Exam (elaborations)
Auditing & Assurance Services, 7e (Louwers) Chapter 1 Auditing Band Assurance Services
Auditing & Assurance Services, 7e (Louwers) Chapter 1 Auditing Band Assurance Services
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Content preview
,Auditing B& BAssurance BServices, B7e B(Louwers)BChapter B1 B Auditing Band BAssurance BServices
1) The Baudit Bobjective Bthat Ball Btransactions Band Baccounts Bthat Bshould Bbe Bpresented Bin Bthe
Bfinancial Bstatements Bare Bin Bfact Bincluded Bis Brelated Bto Bwhich Bof Bthe BPCAOB Bassertions?
A) Existence.
B) Rights Band Bobligations.
C) Completeness.
D) Valuation.
BAnswer: B C
BDifficulty: B1
BEasy
Topic: B Management's BFinancial BStatement BAssertions
Learning BObjective: B 01-03 BDescribe Band Bdefine Bthe Bassertions Bthat Bmanagement Bmakes Babout
Bthe Brecognition, Bmeasurement, Bpresentation, Band Bdisclosure Bof Bthe Bfinancial Bstatements Band
Bexplain Bwhy Bauditors Buse Bthem Bas Bthe Bfocal Bpoint Bof Bthe Baudit.
Blooms: B Remember
AACSB: B Analytical BThinking
BAccessibility: B Keyboard
BNavigation
2) Cutoff Btests Bdesigned Bto Bdetect Bpurchases Bmade Bbefore Bthe Bend Bof Bthe Byear Bthat Bhave
Bbeen Brecorded Bin Bthe Bsubsequent Byear Bprovide Bassurance Babout Bmanagement's Bassertion
Bof:
A) presentation Band Bdisclosure.
B) completeness.
C) rights Band Bobligations.
D) existence.
BAnswer: B B
BDifficulty: B2
BMedium
Topic: B Management's BFinancial BStatement BAssertions
Learning BObjective: B 01-03 BDescribe Band Bdefine Bthe Bassertions Bthat Bmanagement Bmakes Babout
Bthe Brecognition, Bmeasurement, Bpresentation, Band Bdisclosure Bof Bthe Bfinancial Bstatements Band
Bexplain Bwhy Bauditors Buse Bthem Bas Bthe Bfocal Bpoint Bof Bthe Baudit.
Blooms: B Remember
AACSB: B Analytical BThinking
BAccessibility: B Keyboard
BNavigation
1
Copyright B© B2018 BMcGraw-
Hill
,3) During Ban Baudit Bof Ban Bentity's Bstockholders' Bequity Baccounts, Bthe Bauditor Bdetermines
Bwhether Bthere Bare Brestrictions Bon Bretained Bearnings Bresulting Bfrom Bloans, Bagreements, Bor
Bstate Blaw. BThis Baudit Bprocedure Bmost Blikely Bis Bintended Bto Bverify Bmanagement's Bassertion
Bof:
A) existence Bor Boccurrence.
B) completeness.
C) valuation Bor Ballocation.
D) presentation Band
Bdisclosure. BAnswer: B D
Difficulty: B2 BMedium
Topic: B Management's BFinancial BStatement BAssertions
Learning BObjective: B 01-03 BDescribe Band Bdefine Bthe Bassertions Bthat Bmanagement Bmakes Babout
Bthe Brecognition, Bmeasurement, Bpresentation, Band Bdisclosure Bof Bthe Bfinancial Bstatements Band
Bexplain Bwhy Bauditors Buse Bthem Bas Bthe Bfocal Bpoint Bof Bthe Baudit.
Blooms: B Remember
AACSB: B Analytical BThinking
BAccessibility: B Keyboard
BNavigation
4) The Bconfirmation Bof Ban Baccount Bpayable Bbalance Bselected Bfrom Bthe Bgeneral Bledger
Bprovides Bprimary Bevidence Bregarding Bwhich Bmanagement Bassertion?
A) Completeness.
B) Valuation.
C) Allocation.
D) Existence.
BAnswer: B D
BDifficulty: B2
BMedium
Topic: B Management's BFinancial BStatement BAssertions
Learning BObjective: B 01-03 BDescribe Band Bdefine Bthe Bassertions Bthat Bmanagement Bmakes Babout
Bthe Brecognition, Bmeasurement, Bpresentation, Band Bdisclosure Bof Bthe Bfinancial Bstatements Band
Bexplain Bwhy Bauditors Buse Bthem Bas Bthe Bfocal Bpoint Bof Bthe Baudit.
Blooms: B Remember
AACSB: B Analytical BThinking
BAccessibility: B Keyboard
BNavigation
5) What Btype Bof Bevidence Bwould Bprovide Bthe Bhighest Blevel Bof Bassurance Bin Ban
Battestation Bengagement?
A) Evidence Bsecured Bsolely Bfrom Bwithin Bthe Bentity.
B) Evidence Bobtained Bfrom Bindependent Bsources.
C) Evidence Bobtained Bindirectly.
D) Evidence Bobtained Bfrom Bmultiple Binternal
Binquiries. BAnswer: B B
Difficulty: B3 BHard
Topic: B Auditing, BAttestation, Band BAssurance BServices
Learning BObjective: B 01-02 BDefine Band Bcontrast Bfinancial Bstatement Bauditing, Battestation, Band
2
Copyright B© B2018 BMcGraw-
Hill
, Bassurance Bservices.
Blooms: B Remember
AACSB: B Analytical BThinking
BAccessibility: B Keyboard
BNavigation
3
Copyright B© B2018 BMcGraw-
Hill
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 MASTERTESTBANK. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
51292 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 15 years now