ACCY131 TEST2 - ACCY 131 Student Name _ Mid-Term Exam #2...

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ACCY 131 Student Name __________________ N Mid-Term Exam #2 (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 3 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. Which of the following must an auditor communicate to the audit committee: a. Significant deficiencies and material weaknesses b. Only material weaknesses c. Only significant deficiencies d. Neither significant deficiencies nor material weaknesses 2. An example of an access control is: a. Batch totals b. Read only memory. c. Exception report d. Password
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3. In assessing sampling risk, the risk of assessing control risk too high relates closest to the: a. Efficiency of the audit b. Effectiveness of the audit c. Random selection techniques d. Audit quality controls 4. Assertions that have a meaningful bearing on whether an accounting balance, transaction class or disclosure is fairly stated are referred to as: a. Appropriate assertions b. Sufficient assertions c. Relevant assertions d. Reliable assertions
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5. Failure to detect material dollar errors in financial statements is a risk which the auditors primarily mitigate (seek to restrict) by: a. Performing substantive procedures. b. Performing tests of controls. c. Assessing control risk. d. Obtaining a client representation letter. 6. This organization developed a set of criteria that provides management with a basis to evaluate controls implemented to meet objectives related to the reliability of financial reporting, the effectiveness and efficiency of operations, and compliance with laws and regulations: a. American Institute of CPAs (AICPA) b. Committee of Sponsoring Organizations (COSO) c. Foreign Corrupt Practices Corporation (FCPC) d. Securities and Exchange Commission (SEC) 7. During financial statement audits, auditors seek to assess which types of risk? a.
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ACCY131 TEST2 - ACCY 131 Student Name _ Mid-Term Exam #2...

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