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 University
Question 1
In "auditing" financial accounting data, the primary concern is with:
Answer
determining whether recorded information properly reflects the economic events that occurred
during the accounting period
determining 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 2
The Sarbanes-Oxley Act applies to which of the following companies?
Answer
All companies
Privately held companies
Public companies
All public companies and privately held companies with assets greater than $500 million
Question 3
Which of the following isnotaSysTrustServices principle as defined by the AICPA?
Answer
Online privacy
Availability
Processing integrity
Operational integrity
Question 4
Which of the following services provides the lowest level of assurance on a financial statement?
Answer
A review
An audit
Neither service provides assurance on financial statements.
Each service provides the same level of assurance on financial statements.
Question 5
An accountant:
Answer
must 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 the
accounting information.
must be a CPA.
Question 6
Recording, classifying, and summarizing economic events in a logical manner for the purpose of
providing financial information for decision making is commonly called:
Answer
finance.
Question 1
In "auditing" financial accounting data, the primary concern is with:
Answer
determining whether recorded information properly reflects the economic events that occurred
during the accounting period
determining 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 2
The Sarbanes-Oxley Act applies to which of the following companies?
Answer
All companies
Privately held companies
Public companies
All public companies and privately held companies with assets greater than $500 million
Question 3
Which of the following isnotaSysTrustServices principle as defined by the AICPA?
Answer
Online privacy
Availability
Processing integrity
Operational integrity
Question 4
Which of the following services provides the lowest level of assurance on a financial statement?
Answer
A review
An audit
Neither service provides assurance on financial statements.
Each service provides the same level of assurance on financial statements.
Question 5
An accountant:
Answer
must 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 the
accounting information.
must be a CPA.
Question 6
Recording, classifying, and summarizing economic events in a logical manner for the purpose of
providing financial information for decision making is commonly called:
Answer
finance.
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Document Details
University
Strayer University
Subject
Accounting