Category Archives: ACC 576

STRAYER ACC 576 Week 2 Quiz (All Possible Questions) NEW

STRAYER ACC 576 Week 2 Quiz (All Possible Questions) NEW

Check this A+ tutorial guideline at

http://www.assignmentcloud.com/acc-576-strayer/acc-576-week-2-quiz-new

For more classes visit

http:// ww.assignmentcloud.com/

STRAYER ACC 576 Week 2 Quiz (All Possible Questions) NEW

Week 2 Quiz

Question 1

The most likely result of ineffective internal control policies and procedures in the revenue cycle is that

Question 2

An entity with a large volume of customer remittances by mail could most likely reduce the risk of employee misappropriation of cash by using

Question 3

Which of the following statements is generally correct about the reliability ofaudit evidence?

Question 4

Which of the following audit procedures would an auditor most likely perform to test controls relating to management’s assertion concerning the completeness of sales transactions?

Question 5

The audit working paper that reflects the major components of an amount reported in the financial statements is the

Question 6

Which of the following most likely would indicate the existence of related parties?

Question 7

Which of the following procedures would an auditor most likely perform during an audit engagement’s overall review stage in formulating an opinion on an entity’s financial statements?

Question 8

In auditing accounts receivable the negative form of confirmation request most likely would be used when

Question 9

Before applying substantive tests to the details of asset accounts at an interim date, an auditor should assess:

Question 10

“There have been no communications from regulatory agencies concerning noncompliance with, or deficiencies in, financial reporting practices that could have a material effect on the financial statements.” The foregoing passage is most likely from a

Question 11

“We have disclosed to you all known instances of noncompliance or suspected noncompliance with laws and regulations whose effects should be considered when preparing financial statements.” The foregoing passage most likely is from a(n)

Question 12

Which of the following controls would be most effective in assuring that recorded purchases are free of material errors?

Question 13

An auditor should request that an audit client send a letter of inquiry to those attorneys who have been consulted concerning litigation, claims, or assessments. The primary reason for this request is to provide

Question 14

To which of the following matters would materiality limits not apply in obtaining written management representations?

Question 15

In which of the following circumstances is substantive testing of accounts receivable before the balance sheet date most appropriate?

Question 16

The purpose of segregating the duties of hiring personnel and distributing payroll checks is to separate the

Question 17

An auditor’s purpose in reviewing credit ratings of customers with delinquent accounts receivable most likely is to obtain evidence concerning management’s assertions about

Question 18

The objective of tests of details of transactions performed as substantive tests is to

Question 19

Which of the following documentation is not required for an audit in accordance with generally accepted auditing standards?

Question 20

An auditor should design the written audit program so that

 

 

 

 

 

 

 

 

 

 

STRAYER ACC 576 Week 7 Quiz (All Possible Questions) NEW

STRAYER ACC 576 Week 7 Quiz (All Possible Questions) NEW

Check this A+ tutorial guideline at

http://www.assignmentcloud.com/acc-576-strayer/acc-576-week-7-quiz-new

For more classes visit

http://ww.assignmentcloud.com/

STRAYER ACC 576 Week 7 Quiz (All Possible Questions) NEW

1. A management accountant performed a linear regression of maintenance cost vs. production using a computer spreadsheet. The regression output shows an “intercept” value of $322,897. How should the accountant interpret this information?

2. The equation for the graphic plot of a linear economic variable is D = b + m(a). Which of the following represents the value of the “intercept”?

3. Which of the following statements regarding the use of graphs to depict economic relationships is not correct?

4. Graphs are a means of depicting the relationship between two variables. These variables are usually identified as

5. The equation for the graphic plot of a linear economic variable is D = b + m(a), where m > 0. Which of the following is the slope of the economic “curve” represented by this equation?

6. Measures of the economic activity of an entire nation would be included in the study of

7. The free-market economy flow model depicts four major interrelated flows:I . Individuals provide economic resources to business firms.II. Firms provide payment to individuals for economic resources.III. Firms provide goods and services to individuals.IV. Individuals provide payment to firms for goods and services.

8. If the cost of imported oil declined suddenly and significantly, which one of the above flows would be most likely to be the first impacted?

9. The free-market economy flow model depicts four major interrelated flows:I . Individuals provide economic resources to business firms.II. Firms provide payment to individuals for economic resources.III. Firms provide goods and services to individuals.IV. Individuals provide payment to firms for goods and services.

10. If financial institutions and businesses suddenly and severely restrict the availability of consumer credit, which one of the above flows would be most likely to be the first to be impacted adversely?

11. Which of the following are considered economic resources?

12. In a free-market economy, which of the following should be the least significant factor in determining resource allocation and use?

13. Which of the following is not a characteristic of a free-market economy?

14. The demand for a commodity would increase when the price of a

15. When a demand schedule is plotted on a graph, the resulting demand curve will be

16. In the statement “quantity demanded is a function of price,” are the variables quantity and price dependent or independent variables?

17. The demand curve for a product reflects which of the following?

18. If there is an increase in the income of market participants, which of the following is most likely to happen to the demand for normal goods?

19. Which one of the following would not cause an increase in demand for a commodity?

20. Concurrent with a significant downturn in the economy, the sale of Scope’s high-end electronics decreased dramatically. Which of the following is the most likely direct cause of the decline in demand for Scope’s products?

21. Which one of the following factors would not cause an increase in the supply curve of a commodity?

22. A supply schedule (or supply curve) shows the relationship between the quantity of a commodity that will be supplied during a period of time and

23. If a change in market variables causes a supply curve to shift inward, which one of the following will occur?

24. When the cost of input factors to the production process increases, which one of the following will occur?

25. In the statement “quantity supplied is a function of price,” are the variables quantity and price dependent or independent variables?

26. An increase in taxes on cigarette production would cause which one of the following to occur?

27. What is the effect on the quantity of a commodity supplied relative to demand as a result of a government-mandated price ceiling or price floor?

28. A city ordinance that establishes a price ceiling on rent may cause

29. If both demand and supply have traditional curves, a higher equilibrium price may be caused by which one of the following?

30. If the price for a good is fixed by government fiat below market equilibrium price, which one of the following will occur?

31. A price ceiling that is below the market equilibrium price would be expected to result in which one of the following sets of effects on demand and supply?

32. Which of the following characteristics would indicate that an item sold would have a high price elasticity of demand?

33. An increase in the price of Commodity Y from $50 to $60 resulted in an increase in the quantity supplied, from 80 units to 88 units. Which one of the following is the price elasticity of supply?

34. A company has a policy of frequently cutting prices to increase sales. Product demand is significantly elastic. What impact would this have on the company’s situation?

35. If demand for a product is elastic, what would be the effect of a price increase and a price decrease on total revenue (TR) generated?

36. In which of the following situations would there be inelastic demand?

37. The elasticity of demand is measured by

38. A 4% increase in the market price of Commodity X resulted in an 8% increase in the quantity of Commodity X supplied. Which one of the following statements is correct?

39. As an individual acquires (or consumes) more units of a commodity over a given time period, what is the effect on the individual’s total utility and marginal utility?

40. The following graph shows four curves: A-A, B-B, C-C, and D-D. Which one of these curves could depict a total utility curve?

41. Allen buys only beer and pizza. When the price of beer is $2.00 per bottle and the price of pizza is $10.00, Allen maximizes his total utility (satisfaction) by buying 5 beers and 4 pizzas. If the marginal utility of the 5th beer is 100 utils, which one of the following would be the marginal utility of the 4th pizza?

42. The following graph shows four curves: A-A, B-B, C-C, and D-D. Which of these curves depict variables that are not interdependent?

43. Allen has the following schedule of marginal utility for slices of pizza and bottles of beer: If Allen maximizes his total utility by consuming 3 slices of pizza and 3 bottles of beer, which one of the following is the ratio of the price of a slice of pizza to the price of a bottle of beer?

44. Which one of the following cost curves does not have a general “U-shape”?

45. In the long run, if all input factors to a production process are increased by 100%, but total output increases by only 75%, this indicates

46. Which one of the following statements regarding periods of analysis is correct?

47. According to the law of diminishing returns, which one of the following is correct?

48. In a macroeconomic free-market flow model, which of the following would be considered leakages?

49. Which of the following forms of economic activity is considered in macroeconomics, but not in microeconomics?

50. In a macroeconomic free-market flow model, which one of the following would not be considered an “injection?”

51. Which of the following issues is least likely to be relevant to the study of macroeconomics?

52. The foreign sector plays a role in a macroeconomic free-market flow model because of

53. Which of the following sectors is most likely to be relevant in both microeconomic and macroeconomic models of free-market flows?

54. Potential GDP is a measure of an economy’s ability to produce goods and services. Which of the following is assumed in estimating potential GDP?

55. Which of the following graphs shows the maximum combination of goods and services that can be produced at a given time, if all available resources are used efficiently?

56. A positive gross domestic product (GDP) gap exists when

57. Gross domestic product (GDP) is a measure of

58. Adjustment from gross national product (GNP) to net national product (NNP) would require which one of the following?

59. A good produced in 2008 that was in the finished goods inventory on December 31, 2008, and was sold in January 2009 would be included in whole or in part in the GDP of which year(s)?

60. The following information is available for economic activity for year 1: What amount is the gross domestic product for year 1?

61. Which of the following indicates that the economy is in a recessionary phase?

62. If the U.S. economy is experiencing a 9% total unemployment rate and the natural rate of unemployment is 5.5%, which of the following is the cyclical rate of unemployment?

63. Jason, 14 years old, has been working delivering newspapers for the past two years. Because he just entered high school, he has had to give up his newspaper delivery job. Although he has been seeking a new job, he has not been able to find one. Jason would be considered

64. There can be official full employment when there is which of the following kinds of unemployment? I. Structural unemployment.II. Frictional unemployment.III. Seasonal unemployment.

