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Accounting Audit Final Exam MCQs 2015

Multiple-choice questions covering key auditing and accounting principles.

Lily Green
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Accounting Audit Final Exam MCQs 2015Report this Question as InappropriateQuestion 1A single audit is required of:A federal or nonfederal entity that receives more than $500,000 in a year.A nonfederal entity that received more than $100,000 in ayear.Nonfederal entities that expend $500,000 or more in federal awards in a year.Question 2During a review of the financial statements of a nonpublic entity, the CPA finds that the financialstatements contain a material departure fromgenerally accepted accounting principles. Ifmanagement refuses to correct the financial statement presentations, the CPA shouldDisclose the departure in a separate paragraph of the reportIssue an adverse opinionAttach a footnote explaining the effects of the departureIssue a compilation reportQuestion 3A CPA auditing an electric utility wishes to determine whether all customers are being billed.The CPA's best direction of test is from theMeter department records to the billing (sales) registerBilling (sales) register to the meter department recordsAccounts receivable ledger to the billing (sales) registerBilling (sales) register to the accounts receivable ledgerQuestion 4Generally, loss contingencies that are judged to be remote:Should be disclosed in the footnotesShould be recorded in the financial statementsShould not be disclosed in the footnotesShould be recorded in the financial statements and the footnotesQuestion 5For an engagement in which the auditor performs a set of agreed-upon procedures, the auditorshould do any of the following except

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