ACC 492 WEEK 3 Week 3 Quiz

ACC 492 WEEK 3 Week 3 Quiz

ACC 492 WEEK 3 Week 3 Quiz

ACC 492 WEEK 3 Week 3 Quiz Welcome to the #1 most trusted academic services website Homework Nerds. Do you need help with ACC 492 WEEK 3 Week 3 Quiz ? We can write your ACC 492 WEEK 3 Week 3 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 3 Week 3 Quiz original from scratch. Contact us today to write your paper. prices as low as $14.99 per page.  ACC 492 WEEK 3 Week 3 Quiz

ACC 492 WEEK 3 Week 3 Quiz

ACC 492 WEEK 3 Week 3 Quiz

ACC 492 WEEK 3 Week 3 Quiz

  1. Control risk is the risk that a material misstatement in an account will not be prevented or detected on a timely basis by the client’s internal controls. The best control to prevent or detect fictitious payroll transactions is to
  1. use and account for prenumbered payroll checks.
  2. obtain authorization from human resources for hiring, pay rate, job status and termination.
  3. verify internally authorized pay rates, computations, and agreement with the payroll register.
  4. conduct periodic independent bank reconciliations of the payroll bank account.

 

  1. A factory foreman at Steblecki Corporation discharged an hourly worker but did not notify the human resources department. The foreman then forged the worker’s signature on time cards and work tickets and, when giving out the checks, diverted the payroll checks drawn from the discharged worker to his own use. The most effective procedure for preventing this activity is to

 

  1. require written authorization for all employees added to or removed from the payroll.
  2. have a paymaster who has no other payroll responsibility distribute the payroll checks.
  3. have someone other than persons who prepare or distribute the payroll obtain custody of unclaimed payroll checks.
  4. from time to time, rotate persons distributing the payroll.

 

  1. An auditor found that employee time records in one department are not properly approved by the supervisor. Which of the following could result?

 

  1. Duplicate paychecks might be issued.
  2. The wrong hourly rate could be used to calculate gross pay.
  3. Employees might be paid for hours they did not work.
  4. Payroll checks might not be distributed to the appropriate employees.

 

  1. A common audit procedure in the audit of payroll transactions involves tracing selected items from the payroll journal to employee time cards that have been approved by supervisory personnel. This procedure is designed to provide evidence in support of the audit proposition that

 

  1. only proper employees worked and their pay was correctly computed.
  2. jobs on which employees worked were charged with the appropriate labor cost.
  3. internal controls over payroll disbursements are operating effectively.
  4. all employees worked the number of hours for which their pay was computed.

 

  1. In performing tests concerning the granting of stock options, an auditor should

 

  1. confirm the transaction with the Secretary of State in the state of incorporation.
  2. verify the existence of option holders in the entity’s payroll records or stock ledgers.
  3. determine that sufficient treasury stock is available to cover any new stock issued.
  4. trace the authorization for the transaction to a vote of the board of directors.

 

  1. Which of the following controls will most likely justify a reduced assessed level of control risk for the occurrence assertion for purchases of inventory?

 

  1. Receiving reports for inventory additions are accounted for and entry of received goods into the purchases system is verified by accounting clerks.
  2. The purchases system automatically updates the perpetual inventory master file when transactions are entered into the purchases journal.
  3. The perpetual inventory system will not allow an addition of inventory to be posted without entry of a valid receiving report number.
  4. At the close of each day, the system reconciles the perpetual inventory master file to the inventory general ledger account and generates an exception report when differences exist.

 

  1. For control purposes, the quantities of materials ordered may be omitted from the copy of the purchase order that is

 

  1. returned to the requisitioner.
  2. forwarded to the receiving department.
  3. forwarded to the accounting department.
  4. retained in the purchasing department’s files.

 

  1. Which of the following internal control procedures most likely would be used to maintain accurate inventory records?

 

  1. Perpetual inventory records are periodically compared with the current cost of individual inventory items.
  2. A just-in-time inventory ordering system keeps inventory levels to a desired minimum.
  3. Requisitions, receiving reports, and purchase orders are independently matched before payment is approved.
  4. Periodic inventory counts are used to adjust the perpetual inventory records.

 

  1. When an auditor tests a client’s cost accounting records, the auditor’s tests are primarily designed to determine that

 

  1. costs have been correctly assigned to finished goods, work-in-process, and cost of goods sold.
  2. quantities on hand have been computed based on acceptable cost accounting techniques that reasonably approximate actual quantities on hand.
  3. physical inventories are in substantial agreement with book inventories.
  4. the internal controls are in accordance with accounting standards and are functioning as planned.

 

  1. An auditor selected items for test counts while observing a client’s physical inventory. The auditor traced the test counts to the client’s inventory listing. This procedure likely obtained evidence about which balance-related audit objective for inventory?

 

  1. Existence
  2. Rights and obligations
  3. Completeness
  4. Realizable value ACC 492 WEEK 3 Week 3 Quiz

ACC 492 WEEK 3 Week 3 Quiz

ACC 492 WEEK 3 Week 3 Quiz

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