65. As a result of the recession in 2009 and the related decline in tourism, several thousand hospitality industry workers in Florida became unemployed. These workers were

66. Which of the following changes in unemployment is most likely to be associated with a period of economic contraction?

67. Which of the following types of unemployment typically results from technological advances?

68. Which of the following is not included in what is considered the natural rate of unemployment?

69. Which of the following is most likely to decrease aggregate demand?

70. In macroeconomics, which one of the following would not be considered investment spending?

71. During 2008, Roy’s disposable income was $100,000 and he spent $90,000 on consumable goods. During 2009, Roy’s disposable income increased to $200,000 and he spent $150,000 on consumable goods. For 2009, when compared to 2008, what is Roy’s marginal propensity to consume?

72. An increase in spending on imported goods would most likely cause which one of the following?

73. Which of the following is most likely to result in an increase in aggregate demand in the U.S. economy?

74. Which of the following is most likely to increase aggregate demand?

75. During 2008, Roy’s disposable income was $100,000 and he spent $90,000 on consumable goods. During 2009, Roy’s disposable income increased to $200,000 and he spent $150,000 on consumable goods. During 2009, what is Roy’s average propensity to consume?

76. The full-employment gross domestic product is $1.3 trillion, and the actual gross domestic product is $1.2 trillion. The marginal propensity to consume is 0.8. When inflation is ignored, what increase in government expenditures is necessary to produce full employment?

77. Which of the following theoretical aggregate supply curves has a “kink” at the level of output at which there is full employment?

78. The war in Iraq substantially reduced the working population, as well as other economic resources, of that country. Which one of the following most likely occurred in the Iraqi economy as a result of the reduced working population?

79. Which of the following effects is most likely to accompany an unexpected reduction in aggregate supply, assuming a conventional supply curve?

80. An increase in the minimum wage rate would likely result in which one of the following?

81. Assuming a conventional supply curve, which one of the following factors will not cause a shift in the aggregate supply curve for a good?

82. An increase in the value of the Chinese currency (the RMB) relative to the U.S. dollar would most likely cause which of the following?

83. Assume increased capital investment results in higher levels of output of goods, but demand remains unchanged. What will be the likely effect on aggregate equilibrium quantity and price if a conventional supply curve is assumed?

84. A rise in a country’s exports would most likely cause which one of the following shifts?

85. Assume increased capital investment results in higher levels of output of goods, but demand remains unchanged. What will be the likely effect on aggregate equilibrium quantity and price if a classical supply curve is assumed?

86. Assume increased capital investment results in higher levels of output of goods, but demand remains unchanged. What will be the likely effect on aggregate equilibrium quantity and price if a Keynesian supply curve is assumed and the level of aggregate demand is at greater than full employment?

87. The aggregate demand and aggregate supply curves intersect at a price and quantity that are

88. Which one of the following statements concerning the business cycle is correct?

89. The business cycle in the U.S. is measured in terms of changes in

90. Which of the following measures is most likely to indicate a forthcoming recessionary period?

91. Which of the following segments of the economy will be least affected by the business cycle?

92. Which of the following statements concerning the business cycle, if any, is correct? I. Business cycles recur with a consistent pattern of length and magnitude. II. Business cycles impact individual industries at different times and with different degrees of severity.

93. Variations between business cycles are most likely attributable to which of the following factors?

94. Which of the following changes is most likely to be a lagging indicator of a change in the business cycle?

95. Which of the following typically is not a reason for international economic activity by a U.S. entity?

96. Which of the following typically is not a reason for international economic activity by a U.S. entity?

97. Which one of the following concepts underlies the benefits of international economic activity (i.e., international trade)?

98. The concept of comparative advantage in international business activity is based on which one of the following?

99. Which one of the following would not be an argument made by U.S. unions in favor of trade protectionism?

100. In the long run, the imposition of an import quota on a commodity is likely to provide the greatest direct benefit to

101. Which of the following is not an account used by the U.S. to account for transactions and balances with other nations (i.e., those not in the U.S. balance of payments statement)?

102. What is the effect when a foreign competitor’s currency becomes weaker compared to the U.S. dollar?

103. A statement expressed in the form of “1 euro = $1.20″ expresses a/an

104. A company manufactures goods in Esland for sale to consumers in Woostland. Currently, the economy of Esland is booming and imports are rising rapidly. Woostland is experiencing an economic recession and its imports are declining. How will the Esland currency, $E, react with respect to the Woostland currency, $W?

105. A country’s currency conversion value has recently changed from 1.5 to the U.S. dollar to 1.7 to the U.S. dollar. Which one of the following statements about the country is correct?

106. Freely fluctuating exchange rates perform which of the following functions?

107. Platinum Co. has a receivable due in 30 days for 30,000 euros. The treasurer is concerned that the value of the euro relative to the dollar will drop before the payment is received. What should Platinum do to reduce this risk?

108. Assume a U.S. company purchases shares of a French company for 1,000,000 euros on March 1, 2003, when the exchange rate was 1 E = $1.10. The investment is classified as available-for-sale by the U.S. company. After holding the shares for eight months, it sold the entire investment in the foreign market for 1,200,000 euros when the exchange rate was 1 E = $1.23.What dollar amount of total investment gain or loss would the U.S. company recognize?

109. Assume a U.S. company purchases shares of a French company for 1,000,000 euros on March 1, 2003, when the exchange rate was 1 E = $1.10. The investment is classified as available-for-sale by the U.S. company. After holding the shares for eight months, it sold the entire investment in the foreign market for 1,200,000 euros when the exchange rate was 1 E = $1.23.Which of the following type(s) of gain or loss would be recognized as a result of this investment in and subsequent sale of shares in the French company?

110. A put is an option that gives its owner the right to do which of the following?

111. A domestic entity may be exposed to foreign currency exchange rate risk if it engages in which, if any, of the following kinds of transactions that are denominated in a foreign currency?

112. Which of the following types of exchange risk derives from changes in currency exchange rates that alter the value of future transactions?

113. CompCo., a U.S. computer maker, imported a supply of computer chips from ChipCo., a Japanese supplier, and agreed to pay ChipCo. in yen, with terms of net 90. CompCo. is concerned that the dollar will weaken against the yen during the next three months and decides to hedge its liability. Which one of the following contract transactions would CompCo. initiate to hedge its exchange rate risk?

114. Which of the following is not a common basis for establishing a transfer price between affiliated entities?

115. Which of the following examples involves transfer pricing?

116. Globalco, a U.S. parent, has subsidiaries in Germany (Gerco) and in England (Engco). Gerco produces products that are sent to Engco for final assembly and packaging. Engo then sends the goods to Globalco for retail sales in the U.S. The effective income tax rates faced by each of the companies is: If the objective of transfer prices is to minimize income taxes, which of the following policies, within legally acceptable ranges, should Globalco adopt with respect to the transfer prices?

117. Which of the following statements regarding international transfer pricing is/are correct? I. Firms with operations in multiple nations can manipulate earnings through transfer pricing.II. The transfer price preferred by a foreign subsidiary manager may be different than the transfer price that maximizes consolidated profits.

118. Which of the following best describes “transfer pricing?”

119. Which of the following is not a kind of economic crisis that could be addressed by the International Monetary Fund?

120. Foreign direct investment occurs when a domestic entity invests in

121. If a country with a developed economy faces a debt crisis that makes it unable to satisfy its foreign debt obligations, which of the following international organizations is most likely to be called upon to help resolve the debt crisis?

122. Which one of the following would not be a purpose of the General Agreement on Tariffs and Trade (GATT)?

123. Which one of the following international organizations has the promotion of economic development through loans to developing countries as a primary purpose?

124. Which of the following enters into the determination of gross domestic product of a country?

125. Which of the following countries is the world’s largest exporter of goods/services?

126. The long-term trend in the dollar value of U.S. exports and imports reflects

127. Which of the following statements regarding international trade is/are correct? I. International trade has been facilitated by regional trade agreements.II. International trade benefits both exporters and importers.

128. Over the past 50 years, how has the share of total U.S. purchases and output represented by imports and exports, respectively, changed?

129. Which of the following goods, if any, does the U.S. export more of than it imports (i.e., has net exports)? I. Manufactured goods. II. Industrial materials. III. Agricultural goods.

130. Which of the following statements regarding international trade over the last 50 years is/are correct? I. International trade accounts for an increasing share of worldwide economic activity.II. International trade accounts for an increasing share of U.S. economic activity.

131. International trade is measured by a country’s

132. Which of the following is least likely to be a risk encountered when goods are outsourced to a foreign supplier and payment is denominated in the foreign supplier’s currency?

133. Outsourcing may involve the acquisition of

134. Which of the following, if either, would serve to mitigate risks associated with outsourcing? I. Negotiate for payment to the foreign supplier be made in the foreign currency.II. Include an arbitration clause in the contract with the foreign supplier.

135. Outco, Inc., a U.S. firm, has a contract to acquire spare parts from a foreign supplier. The contract provides that the parts are to be manufactured to Outco’s specifications and Outco is to pay in U.S. dollars. Which of the following risks will Outco encounter as a direct result of the contract?

136. Outsourcing of goods may involve acquisition of

137. Which of the following, if either, may be a reason a firm elects to outsource production of a subassembly used in its final product? I. To Improve quality of subassembly.II. To reduce the time needed to have the subassembly available.

138. Which of the following statements regarding the Eurodollar market, if either, is/are correct? I. Eurodollars can be either EEU Euros or U.S. dollars.II. The Eurodollar market provides long-term loans.

