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16 Pages

### chap013

Course: ACCT 2302 2302, Spring 2011
School: HCCS
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Word Count: 4667

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13 13-1. Chapter The solution to this and the first exercise of Chapters 1 through 9 will vary from student to student, assuming each has a different CAFR. 13-2. The solution to this exercise will vary from student to student, assuming each has a different Not-for-profit. 13-3. The solution to this and the first exercise of Chapters 1 through 8 will vary from student to student, assuming each has a different...

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Chapter 02 - Professional StandardsChapter 02Professional StandardsTrue / False Questions1. To express an opinion on financial statements, the auditor obtains reasonable assuranceabout whether the financial statements as a whole are free from materia
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Chapter 03 - Professional EthicsChapter 03Professional EthicsTrue / False Questions1. The Rules portion of the AICPA Code of Professional Conduct must be followed by onlythose members in private practice.True False2. The AICPA Code of Professional
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Chapter 05 - Audit Evidence and DocumentationChapter 05Audit Evidence and DocumentationTrue / False Questions1. The professional standards consider calculating depreciation expense a &quot;routine&quot;transaction.True False2. The most reliable form of docum
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Chapter 06 - Audit Planning, Understanding the Client, Assessing Risks, and RespondingChapter 06Audit Planning, Understanding the Client, Assessing Risks, andRespondingTrue / False Questions1. Audit committees should be made up of the most qualified
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Chapter 07 - Internal ControlChapter 07Internal ControlTrue / False Questions1. Internal control is concerned with the reliability of financial information.True False2. The Foreign Corrupt Practices Act prohibits bribes to foreign corporate official
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Chapter 08 - Consideration of Internal Control in an Information Technology EnvironmentChapter 08Consideration of Internal Control in an Information TechnologyEnvironmentTrue / False Questions1. Magnetic tape drives have the advantage of direct acces
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Chapter 09 - Audit SamplingChapter 09Audit SamplingTrue / False Questions1. Stratification of the population generally results in a more efficient sampling plan.True False2. Discovery sampling is equivalent to an attributes sampling plan with a spec
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Chapter 09 Appendix A - Probability-Proportional-to-Size (PPS) SamplingChapter 09 Appendix AProbability-Proportional-to-Size (PPS) SamplingTrue / False Questions1. Increasing the expected misstatement for a probability-proportional-to-size sampleincr
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Chapter 10 - Cash and Financial InvestmentsChapter 10Cash and Financial InvestmentsTrue / False Questions1. The auditors should count small petty cash funds at year-end to make sure that balance isnot understated on the financial statements.True Fal
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Chapter 11 - Accounts Receivable, Notes Receivable, and RevenueChapter 11Accounts Receivable, Notes Receivable, and RevenueTrue / False Questions1. The department approving a sales transaction should be the shipping department.True False2. Accounts
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Chapter 12 - Inventories and Cost of Goods SoldChapter 12Inventories and Cost of Goods SoldTrue / False Questions1. Observation of inventories is a generally accepted auditing standard.True False2. The receiving department should accept only goods f
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Chapter 13 - Property, Plant, and Equipment: Depreciation and DepletionChapter 13Property, Plant, and Equipment: Depreciation and DepletionTrue / False Questions1. The auditors' approach to the audit of property, plant, and equipment largely results f
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Chapter 14 - Accounts Payable and Other LiabilitiesChapter 14Accounts Payable and Other LiabilitiesTrue / False Questions1. Overstatement of financial results can involve failure to record a transaction.True False2. Confirmation of accounts payable
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Chapter 15 - Debt and Equity CapitalChapter 15Debt and Equity CapitalTrue / False Questions1. The formal documentation creating bond indebtedness is called the indenture.True False2. Registered bondholders receive periodic interest payments without
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Chapter 16 - Auditing Operations and Completing the AuditChapter 16Auditing Operations and Completing the AuditTrue / False Questions1. Analytical procedures are often used for verification of income statement accounts.True False2. The Miscellaneous
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Chapter 17 - Auditors' ReportsChapter 17Auditors' ReportsTrue / False Questions1. Audit reports should be dated the date on which sufficient appropriate audit evidence hasbeen collected.True False2. When the auditors are unable to comply with gener
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Chapter 18 - Integrated Audits of Public CompaniesChapter 18Integrated Audits of Public CompaniesTrue / False Questions1. Section 404 of the Sarbanes-Oxley Act of 2002 includes internal control reportingrequirements for both management and auditors.
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Chapter 19 - Additional Assurance Services: Historical Financial InformationChapter 19Additional Assurance Services: Historical Financial InformationTrue / False Questions1. An audit opinion on cash basis financial statements is an example of an opini
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Chapter 20 - Additional Assurance Services: Other InformationChapter 20Additional Assurance Services: Other InformationTrue / False Questions1. Assurance services improve the quality of information or its context for decision makers.True False2. Att
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Chapter 21 - Internal, Operational, and Compliance AuditingChapter 21Internal, Operational, and Compliance AuditingTrue / False Questions1. The work of internal auditors is primarily for the benefit of management and the board ofdirectors.True False
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Chapter 01 - The Role of the Public Accountant in the American EconomyCHAPTER 1The Role of thePublic Accountant in theAmerican EconomyReview Questions1-1The crisis of credibility largely arose from the number of companies that restated theirprevio
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Chapter 02 - Professional StandardsCHAPTER 2Professional StandardsReview Questions2-1The Sarbanes-Oxley Act of 2002 created the PCAOB and gave this body authority to developauditing standards for the audits of public companies. The AICPA has the aut
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Chapter 03 - Professional EthicsCHAPTER 3Professional EthicsReview Questions3-1An ethical dilemma is a situation that an individual faces involving a decision aboutappropriate behavior. Ethical dilemmas generally involve situations in which the welf
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Chapter 04 - Legal Liability of CPAsCHAPTER 4Legal Liabilityof CPAsReview Questions4-1There are several reasons why the potential legal liability of CPAs for professional&quot;malpractice&quot; exceeds that of physicians and other professionals. One reason i
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Chapter 05 - Audit Evidence and DocumentationCHAPTER 5Audit Evidence and DocumentationReview Questions5-1Audit risk is the possibility that the auditors may unknowingly fail to appropriately modifytheir opinion on financial statements that are mater
Houston Downtown - ACC - 4304
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
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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