1065(1 + y
Waterloo - ACTSC - 231
SOLUTION FOR ASSIGNMENT 6 PART 1(1)Solution 0.1. let r1 , r2 , r3 be spot rates for year 1, year 2 and year 3. we have106.7961 = 110/(1 + r1 )94.4588 = 2/(1 + r1 ) + 102/(1 + r2 )2100.7571 = 8/(1 + r1 ) + 8/(1 + r2 )2 + 108/(1 + r3 )3solve the equat
Waterloo - ACTSC - 231
ACTSC231 TUTORIAL PROBLEMS-SOLUTION,WEDNESDAY, JULY 21, DC 1351, 4:30-5:20PM(1) You are given the following prices of $1,000 par value bonds with 10% annualcoupons: $1,028.04 for 1 year term, $1,036.53 for 2 years term, $1034.47 for 3years term Find t
Waterloo - ACTSC - 231
Problem 5: dividend is increasing in = 1.04, interest rate = 0.08Calculate the Macaulay duration (MD). 1 1 =1=1=1 = === , = =1 1=1 =1 Solution: According to definitionConsider the function () = 1 , then=1 () = Therefore,00 =11() =
Waterloo - MATH - 239
Math 239: QuizSolutions1. (5 points) Assume r and n are non-negative integers. Express the coefcient of x n in thefollowing series as a summation:(1 3x )r (1 + 5x 2 )10 .Solution: Using the binomial theorem we have(1 3x )r =(3)ii 0rixiand5j(
Waterloo - MATH - 239
MATH 239 Quiz Spring 2010 SOLUTIONSNo calculators or other aids may be used. Each of the 4 questions is worth 5 marks.1. Determine the following coecient, as a summation, where r and n are nonnegative integers.[xn ](1 x)r (1 + 3x2 )5Solutionrnr2 5
Waterloo - MATH - 239
MATH 239 Quiz Solutions Spring 2010 Section 31. Let k and n be nonnegative integers. Determine the following coecient as a summation:[xn ](1 2x)20 (1 x2 )k .Solution.[xn ](1 2x)20 (1 x2 )k = [xn ] 20 i xi(2)ii 0(2)i= [xn ]i0 j 0n/2(2)n2j=j
Waterloo - MATH - 239
Problem 1:Give a combinatorial proof of the identityn+mkProblem 2:kmi=i=0nkiGive a combinatorial proof of the identityn3n =k=0nk2.kProblem 3: Let an,k be the number of subsets of cfw_1, . . . , n of size k thatcontains no consecutive p
Waterloo - MATH - 239
Problem 1:Compute the following:1a) [xn ] (15x4 )3 ;2(1+b) [xn ] (1x)5 .x)Problem 2: Prove thatand [xt ](1 + x)mn .Problem 3:r +s=t (1)r n+r 1rProve that (1 + x)7n (1 + 3x)13 =ms=k0mntmby computing [xt ] (1+x) n(1+x)k7ni=0 i13k
Waterloo - MATH - 239
Problem 1: Find the generating function for the number of compositions ofn with an odd number of parts, each of which is congruent to 1 (mod 3).Problem 2: Consider the set A of compositions of n in which at least one ofthe parts is greater than 3.(a)
Waterloo - MATH - 239
Problem 1: Explain why the elements of cfw_0111, 111, 1110, 00 are not uniquelycreated. Second, prove that the elements of cfw_0111, 1110, 00 are uniquely created.Problem 2: Let S be the set of all cfw_0, 1-strings in which the substring01110 does not
Waterloo - MATH - 239
Problem 1.Find cn explicitly, where cn is given bycn+2 2cn+1 3cn = 0for n 2, and c0 = 0, c1 = 4.Problem 2.Find cn explicitly, where cn is given bycn+2 2cn+1 3cn = 12 2nfor n 2, and c0 = 0, c1 = 4.Problem 3.Find cn explicitly, where cn is given by
Waterloo - MATH - 239
Problem 1: The complement of a graph G, denoted by G, is the graph withV (G) = V (G) and, for every u, v V (G) with u = v , the edge cfw_u, v E (G) ifand only if cfw_u, v E (G).Prove that, if a graph is not connected, then it is not isomorphic to its
Waterloo - MATH - 239
Problem 1: Suppose G is a tree with no vertices of degree 2. Prove that atleast half of the vertices in G are leaves (i.e. have degree 1).Problem 2: Let G be a connected graph. Suppose the algorithm of growinga breadth rst search tree produces the same
Waterloo - MATH - 239