139. The currency or currencies of the Eurodollar market (Euromarket) include(s):

140. Bigo, Inc., a U.S. entity, decided to build a production facility in Mexico. To finance construction, it borrows one million pesos from Banco Uno, a Mexican bank. Which of the parties is exposed to currency exchange risk?

141. Capital markets facilitate the trading of

142. In which of the following circumstances, as the dollar changes against the foreign currency, would an investment in a foreign currency result in fewer dollars and a borrowing in a foreign currency cost more dollars?

143. Which of the following statements regarding globalization of capital markets, if either, is/are correct? I. Globalization permits reduced investment portfolio risk.II. Globalization permits a lower cost of capital.

144. Parco, Inc., a U.S. entity, has a 100% owned subsidiary, Subco, Inc., located in the country of Eastlaco. In which one of the following arrangements would there be no foreign currency exchange risk associated with borrowing by either Parco or its subsidiary, Subco, prior to consolidation?

145. Which one of the following sets identifies the two countries that are most likely the world’s largest export countries?

146. In which of the following geographical areas has the greatest decline in share of worldwide output occurred over the past 40 years?

147. Which one of the following is most likely the U.S. share of worldwide exports?

148. Which of the following most closely represents the U.S. share of worldwide GDP (output)?

149. Which one of the following countries is not one of the world’s largest exporters of goods and services?

150. In which of the following geographical areas has the greatest increase in share of worldwide output occurred over the past 30 years?

151. Which of the following is the most elementary form of international business?

152. Which one of the following is least likely an advantage associated with the acquisition of a pre-existing foreign entity?

153. Which of the following statements regarding foreign licensing and foreign franchising, if any, is/are correct? I. Licensors typically remain more involved with a licensee than a franchisor remains involved with a franchisee.II. Franchising typically provides greater quality control than does simple licensing.

154. Which one of the following is least likely an advantage associated with a wholly owned foreign subsidiary?

155. Government-imposed trade barriers may restrict

156. Which of the following statements regarding importing and exporting, if any, is/are correct? I. Goods with a low value-to-weight ratio are less likely to be suitable for importing than goods with a high value-to-weight ratio.II. In the exporting of goods, one may encounter import restrictions imposed by the country of destination.

157. Which one of the following forms of international business is most likely to give an entity the greatest control over an international business activity?

158. The measurement of post-performance characteristics is most likely to be associated with which one of the following activities of the strategic planning process?

159. Which of the following activities is most likely to be the first step in the strategic planning process?

160. Which of the following is not a generic strategy identified by Michael Porter?

161. Which of the following identifies a framework for gauging the attractiveness of the competitive environment of an industry?

162. Which of the following factors is explicitly included in PESTEL analysis but is not explicitly in PEST analysis?

163. PEST is an acronym for

164. In the context of PEST analysis, the analysis of labor law would be most likely to fall under which of the PEST categories?

165. Macro-environmental analysis is concerned with analysis of

166. Which of the following describes a form of analysis that is useful in evaluating the characteristics of a macro-environment?

167. PEST analysis can be used when considering

168. Which one of the following sets of characteristics should have the highest intensity of rivalry within an industry?

169. In which one of the following circumstances are customers most likely to have the greatest ability to affect product prices?

170. Vico, Inc., is considering a horizontal expansion of its business into a new industry. Vico is concerned that other businesses may be considering moving into the same industry in the near future. Which one of the following forms of analysis would Vico most likely use to assess whether the industry is likely to be highly competitive in the near future?

171. Which one of the following features would not create a higher level of competitive threat posed by substitute goods or services in an industry?

172. In which of the following independent circumstances would entry of new competitors be most likely?

173. Which of the following is not a five forces factor used in determining the operating attractiveness of an industry?

174. Which one of the following would not be an entity’s strength in a competitive environment?

175. A regulatory agency has been considering the imposition of stricter regulations on an industry. Under SWOT analysis, the possibility of this new regulation would be considered

176. Is SWOT analysis concerned with external environment, internal characteristics, or both?

177. Which one of the following would be least likely to be a possible threat to an entity?

178. Which of the following types of analysis is directly concerned with the relationship between an entity and its environment?

179. Which of the following SWOT matrix relationship categories (intersections) poses the greatest risk to an entity?

180. Targeting a niche market always involves which of the following strategies, if either?

181. Which of the following is a characteristic of a cost leadership entity?

182. Under which of the following strategies, if either, would the strength and dedication of an entity’s marketing function be critical?

183. Entities that adopt a differentiation strategy will provide goods or services that

184. Which one of the following is not a generic strategy identified by Porter?

185. When an entity adopts a cost leadership strategy, which one of the following might it use to help carry out this strategy?

186. Which of the following forms of analysis, if either, is concerned only with analysis of the external environment of an entity?

187. Which one of the following is least likely to be useful in deciding in which country an entity should operate?

188. Goals established in the strategic planning process should be

189. PEST analysis and SWOT analysis are assessment techniques used in the strategic planning process. Are these forms of analysis primarily concerned with “where” an entity should be located or with “how” an entity should operate?

 

 

 

 

 

 

 

 

 

 

 

STRAYER ACC 576 Week 9 Quiz (All Possible Questions) NEW

STRAYER ACC 576 Week 9 Quiz (All Possible Questions) NEW

Check this A+ tutorial guideline at

http://www.assignmentcloud.com/acc-576-strayer/acc-576-week-9-quiz-new

 For more classes visit

http://ww.assignmentcloud.com/

STRAYER ACC 576 Week 9 Quiz (All Possible Questions) NEW

ACC 576 Week 9 Quiz (All Possible Questions)

ACC 576 Week 9 Study

1. Checkpoint auto leasing is a small company with six employees. The best action that it can take to increase its internal control effectiveness is

2. Morgan Property Management, Inc. recently switched from a manual accounting system to a computerized accounting system. The system supports online real-time processing in a networked environment, and six employees have been granted access to various parts of the system in order to perform their jobs. Relative to the manual system, Morgan can expect to see

3. Which of the following statements is (are) true.  I.A greater level of control is necessary in automated than manual systems. II. The uniformity of transaction processing is higher in automated than manual systems.

4. In COBIT, the process of identifying automated solutions falls within the ________ control process domain.

5. In COBIT, the process of reviewing system response time logs falls within the _______ control process domain.

6. In COBIT, the process of developing tactics to realize the strategic vision for IT falls within the _________ control process domain.

7. In COBIT, the process of ensuring security and continuous service falls within the _______ control process domain.

8. One important purpose of COBIT is to

9. Which of the following is true of enterprise resource planning (ERP) systems? I. The online analytical processing system (OLAP) provides data warehouse capabilities for the ERP system. II. The ability of an ERP system to provide an integrated view of transactions in all parts of the system is a function of the online transaction processing (OLTP) system.

10. An enterprise resource planning (ERP) system has which of the following advantages over multiple independent functional systems?

11. The fixed assets and related depreciation of a company are currently tracked on a password-protected spreadsheet. The information technology governance committee is designing a new enterprise-wide system and needs to determine whether the current fixed asset process should be included because the current system seems to be working properly. What long-term solution should the committee recommend?

12. What is an example of the use of the cloud to access software and programs?

13. Credit Card International developed a management reporting software package that enables members interactively to query a data warehouse and drill down into transaction and trend information via various network set-ups. What type of management reporting system has Credit Card International developed?

14. A client would like to implement a management information system that integrates all functional areas within an organization to allow information exchange and collaboration among all parties involved in business operations. Which of the following systems is most effective for this application?

15. What is an example of the use of the cloud to create software and programs?

16. An enterprise resource planning system is designed to

17. Which of the following risks increases the least with cloud-based computing compared with local server storage for an organization that implements cloud-based computing?

18. What is an example of the use of the cloud to access hardware?

19. An information technology director collected the names and locations of key vendors, current hardware configuration, names of team members, and an alternative processing location. What is the director most likely preparing?

20. Bacchus, Inc. is a large multinational corporation with various business units around the world. After a fire destroyed the corporate headquarters and largest manufacturing site, plans for which of the following would help Bacchus ensure a timely recovery?

21. In an e-commerce environment that requires that the information technology (IT) system be available on a continuous basis, more emphasis will be placed on which of the following aspects of the planning than in a traditional organization?

22. A controller is developing a disaster recovery plan for a corporation’s computer systems. In the event of a disaster that makes the company’s facilities unusable, the controller has arranged for the use of an alternate location and the delivery of duplicate computer hardware to this alternate location. Which of the following recovery plans would best describe this arrangement?

23. The performance audit report of an information technology department indicated that the department lacked a disaster recovery plan. Which of the following steps should management take first to correct this condition?

24. Which of the following tasks comes first in business continuity management (BCM)?

25. In DRP, the lowest priority is given to which activities?

26. Which of the following terms refers to a site that has been identified and maintained by the organization as a data processing disaster recovery site, but has not been stocked with equipment?

27. In DRP, top priority is given to which activities?

28. To maintain effective segregation of duties within the information technology function, an application programmer should have which of the following responsibilities?

29. In business information systems, the term “stakeholder” refers to which of the following parties?

30. In a large multinational organization, which of the following job responsibilities should be assigned to the network administrator?

31. IT people controls are mostly

32. What is the role of the systems analyst in an IT environment?

33. The position responsible for managing the flow of documents and reports in and out of the computer operations department is the

34. Which of the following information technology (IT) departmental responsibilities should be delegated to separate individuals?

35. Who is responsible for granting users access to specific data resources?

36. When a client’s accounts payable computer system was relocated, the administrator provided support through a dial-up connection to a server. Subsequently, the administrator left the company. No changes were made to the accounts payable system at that time. Which of the following situations represents the greatest security risk?

37. In a large firm, the custody of an entity’s data is most appropriately maintained by which of the following personnel?

