Audit - Final Test answers

Audit - Final Test answers - PATRICIA LANGOWSKI 3/15/11...

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PATRICIA LANGOWSKI 3/15/11 7:03 PM Final Exam Needs Grading Grade not available. 1 hours, 48 minutes, and 32 seconds out of 2 hours and 0 minutes allow ± You will have up to 2 hours to complete this exam. The exam is made up of 34 multiple choice and true/false questions a total of 50 questions (all worth 2 points each). The short answers will tak yourself. Be sure to carefully read each question before answering. A Once you begin the exam, you must complete it at the first time it is l ² You will have only one attempt at the exam. & You will be provided with correct answers and feedback for all except completion. A You will not be allowed to backtrack and change previously submitted You must only use the Blackboard navigation, do not use any Internet forward, refresh, etc.). Let me know if you have problems, you can call or text me on my mob
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Questio n 1 2 out of 2 points Property, Plant and Equipment typically is a significant portion of the balance sheet and therefore requires extensive audit work. Selected Answer: Correct Answer: Feedback: Correct Response! Nice work! Questio n 2 2 out of 2 points Which of the following is not a substantive test typically performed for Property, Plant and Equipment? Selected Answers: Correct Answers: Feedback: Correct Response! Question 3 0 out of 2 points The auditors are not required to perform procedures specifically designed to test the going concern assumption, they must evaluate the assumption in relation to the results of the normal audit procedures performed. Selected Answer: False Correct Answer: True Feedback : The correct answer is "true" Questio n 4 2 out of 2 points Equity transactions such as capital stock issuance and dividends should be traced to the following: Selected Answers: Correct Answers: Feedback: Correct Response!
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n 4 2 out of 2 points Questio n 5 0 out of 2 points Ordinarily, which is the most significant audit assertion and primary risk area for auditors in the examination of Accounts Payable? Selected Answers: Correct Answers: Feedback : The correct answer is: *b. Completeness – Does the liability balance correctly include all liability? Questio n 6 2 out of 2 points Which of the following reports would be issued if the client had one exception related to the effects of a material departure from GAAP (i.e. client does not record rent using straight line method)? Selected Answers: Correct Answers: Feedback: Correct Response! Questio n 7 0 out of 2 points Most of the audit work on Accounts Payable is typically performed. Selected Answers: Correct Answers: Feedback: The correct answer is: At or near the end of the audit fieldwork. Questio n 8 2 out of 2 points Which of the following audit areas places importance on segregation of duties as an essential element of internal controls? Selected Answers:
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Audit - Final Test answers - PATRICIA LANGOWSKI 3/15/11...

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