Pre-Test

Pre-Test - 5/24/2011 Blackboard Learning System Title:...

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Title: ACC450 Pre Test - Due Saturday 05.28.1 Started: May 24, 2011 10:33 AM Submitted: May 24, 2011 10:42 AM Time spent: 00:08:38 Total score: 40/100 = 40% Total score adjusted by 0.0Maximum possible score: 100 Done 1. PT 1.1 Summer The audit objective that all transactions and accounts that should be presented in the financial statements are in fact included is related to which of the PCAOB assertions? Student Response Value Correct Answer Feedback A. Existence 0% B. Rights and obligations 0% C. Completeness 100% D. Valuation 0% Score: 5/5 Comments: 2. PT 1.2 Summer Which of the following is not included in The American Accounting Association (AAA) definition of auditing? Student Response Value Correct Answer Feedback A. Potential conflict of interest 100% B. Systematic process 0% C. Assertions about economic actions 0% D. Established criteria 0% Score: 0/5 Comments: 5/24/2011 Blackboard Learning System …gardner-webb.edu/…/cobaltMainFrame… 1/12
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3. PT 1.3 Summer Which of the following is not a recommendation usually made following the completion of an operational audit? Student Response Value Correct Answer Feedback A. Economic and efficient use of resources 0% B. Effective achievement of business objectives 0% C. Attesting to the fairness of the financial statements 100% D. Compliance with company policies 0% Score: 0/5 Comments: 4. PT 1.4 Summer Control risk is Student Response Value Correct Answer Feedback A. The probability that a material misstatement could not be prevented or detected by the entity's internal control policies and 100% 5/24/2011 Blackboard Learning System …gardner-webb.edu/…/cobaltMainFrame… 2/12
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procedures. B. The probability that a material misstatement could occur and not be detected by auditors' procedures. 0% C. The risk that auditors will not be able to complete the audit on a timely basis. 0% D. The risk that auditors will not properly control the staff on the audit engagement. 0% Score: 5/5 Comments: 5. PT 1.5 Summer An important role of the Public Company Accounting Oversight Board (PCAOB) is to oversee the Student Response Value Correct Answer Feedback A. Issuance of statements by the Financial Accounting
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This note was uploaded on 05/27/2011 for the course ACC 450 taught by Professor Null during the Spring '11 term at GWU.

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Pre-Test - 5/24/2011 Blackboard Learning System Title:...

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