38. In which of the following stages of computer system development would training occur?

39. Which of the following roles is responsible for prioritizing systems development proposals?

40. At this stage, we purchase hardware:

41. Which of the following is responsible for overall program logic and functionality?

42. Data conversion occurs at this stage:

43. Which of the following implementation approaches has been described as “sink or swim?”

44. Which of the following is responsible for identifying problems and proposing initial solutions?

45. Which of the following is responsible for designing, creating, and testing programs?

46. In which of the following implementation approaches is the system divided into modules for implementation?

47. In which of the following implementation approaches do the new and old systems run concurrently until it is clear that the new system is working properly?

48. In which of the following implementation approaches are users divided into smaller groups and trained on the new system, one group at a time?

49. The requirements definition document is signed at this stage:

50. In a small business with only microcomputers, which documentation would be most useful to an untrained user to learn how to correct data errors in a database application?

51. Rose and McMullin, a regional public accounting firm, has recently accepted a contract to audit On-the-Spot, Inc., a mobile vending service that provides vending machines for large events. On-the-Spot uses a computerized accounting system, portions of which were developed internally to integrate with a standard financial reporting system that was purchased from a consultant. What type of documentation will be most useful to Rose and McMullin in determining how the system as a whole is constructed?

52. Which of the following types of documentation would a computer operator use to determine how to set up and run a specific computer application.

53. Management of a company has a lack of segregation of duties within the application environment, with programmers having access to development and production. The programmers have the ability to implement application code changes into production without monitoring or a quality assurance function. This is considered a deficiency in which of the following areas?

54. After changes to a source program have been made and verified, it moves to

55. Which of the following controls in not usually found in batch processing systems?

56. Which of the following is considered an application input control?

57. An employee mistakenly enters April 31 in the date field. Which of the following programmed edit checks offers the best solution for detecting this error?

58. Which of the following input controls would prevent an incorrect state abbreviation from being accepted as legitimate data?

59. Which of the following techniques would be used to verify that a program was free of unauthorized changes?

60. An entity has the following sales orders in a batch: Which of the following numbers represents the record count?

61. Mark Chen was recently hired by the Rollins Company at a monthly salary of $1,800. When his employee information was entered into the company’s personnel system, his monthly salary amount was entered correctly, but he was inadvertently classified as an hourly employee. Which of the following controls would be most likely to detect this error?

62. A poor quality connection caused extensive line noise, resulting in faulty data transmission. Which of the following controls is most likely to detect this condition?

63. The distribution of reports is considered what type of control?

64. An audit trail is considered what type of control?

65. An auditor was examining a client’s network and discovered that the users did not have any password protection. Which of the following would be the best example of the type of network password the users should have?

66. What is the primary objective of data security controls?

67. Which of the following is the strongest password?

68. Problems associated with e-commerce in general include all of the following except

69. Which of the following is not a risk of e-commerce?

70. Which of the following is not a risk of e-commerce?

71. This is an example of B2G

72. Which of the following best defines electronic data interchange (EDI) transactions?

73. A manufacturing company that wants to be able to place material orders more efficiently most likely would utilize which of the following?

74. Which of the following is not considered to be an electronic funds transfer (EFT) transaction?

75. Communications between trading partners in an electronic data interchange (EDI) environment are usually

76. Which of the following types of networks is often utilized to process electronic data interchange (EDI) transactions?

77. Which of the following is not an example of an e-commerce system?

78. Which of the following statements is correct concerning the security of messages in an electronic data interchange (EDI) system?

79. Which of the following is the primary advantage of using a value-added network (VAN)?

80. QuikStop, Inc., a local convenience store chain, is planning to install point-of-sale (POS) systems in all eight of its locations by the end of the year. In the first year or so of operation, QuikStop can reasonably expect to experience all of the following except

81. Which of the following is not a benefit of using an electronic data interchange (EDI) system?

82. The Board of Directors of Martin Manufacturing Enterprises, Inc. is meeting to consider whether they should expand their manufacturing facilities to include a product line. Although the company’s current financial position and sales potential for existing products are part of the information the Board must consider, of even greater importance is external information concerning economic conditions, market projects for the new product, the cost of long-term financing alternatives, and information about potential competitors. The Board of Directors’ decision process would be best supported by a

83. Which of the following types of systems would you use to record the number of hours worked during the current pay period for each of your employees?

84. Which of the following is an example of a report that would be produced by a management information system (MIS) as opposed to an accounting information system (AIS)?

85. This system is most likely to include external data.

86. Which of the following systems assists with non routine decisions, serves strategic levels of the organization, and helps answer questions regarding what a company’s competitors are doing, as well as identifies new acquisitions that would protect the company from cyclical business swings?

87. Which of the following terms best describes a payroll system?

88. The system that most resembles a managerial accounting, budgeting system is:

89. This system is sometimes also called a TPS.

90. Which of the following is an example of a non-financial transaction?

91. A data warehouse differs from a data mart because

92. Which of the following is a critical success factor in data mining a large data store?

93. A specialized version of a data warehouse that contains data that is pre-configured to meet the needs of specific departments is known as

94. Which of the following statements is correct?  I. An important advantage of flat file systems is that they are program independent. II. Flat file systems contain little data redundancy.

95. Which of the following is true in regard to data warehouses? I. The bulk of the data found in a data warehouse comprises historical operational data. II. Pattern recognition is one of the principal functionalities offered by data mining software.

96. Which of the following strategies is important to managing security over mobile systems?

97. Which of the following is less likely to occur in a small business than in a large business?

98. Which of the following is an effective control related to personal computing in a small business?

99. Which of the following statements is true regarding small business computing?

100. Which of the following is not a benefit of mobile computing?

101. If complete segregation of duties is impossible in a small business, which two functions should be potentially combined?

102. Which of the following critical accounting function is most likely to be absent in a small business computing environment?

103. Which of the following statements is true regarding small business computing?

104. Database management software is considered:

105. Which of the following is not a category of computer software?

106. Which of the following allows a database management system to add new records, delete old records, and update existing records?

107. Which of the following structures refers to the collection of data for all vendors in a relational data base?

108. What is the correct ascending hierarchy of data in a system?

109. The following customer data is stored in the sales processing system to a regional produce distributor: Customer Number, Customer Name, Customer Phone, Customer Contact and Customer Credit Limit. Which of the following is true?

110. Which of the following components of a database is responsible for maintaining the referential integrity of the data in the system?

111. Which of the following items would be most critical to include in a systems specification document for a financial report?

112. Vindaloo Corporation wants data storage for a large volume of data that is unlikely to change often. They should consider using

113. The CPU includes all of the following except

114. Which of the following is not considered a secondary storage device?

115. Which of the following devices “burns” data onto a surface?

116. Which of the following is not true of a computerized environment as compared to a manual environment?

117. In an accounting information system, which of the following types of computer files most likely would be a master file?

118. Which of the following is true of batch processing? I. In batch processing, data is captured in a transaction file as transactions occur. II. Periodically (once a day, once a week, etc.), the group of transactions in the transaction file are edited, sorted, and then the transactions are used to update the master file.

119. Which of the following sets of characteristics is most closely associated with online real-time processing?

120. During the annual audit, it was learned from an interview with the controller that the accounting system was programmed to use a batch processing method and a detailed posting type. This would mean that individual transactions were

121. Which of the following is not true of online/real-time transaction processing systems?

122. Which of the following cycles does not have accounting information that is recorded into the general ledger reporting system?

123. Which of the following transaction processing modes provides the most accurate and complete information for decision-making?

124. In a computer-based system, the equivalent of a subsidiary ledger is a

125. Which of the following statements about processing methodologies is true?

126. Which of the following is an advantage of a computer-based system for transaction processing over a manual system? A computer-based system

127. Which of the following is true about master files?

128. Which of the following is not an advantage of decentralized/distributed systems?

129. Which of the following multi-location system structures has the fewest problems with input and output bottlenecks?

130. The multi-location system structure that is sometimes called the “Goldilocks” solution because it seeks to balance design tradeoffs is

131. In walking through O’Hare airport in Chicago, you notice a man talking into an ear piece. The communication between the ear piece and the man’s cell phone mostly likely uses which transmission media and protocol?

132. Which of the following is a low-cost wired transmission medium?

133. Consider the following statements: I. LANs use dedicated lines. II. WANs use dedicated lines.

134. The data control protocol used to control transmissions on the Internet is

135. Which of the following is not true?

136. Which of the following technologies is specifically designed to exchange financial information over the World Wide Web?

137. In which of the following locations should a copy of the accounting system data backup of year-end information be stored?

138. Rollins Corporation uses batch processing for its accounting system. During a recent monthly payroll processing run, it experienced a power failure that corrupted the payroll database.

139. Which of the following controls will be most useful to the company in recovering from this failure?

140. A rollback and recovery is used mostly in _____ systems.

141. Mirroring is

142. A checkpoint is used mostly in _____ systems.

143. _____ systems include redundancy of components.

144. A company has a significant e-commerce presence and self-hosts its website. To assure continuity in the event of a natural disaster, the firm should adopt which of the following strategies?

145. Which of the following statements about firewalls is NOT true?

146. In an accounting system, a header can be used to

147. IT facility controls are

148. Which of the following statements best characterizes the function of a physical access control?

149. Internal disk labels are physically read by

150. A fire suppression system in a computer facility

151. An entity doing business on the Internet most likely could use any of the following methods to prevent unauthorized intruders from accessing proprietary information except

152. Which of the following provides the most reliable form of electronic authentication?

153. What is a major disadvantage of using a private key to encrypt data?

154. A digital signature is used primarily to determine that a message is

155. Which of the following can be used to authenticate messages transmitted in a networked environment?

156. Which of the following solutions creates an encrypted communication tunnel across the Internet for the purpose of allowing a remote user secure access to the network?

