Answer false 1 auditors have found that generally the

Answer: FALSE
A) obtain complete assurance about the correctness of each class of transactions affecting the
account.
B) obtain some combination of assurance for each class of transactions and for the ending
1) Auditors have found that generally the most efficient and effective way to conduct audits is to

balance in the related accounts.
C) obtain assurance about the ending balance of the account only.
D) verify each entry that was made into an account.
Answer: B
2) The term audit objective refers to all of the following except for
3) When an auditor is determining what information to include in the notes to the financial
statements relating to bonds payable, he is concerned with the transaction-related audit
objectives.
8) Which of the following management assertions is not associated with classes of transactions
and events?
14) The auditor's audit objectives follow and are closely related to management assertions.
1) Which of the following statements is true regarding the distinction between general audit
objectives and specific audit objectives for each class of transactions?
3) The posting and summarization audit objective is the auditor's counterpart to management's
assertion of

A) occurrence.
B) completeness.
C) accuracy.
D) classification.
Answer: C
4) ________ deals with potential overstatement and ________ deals with understatements
(unrecorded transactions).
4) The classification balance-related audit objective
10) Match seven of the terms (a-k) with the definitions provided below (1-7):
a. tests of details of balances
b. tests of controls
c. substantive tests of transactions
d. analytical procedures
e. transaction-related audit objectives
f. management assertions
g. balance-related audit objectives
h. fraud
i. illegal act