Acc 492 (Final Exam Answers)

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1) The bonding of employees will normally be expected to: 1. “weed out” dishonest employees already hired. 1. serve as a deterrent to dishonesty. 1. guarantee that all employee fraud will be prevented. 1. eliminate the need for separation of duties in the cash receipts area.

2) All sales, cash receipts, and sales adjustments are accurately valued using GAPP and correctly journalized, summarized, and posted. These actions are transaction objectives for: 1. occurance 1. cutoff 1. accurancy 1. completeness

3) Disclosure objectives include all of the following EXCEPT: 1. occurrence and rights and obligations 1. classification and understandability 1. completeness 1. cutoff

4) The extent of the auditor’s inventory test count would LEAST depend on which of the following? 1. The nature and composition of the inventory. 1. The existence of inventory at multiple locations. 1. The effectiveness of controls pertaining to maintenance of perpetual records. 1. The care exercised by client employees in taking the inventory.

5) When statistical sampling methods are used by the client in determining inventories, professional standards require that the auditor ascertain the following EXCEPT that the: 1. sampling plan has statistical validity. 1. appropriate tests of transactions have been applied. 1. results in terms of reliability are reasonable. 1. sampling plan has been properly applied.

6) The auditor’s strategy in performing test counts during the inventory observation is to: 1. concentrate tests on high dollar items…...

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