ACC 492 WEEK 4 Week 4 Quiz

ACC 492 WEEK 4 Week 4 Quiz

ACC 492 WEEK 4 Week 4 Quiz

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ACC 492 WEEK 4 Week 4 Quiz

ACC 492 WEEK 4 Week 4 Quiz

ACC 492 WEEK 4 Week 4 Quiz

  1. Budd, the purchasing agent of Lake Hardware Wholesalers, has a relative who owns a retail hardware store. Budd arranged for hardware to be delivered by manufacturers to the relative’s retail store on a COD basis, thereby enabling his relative to buy at Lake’s wholesale prices. Budd was probably able to accomplish this because of Lake’s poor internal control over
  1. purchase requisitions.
  2. purchase orders.
  3. cash receipts.
  4. perpetual inventory records.

 

  1. Which of the following is an internal control that will prevent paid cash disbursement documents from being presented for payment a second time?

 

  1. The date on cash disbursement documents must be within a few days of the date that the document is presented for payment.
  2. The official signing the check compares the check with the documents and should deface the documents.
  3. Unsigned checks are prepared by individuals who are responsible for signing checks.
  4. Cash disbursement documents are approved by at least two responsible management officials.

 

  1. Which of the following questions would be best to include in an internal control questionnaire concerning the completeness assertion for purchases?

 

  1. Is an authorized purchase order required before the receiving department can accept a shipment or the vouchers payable department can record a voucher?
  2. Are purchase requisitions prenumbered and independently matched with vendor invoices?
  3. Is the unpaid voucher file periodically reconciled with inventory records by an employee who does not have access to purchase requisitions?
  4. Are purchase orders, receiving reports, and vouchers prenumbered and periodically accounted for?

 

  1. The authority to accept incoming goods in receiving should be based on a(n)

 

  1. vendor’s invoice.
  2. bill of lading.
  3. purchase requisition.
  4. approved purchase order.

 

  1. In testing for unrecorded disposals of equipment, an auditor most likely will

 

  1. select items of equipment from the accounting records and then locate them during the plant tour.
  2. compare depreciation journal entries with similar prior-year entries in search of fully depreciated equipment.
  3. inspect items of equipment observed during the plant tour and then trace them to the equipment master file.
  4. scan the general journal for unusual equipment additions and excessive debits to repairs and maintenance expense.

 

  1. When there are numerous property and equipment transactions during the year, an auditor who plans to assess control risk at a low level usually performs

 

  1. analytical procedures for property and equipment balances at the end of the year.
  2. analytical procedures for current year property and equipment transactions.
  3. tests of controls and limited tests of current year property and equipment transactions.
  4. tests of controls and extensive tests of property and equipment balances at the end of the year.

 

  1. In connection with the audit of the prepaid insurance account, which of the following procedures is usually not performed by the auditor?

 

  1. Recompute the portion of the premium that expired during the year.
  2. Prepare excerpts of the insurance policies for audit documentation.
  3. Confirm premium rates with an independent insurance broker.
  4. Examine support for premium payments.

 

  1. Which of the following questions would an auditor likely include on an internal control questionnaire for notes payable?

 

  1. Are assets that collateralize notes payable critically needed for the entity’s continued existence?
  2. Are two or more authorized signatures required on checks that repay notes payable?
  3. Are the proceeds from notes payable used for the purchase of noncurrent assets?
  4. Are direct borrowings on notes payable authorized by the board of directors?

 

  1. When an auditor observes that the recorded interest expense seems to be excessive in relation to the balance in the bonds payable account, the auditor might suspect that

 

  1. discount on bonds payable is understated.
  2. bonds payable are understated.
  3. bonds payable are overstated.
  4. premium on bonds payable is overstated.

 

  1. In the audit of notes payable, which balance-related audit objective is generally one of the most important for the auditor to verify?

 

  1. Notes payable reflected on the balance sheet at the end of the year exist.
  2. Notes payable due to related parties are properly reflected on the balance sheet.
  3. Existing notes payable are included on the balance sheet as of year end.
  4. Notes payable are reflected at net realizable value as of the balance sheet date. ACC 492 WEEK 4 Week 4 Quiz

ACC 492 WEEK 4 Week 4 Quiz

ACC 492 WEEK 4 Week 4 Quiz

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