MATH 239: Problems for Tutorial 8July 12, 20101. Let P be the Petersen graph.(a) Show that if any edge of P is deleted, the resulting graph is nonplanar.(b) Show that there exists a set of two edges which, when deleted, resultin a planar graph.(c) S
Waterloo - MATH - 239
Problem 1: Let M be a maximum matching of a graph G. Let N be any othermatching of G. Let H be the subgraph of G whose edges are (M N ) \ (M N )and whose vertices are the vertices of G. Show that if every component of H isa cycle then N is also a maxim
Waterloo - MATH - 239
MATH 239 ASSIGNMENT 1Due Friday, 14th May at 11:45 a.m.1. Let Sn denote the set of sequences of 0s and 1s of length n, written as vectors. Forexample, S2 = cfw_(0, 0), (0, 1), (1, 0), (1, 1). Give a combinatorial proof that, for all n 1,the number of
Waterloo - MATH - 239
Math 239Assignment 2Due: Friday, May 211. Express the following coecients as summations involving only ordinary binomial coefcients.(a) (4 points) [xn ](1 2x)m (1 x2 )m .(b) (4 points) [xn ](1 + 2x 3x2 )4 .(c) (4 points) [xn ](1 + 2x)5 (1 x3 )m .2.
Waterloo - MATH - 239
MATH 239 Spring 2010 Assignment 3Due: May 28, 2010, 11:45AM EDT1. In the Kingdom of Shallitland, King Jeffrey XVI declared that citizens of his country (the Shallites) must use coins of these denominations: 1 byte, 7 bytes, 57 bytes,80 bytes. Let n be
Waterloo - MATH - 239
Math 239Assignment 4Due: Friday, June 111. (a) (4 points) Prove that the elements of cfw_011, 1101, 10110 are uniquely created.(b) (4 points) Give an example of a set A of binary strings such that A2 is uniquely createdbut A3 is not.(c) (4 points (b
Waterloo - MATH - 239
Math 239Assignment 5Due: Friday, June 181. (a) (5 points) Solve the recurrence equation:b n 3b n 1 4b n 2 + 12b n 3 = 0where b 0 = 1, b 1 = 7, b 2 = 9.(b) (2 points (bonus) What is the asymptotic form of b n ?2. (5 points) Solve the recurrence equa
Waterloo - MATH - 239
MATH 239 ASSIGNMENT 6Due Friday, 25th June at 11:45 a.m.1. [12 marks] For n a positive integer, dene Gn to be the graph whose vertex set is the set of binarystrings of length n which begin with a 1 and have exactly three blocks, where vertices u and v
Waterloo - MATH - 239
MATH 239 Spring 2010 Assignment 7Due: July 9, 2010, 11:45AM EDT1.(a) (3 marks) For p 3, prove that a connected graph with p vertices and p edgescontains exactly one cycle.(b) (3 marks) Determine the set of all graphs G with at least 3 vertices which
Waterloo - MATH - 239
Math 239Assignment 8Due: Friday, July 231. Prove that the complement of the cube is not planar.2. (a) Prove that a planar graph with girth at least six must have a vertex of degree at mosttwo.(b) Using the previous part, show that a planar graph wit
Waterloo - MATH - 239
MATH 239 Spring 2010Assignment 9Dont hand in this assignment - do it for ESSENTIAL practice1. Workers wi are capable of performing jobs tj as shown in the following table.Workerw1w2w3w4w5w6capable of these jobst1 , t2 , t3t1 , t2 , t5t2 , t4
Glendale Community College - ECON - 101
In these countries, so-called academic essays, which may also be called "papers", are usuallymore formal than literary ones.[citation needed] They may still allow the presentation of thewriter's own views, but this is done in a logical and factual manne
Glendale Community College - ECON - 101
for a job. The knowledge, skills and abilities necessary for the successful performance of aposition are contained on each job vacancy announcement. KSAs are brief and focused essaysabout one's career and educational background that presumably qualify o