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ACC403 Week 2 Quiz 1: Auditing and Assurance Services Strayer University

Quiz covering auditing and assurance services principles.

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ACC403 Week 2 Quiz 1: Auditing and Assurance Services Strayer UniversityQuestion 1In "auditing" financial accounting data, the primary concern is with:Answerdetermining whether recorded information properly reflects the economic events thatoccurredduring the accounting perioddetermining if fraud has occurred..determining if taxable income has been calculated correctly.analyzing the financial information to be sure that it complies with government requirements.Question 2The Sarbanes-Oxley Act applies to which of the following companies?AnswerAll companiesPrivately held companiesPublic companiesAll public companies and privately held companies with assets greater than $500 millionQuestion 3Which of the following isnotaSysTrustServices principle as defined by the AICPA?AnswerOnline privacyAvailabilityProcessing integrityOperational integrityQuestion 4Which of the following services provides the lowest level of assurance on a financial statement?AnswerA reviewAn auditNeither service provides assurance on financial statements.Each service provides the same level of assurance on financial statements.Question 5An accountant:Answermust possess expertise in the accumulation of audit evidence.must decide the number and types of items to test.must have an understanding of the principles and rules that provide the basis for preparing theaccounting information.must be a CPA.Question 6Recording, classifying, and summarizing economic events in a logical manner for the purpose ofproviding financial information for decision making is commonly called:Answerfinance.

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Document Details

University
Strayer University
Course
ACC 403
Subject
Accounting

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