100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Full Test Bank For Auditing & Assurance Services, 8th Edition By Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser, Jay Thibodeau, David Sinason ISBN10: X | ISBN13: 9785 $17.99   Add to cart

Exam (elaborations)

Full Test Bank For Auditing & Assurance Services, 8th Edition By Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser, Jay Thibodeau, David Sinason ISBN10: X | ISBN13: 9785

 9 views  1 purchase
  • Course
  • AUDITING & ASSURANCE SERVICES
  • Institution
  • AUDITING & ASSURANCE SERVICES

Full Test Bank For Auditing & Assurance Services, 8th Edition By Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser, Jay Thibodeau, David Sinason ISBN10: X | ISBN13: 9785

Preview 4 out of 402  pages

  • October 10, 2024
  • 402
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:
  • AUDITING & ASSURANCE SERVICES
  • AUDITING & ASSURANCE SERVICES
avatar-seller
Tulips
Versioni1 1

,FulliTestiBankiForiAuditingi&iAssuranceiServices,i8thiEditioniISBN10:i1

26036920Xi|iISBN13:i9781260369205

ByiTimothyiLouwers,iPenelopeiBagley,iAlleniBlay,iJerryiStrawser,iJayiT
hibodeau,iDavidiSinason

Studentiname:_i
MULTIPLEiCHOICEi-
iChooseitheioneialternativeithatibesticompletesitheistatementiorianswersitheiquestion.
1) Theiauditiobjectiveithatiallitransactionsiandiaccountsithatishouldibeipresentediinitheifi
nancialistatementsiareiinifactiincludediisirelateditoiwhichiofitheiPCAOBiassertions?


A) Existence.
B) Rightsiandiobligations.
C) Completeness.
D) Valuation.



2) Cutoffitestsidesigneditoidetectipurchasesimadeibeforeitheiendiofitheiyearithatihaveibeenire
cordediinitheisubsequentiyeariprovideiassuranceiaboutimanagement'siassertioniof:


A) presentationiandidisclosure.
B) completeness.
C) rightsiandiobligations.
D) existence.



3) Duringianiauditiofianientity'sistockholders'iequityiaccounts,itheiauditorideterminesiwhethe
rithereiareirestrictionsioniretainediearningsiresultingifromiloans,iagreements,ioristateilaw.iThisiaudi
tiprocedureimostilikelyiisiintendeditoiverifyimanagement'siassertioniof:


A) existenceiorioccurrence.
B) completeness.
C) valuationioriallocation.
D) presentationiandidisclosure.




Versioni1 2

,4) Theiconfirmationiofianiaccountipayableibalanceiselectedifromitheigeneraliledgerip
rovidesiprimaryievidenceiregardingiwhichimanagementi assertion?


A) Completeness.
B) Valuation.
C) Allocation.
D) Existence.



5) Whatitypeiofievidenceiwouldiprovideitheihighesti leveliofiassuranceiinianiattestationie
ngagement?


A) Evidenceisecuredisolelyifromiwithinitheientity.
B) Evidenceiobtainedifromiindependentisources.
C) Evidenceiobtainediindirectly.
D) Evidenceiobtainedifromimultipleiinternaliinquiries.



6) Whichiofitheifollowingimanagementiassertionsiisianiauditorimostilikelyitestingiifitheiau
ditiobjectiveistatesithatialliinventoryionihandiisireflectediinitheiendingiinventoryibalance?


A) Theientityihasirightsitoitheiinventory.
B) Inventoryiisiproperlyivalued.
C) Inventoryiisiproperlyipresentediinitheifinancialistatements.
D) Inventoryiisicomplete.



7) Aniauditoritracesitheiserialinumbersioniequipmentitoiainonissuer'sisub-
ledger.iWhichiofitheifollowingi managementi assertionsiisisupportedibyithisitest?


A) Valuationiandiallocation.
B) Completeness.
C) Rightsiandiobligations.
D) Presentationiandidisclosure.




Versioni1 3

, 8) Aniauditorihasisubstantialidoubtiaboutitheientity'siabilityitoicontinueiasiaigoingiconcernifo
riaireasonableiperiodiofitimeibecauseiofinegativeicashiflowsiandiworkingicapitalideficiencies.iUnd
eritheseicircumstances,itheiauditoriwouldibeimosti concernediaboutithe:


A) controlienvironmentifactorsithatiaffectitheiorganizationalistructure.
B) correlationiofidetectioniriskiandiinherentirisk.
C) effectivenessiofitheientity'siinternalicontroliactivities.
D) possibleieffectsionitheientity'sifinancialistatements.



9) Whichiofitheifollowingitypesiofiauditievidenceiprovidesitheileastiassuranceiofirel
iability?


A) Receivableiconfirmationsireceivedifromitheiclient'sicustomers.
B) Prenumberedireceivingireportsicompletedibyitheiclient'siemployees.
C) Priorimonths'ibankistatementsiobtainedifromitheiclient.
D) Municipalipropertyitaxibillsipreparediinitheiclient'siname.



10) Whichiofitheifollowingiisiaimanagementiassertioniregardingiaccountibalancesiatitheip
eriodiend?


A) Transactionsiandieventsithatihaveibeenirecordedihaveioccurrediandipertainitoithe
entity.
B) Transactionsiandieventsihaveibeenirecordediinitheiproperiaccounts.
C) Theientityiholdsioricontrolsitheirightsitoiassets,iandiliabilitiesiareiobligationsiofithe
entity.
D) Amountsiandiotheridatairelateditoitheitransactionsiandieventsihaveibeenirecorded
appropriately.



11) Aipractitioneriisiengageditoiexpressianiopinionionimanagement'siassertionithatitheisquareifo
otageiofiaiwarehouseiofferediforisaleiisi150,000isquareifeet.iTheipractitionerishouldireferitoiwhichi
ofithei followingisourcesiforiprofessionaliguidance?




Versioni1 4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Tulips. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $17.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

82215 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$17.99  1x  sold
  • (0)
  Add to cart