Acc 491 Week 5 Final Exam

In: Other Topics

Submitted By lucillekohlerab
Words 846
Pages 4
ACC 491 WEEK 5 Final Exam

Purchase here

http://chosecourses.com/acc-491-week-5-final-exam

Description

aCC 491 Sample Final Exam

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 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…...

Similar Documents

Acc 491 Week 5 Acc491 Week 5

...ACC 491 Complete Course ACC491 Complete Course Click Link for the Answer: http://workbank247.com/q/acc-491-complete-course-acc491-complete-course/13539 http://workbank247.com/q/acc-491-complete-course-acc491-complete-course/13539 ACC 491 WEEK 1 DQ 1 The American Institute of Certified Public Accountants (AICPA) and the Institute of Internal Auditors (IIA) have positioned the auditing professions to become “assurance professions.” What is the difference between assurance services, attestation services, and auditing services? What are the economic issues that drive the increased demand for assurance services? What is one assurance engagement and one attestation engagement other than an audit of financial statements? What are the differences between the two? ACC 491 WEEK 1 DQ 2 The ten Generally Accepted Auditing Standards (GAAS) provide the foundation for all other auditing standards and interpretations. What is the definition of the standard of “due professional care”, and how might a court decide whether an audit firm met the standard?  Why is independence often considered the cornerstone of the auditing profession? Why were independence issues a primary concern of Congress when they developed the Sarbanes-Oxley Act? ACC 491 WEEK 1 INDIVIDUAL ASSIGNMENT GENERALLY ACCEPTED AUDITING STANDARDS PAPER Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an......

Words: 1195 - Pages: 5

Acc 340 Week 5, Final Exam

...ACC 340 WEEK 5, Final Exam Purchase here http://chosecourses.com/acc-340-week-5-final-exam Description 1). Three logical database structures include ___________ 2). A notation showing the relationship among entities is called _________ 3). The process of examining and arranging file data in a way that helps avoid problems when these files are used or modified later is called _______________. 4). Data definition commands, data query commands and report generators are features of 5). Organizational structure for the general ledger is provided by 6). AISs depend heavily on the use of codes to record, classify and retrieve financial data. 7).The practice of examining business practices and redesigning them from scratch is called 8). Software solutions that include financial functions interfaced with manufacturing, sales and distribution, and human resources are called 9). Label the four stages in the systems development life cycle. 10. When installing a new system, the 3 changeover possibilities are 11. Name two tools used to plan, schedule and monitor the activities during a systems implementation project. 12. The objective in designing any internal control system is to provide foolproof protection against all internal control risks. 13. A good _________ enables an accounting manager as well as auditors to......

Words: 346 - Pages: 2

Acc 291 Week 5 Final Exam 5

...ACC 291 Week 5 Final Exam 5 Purchase here http://chosecourses.com/acc-291-week-5-final-exam-5 Description ACC 291 Final Exam 1) Intangible assets are the rights and privileges that result from ownership of long-lived assets that 2) Gains on an exchange of plant assets that has commercial substance are 3) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period? 4) When an interest-bearing note matures, the balance in the Notes Payable account is 5) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as 6) Hilton Company issued a four-year interest-bearing note payable for $300,000 on January 1, 2011. Each January the company is required to pay $75,000 on the note. How will this note be reported on the December 31, 2012 balance sheet? 7) When the effective-interest method of bond discount amortization is used 8) Capital stock to which the charter has assigned a value per share is called 9) Manner, Inc. has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2011. There were no dividends declared in 2010. The board of directors declares and pays a $45,000 dividend in 2011. What is......

Words: 815 - Pages: 4

Acc 291 Week 5 Final Exam 4

...ACC 291 Week 5 Final Exam 4 Purchase here http://chosecourses.com/acc-291-week-5-final-exam-4 Description ACC 291 Final Exam 1. Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as 2. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period? 3. Intangible assets 4. Intangible assets are the rights and privileges that result from ownership of long-lived assets that 5. The book value of an asset is equal to the 6. Gains on an exchange of plant assets that has commercial substance are 7. Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense? 8. Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as 9. When an interest-bearing note matures, the balance in the Notes Payable account is 10. The interest charged on a $200,000 note payable, at a rate of 6%, on a 2-month note would be 11. If a corporation issued $3,000,000 in bonds which pay 10% annual interest, what is the annual......

