ACC 491 Final Exam
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1) If reported sales for 2010 erroneously include sales that occur in 2011, the assertion violated on the 2010 statements would be
2) The rights and obligations assertion applies to
3) Which of the following assertions is NOT made by management in placing an item in the financial statements?
4) Section 11 of the Securities Act of 1933 uses the term material fact to limit the amount of information required. Under the Act, the standard used to determine an item’s materiality
5) Individuals or entities the auditor knew or should have known and would rely on the audit report in making business and investment decisions are
6) Section 18 liability is relatively narrow in scope because it relates to a false or misleading statement in documents filed with the
7) Within generally accepted auditing standards, general standards relate primarily to
8) Statements on auditing standards (SAS) are interpretations of what?
9) Which of the following best describes the relationship that should exist between the external auditor and the management of the client company?
10) Statement on Quality Control Standards No. 2 identifies certain quality control elements that should be considered when performing which types of services?
11) Internal auditors are primarily involved with
12) The Government Accounting Office reports directly to the
13) With respect to audit objectives, the term validity relates to which of the assertions below?
14) Which of the following procedures consists of seeking information from knowledgeable persons throughout or outside the entity? 15) Specific audit objectives are normally
16) The assessment of inherent risk requires considering matters that have a pervasive effect on assertions for all or many accounts and matters that may pertain only to assertions for specific accounts. Which of...
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