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Accounting Expert Answers & Study Resources : Page 495

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107.This is one of the computer-assisted audit techniques, related to processing controls, that involves processing client data through a controlled program designed to resemble the client’s application.  This test is run to find out whether the same results are achieved under different systems. A.Integrated Test Facility B.Embedded Audit Module C.Parallel Simulation D.Test Data Method              .

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  • 107.This one of the computer-assisted audit techniques, related to processing
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CHAPTER 7 – PROBLEMS 174. Match the standard-setting bodies with their purpose. 175. Identify whether the following audit tests are used to evaluate internal access controls (I),        external access controls (E), or both (B): authenticity, penetration, vulnerability assessments,        review of access logs, and review of policies concerning the issuance of passwords and.

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  • CHAPTER 7 – PROBLEMS 174. Match the standard-setting bodies with their
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TRUE / FALSE 1.Because different companies conduct business in different manners, there tends to be few similarities in the way the related business processes are carried out. 2.Sales processes need supporting practices such as credit checks and stock authorization. 3.Even though most companies collect order data from customers, the manner of receiving order.

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  • TRUE / FALSE 1.Because different companies conduct business in different manners,
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66.Which of the following is not one of the stated physical controls for inventory in a warehouse? A.Surveillance Cameras B.Alarm Systems C.Backup Copies D.Security Guards 67.In order to protect data files, production programs, and accounting records from unauthorized access, each of the following may be used, except: A.Passwords B.Physical controls (locked cabinets) C.Backup copies D.Surveillance cameras 68.Common types of independent.

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  • 66.Which of the following not one of the stated physical
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97.                Related audit tests to review the existence and communication of company policies regarding important aspects of IT administrative control include all of the following, except: A.Personal accountability and segregation of incompatible responsibilities B.Job description and clear lines of authority C.Prevention of unauthorized access D.IT systems documentation 98.Controls meant to prevent the destruction of.

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  • 97.                Related audit tests to review the existence and
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67.The generally accepted auditing standards are divided into three groups.  Which of the following is not one of those groups? A.General Standards B.Basic Standards C.Standards of Fieldwork D.Standards of Reporting 68.GAAS, generally accepted auditing standards, provide a general framework for conducting quality audits, but the specific standards - or detailed guidance - are provided by.

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  • 67.The generally accepted auditing standards divided into three groups.  Which
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76.The authorization of sales returns requires that certain individuals within the company be assigned the authority for all of the following, except: A.Authorize Sales Returns B.Approve Credit Memos C.Develop Sales Return Policies D.Record the Credit Memos 77.The segregation of duties related to sales returns would ideally separate the function of performing the credit memo activity.

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  • 76.The authorization of sales returns requires that certain individuals within
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CHAPTER 7 – END OF CHAPTER QUESTIONS:               120.Which of the following types of audits is most likely to be conducted for the purpose of identifying areas for cost savings? A.Financial Statement Audits B.Operational Audits C.Regulatory Audits D.Compliance Audits               121.Financial statement audits are required to be performed by: A.Governmental Auditors B.CPAs C.Internal Auditors D.IT Auditors               122.Which of the following.

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  • CHAPTER 7 – END OF CHAPTER QUESTIONS:               120.Which of the
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131.Which of the following is the most significant disadvantage of auditing around the computer rather than through the computer? A.The time involved in testing processing controls is significant. B.The cost involved in testing processing controls is significant. C.A portion of the audit trail is not tested. D.The technical expertise required to test processing controls.

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  • 131.Which of the following the most significant disadvantage of auditing
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77.Although there a number of organizations that provide detailed guidance, it is still necessary for auditors to rely on other direction regarding the types of audit tests to use and the manner in which the conclusions are drawn.  These sources of information include: A.Industry Guidelines B.PCAOB C.ASB D.ASACA 78.Claims regarding the financial condition of.

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  • 77.Although there a number of organizations that provide detailed guidance,
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156. Revenue systems are crucial in the healthcare industry, where hundreds of billions of dollars are        spent annually reconciling revenues and billing data from the perspectives of providers (doctors        and clinics, etc.) and payers (insurance companies).  Briefly describe how EDI would be        beneficial in this industry.  Describe the purpose.

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  • 156. Revenue systems crucial in the healthcare industry, where hundreds
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57.This type of audit is performed by independent auditors who are objective and neutral with respect to the company and the information being audited. A.Compliance Audit B.Operational Audit C.Internal Audit D.External Audit 58.              The independence of a CPA could be impaired by: A.Having no knowledge of the company or the company management B.By owning stock of a.

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  • 57.This type of audit performed by independent auditors who objective
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106.This section of the common forms used as the standard format in EDI data transmission contains data about the file or transmission and identify the end of a particular transaction. A.Header and Trailer Data B.Labeling Interchanges C.Data Segments D.Footer Data               107.Because it can be expensive to develop and maintain a system that links two.

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  • 106.This section of the common forms used as the standard
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– CHAPTER 8 – END OF CHAPTER QUESTIONS:               115.Within the revenue processes, a signed approval of a sales order indicates all of the following except: A.The date of delivery. B.The sale is to an accepted customer. C.The customer’s credit has been approved. D.The sales price is correct.               116.An example of an independent verification in.

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  • – CHAPTER 8 – END OF CHAPTER QUESTIONS:               115.Within the
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96.Application controls of the IT system would include: A.Availability B.Accuracy and Completeness C.Security D.Processing Integrity 97.This type of highly integrated IT system incorporates electronic processing of sales-related activities and, generally, the sales processes are transacted over the internet. A.E-commerce B.Virtual commerce C.Electronic data interchange D.Point of sale 98.This type of highly integrated IT system, inter-company, computer-to-computer, communicates sales documents electronically.

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  • 96.Application controls of the IT system would include: A.Availability B.Accuracy and Completeness C.Security D.Processing
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31.Those who handle cash should not have access to the related accounting records. 32.At a minimum, cash receipts should be deposited on a weekly basis. 33.Detailed customer accounts should be maintained and reconciled with customer statements regularly. 34.Access to cash collections needs to limited to those who are expressly authorized to record the.

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  • 31.Those who handle cash should not have access to the
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86.The internal control of cash receipts related to adequate records and documents would include which of the following? A.Cash receipts listings prepared on a daily basis and reconciled to supporting documentation from the bank deposit. B.Bank deposit receipts should be retained and filed chronologically. C.Detailed customer accounts should also be maintained and reconciled.

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  • 86.The internal control of cash receipts related to adequate records
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CHAPTER 7 - MULTIPLE CHOICE 47.Accounting services that improve the quality of information provided to the decision maker, an audit being the most common type of this service, is called: A.Compliance Services B.Assurance Services C.Substantive Services D.Operational Services 48.A type of assurance services that involves accumulating and analyzing support for the information provided by management is.

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  • CHAPTER 7 - MULTIPLE CHOICE 47.Accounting services that improve the quality
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41.The Sarbanes-Oxley Act has placed greater restrictions on CPAs by prohibiting certain types of services historically performed by CPAs for their audit clients. 42.The Sarbanes-Oxley Act decreased management’s responsibilities regarding the fair presentation of the financial statements. 43.The responsibility of the auditor to search for fraud is less than the responsibility to.

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  • 41.The Sarbanes-Oxley Act has placed greater restrictions CPAs by prohibiting
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