Audit_chapter-01_TB

更新时间:2023-07-24 06:03:03 阅读：评论：0

Chapter 1

Multiple-Choice Questions

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1. easy	Recording, classifying, and summarizing economic events in a logical manner for the purpo of providing financial information for decision making is commonly called:
c	a. finance.
	b. auditing.
	c. accounting.
	d. economics.

2. easy	In the audit of historical financial statements, which of the following accounting bas is the most common?
c	a. Regulatory accounting principles.
	b. Cash basis of accounting.
	c. Generally accepted accounting principles.
	d. Liquidation basis of accounting.

3. easy	Any rvice that requires a CPA firm to issue a report about the reliability of an asrtion that is made by another party is a(n):
b	a. accounting and bookkeeping rvice.
	b. attestation rvice.
	c. assurance rvice.
	d. tax rvice.

4.	Three common types of attestation rvices are:
easy	a. audits, reviews, and “other” attestation rvices.

a	b. audits, verifications, and “other” attestation rvices.
	c. reviews, verifications, and “other” attestation rvices.
	d. audits, reviews, and verifications.

5. (SOX) easy softskills	decompositionThe organization that is responsible for providing oversight for auditors of public companies is called the ________.
世界五大洲 d	a. Auditing Standards Board.
	b. American Institute of Certified Public Accountants.
	c. Public Oversight Board.
	d. Public Company Accounting Oversight Board.

6. (SOX)	The Sarbanes-Oxley Act applies to which of the following companies?
easy	a. All companies.
c	b. Privately held companies.
	c. Public companies.
	d. All public companies and privately held companies with asts greater than $500 million.

7. medium	Providing quantitative information that management and others can u to make decisions is the function of:
d	a. management information systems.
	b. auditing.
	c. finance.

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8.	An audit of historical financial statements most commonly includes the:
medium	a. balance sheet, the income statement, and the statement of cash flows.
d	b. income statement, the statement of cash flows, and the statement of net working capital.
	c. statement of cash flows, the balance sheet, and the retained earnings statement.
	d. balance sheet, the income statement, and the statement of cash flows.

9. medium	The ___________ rate may be defined as approximately the rate a bank could earn by investing in U.S. treasury notes for the same length as the length of a business loan.
c	a. nominal
	b. stated
	to be by your side c. risk-free
	d. prevailing

迪士尼英语动画片大全10.	The u of the Certified Public Accountant title is regulated by:
medium	a. the federal government.
b	b. state law through a licensing department or agency of each state.
	c. the American Institute of Certified Public Accountants through the licensing departments of the tax and auditing committees.
	d. the Securities and Exchange Commission.

11.	An operational audit has as one of its objectives to:
medium	a. determine whether the financial statements fairly prent the entity’s operations.

c	b. evaluate the feasibility of attaining the entity’s operational objectives.
	c. make recommendations for improving performance.
	d. report on the entity’s relative success in attaining profit maximization.

12.	An audit of historical financial statements is most often performed to determine whether the:
medium	a. organization is operating efficiently and effectively.
d	b. entity is following specific procedures or rules t down by some higher authority.
	c. management team is fulfilling its fiduciary responsibilities to shareholders.
	d. none of the choices.

13. medium	An examination of part of an organization’s procedures and methods for the purpo of evaluating efficiency and effectiveness is what type of audit?
a	a. Operational audit.
	b. Compliance audit.
	c. Financial statement audit.
	d. Production audit.

14. medium	An audit to determine whether an entity is following specific procedures or rules t down by some higher authority is classified as a(n):
b	a. audit of financial statements.
	b. compliance audit.
	c. operational audit.

	d. production audit.

15.	Which of the following is a type of audit evidence?
medium	a. Oral respons to the auditor from employees of the company under audit.
d	b. Written communications from company employees or outsiders.
	c. Obrvations made by an auditor.
	d. Evidence may take any of the above forms.

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16.	Which of the following rvices provides the lowest level of assurance on a financial statement?
medium	a. A review.
a	b. An audit.
	c. Neither rvice provides assurance on financial statements.
	d. Each rvice provides the same level of assurance on financial statements.

17.	The three requirements for becoming a CPA include all but which of the following?
medium	a. Uniform CPA examination requirement.
c	b. Educational requirements.
	c. Character requirements.
	d. Experience requirement.

18.	In “auditing” financial accounting data, the primary concern is with:
medium a	a. determining whether recorded information properly reflects the economic events that occurred during the accounting period.
	b. determining if fraud has occurred.
	c. determining if taxable income has been calculated correctly.
	d. analyzing the financial information to be sure that it complies with government requirements.

19. axemanmedium	Financial statement urs often receive unreliable financial information from companies. Which of the following is not a common reason for this?
d	a. Complex business transactions.

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