midterm2Winter09 - Mid-Term Examination#2 ADM 3349 M...

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Mid-Term Examination #2 ADM 3349 M AUDITING THEORY March 23, 2009 Professor: Bailey Church INSTRUCTIONS 1. Books and notes are not permitted. 2. Calculators are permitted. 3. Complete all questions. 4. Write in pen. 5. Answer all questions directly on the examination paper. 6. Follow the suggested time frames for each question. Question Marks Suggested Time Grade 1 35 35 minutes 2 15 15 minutes 3 20 25 minutes 4 10 15 minutes Total 80 90 minutes NAME: __________________________________________ STUDENT #: ________________________ Statement of Academic Integrity The School of Management does not condone academic fraud, an act by a student that may result in a false academic evaluation of that student or of another student. Without limiting the generality of this definition, academic fraud occurs when a student commits any of the following offences: plagiarism or cheating of any kind, use of books, notes, mathematical tables, dictionaries or other study aid unless an explicit written note to the contrary appears on the exam, to have in his/her possession cameras, radios (radios with head sets), tape recorders, pagers, cell phones, or any other communication device which has not been previously authorized in writing. Statement to be signed by the student: I have read the text on academic integrity and I pledge not to have committed or attempted to commit
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academic fraud in this examination. Signed:______________________________________ Note: an examination copy or booklet without that signed statement will not be graded and will receive a final exam grade of zero.
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QUESTION 1 (35 marks - 35 minutes) Circle the letter corresponding to the best response. 1. An auditor is verifying that a company owns the equipment shown in its financial statements. What is the best evidence of ownership? a. A cancelled cheque written to pay an invoice from the equipment supplier. b. The current year's amortization expense journal entry. c. An interview with the equipment custodian verifying company ownership. d. The inclusion of the equipment on the company's balance sheet. 2. The term "irregularities" generally refers to a. Unintentional errors. b. Illegal acts. c. Intentional misstatements in financial statements. d. Violations of GAAS. 3. As a good control over purchasing, the copy of the purchase order that goes to the receiving department should: a. Omit the description of the goods ordered to ensure goods are independently described. b. Omit the quantity of the goods ordered to prevent receiving personnel from signing receipt of goods without counting. c. Omit the purchase price of the goods to prevent theft. d. Have the receiving department forward all copies of the purchase order to accounts payable. 4.
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This note was uploaded on 01/10/2010 for the course MANAGEMENT adm 3349 taught by Professor Church during the Fall '09 term at University of Ottawa.

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midterm2Winter09 - Mid-Term Examination#2 ADM 3349 M...

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