Category Which of the following is one of the better auditing techniques to detect kiting?

ACC 492 WEEK 2 Week 2 Quiz

ACC 492 WEEK 2 Week 2 Quiz

ACC 492 WEEK 2 Week 2 Quiz Welcome to the #1 most trusted academic services website Homework Nerds. Do you need help with ACC 492 WEEK 2 Week 2 Quiz ? We can write your ACC 492 WEEK 2 Week 2 Quiz from scratch. At Homework Nerds, we provide students like you with essays and power point writing service. we can complete your ACC 492 WEEK 2 Week 2 Quiz original from scratch. Contact us today to write your paper. prices as low as $14.99 per page.  ACC 492 WEEK 2 Week 2 Quiz

ACC 492 WEEK 2 Week 2 Quiz

ACC 492 WEEK 2 Week 2 Quiz

ACC 492 WEEK 2 Week 2 Quiz

  1. A CPA obtains a January 10 cutoff bank statement for a client directly from the bank. Very few of the outstanding checks listed on the client’s December 31 bank reconciliation cleared during the cutoff period. A probable cause for this is that the client

 

  1. is engaged in kiting.
  2. is engaged in lapping.
  3. has overstated its year-end bank balance.
  4. transmitted the checks to the payees after year-end.

 

  1. In establishing the existence and ownership of an investment held by a corporation in the form of publicly traded stock, an auditor should inspect the securities or

obtain written representations from management confirming that the securities are

 

  1. properly classified as trading securities.
  2. inspect the audited financial statements of the investee company.
  3. confirm the number of shares owned that are held by an independent custodian.
  4. determine that the investment is carried at the lower of cost or market.

 

  1. The auditor should ordinarily send confirmation requests to all banks with which the client has conducted any business during the year, regardless of the year-end balance, because

 

  1. this procedure will detect kiting activities that would otherwise not be detected.
  2. the confirmation form also seeks information about indebtedness to the bank.
  3. the sending of confirmation requests to all such banks is required by auditing standards.
  4. this procedure relieves the auditor of any responsibility with respect to non-detection of forged checks.

 

  1. The auditor should control and verify all liquid assets simultaneously to prevent

 

  1. unrecorded disbursements.
  2. conversion of assets to conceal a shortage.
  3. unauthorized disbursements.

 

  1. Which of the following is one of the better auditing techniques to detect kiting?

 

  1. Review composition of authenticated deposit slips.
  2. Review subsequent bank statements and cancelled checks received directly from the banks.
  3. Prepare year-end bank reconciliations.
  4. Prepare a schedule of bank transfers from the client’s books.

 

  1. The accounting system will not post a sales transaction to the sales journal without a valid bill of lading number. This control is most relevant to which transaction-related objective for sales?

 

  1. Accuracy
  2. Occurrence
  3. Completeness
  4. Posting and summarization

 

  1. The accounting system automatically obtains the unit price based on scans of bar codes for merchandise sold. This control is most relevant to which transaction-related objective for sales?

 

  1. Accuracy
  2. Occurrence
  3. Completeness
  4. Posting and summarization

 

  1. Which of the following controls would be most effective in detecting a failure to record cash received from customers paying on their accounts?

 

  1. A person in accounting reconciles the bank deposit to the cash receipts journal.
  2. Transactions recorded in the cash receipts journal are posted on a real-time basis to the accounts receivable master file.
  3. Monthly statements are sent to customers and any discrepancies are resolved by someone independent of cash handling and accounting.
  4. Deposits of cash received are made daily.

 

  1. After a CPA has determined that accounts receivable have increased as a result of slow collections in a “tight money” environment, the CPA will be likely to

 

  1. increase the balance in the allowance for bad debt account.
  2. review the going concern ramifications.
  3. review the credit and collection policy.
  4. expand tests of collectibility.

 

  1. Which of the following audit procedures will best uncover an understatement of sales and accounts receivable?

 

  1. Test a sample of sales transactions, selecting the sample from prenumbered shipping documents.
  2. Test a sample of sales transactions, selecting the sample from sales invoices recorded in the sales journal.
  3. Confirm accounts receivable.
  4. Review the aged accounts receivable trial balance. ACC 492 WEEK 2 Week 2 Quiz

ACC 492 WEEK 2 Week 2 Quiz

ACC 492 WEEK 2 Week 2 Quiz

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