157. Which of the following is true regarding public/private key encryption?

158. A company’s web server has been overwhelmed with a sudden surge of false requests that caused the server to crash. The company has most likely been the target of

159. Which of the following is a computer program that appears to be legitimate, but performs an illicit activity when it is run?

160. A type of malware designed to let the attacker bypass the normal user authentication process (e.g., enter username and password) and enter the user’s system is

161. Which of the following is true about denial-of-service attacks? I. A denial-of-service attack takes advantage of a network communications protocol to tie up the server’s communication ports so that legitimate users cannot gain access to the server. II. If the denial-of-service attack is successful, the attacker can gain access to unprotected resources on the server.

 

 

 

 

 

 

 

 

 

 

STRAYER ACC 576 Week 6 Quiz (All Possible Questions) NEW

STRAYER ACC 576 Week 6 Quiz (All Possible Questions) NEW

Check this A+ tutorial guideline at

http://www.assignmentcloud.com/acc-576-strayer/acc-576-week-6-quiz-new 

For more classes visit

http://ww.assignmentcloud.com/

STRAYER ACC 576 Week 6 Quiz (All Possible Questions) NEW

 ACC 576 Study Week 6

1. Which of the following did SOX NOT do to protect whistleblowers?

2. Dan provided original information to authorities regarding a securities fraud in his company. It led the SEC to impose penalties of $2 million. Which of the following is most likely to be Dan’s award under Dodd-Frank?

3. Which of the following is necessary to be an audit committee financial expert, according to the criteria specified in the Sarbanes-Oxley Act of 2002?

4. Which of the following did Dodd-Frank do regarding a whistleblower’s right to sue for retaliation accorded by SOX?

5. A public company audit committee’s “financial expert” must have all of the following except:

6. Fang provided original information to authorities regarding a securities fraud in his company. The information led to an imposition of penalties of $500,000. It also led to Fang being fired in retaliation by his public company employer. Which of the following is true?

7. Public company audit committees must contain which of the following?

8. Under SOX, it is a crime to punish a public company whistleblower who provides truthful information relating to which of the following:

9. Mar has been complicit in her public company’s accounting fraud. She consults a lawyer as the time comes to file her firm’s 10-K with the SEC. She is a little uncomfortable with what she might have to do. The lawyer will likely tell her that she will have to certify (and be potentially criminally liable for lying about) these matters:

10. Milo Corp. maintains daily backups of its accounting system in a fireproof vault in the file library. Weekly, monthly, and annual backups are stored in a secure, fireproof vault at an off-site location.

11. Maintenance of the backup files is an example of

12. Review of the audit (also called transaction) log is an example of which of the following types of security control?

13. Which of the following statements presents an example of a general control for a computerized system?

14. Controls in the information technology area are classified into the categories of preventive, detective, and corrective. Which of the following is a preventive control?

15. A company’s new time clock process requires hourly employees to select an identification number and then choose the clock-in or clock-out button. A video camera captures an image of the employee using the system. Which of the following exposures can the new system be expected to change the least?

16. Which of the following is an example of a detective control?

17. In the COSO “cube” model, each of the following is a control objective except

18. In the COSO “cube” model, this component of internal control enables an organization’s people to identify, process, and exchange the information needed to manage and control operations.

19. This component of internal control concerns the policies and procedures that ensure that actions are taken to address the risks related to the achievement of management’s objectives.

20. This fundamental component of internal control is the core or foundation of any system of internal control.

21. This component of internal control concerns testing the system and its data.

22. According to COSO, which of the following is a compliance objective?

23. This is the process of identifying, analyzing, and managing the risks involved in achieving the organization’s objectives.

24. In the COSO (2011) “cube” model, each of the following are components of internal control except

25. According to the 17 COSO control principles, risk reduction primarily relates to which fundamental component of internal control:

26. According to the 17 COSO control principles, establishing a whistle-blower hot line contributes to:

27. According to the 17 COSO control principles, information quality primarily relates to which fundamental component of internal control:

28. According to the 17 COSO control principles, organizational objectives primarily relate to which fundamental component of internal control:

29. According to the 17 COSO control principles, addressing control deficiencies primarily relates to which fundamental component of internal control:

30. According to the 17 COSO control principles, change management primarily relates to which fundamental component of internal control:

31. According to the 17 COSO control principles, fraud primarily relates to which fundamental component of internal control:

32. The original COSO model has _____ control components, while the COSO ERM model has _____ control components.

33. Strategic, operations, reporting, and compliance objectives are a part of which of the following models of internal control?

34. Which of the following items is one of the eight components of COSO’s enterprise risk management framework?

35. Which component of the COSO ERM framework is concerned with management’s decision to avoid, accept, reduce, or share risk and to develop a set of actions to align risk with the entity’s risk preferences?

36. Activities that can be useful in monitoring control system effectiveness include all of the following except

37. The goals of risk management include:

38. According to COSO, which of the following is the most effective method to transmit a message of ethical behavior throughout an organization?

39. Each of the following is a limitation of enterprise risk management (ERM) except

40. Which of the following control activities should be taken to reduce the risk of incorrect processing in a newly installed computerized accounting system?

41. Recognizing potential impediments to communication between system user and system designer can be useful in

42. A senior executive of an international organization who wishes to demonstrate the importance of the security of company information to all team members should

43. In which of the following organizations might segregation of duties be easiest to achieve?

44. A manufacturing firm noted that it would have difficulty sourcing raw materials locally, so it decided to relocate its production facilities. According to COSO, this decision represents which of the following responses to the risk?

45. Which of the following is most useful when risk is being prioritized?

46. According to COSO, the two primary attributes of effective evaluators are

47. Which of the following are reasons that internal controls need to be monitored?

48. Which of the following is the best definition of a compensating control?

49. Within the COSO Internal Control-Integrated Framework, which of the following components is designed to ensure that internal controls continue to operate effectively?

50. According to COSO, an effective approach to monitoring internal control involves each of the following steps,except

51. According to COSO, the use of ongoing and separate evaluations to identify and address changes in internal control effectiveness can best be accomplished in which of the following stages of the monitoring-for-change continuum?

52. Internal control monitoring is considered

53. Which of the following is not a major step in the COSO model of control monitoring?

54. In a large public corporation, evaluating internal control procedures should be the responsibility of

55. The system of internal control begins with

56. The IIA’s International Professional Practices Framework includes among its “mandatory” guidance each of the following elements except

57. One of the Rules of Conduct in the IIA’s Code of Ethics states, “Internal auditors shall perform internal audit services in accordance with the International Standards for the Professional Practice of Internal Auditing.” To which Principle of the Code of Ethics does this Rule of Conduct relate?

58. The IIA’s Code of Ethics identifies four “Principles” around which the 12 Rules of Conduct are organized. Each of the following key words or phrases is associated with these Principles except

59. What term identifies the type of internal auditing standards used to measure the quality of the internal auditor’s conduct in delivering internal audit services?

60. What term identifies the type of internal auditing standards used to describe the characteristics associated with organizations and individuals who provide internal audit services?

61. The IIA’s Definition of Internal Auditing specifically mentions each of the following terms among the organizational objectives to be improved by internal auditing except

62. What term is used in the IIA’s International Standards to identify the person responsible for managing an organization’s internal audit activity?

63. The Attribute Standards related to an internal audit activity’s Quality Assurance and Improvement Program must include periodic external assessments. How often is an external assessment required?

64. The Attribute Standards focus on four primary themes around which the remaining Attribute Standards are organized. Each of the following key words or phrases is associated with those four primary themes except

65. Standard 1300, “Quality Assurance and Improvement Program,” states, “The chief audit executive must develop and maintain a quality assurance and improvement program that covers all aspects of the internal audit activity.” Six additional Attribute Standards provide further requirements on that topic. Which of the following is an accurate statement regarding the standards applicable to the required Quality Assurance Improvement Program?

66. The Performance Standards focus on seven primary themes around which the remaining Performance Standards are organized. Each of the following key words or phrases is associated with these seven primary themes except

67. The Performance Standards focus on seven primary themes around which the remaining Performance Standards are organized. Each of the following key words or phrases is associated with these seven primary themes except

68. What term identifies the guidance in the International Standards for the Professional Practice of Internal Auditing that distinguishes between requirements for “assurance” services and “consulting” services?

69. There are seven additional Performance Standards that relate to Standard 2000, “Managing the Internal Audit Activity.” The general theme of these standards associated with Managing the Internal Audit Activity is best characterized by which of the following statements?

Quiz 6

Question 1 (IFTC-0112)

Controls in the information technology area are classified into the preventive, detective, and corrective categories.  Which of the following is a preventive control?

Question 2 (IFTC-0082)

An organization relied heavily on e-commerce for its transactions.  Evidence of the organization’s security awareness manual would be an example of which of the following types of controls?

Question 3 (IFTC-0067)

Which of the following types of control plans is particular to a specific process or subsystem, rather than related to the timing of its occurrence?

Question 4 (CGIC-0032)

Which of the following is true about the Sarbanes-Oxley requirements regarding the audit committee financial expert?

Question 5 (CGIC-0026)

Which of the following is not a component of COSO’s enterprise risk management framework?

Question 6 (CGIC-0010)

Which of the following is not required by the Sarbanes-Oxley Act of 2002?

Question 7 (CGIC-0025)

Which of the following is not an advantage of the employment of an enterprise risk management (ERM) system?

Question 8 (CGIC-0008)

A financial statement audit performed under the requirements of the Sarbanes-Oxley Act of 2002 must include an examination and report upon

Question 9 (CGIC-0024)

An important benefit of an enterprise risk management system is

Question 10 (CGIC-0023)

Which of the following bodies has developed a framework for enterprise risk management?

