Study guide_Midterm 3 III

Study guide_Midterm 3 III - BUS 129A Study Guide for...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
BUS 129A Study Guide for Mid-term III Chapter 14 Accounts Payables 1. Understand the audit objectives addressed by the audit procedures related to Accounts Payable and other liabilities. 2. Understand the difference between confirmations on accounts receivables and on accounts payables. Chapter 16 Completing the audit 1. What types of procedures are necessary to complete the audit? 2. What is subsequent event and what are the auditors’ responsibilities? 3. Understand evaluating audit findings. 4. Understand post Audit responsibilities Chapter 3 Ethics 1. Be familiar with Article IV of Principles 2. Identify the circumstances in which independence is impaired (Rule 101). Chapter 4 Legal Liability 1. Understand CPA common law liability and the exceptions. 2. Understand CPA statute liability (33 and 34 Securities Act).
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Practice Question Set for Mid-term III 1. Which of the following audit procedures is aimed most directly at testing the completeness assertion for accounts payable? A. Footing the list of accounts payable. B. Examining underlying documentation for cash disbursements in the period after year-end. C. Tracing shipping reports issued on or before year-end to related customer purchase orders and invoices. D. Tracing shipping reports after year-end to related customer purchase orders and invoices. 2. Which of the following statements is correct regarding accounts payable and the auditor’s procedures? A. Because it is generally more difficult to discover a transaction that has not been recorded than to discover one that has been recorded incorrectly, the audit objective of completeness drives many of the substantive procedures applied to these balances. B.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/08/2010 for the course BUS 129A at San Jose State University .

Page1 / 4

Study guide_Midterm 3 III - BUS 129A Study Guide for...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online