Words: 828 - Pages: 4

Acc 291 Week 5 Final Exam 3

...ACC 291 Week 5 Final Exam 3 Purchase here http://chosecourses.com/acc-291-week-5-final-exam-3 Description ACC 291 Sample Final Exam 1) The Sarbanes-Oxley Act requires that all publicly traded companies maintain a system of internal controls. Internal controls can be defined as a plan to 2) The purchase of treasury stock 3) Marsh Company has other operating expenses of $240,000. There has been an increase in prepaid expenses of $16,000 during the year, and accrued liabilities are $24,000 lower than in the prior period. Using the direct method of reporting cash flows from operating activities, what were Marsh's cash payments for operating expenses? 4) Where would the event purchased land for cash appear, if at all, on the indirect statement of cash flows? 5) In performing a vertical analysis, the base for cost of goods sold is 6) Blanco, Inc. has the following income statement (in millions): 7) Dawson Company issued 500 shares of no-par common stock for $4,500. Which of the following journal entries would be made if the stock has a stated value of $2 per share? 8) Andrews, Inc. paid $45,000 to buy back 9,000 shares of its $1 par value common stock. This stock was sold later at a selling price of $6 per share. The entry to record the sale includes a 9) Which of the following is a fundamental factor in having an effective, ethical corporate culture? 10) Two individuals at a retail store work the same cash register. You......

Words: 790 - Pages: 4

Acc 291 Week 5 Final Exam 2

...ACC 291 Week 5 Final Exam 2 Purchase here http://chosecourses.com/acc-291-week-5-final-exam-2 Description ACC 291 Sample Final Exam 1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense? 2) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period? 3) Intangible assets 4) Intangible assets are the rights and privileges that result from ownership of long-lived assets that 5) The book value of an asset is equal to the 6) Gains on an exchange of plant assets that has commercial substance are 7) Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as 8) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as 9) When an interest-bearing note matures, the balance in the Notes Payable account is 10) The interest charged on a $200,000 note payable, at a rate of 6%, on a 2-month note would be 11) If a corporation issued $3,000,000 in bonds which pay 10% annual interest, what is the......

Words: 811 - Pages: 4

Acc 291 Week 5 Final Exam 1

...ACC 291 Week 5 Final Exam 1 Purchase here http://chosecourses.com/acc-291-final-exam-1 Description ACC 291 Sample Final Exam Question 207 On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation? IFRS Multiple Choice Question 01 As a recent graduate of State University you're aware that IFRS requires component depreciation for plant assets. A friend has asked you to succinctly explain what component depreciation means. Which of the following correctly describes component depreciation? Multiple Choice Question 198 Given the following account balances at year end, compute the total intangible assets on the balance sheet of Janssen Enterprises. Cash $1,500,000 Accounts Receivable 4,000,000 Trademarks 1,000,000 Goodwill 2,500,000 Research & Development Costs 2,000,000 Multiple Choice Question 146 Bonds with a face value of $300,000 and a quoted price of 97¼ have a selling price of Multiple Choice Question 188 Sparks Company received proceeds of $423,000 on 10-year, 8% bonds issued on January 1, 2013. The bonds had a face value of $400,000, pay interest annually on......

Words: 1290 - Pages: 6

Acc 491 Week 5 Final Exam

...ACC 491 WEEK 5 Final Exam Purchase here http://chosecourses.com/acc-491-week-5-final-exam Description aCC 491 Sample Final Exam 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 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......

Words: 4226 - Pages: 17

Acc 491 Week 5 Final Exam

...ACC 491 WEEK 5 Final Exam Purchase here http://chosecourses.com/acc-491-week-5-final-exam Description aCC 491 Sample Final Exam 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 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......

Words: 4226 - Pages: 17

Acc 340 Week 5, Final Exam

...ACC 340 WEEK 5, Final Exam Purchase here http://chosecourses.com/acc-340-week-5-final-exam Description 1). Three logical database structures include ___________ 2). A notation showing the relationship among entities is called _________ 3). The process of examining and arranging file data in a way that helps avoid problems when these files are used or modified later is called _______________. 4). Data definition commands, data query commands and report generators are features of 5). Organizational structure for the general ledger is provided by 6). AISs depend heavily on the use of codes to record, classify and retrieve financial data. 7).The practice of examining business practices and redesigning them from scratch is called 8). Software solutions that include financial functions interfaced with manufacturing, sales and distribution, and human resources are called 9). Label the four stages in the systems development life cycle. 10. When installing a new system, the 3 changeover possibilities are 11. Name two tools used to plan, schedule and monitor the activities during a systems implementation project. 12. The objective in designing any internal control system is to provide foolproof protection against all internal control risks. 13. A good _________ enables an accounting manager as well as auditors to follow the path of the data recorded in transactions form the......

