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Tutorial_8 - Tutorial 8 A Multiple Choice Questions 1 As a...

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Tutorial 8 A: Multiple Choice Questions 1. As a result of analytical procedures, the independent auditor determines that the gross profit has declined from 30% in the preceding year to 20% in the current year. The auditor should: (a) express a qualified opinion due to inability of the client company to continue as a going concern (b) evaluate management’s performance in causing this decline (c) require footnote disclosure (d) consider the possibility of an error in the financial statements 2. Once a public accountant has determined that accounts receivable have increased as a result of slow collections in a ‘tight money’ environment, the accountant would be likely to: (a) increase the balance in the provision for doubtful debts account (b) review the going concern ramifications (c) review the credit and collection policy (d) expand tests of collectibility
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