Question 11 (CGIC-0005)

Which of the following executives of an issuer corporation must certify to the accuracy and truthfulness of financial reports filed with the SEC?

Question 12 (CGIC-0004)

Which of the following is not a responsibility that should be assigned to the audit committee of the board of directors?

Question 13 (CGIC-0018)

Which of the following components of internal control are characterized by ongoing activities and separate evaluations?

Question 14 (CGIC-0003)

Which of the following can be the most effective monitoring device for effective corporate governance?

Question 15 (CGIC-0002)

From a corporate governance standpoint which of the following best describes the main goal of a form of executive compensation?

Question 16 (CGIC-0019)

Which of the following components of internal control encompass policies and procedures that ensure that management’s directives are carried out?

Question 17 (CGIC-0001)

Which of the following forms of compensation is more likely to result in shirking by management?

Question 18 (CGIC-0036)

In the COSO framework, individuals within the company that monitor internal controls are referred to as

Question 19 (CGIC-0016)

The COSO definition of internal control considers control activities a(n):

Question 20 (CGIC-0021)

If internal control is properly designed, the same employee should not be permitted to

 

 

 

 

 

 

 

 

 

 

 

STRAYER ACC 576 Week 5 Quiz (All Possible Questions) NEW

STRAYER ACC 576 Week 5 Quiz (All Possible Questions) NEW

Check this A+ tutorial guideline at

http://www.assignmentcloud.com/acc-576-strayer/acc-576-week-5-quiz-new

  For more classes visit

http:// ww.assignmentcloud.com/

STRAYER ACC 576 Week 5 Quiz (All Possible Questions) NEW

Week 5 Quiz

Question 1

An accountant’s compilation report on a financial forecast should include a statement that the

Question 2

When a CPA examines a client’s projected financial statements, the CPA’s report should

Question 3

At a confidential meeting, an audit client informed a CPA about the client’s illegal insider-trading actions. A year later, the CPA was subpoenaed to appear in federal court to testify in a criminal trial against the client. The CPA was asked to testify to the meeting between the CPA and the client.

After receiving immunity, the CPA should do which of the following?

Question 4

(NOTE: This is a CPAexcel simulated Exam Question, not AICPA licensed Material)

XYZ Corporation is having financial difficulties. Its CFO has ordered subordinates to pump up revenues artificially and hide that fact from the external auditor. If an internal auditor of XYZ intentionally misleads XYZ’s outsider auditor from the ABC Accounting firm, the internal auditor has:

Question 5 (AICPA.080962REG-1B)

(NOTE: This is a CPAexcel simulated Exam Question, not AICPA licensed Material)

Duncan, an accounting firm, is auditing Alchemy Inc. Regarding commissions and referral fees, which of the following arrangements would be permissible?

Question 6

A CPA who is not in public practice is obligated to follow which of the following rules of conduct?

Question 7

Under the Statements on Standards for Consulting Services, which of the following statements best reflects a CPA’s responsibility when undertaking a consulting services engagement?

The CPA must

Question 8

Under the Code of Professional Conduct of the AICPA, which of the following is required to be independent in fact and appearance when discharging professional responsibilities?

Question 9

Locke, CPA, was engaged to perform an audit for Vorst Co. During the audit, Locke discovered that Vorst’s inventory contained stolen goods. Vorst was indicted and Locke was validly subpoenaed to testify at the criminal trial. Vorst has claimed accountant-client privilege to prevent Locke from testifying.

Locke may be compelled to testify

Question 10

(NOTE: This is a CPAexcel simulated Exam Question, not AICPA licensed Material)

Ron is a partner in the Houston office of KPMG. A partner in Ron’s office is the lead partner on the team that audits Midstream Pipeline, which operates intrastate oil and gas pipelines, but Ron is not on the engagement team. Which of the following scenarios represents an independence violation of the AICPA Code of Conduct?

Question 11

(NOTE: This is a CPAexcel simulated Exam Question, not AICPA licensed Material)

The CPA firm, where Joanna is currently a tax partner, is auditing Bubbles Corp. in Austin. Her mother, Teresa, has been working as a receptionist for Bubbles for the last 30 years. Her best friend since grade school, Maggie, is currently serving as CFO at Bubbles. Joanna knows that her brother, Jonathan, sank most of his savings into a purchase of 6% of Bubbles outstanding stock, which he currently owns. Does Joanna have an independence issue?

Question 12

An accountant may accept an engagement to apply agreed-upon procedures to prospective financial statements provided that

Question 13

(NOTE: This is a CPAexcel simulated Exam Question, not AICPA licensed Material)

In order to preserve independence, the PCAOB requires:

Question 14

According to the standards of the profession, which of the following activities would most likely not impair a CPA’s independence?

Question 15

According to the standards of the profession, which of the following circumstances will prevent a CPA performing audit engagements from being independent?

Question 16

Which of the following is a term for an attest engagement in which a CPA assesses a client’s commercial Internet site for predefined criteria that are designed to measure transaction integrity, information protection, and disclosure of business practices?

Question 17

A CPA in public practice is required to comply with the provisions of the Statements on Standards for Attestation Engagements (SSAE) when

Question 18

An accountant’s report expressing an opinion on a nonissuer’s internal control over financial reporting should state that

Question 19

In a state jurisdiction having an accountant-client privilege statute, to whom may a CPA turn over work papers without a client’s permission?

Question 20

Mell Corp. engaged Davis & Co., CPAs. to audit Mell’s financial statements. Mell’s management informed Davis it suspected that the accounts receivable were materially overstated. Although the financial statements did include a materially overstated accounts receivable balance, Davis issued an unqualified opinion.Mell relied on the financial statements in deciding to obtain a loan from County Bank to expand its operations. County relied on the financial statements in making the loan to Mell. As a result of the overstated accounts receivable balance, Mell has defaulted on the loan and has incurred a substantial loss.

If County sues Davis for fraud, must Davis furnish County with the audit working papers?

 

 

 

 

 

 

 

 

 

 

STRAYER ACC 576 Week 7 Assignment 1 Economic and Monetary Policy NEW

STRAYER ACC 576 Week 7 Assignment 1 Economic and Monetary Policy NEW

Check this A+ tutorial guideline at

http://www.assignmentcloud.com/acc-576-strayer/acc-576-week-7-assignment-1-economic-and-monetary-policy-new

 For more classes visit

http:// ww.assignmentcloud.com/ 

STRAYER ACC 576 Week 7 Assignment 1 Economic and Monetary Policy NEW

ACC 576 Week 7 Assignment 1

 

Assignment 1: Economic and Monetary Policy

 

Using the Internet and  Library, research the economies and monetary policies of two (2) countries.

 

Write a four to five (4-5) page paper in which you:

 

Choose one (1) of the two (2) countries that you have researched, and give your opinion on the degree to which the chosen country manages its economy and monetary policy well. Provide support for your opinion.

Compare and contrast the economies and monetary policies of the two (2) countries that you have researched. Make at least two (2) recommendations as to the primary manner in which both countries could improve their economy and / or monetary policies.

Analyze the impact that economic and monetary policies of one (1) of the chosen countries currently exerts upon its trade with other countries. Make at least two (2) recommendations as to changes that the chosen country should make to its policies to benefit its foreign trade.

Propose one (1) alternative economic and monetary policy that would make one (1) of the chosen countries stronger over the longer term. Support your proposal with anticipated outcomes related to the selected alternative policy.

Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.

 

 

Your assignment must follow these formatting requirements:

 

Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

Include a cover page containing the title of the assignment, your name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

 

 

The specific course learning outcomes associated with this assignment are:

 

Analyze domestic microeconomic and macroeconomic principles that impact businesses.

Analyze international economics and its impact on businesses, globalization, and business strategy.

Use technology and information resources to research issues in business law and tax.

Write clearly and concisely about business law and tax using proper writing mechanics.

 

 

 

 

 

 

 

 

 

 

 

STRAYER ACC 576 Final Exam Guide NEW

STRAYER ACC 576 Final Exam Guide NEW

Check this A+ tutorial guideline at

http://www.assignmentcloud.com/acc-576-strayer/acc-576-final-exam-guide-new 

For more classes visit

http:// ww.assignmentcloud.com/

STRAYER ACC 576 Final Exam Guide NEW

ACC 576 Final Exam Study

Question 1 (IFTC-0112)

Controls in the information technology area are classified into the preventive, detective, and corrective categories.  Which of the following is a preventive control?

Question 2 (IFTC-0082)

An organization relied heavily on e-commerce for its transactions.  Evidence of the organization’s security awareness manual would be an example of which of the following types of controls?

Question 3 (IFTC-0067)

Which of the following types of control plans is particular to a specific process or subsystem, rather than related to the timing of its occurrence?

Question 4 (CGIC-0032)

Which of the following is true about the Sarbanes-Oxley requirements regarding the audit committee financial expert?

Question 5 (CGIC-0026)

Which of the following is not a component of COSO’s enterprise risk management framework?

Question 6 (CGIC-0010)

Which of the following is not required by the Sarbanes-Oxley Act of 2002?

Question 7 (CGIC-0025)

Which of the following is not an advantage of the employment of an enterprise risk management (ERM) system?

Question 8 (CGIC-0008)

A financial statement audit performed under the requirements of the Sarbanes-Oxley Act of 2002 must include an examination and report upon

Question 9 (CGIC-0024)

An important benefit of an enterprise risk management system is

Question 10 (CGIC-0023)

Which of the following bodies has developed a framework for enterprise risk management?

Question 11 (CGIC-0005)

Which of the following executives of an issuer corporation must certify to the accuracy and truthfulness of financial reports filed with the SEC?

Question 12 (CGIC-0004)

Which of the following is not a responsibility that should be assigned to the audit committee of the board of directors?