Words: 1726 - Pages: 7

Acc 291 Week 5 Final Exam 3

...ACC 291 Week 5 Final Exam 3 Purchase here http://chosecourses.com/acc-291-week-5-final-exam-3 Description ACC 291 Sample Final Exam 1) The Sarbanes-Oxley Act requires that all publicly traded companies maintain a system of internal controls. Internal controls can be defined as a plan to 2) The purchase of treasury stock 3) Marsh Company has other operating expenses of $240,000. There has been an increase in prepaid expenses of $16,000 during the year, and accrued liabilities are $24,000 lower than in the prior period. Using the direct method of reporting cash flows from operating activities, what were Marsh's cash payments for operating expenses? 4) Where would the event purchased land for cash appear, if at all, on the indirect statement of cash flows? 5) In performing a vertical analysis, the base for cost of goods sold is 6) Blanco, Inc. has the following income statement (in millions): 7) Dawson Company issued 500 shares of no-par common stock for $4,500. Which of the following journal entries would be made if the stock has a stated value of $2 per share? 8) Andrews, Inc. paid $45,000 to buy back 9,000 shares of its $1 par value common stock. This stock was sold later at a selling price of $6 per share. The entry to record the sale includes a 9) Which of the following is a fundamental factor in having an effective, ethical corporate culture? 10) Two individuals at a retail store work the same cash register. You......

Words: 2258 - Pages: 10

Acc 291 Week 5 Final Exam 4

...ACC 291 Week 5 Final Exam 4 Purchase here http://chosecourses.com/acc-291-week-5-final-exam-4 Description ACC 291 Final Exam 1. Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as 2. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period? 3. Intangible assets 4. Intangible assets are the rights and privileges that result from ownership of long-lived assets that 5. The book value of an asset is equal to the 6. Gains on an exchange of plant assets that has commercial substance are 7. Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense? 8. Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as 9. When an interest-bearing note matures, the balance in the Notes Payable account is 10. The interest charged on a $200,000 note payable, at a rate of 6%, on a 2-month note would be 11. If a corporation issued $3,000,000 in bonds which pay 10% annual interest, what is the annual......

Words: 2482 - Pages: 10

Acc 291 Week 5 Final Exam 1

...ACC 291 Week 5 Final Exam 1 Purchase here http://chosecourses.com/acc-291-final-exam-1 Description ACC 291 Sample Final Exam Question 207 On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation? IFRS Multiple Choice Question 01 As a recent graduate of State University you're aware that IFRS requires component depreciation for plant assets. A friend has asked you to succinctly explain what component depreciation means. Which of the following correctly describes component depreciation? Multiple Choice Question 198 Given the following account balances at year end, compute the total intangible assets on the balance sheet of Janssen Enterprises. Cash $1,500,000 Accounts Receivable 4,000,000 Trademarks 1,000,000 Goodwill 2,500,000 Research & Development Costs 2,000,000 Multiple Choice Question 146 Bonds with a face value of $300,000 and a quoted price of 97¼ have a selling price of Multiple Choice Question 188 Sparks Company received proceeds of $423,000 on 10-year, 8% bonds issued on January 1, 2013. The bonds had a face value of $400,000, pay interest annually on......

Words: 5160 - Pages: 21

Acc 291 Week 5 Final Exam 2

...ACC 291 Week 5 Final Exam 2 Purchase here http://chosecourses.com/acc-291-week-5-final-exam-2 Description ACC 291 Sample Final Exam 1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense? 2) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period? 3) Intangible assets 4) Intangible assets are the rights and privileges that result from ownership of long-lived assets that 5) The book value of an asset is equal to the 6) Gains on an exchange of plant assets that has commercial substance are 7) Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as 8) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as 9) When an interest-bearing note matures, the balance in the Notes Payable account is 10) The interest charged on a $200,000 note payable, at a rate of 6%, on a 2-month note would be 11) If a corporation issued $3,000,000 in bonds which pay 10% annual interest, what is the......

Words: 3244 - Pages: 13

Acc 291 Week 5 Final Exam 5

...ACC 291 Week 5 Final Exam 5 Purchase here http://chosecourses.com/acc-291-week-5-final-exam-5 Description ACC 291 Final Exam 1) Intangible assets are the rights and privileges that result from ownership of long-lived assets that 2) Gains on an exchange of plant assets that has commercial substance are 3) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period? 4) When an interest-bearing note matures, the balance in the Notes Payable account is 5) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as 6) Hilton Company issued a four-year interest-bearing note payable for $300,000 on January 1, 2011. Each January the company is required to pay $75,000 on the note. How will this note be reported on the December 31, 2012 balance sheet? 7) When the effective-interest method of bond discount amortization is used 8) Capital stock to which the charter has assigned a value per share is called 9) Manner, Inc. has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2011. There were no dividends declared in 2010. The board of directors declares and pays a $45,000 dividend in 2011. What is......

Words: 4885 - Pages: 20