ACCT 4080
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ACCT 4080 Questions & Answers

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ACCT 4080 Questions & Answers


ACCT 4080 Flashcards

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  • 106 terms

    Term:

    Audited Value

    Definition:

    The amount at which an account balance or class of transactions should be recorded, assuming no departures from generally accepted accounting principles

    • Variables Sampling
    • 106 terms
    • Vocabulary for Variables Sampling. Find, create, and access Accounting, representative, account balance, audit team, flashcards with Course Hero.
  • 79 terms

    Term:

    Aged trial balance

    Definition:

    A schedule that lists each individual receivable and indicates whether it is current or past due and if past due, for how long. The total should equal the accounts receivable general ledger balance

    • Revenue and Collection Cycle
    • 79 terms
    • Vocabulary for Revenue and Collection Cycle. Find, create, and access Accounting, Balance Sheet, Revenue, Sales, invoice flashcards with Course Hero.
  • 54 terms

    Term:

    Approved vendor list

    Definition:

    A record of vendors that have been vetted to ensure that vendors meet company policy and procedure in terms of price, quality, delivery, etc. This control activity provides evidence of vendor existence to auditors

    • Acquisition and Expenditure Cycle
    • 54 terms
    • Vocabulary for Acquisition and Expenditure Cycle. Find, create, and access Accounting, invoice, Purchase order flashcards with Course Hero.
  • 48 terms

    Term:

    Check kiting

    Definition:

    The practice of building up balances in one or more bank accounts based on uncollected(floating) checks drawn against similar accounts in other banks

    • Employee Fraud and the Audit of Cash
    • 48 terms
    • Vocabulary for Employee Fraud and the Audit of Cash. Find, create, and access Accounting, Cheque, invoice, Deposit account, flashcards with Course Hero.
  • 31 terms

    Term:

    Sampling Risk

    Definition:

    The likelihood that the decision made based on the sample differs from the conclusion that would have been made if the entire population had been examined

    • Overview of Sampling
    • 31 terms
    • Vocabulary for Overview of Sampling. Find, create, and access Accounting, Randomness, representative, 100 percent, populationControl, flashcards with Course Hero.
  • 44 terms

    Term:

    Bill of materials

    Definition:

    A list of raw materials and supplies used to build a product that is used to develop standard costs

    • Production Cycle
    • 44 terms
    • Vocabulary for Production Cycle. Find, create, and access Accounting, supervisor, production supervisor, physical inventory count, flashcards with Course Hero.
  • 38 terms

    Term:

    Accounting estimate

    Definition:

    An approximation of a financial statement element, item, or account

    • Finance and Investment Cycle
    • 38 terms
    • Vocabulary for Finance and Investment Cycle. Find, create, and access Accounting, Finance, Debt, investment account balance, flashcards with Course Hero.
  • 21 terms

    Term:

    Business Risk

    Definition:

    The risk that an entity will fail to meet its objectives

    • Chapter 1 Auditing and Assurance Services
    • 21 terms
    • Vocabulary for Chapter 1 Auditing and Assurance Services. Find, create, and access Business, ACCT 4080, professional services flashcards with Course Hero.

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