Question 13 (CGIC-0018)

Which of the following components of internal control are characterized by ongoing activities and separate evaluations?

Question 14 (CGIC-0003)

Which of the following can be the most effective monitoring device for effective corporate governance?

Question 15 (CGIC-0002)

From a corporate governance standpoint which of the following best describes the main goal of a form of executive compensation?

Question 16 (CGIC-0019)

Which of the following components of internal control encompass policies and procedures that ensure that management’s directives are carried out?

Question 17 (CGIC-0001)

Which of the following forms of compensation is more likely to result in shirking by management?

Question 18 (CGIC-0036)

In the COSO framework, individuals within the company that monitor internal controls are referred to as

Question 19 (CGIC-0016)

The COSO definition of internal control considers control activities a(n):

Question 20 (CGIC-0021)

If internal control is properly designed, the same employee should not be permitted to

Question 1 (ECON-0036)

If a government were to use only fiscal policy to stimulate the economy from a recession, it would

Question 2 (ECON-0056)

Disposable income is calculated as

Question 3 (ECON-0003)

Which of the following changes would create pressure for the Japanese yen to appreciate relative to the U.S. dollar?

Question 4 (ECON-0021)

If a group of consumers decide to boycott a particular product, the expected result would be

Question 5 (ECON-0020)

The movement along the demand curve from one price-quantity combination to another is called a(n)

Question 6 (ECON-0030)

In the long run, a firm may experience increasing returns due to

Question 7 (ECON-0017)

Which of the following is not accurate about product differentiation?

Question 8 (ECON-0063)

Which of the following segments of the economy will be least affected by the business cycle?

Question 9 (ECON-0069)

What is the effect when a foreign competitor’s currency becomes weaker compared to the U.S. dollar?

Question 10 (ECON-0046)

Some economic indicators lead the economy into a recovery or recession, and some lag it. An example of a lag variable would be

Question 11 (ECON-0002)

If the U.S. dollar declines in value relative to the currencies of many of its trading partners, the likely result is that

Question 12 (ECON-0055)

The rate of unemployment caused by changes in the composition of employment opportunities over time is referred to as the

Question 13 (ECON-0060)

To address the problem of a recession, the Federal Reserve Bank most likely would take which of the following actions?

Question 14 (ECON-0040)

Which of the following is a direct effect of imposing a protective tariff on an imported product?

Question 15 (ECON-0077)

What does the consumer price index measure?

Question 16 (ECON-0037)

The discount rate of the Federal Reserve System is

Question 17 (ECON-0073)

Which of the following individuals would be most hurt by an unanticipated increase in inflation?

Question 1 (FINM-0082)

Which of the following statements is correct regarding the weighted-average cost of capital (WACC)?

Question 2 (FINM-0066)

The benefits of debt financing over equity financing are likely to be highest in which of the following situations?

Question 3 (RMCB-0027)

Which of the following describes an option?

Question 4 (FINM-0034)

A company has $1,500,000 of outstanding debt and $1,000,000 of outstanding common equity. Management plans to maintain the same proportions of financing from each source if additional projects are undertaken. If the company expects to have $60,000 of retained earnings available for reinvestment in new projects in the coming year, what dollar amount of new investments can be undertaken without issuing new equity?

Value of equity

Value of debt + Value of equity

Since the question states that the firm will maintain the same weight of each financing source, each dollar invested is composed of 40 cents of equity and 60 cents of debt. The first $60,000 of equity used in financing new projects is sourced from retained earnings.  This source of equity is exhausted when the firm reaches an investment level of

$60,000 / .4 = $150,000.When the level of investment exceeds this amount, equity financing must be raised externally.

Question 5 (FINM-0024)

DQZ Telecom is considering a project for the coming year that will cost $50,000,000.  DQZ plans to use the following combination of debt and equity to finance the investment:

Question 6 (RMCB-0026)

Which of the following describes a normal yield curve?

Question 7 (FINM-0073)

Which of the following types of bonds is most likely to maintain a constant market value?

Question 8 (RMCB-0058)

Which of the following is an advantage of net present value modeling?

Question 9 (RMCB-0057)

The calculation of depreciation is used in the determination of the net present value of an investment for which of the following reasons?

Question 10 (RMCB-0051)

Net present value as used in investment decision-making is stated in terms of which of the following options?

Question 11 (RMCB-0020)

Essex Corporation is evaluating a lease that takes effect on March 1, 2012. The company must make eight equal payments, with the first payment due on March 1, 2012. The concept most relevant to the evaluation of the lease is

Question 12 (RMCB-0043)

On January 1, 2012, Colt Company issued 10-year bonds with a face amount of $1,000,000 and a stated interest rate of 8% payable annually on January 1. The bonds were priced to yield 10%. Present value factors are as follows:

Present value of 1 for 10 periods

Present value of an ordinary annuity of 1 for 10 periods

The total issue price (rounded) of the bonds was

Question 13 (FINM-0001)

Net working capital is the difference between

Question 14 (RMCB-0041)

Assume that management of Trayco has generated the following data about an investment project that has a five-year life:

Initial investment

Additional investment in working capital

Cash flows before income taxes for years 1 through 5

Yearly depreciation for tax purposes

Terminal value of machine

Cost of capital

Present value of $1 received after 5 years discounted at 8%

Present value of an ordinary annuity of $1 for 5 years at 8%

Assume that Trayco’s marginal tax rate is 30% and all cash flows come at the end of the year. Calculate the net present value of the investment of the project.

Question 15 (FINM-0014)

Which one of the following statements correctly compares bond financing alternatives?

Question 16 (RMCB-0056)

A client wants to know how many years it will take before the accumulated cash flows from an investment exceed the initial investment, without taking the time value of money into account.  Which of the following financial models should be used?

Question 17 (RMCB-0049)

Harvey Co. is evaluating a capital investment proposal for a new machine.  The investment proposal shows the following information:

Initial cost

Life

Annual net cash inflows

Salvage value

If acquired, the machine will be depreciated using the straight-line method.  The payback period for this investment is

Question 18 (RMCB-0054)

Which of the following statements is correct regarding financial decision making?

Question 19 (RMCB-0052)

Which of the following formulas should be used to calculate the economic rate of return on common stock?

Question 20 (FINM-0054)

All of the following are features of just-in-time (JIT) systems except

Question 1 (IFTC-0054)

Because log-on procedures may be cumbersome and tedious, users often store log-on sequences in their personal computers and invoke them when they want to use mainframe facilities.  A risk of this practice is that

Question 2 (IFTC-0035)

Employee numbers have all numeric characters.  To prevent the input of alphabetic characters, what technique should be used?

Question 3 (IFTC-0051)

An organization’s computer help desk function is usually a responsibility of the

Question 4 (IFTC-0022)

First Federal S&L has an online real-time system, with terminals installed in all of its branches. This system will not accept a customer’s cash withdrawal instructions in excess of $1,000 without the use of a “terminal audit key.” After the transaction is authorized by a supervisor, the bank teller then processes the transaction with the audit key. This control can be strengthened by

Question 5 (IFTC-0043)

A brokerage firm has changed a program so as to permit higher transaction volumes. After proper testing of the change, the revised programs were authorized and copied to the production library.  This practice is an example of

Question 6 (IFTC-0023)

In a daily computer run to update checking account balances and print out basic details on any customer’s account that was overdrawn, the overdrawn account of the computer programmer was never printed. Which of the following control procedures would have been most effective in detecting this fraud?

Question 7 (IFTC-0088)

In which of the following locations should a copy of the accounting system data backup of year-end information be stored?

Question 8 (IFTC-0018)

A computer input control is designed to ensure that

Question 9 (IFTC-0002)

Which of the following would lessen internal control in a computer processing system?

Question 10 (IFTC-0103)

A value-added network (VAN) is a privately owned network that performs which of the following functions?

Question 11 (IFTC-0102)

Which of the following is usually a benefit of using electronic funds transfer for international cash transactions?

Question 12 (IFTC-0030)

The machine language for a specific computer

Question 13 (IFTC-0049)

Securing client/server systems is a complex task because of all of the following factors except:

Question 14 (IFTC-0028)

A data warehouse in an example of

Question 15 (IFTC-0078)

Compared to batch processing, real-time processing has which of the following advantages?

Question 16 (IFTC-0032)

Which of the following is not a characteristic of a batch processed computer system?

Question 17 (IFTC-0072)

Which of the following is an advantage of a computer-based system for transaction processing over a manual system? A computer-based system

Question 18 (IFTC-0131)

When a client’s accounts payable computer system was relocated, the administrator provided support through a dial-up connection to a server.  Subsequently, the administrator left the company.  No changes were made to the accounts payable system at that time.  Which of the following situations represents the greatest security risk?

Question 19 (IFTC-0114)

In a large multinational organization, which of the following job responsibilities should be assigned to the network administrator?

Question 20 (IFTC-0055)

Today organizations are using microcomputers for data presentation because microcomputer use, compared to mainframe use, is more

Question 1 (COST-0056)

The following is selected information from the records of Ray, Inc.:

Purchases of raw materials

Raw materials, beginning

Raw materials, ending

Work-in-process, beginning

Work-in-process, ending

Cost of goods sold

Finished goods, beginning

Finished goods, ending

What is the total amount of conversion costs?

Question 2 (PLAN-0049)

A defense contractor for a government space project has incurred $2,500,000 in actual design costs to date for a guidance system whose total budgeted design cost is $3,000,000. If the design phase of the project is 60% complete, what is the amount of the contractor’s current overrun/savings on this design work?

