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Mike Brown

ACCT 400 Final Exam Answers

Mike Brown

ACCT 400 Final Exam Answers

https://homeworklance.com/downloads/acct-400-final-exam-answers/

 

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Part 1 of 1 – Final Exam

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45.0/ 50.0 Points

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The Final Exam has 50 true/false questions, covers Chapters 1 & 2, and 6 through 11, and has a 4 hour time limit.

 

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Question 1 of 50

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1.0/ 1.0 Points

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oType I subsequent events are always referenced in the audit report.

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A. True

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B. False

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Question 2 of 50

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1.0/ 1.0 Points

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Regardless of the specific form, documentary evidence shows that the receiving process occurred.

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A. True

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B. False

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Question 3 of 50

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1.0/ 1.0 Points

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Preliminary time budget information is compared to actual time worked and is used for purposes of billing, performance evaluation, and future bidding.

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A. True

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B. False

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Question 4 of 50

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1.0/ 1.0 Points

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Sales returns and allowances remain constant in their magnitude and never need differing levels of control and approval.

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A. True

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B. False

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Question 5 of 50

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0.0/ 1.0 Points

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All assertions apply to every account.

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A. True

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B. False

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Question 6 of 50

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1.0/ 1.0 Points

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Failure to provide the auditor information regarding pending litigation is grounds for a scope limitation.

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A. True

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B. False

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Question 7 of 50

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1.0/ 1.0 Points

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Detail schedules need to tie to the lead schedule.

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A. True

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B. False

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Question 8 of 50

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1.0/ 1.0 Points

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Sampling risk is the risk that your sample is not representative of the population.

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A. True

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B. False

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Question 9 of 50

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1.0/ 1.0 Points

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An auditor’s report on an integrated audit will be unqualified if internal control over financial reporting does not have any material weaknesses and the financial statements are fairly presented.

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A. True

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B. False

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Question 10 of 50

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0.0/ 1.0 Points

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If a transaction is paid for by credit card, the seller processes the sales transaction with the credit card issuer when the item is received.

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A. True

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B. False

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Question 11 of 50

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1.0/ 1.0 Points

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The last steps of an integrated audit are to understand the industry and contract with the client to do the audit.

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A. True

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Question 12 of 50

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1.0/ 1.0 Points

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Cash received for sales comes in through several channels.

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A. True

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B. False

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Question 13 of 50

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1.0/ 1.0 Points

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Recalculation is a form of reperformance.

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A. True

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B. False

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Question 14 of 50

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1.0/ 1.0 Points

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When the mail is opened and checks are received, a document called a daily remittance list is immediately prepared.

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A. True

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B. False

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Question 15 of 50

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All transactions in the sales and collection cycle need not be recorded at the correct amounts.

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