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Accounting Expert Answers & Study Resources : Page 570

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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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- 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 security tokens. 176..

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  • - CHAPTER 7 – PROBLEMS 174. Match the standard-setting bodies with
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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 the.

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  • 77.Although there a number of organizations that provide detailed guidance,
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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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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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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 similar.

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  • 57.This type of audit performed by independent auditors who objective
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160. Blutarch MultiMedia Stop is a regional retailer of consumer electronics with warehouses and stores located in several large cities in California.  The board and top management of Blutarch are considering updating their accounting, inventory, and retail sales software and hardware.  Their current systems are approximately 15 years old.  Assume that you.

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  • 160. Blutarch MultiMedia Stop a regional retailer of consumer electronics
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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.

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  • - CHAPTER 7 - MULTIPLE CHOICE 47.Accounting services that improve 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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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 information.

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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 is not.

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  • - CHAPTER 7 – END OF CHAPTER QUESTIONS: 120.Which of the
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130.Which of the following audit procedures is most likely to be performed during the planning phase of the audit? A.Obtain an understanding of the client’s risk assessment process. B.Identify specific internal control activities that are designed to prevent fraud. C.Evaluate the reasonableness of the client’s accounting estimates. D.Test the timely cutoff of cash payments.

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  • 130.Which of the following audit procedures most likely to be
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125.If a company does not prepare an aging of accounts receivable, which of the following accounts is most likely to be misstated? A.Sales revenues B.Accounts receivable C.Sales returns and allowances D.Allowance for uncollectible accounts 126.When a company sells items over the Internet, it is usually called e-commerce.  There are many IT risks related to Internet.

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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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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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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 108.Regardless.

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  • 107.This one of the computer-assisted audit techniques, related to processing
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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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