Question 3 (COST-0044)

A company with three products classifies its costs as belonging to five functions: design, production, marketing, distribution, and customer services. For pricing purposes, all company costs are assigned to the three products. The direct costs of each of the five functions are traced directly to the three products. The indirect costs of each of the five business functions are collected into five separate cost pools and then assigned to the three products using appropriate allocation bases. The allocation base that would most likely be the best for allocating the indirect costs of the distribution function is

Question 4 (COST-0051)

Which of the following is assigned to goods that were either purchased or manufactured for resale?

Question 5 (PLAN-0045)

A company manufactures a product that has the direct material standard cost presented below. Budgeted and actual information for the current month for the manufacture of the finished product and the purchase and use of the direct material are also presented.Standard cost for direct material1.60 lb. @ $2.50 per lb. = $4.00

 

Finished goods (in units)

Direct material usage (in pounds)

Direct material purchases (in pounds)

Total cost of direct material purchases

The direct material price variance for the current month is

Question 6 (PLAN-0041)

A favorable material price variance coupled with an unfavorable material usage variance would most likely result from

Question 7 (PERM-0001)

A strategy map in the balanced scorecard framework is

Question 8 (PLAN-0035)

Comparing actual results with a budget based on achieved volume is possible with the use of a

Question 9 (PLAN-0032)

The cash receipts budget includes

Question 10 (COST-0043)

A company is attempting to determine if there is a cause and effect relationship between scrap value and output produced. The following exhibit presents the company’s scrap data for the last fiscal year:

Scrap Value as a Percent of Standard Dollar Value of Output Produced

Month

Nov. 11

Dec. 11

Jan. 12

Feb. 12

Mar. 12

Apr. 12

May-12

Jun. 12

Jul. 12

Aug. 12

Sep. 12

Oct. 12

Based on the above data, the company’s scrap value in relation to the standard dollar value of output produced appears to be

Question 11 (PLAN-0013)

In preparing its cash budget for July 2012, Reed Company made the following projections:

Sales

Gross profit (based on sales)

Decrease in inventories

Decrease in accounts payable for inventories

For July 2012 what were the estimated cash disbursements for inventories?

Question 12 (PERM-0022)

The following selected data is for the Consumer Products Division of Gerriod Corp.

Sales

Average invested capital (total assets)

Net operating profit

Cost of capital

Calculate the spread between the return on investment and the required rate of return for the Consumer Products Division.

Question 13 (RMCB-0001)

A company is considering exchanging an old asset for a new asset. Ignoring income tax considerations, which of the following is economically relevant to the decision?

Question 14 (PLAN-0105)

Carter Co. paid $1,000,000 for land three years ago.  Carter estimates it can sell the land for $1,200,000, net of selling costs.  If the land is not sold, Carter plans to develop the land at a cost of $1,500,000.  Carter estimates net cash flow from the development in the first year of operations would be $500,000.  What is Carter’s opportunity cost of the development?

Question 15 (PERM-0012)

In the cost of quality, liability claims are examples of

Question 16 (PERM-0019)

The following selected data is for the Consumer Products Division of Gerriod Corp.

Sales

Average invested capital (total assets)

Net operating profit

Cost of capital

Calculate the asset turnover ratio for the Consumer Products Division.

Question 17 (PLAN-0106)

A company that produces 10,000 units has fixed costs of $300,000, variable costs of $50 per unit, and a sales price of $85 per unit.  After learning that its variable costs will increase by 20%, the company is considering an increase in production to 12,000 units.  Which of the following statements is correct regarding the company’s next steps?

Question 18 (PLAN-0087)

Which of the following listings correctly describes the order in which the four types of budgets must be prepared?

Question 19 (PLAN-0048)

All else being equal, the breakeven point in units will be higher if

Question 20 (PLAN-0091)

Relevant information for material A follows:

Quantity purchased

Standard quantity allowed

Actual price

Standard price

What was the direct material price variance for material A?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STRAYER ACC 576 Week 1 Quiz (All Possible Questions) NEW

STRAYER ACC 576 Week 1 Quiz (All Possible Questions) NEW

Check this A+ tutorial guideline at

http://www.assignmentcloud.com/acc-576-strayer/acc-576-week-1-quiz-new

For more classes visit

http:// ww.assignmentcloud.com/

STRAYER ACC 576 Week 1 Quiz (All Possible Questions) NEW

This Tutorial contains More than 150 Question Test Bank (we have listed some of the Questions below)

Week 1 Quiz

Question 1

The first general standard requires that an audit of financial statements is to be performed by a person or persons having

Question 2

Which of the following standards requires a critical review of the work done and the judgment exercised by those assisting in an audit at every level of supervision?

Question 3

An auditor uses the knowledge provided by the understanding of the internal control structure and the final assessed level of control risk primarily to determine the nature, timing, and extent of the

Question 4

An auditor’s primary consideration regarding an entity’s internal control structure policies and procedures is whether the policies and procedures

Question 5

To obtain evidential matter about control risk, an auditor selects tests from a variety of techniques including

Question 6

Prior to commencing fieldwork, an auditor usually discusses the general audit strategy with the client’s management. Which of the following matters does the auditor and management agree upon at this time?

Question 7

Which of the following factors most likely would cause a CPA to decline to accept a new audit engagement?

Question 8

Which of the following factors would least influence an auditor’s consideration of the reliability of data for purposes of analytical procedures?

Question 9

A previously communicated significant deficiency ordinarily should be communicated again if

Question 10

Which of the following statements concerning analytical procedures is correct?

Question 11

Which of the following is the authoritative body designated to promulgate attestation standards?

Question 12

As the acceptable level of detection risk decreases, an auditor may change the

Question 13

A CPA in public practice must be independent in fact and appearance when providing which of the following services?

Question 14

The primary objective of procedures performed to obtain an understanding of the internal control structure is to provide an auditor with

Question 15

Which of the following statements is correct concerning an auditor’s required communication of significant deficiencies?

Question 16

Which of the following procedures would an auditor most likely perform in planning a financial statement audit?

Question 17

When an auditor increases the planned assessed level of control risk because certain control procedures were determined to be ineffective, the auditor would most likely increase the

Question 18

An auditor concludes that a client has committed an illegal act that has not been properly accounted for or disclosed. The auditor should withdraw from the engagement if the

Question 19

In performing an attestation engagement, a CPA typically

Question 20

Which of the following characteristics most likely would heighten an auditor’s concern about the risk of material misstatement arising from fraudulent financial reporting?

 

 

 

 

 

 

 

 

STRAYER ACC 576 Week 4 Quiz (All Possible Questions) NEW

STRAYER ACC 576 Week 4 Quiz (All Possible Questions) NEW

Check this A+ tutorial guideline at

http://www.assignmentcloud.com/acc-576-strayer/acc-576-week-4-quiz-new

For more classes visit

http:// ww.assignmentcloud.com/

STRAYER ACC 576 Week 4 Quiz (All Possible Questions) NEW

Week 4 Quiz

Question 1

Comfort letters ordinarily are addressed to

Question 2

When compiling a nonpublic entity’s financial statements, an accountant would be least likely to

Question 3

Comfort letters ordinarily are signed by the entity’s

Question 4

Which of the following matters is covered in a typical comfort letter?

Question 5

Green, CPA, was engaged to audit the financial statements of Essex Co. after its fiscal year had ended. The timing of Green’s appointment as auditor and the start of field work made confirmation of accounts receivable by direct communication with the debtors ineffective. However, Green applied other procedures and was satisfied as to the reasonableness of the account balances.

Green’s auditor’s report most likely contained a(an)

Question 6

When engaged to audit a not-for-profit organization in accordance with Government Auditing Standards, an auditor is required to prepare a written report on compliance with laws and regulations that includes

Question 7

(NOTE: This is a CPAexcel simulated Exam Question, not AICPA licensed Material)

The effects of financial leverage result when a firm finances assets using:

Question 8

Which of the following statements is correct concerning both an engagement to compile and an engagement to review a nonpublic entity’s financial statements?

Question 9

Which of the following representations does an accountant make implicitly when issuing the standard report for the compilation of a nonpublic entity’s financial statements?

Question 10

Which of the following statements is correct regarding a review engagement of a nonpublic company’s financial statements performed in accordance with the Statements on Standards for Accounting and Review Services (SSARs)?

Question 11

In which of the following situations would an auditor ordinarily choose between expressing an “except for” qualified opinion or an adverse opinion?

Question 12

When engaged to compile the financial statements of a nonpublic entity, an accountant is required to possess a level of knowledge of the entity’s accounting principles and practices.

This requirement most likely will include obtaining a general understanding of the

Question 13

When a qualified opinion results from a limitation on the scope of the audit, the situation should be described in an explanatory paragraph

Question 14

The standard report issued by an accountant after reviewing the financial statements of a nonpublic entity states that

Question 15

Which of the following phrases would an auditor most likely include in the auditor’s report when expressing a qualified opinion because of inadequate disclosure?

Question 16

A client has capitalizable leases but refuses to capitalize them in the financial statements. Which of the following reporting options does an auditor have if the amounts pervasively distort the financial statements?

Question 17

Wolf is auditing an entity’s compliance with requirements governing a major federal financial assistance program in accordance with Government Auditing Standards. Wolf detected noncompliance with requirements that have a material effect on the program.

Wolf’s report on compliance should express

Question 18

General Retailing, a nonissuer, has asked Ford, CPA, to compile its financial statements that omit substantially all disclosures required by GAAP. Ford may comply with General’s request provided the omission is clearly indicated in Ford’s report and the

Question 19

Moore, CPA, has been asked to issue a review report on the balance sheet of Dover Co., a nonpublic entity. Moore will not be reporting on Dover’s statements of income, retained earnings, and cash flows.

Moore may issue the review report provided the

Question 20

Reporting standards for financial audits under Government Auditing Standards (the Yellow Book) differ from reporting under generally accepted auditing standards in that Government Auditing Standards require the auditor to