Exam2 - ACCY 131 Student Name _ Mid-Term Exam #1 (Version...

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ACCY 131 Student Name __________________ N Mid-Term Exam #1 (Version A) Section (or Time) __________________ 75 Points Possible California State University, Sacramento College of Business Administration Integrity Certification: I have not received, and I will not provide, any information that compromises the integrity of the exam. ___________________________________ (Signature and Date) Instructions: Fill out the entire heading of this exam and sign the above integrity certification. This exam consists of 30 multiple choice questions (60 points) and 4 short-answer questions (15 points). For multiple choice questions, carefully read each question and neatly circle the best answer . For short- answer questions, carefully read each question and respond neatly in the space provided. If additional space is needed, please include a note indicating so and use the backs of the exam pages to complete your response(s). You have 75 minutes to complete the exam; be sure to allocate your time accordingly. MULTIPLE CHOICE QUESTIONS: 1. The risk associated with a company’s survival and profitability is referred to as: a. Business Risk b. Detection Risk c. Information Risk d. Audit Risk 2. The organization charged with protecting investors and the public by requiring full disclosure of financial information by companies offering securities to the public is the: a. Auditing Standards Board b. Government Accountability Office c. Financial Accounting Standards Board d. Securities and Exchange Commission 3. Which of the following attributes most clearly differentiates a CPA who audits management’s financial statements as contrasted to management? a. Integrity b. Competence
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c. Independence d. Technical Expertise 4. Which of the following is not correct relating to the Sarbanes-Oxley Act? a. It toughened penalties for corporate fraud. b. It restricted the types of consulting CPAs may perform for audit clients. c. It implemented changes in the Generally Accepting Auditing Standards (GAAS). d. It eliminated a significant portion of the accounting profession’s system of self-regulation.
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5. An operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of one of these differences? a. A financial statement audit covers the four basic statements, whereas an operational audit is limited to either the balance sheet or the income statement. b. A financial statement audit is categorized within assurance services, whereas an operational audit is categorized within non-assurance services. c. Operational audits do not ordinarily result in the preparation of a report. d.
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Exam2 - ACCY 131 Student Name _ Mid-Term Exam #1 (Version...

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