Ac 492 Final Exam

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AC 492 Final Exam

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1. The specific audit objective that all purchases and cash disbursements made during the period were recorded relates to: existence or occurrence. presentation and disclosure. rights and obligations. completeness. 2. The use of the computer to compare production hours to direct labor hours on daily production reports relates to the:

rights and obligations assertion. completeness assertion. existence or occurrence assertion. valuation or allocation assertion.

3. During the count of cash on hand, it is NOT necessary for the auditor to: insist on the presence of the custodian of the cash throughout the count. insist on the presence of an internal auditor throughout the count. obtain a signed receipt from the custodian on return of the funds. control both cash and non-cash negotiable instruments held by the client.

4. By definition, subsequent events occur between: the report date and the date the report is issued. the interim and balance sheet date. the balance sheet date and the report date. the balance sheet date and the date the report is issued.

5. The expenditure cycle would include: payroll transactions. payments by check. the purchase of another entity’s stocks. the purchase of treasury stock.

6. The specific account balance audit objective, plant assets and related expenses are properly identified and classified in the financial statements, relates to the: presentation or disclosure assertion. existence or occurrence assertion. rights and obligations assertion. completeness assertion.

7. The specific account balance audit objective, the entity owns or has rights to all recorded plant assets at the balance sheet date, relates to the: rights and obligations assertion. existence or occurrence…...

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