Auditing Exam

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ACC 521-011 Example of
Auditing Final Exam
INSTRUCTIONS:
1. This exam consists of 6 questions, on 11 pages. Please answer questions #1. to #5. in the separate EXAM ANSWER BOOK, and answer Question #6 - Multiple Choice with explanations - in this book.
2. The time available is 3.0 hours.
3. The exam is worth 50% of your overall course grade.
4. Write your name & student number on the front of the test.
5. This is a closed book test. The only aid that may be used one of the calculator models listed in the Course Outline as approved by the Accounting Department.
6. Any cell phones and electronic devices should be stored at the front of the room in your bag. Please silence all devices that make sounds. If any electronic devices are found with you, you can be charged with ACADEMIC MISCONDUCT.
7. You may use short forms, abbreviations, and point form if appropriate in your response, but to receive marks your meanings must be clear and unambiguous, and each point must be a complete thought, to receive any marks.
8. Show your calculations and state any assumptions you make.

Print Name __________________________________

Signature __________________________________

Student Number _______________________________

Possible Marks
Time Available
For Instructor Use:
Marks Awarded
Question 1

13
31 min

Question 2

10
24 min

Question 3
Case
18
43 min

Question 4

5
12 min

Question 5

8
19 min

Multiple Choice
21
50 min

Total

75
180 min

QUESTION 1 (13 marks, 31 minutes)

Thermatic Technologies Inc. is an Ontario based company that manufactures sensors and thermostatic devices for use in the food processing industry. The company purchases various components from suppliers in the USA and Asia, and assembles the finished products in its Ontario plant. The company incurs other administrative and operating expenditures. Its purchasing/payables/payments (P/P/P) process involves the

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