ACC555 Final Exam: Auditing and Accounting Principles

Preview (4 of 13 Pages)

100%

Purchase to unlock

Loading page image...

ACC555 Final Exam: Auditing and Accounting PrinciplesNAME _______________________________1.The 10,000 accounts receivable of DEF Company have a total book value of $120,000. A CPA hasselected and audited a sample of 100 accounts with a total bookvalue of $1,000 and an audited value of$1,200.Using the ratio estimation technique, the estimated total audited value of the population is:A.$100,000.B.$120,000.C.$140,000.D.$144,0002The 10,000 accounts receivable of DEF Company have a total book value of $120,000. A CPA hasselected and audited a sample of 100 accounts with a total book value of $1,000 and an audited value of$1,200.Using the mean-per-unit estimation technique, the estimated total audited value of the population is:A.$100,000.B.$120,000.C.$140,000.D.$144,000.3Using the mean-per-unit estimation method an auditor has properly calculated the estimatedtotal audited value of a population as $200,000. Her sample included 200 of the population's 40,000items. She found that, in her sample the average audited value was $1 less than the average book value.What was the average audited value in the sample?A.$4.B.$5.C.$6.D.$10.4Using difference estimation, an auditor has taken a sample of 200 from a population's 40,000items; that population has a book value of $200,000. She found that in her sample the average auditedvalue was $4.20, while the average book value was $5.20. What is the estimated total audited value ofthe population?

Loading page image...

A.$160,000.B.$161,538.C.$168,000.D.$200,000.5.Using ratio estimation, an auditor has taken a sample of 200 from a population's 40,000 items;that population has a book value of $200,000. She found that in her sample the average audited valuewas $4.20, while the average book value was $5.20. What is the estimated total audited value of thepopulation?A.$160,000.B.$161,538.C.$168,000.D.$200,000.6.Using mean-per-unit estimation, an auditor has taken a sample of 200 from a population's40,000 items; that population has a book value of $200,000. She found that in her sample the averageaudited value was $4.20, while the average book value was $5.20. What is the estimated total auditedvalue of the population?A.$160,000.B.$161,538.C.$168,000.D.$200,000.7.If the projected misstatement in a nonstatistical sampling is $8,000, while the tolerablemisstatement is $9,000, what would an auditor likely conclude?A.Since the projected misstatement is less than the tolerable misstatement, the account is notmisstated.B.Since the projected misstatement is less than the tolerable misstatement, the account ismisstated.C.The risk is high that the account is materially misstated.D.The analysis has been improperly performed since the projected misstatement is unequal to thetolerable misstatement.

Loading page image...

8.A dual purpose test simultaneously.A.Addresses two different accounts.B.Functions as a substantive test and as a test of controls.C.Functions as an analytical procedure and asubstantive test.D.Substantiates an ending balance and the transactions making up the balance.9.The 1000 accounts receivable of WincoCompany have a total book value of $20,000 (Averagebook value = $20). Bob Duffo, CPA, has selected and audited a sample of 50 accounts with the followingmean values:1. Book value of $19.2. Audited value of $19.60.What is the estimated total audited value using mean per unit sampling?A.$19,000.B.$19,600.C.$20,000.D.$20,632.10.The 1000 accounts receivable of Winco Company have a total book value of $20,000 (Averagebook value = $20). Bob Duffo, CPA, has selected and audited a sample of 50 accounts with the followingmean values:1. Book value of $19.2. Audited value of $19.60.What is the estimated total audited value using difference estimation sampling?A.$19,387.B.$19,400.C.$19,600.D.$20,600.11.Which of the following is correct concerning "window dressing" for cash?A.A segregation of duties within the cash function effectively eliminates its occurrence.

Preview Mode

This document has 13 pages. Sign in to access the full document!

Report

Study Now!

Document Details

Related Documents

ACC555 Final Exam

ACC555 Final Exam

ACC555: Fraud Examination : SAS 99 and Its Impact on Auditing Practices in Fraud Detection

Accounting

Master Managerial Accounting Techniques

Controlling and Reporting of Real Assets

Team A Week 5 Problems

Accounting Audit Final Exam MCQs 2015

Sarbanes Oxley Act, GAAP and IFRS

IFRS or US GAAP Which is the Best Reporting Standard

Company

Explore

Study Tools