auditing Test 1, Midterm

auditing Test 1, Midterm - Lola Imamkhanova 1 Accounting403...

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1 Lola Imamkhanova Accounting 403 Test I Spring 2010  MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question.  1) 
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In the  audit of  historical  financial  statement s, which  of the  following  accountin g bases is  the most  common? 
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1) 
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__A____  A) 
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Generally  accepted  accounting  principles. 
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B)  Cash  basis of 
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Liquidation  basis of  accounting. 
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D)  Regu latory  principles.    2
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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): 
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2)  ____A_ _  A
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assurance  service. 
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B)  tax  service. 
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accounting and  bookkeeping  service. 
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D)  attest ation    3
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Three  common  types of  attestation  services  are: 
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3)  ____D_ _  A a u d i t s ,   v e r i f i c a t i on s,  an "o th er att es tat io se rv ic es. 
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audits, reviews,  and verifications.  D) 
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audits, reviews,  and "other" attestation services.    4) 
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Which of  the  following  statement s is true  as it  relates to  limited  liability  partnershi ps? 
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4)  ___A__ _  A P a r t n e r s   a r e   p e r s o n a l l y   lia bl fo th ac ts  of  th os un de th eir  su pe rv isi on
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Only senior  partners are liable for the partnership's debts.  D) 
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All partners  must be AICPA members.    5) 
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Generally  Accepted  Auditing  Standards  (GAAS)  and  Statement s on  Auditing  Standards  (SAS)  should be  looked  upon by  practition ers as: 
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5)  __D___ _  A i d e a l s   t o   w o r k   t o w ar ds bu w hi ch  ar no ac hi ev ab le. 
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maximum  standards that denote excellent work.  D) 
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minimum  standards of performance that must be achieved on each audit engagement.    6) 
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Auditing  standards  require  that the  audit  report  must be  titled and  that the  title must: 
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6)  ___B__ _  A i n d i c a t e   i f  th au dit or  is  C P A. 
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indicate the  type of audit opinion issued.  D) 
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indicate if the  auditor is a proprietorship, partnership, or incorporated.    7) 
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auditing Test 1, Midterm - Lola Imamkhanova 1 Accounting403...

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