1. The primary reason for evaluating a company's internal control is to provide a basis for communicating
2. The audit task of control risk assessment involves learning what the company does to preve
1. Internal auditors are always employed by the organization that they audit such as a bank, hospital, or
2. The Government Accountability Office (GAO) is headed by the U.S. Congress.
1. In auditing around the computer, audit teams reconcile source documents (input) to processing results.
2. In simple batch processing systems, it is not possible to use the technique of auditing around the computer.
Chapters 4-6, E
Multiple Choice. (2 points each, 92 points total) Read the following questions carefully
and indicate the one best answer to each question by placing a mark on the appropriate
space on the answer sheet
Total book value
Audited book value
Audited true value
Audited Average Value
Standard error of mean
Precision = Standard error of mean * Population
Jill Accardo, M.D., maintains the accounting records of Accardo Clinic on a cash basis. During
2014, Dr. Accardo collected $142,600 from her patients and paid $55,470 in expenses. At
January 1, 2014, and December 31, 2014, she had accounts receivable, une
Chapter 3 Lecture Notes
The steps in the accounting cycle performed every fiscal period are as follows:
1. Enter the transactions of the period in appropriate journals.
2. Post from the journals to the ledger (or T-accounts).
Presented below is the unadjusted trial balance of the Crestwood Golf Club, Inc. as of December
31. The books are closed annually on December 31.
CRESTWOOD GOLF CLUB, INC.
The Accountants Role in
Characteristics of Cost
What is Cost Management?
In addition to measuring
and reporting costs, it is
a philosophy, an attitude,
and a set of techniques to
create more customer
value at a lower
Recall that Factory Overhead is applied to
production in a rational systematic manner, using
some type of averaging. There are a variety of
methods to accomplish this goal.
Quiz 2 ACCT3030
Name Ren Long
D 1. The Financial Accounting Standards Board (FASB) was proposed by the
a. American Institute of Certified Public Accountants.
b. Accounting Principles Board.
c. Study Group on the Objectives of Financial Statements.
False. Any company claiming compliance with GAAP must comply with all standards
and interpretations, including disclosure requirements.
False. In establishing financial accounting standards, the FASB relies on two basic
Attributes Sampling Handout
Used to estimate the extent to which a characteristic (attribute) exists within a
Used in tests of controls
o Estimate the rate at which internal control policies or procedures are not
functioning as intended (devia
Quiz 3 Wednesday, October 23, 2013
ACCT 3050 Fall 2013
Ch. 17 and 7
Total 20 points
Answer questions 1 through 5 using the information below:
The Swiss Clock Shop manufactures clocks on a highly automated assembly line. Its costing system uses
Dealing with standard cost variances at year-end (price/efficiency variances, etc.):
The following pages of reading will help you as we discuss these issues:
(Ch 4: pgs 115-119 as Review)
Ch 7: bottom of pg. 238 middle of pg. 239
Ch 8: middle paragraph of
1. Independent auditors of financial statements and fraud examiners approach their work differently.
2. It is always good control to have the bookkeeper prepare a list of cash receipts and then have the bookkeeper
record it i
Quiz 1 Wednesday, September 11, 2013
ACCT 3050 Fall 2013
(Total Points = 20)
The balance sheet, income statement, and statement of cash flows are used for financial
accounting, but not for management accounting. (1 point)
Multiple Choice Questions. Read each question carefully and indicate your answer by circling the letter
preceding the one best answer.
1. In terms of debits and credits, which of the following all have the same normal balance?