Audit Exam #1 - Chapter 1 1 easy c 2 E c 3 easy b 4 easy a...

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Chapter 1 Multiple-Choice Questions 1. easy Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called: c a. finance. b. auditing. c. accounting. d. economics. 2. E In the audit of historical financial statements, which of the following accounting bases is the most common? c 3. easy Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n): b a. accounting and bookkeeping service. b. attestation service. c. assurance service. d. tax service. 4. Three common types of attestation services are: easy a 5. Easy The organization that is responsible for providing oversight for auditors of public companies is called the ________. D 6. The Sarbanes-Oxley Act applies to which of the following companies? easy a. All companies. C b. Privately held companies. c. Public companies. d. All public companies and privately held companies with assets greater than $500 million. 7. Med Providing quantitative information that management and others can use to make decisions is the function of: D 8. An audit of historical financial statements most commonly includes the: MED D 9. MED The ___________ rate may be defined as approximately the rate a bank could earn by investing in U.S. treasury notes for the same length as the length of a business loan. c
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