ACCT/400 Final Exam

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ACCT 400 Final Exam Solution https://www.studentsoffortunes.com/downloads/acct-400-final-exam-solution/ ACCT 400 Final Exam Solution Part 1 of 1 – Final Exam 45.0/ 50.0 Points The Final Exam has 50 true/false questions, covers Chapters 1 & 2, and 6 through 11, and has a 4 hour time limit. Question 1 of 50 1.0/ 1.0 Points oType I subsequent events are always referenced in the audit report. A. True B. False Question 2 of 50 1.0/ 1.0 Points Regardless of the specific form, documentary evidence shows that the receiving process occurred. A. True B. False Question 3 of 50 1.0/ 1.0 Points Preliminary time budget information is compared to actual time worked and is used for purposes of billing,…show more content…
True B. False Question 22 of 50 1.0/ 1.0 Points Deciding that internal controls are effective when they in fact they are not is an example of assessing control risk too high. A. True B. False Question 23 of 50 1.0/ 1.0 Points The SEC is responsible for setting standards for not-for-profit organizations. A. True B. False Question 24 of 50 1.0/ 1.0 Points Substantive testing can be reduced as a result of ITGC testing performed at year-end. A. True B. False Question 25 of 50 1.0/ 1.0 Points Materiality is a measure of magnitude; yet, it is affected by both quantitative and qualitative factors. A. True B. False Question 26 of 50 1.0/ 1.0 Points The auditor must index the files to conform to the balance sheet. A. True B. False Question 27 of 50 1.0/ 1.0 Points The auditor begins with tests of internal control. A. True B. False Question 28 of 50 1.0/ 1.0 Points The integrity of management plays a key role in deciding whether or not to accept a client. A. True B. False Question 29 of 50 1.0/ 1.0…show more content…
A. True B. False Question 32 of 50 1.0/ 1.0 Points Publically-traded company refers to any SEC registrant. A. True B. False Question 33 of 50 1.0/ 1.0 Points If a client changes auditors, the new auditors may have to reissue the audit report for the previous year. A. True B. False Question 34 of 50 1.0/ 1.0 Points An Unbilled Services account can be used to capture services that are provided before and during the surgery that have not yet been billed. The Unbilled Services account is most important at the end of the fiscal period so that proper revenue is recorded. A. True B. False Question 35 of 50 1.0/ 1.0 Points Auditors perform walkthroughs as an efficient way to gain an understanding of ICFR and assess design effectiveness. A. True B. False Question 36 of 50 1.0/ 1.0 Points Currently, the primary authoritative body that regulates individual CPAs is the Congress of the United States. A. True B. False Question 37 of 50 1.0/ 1.0
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