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ACC 490 Final Exam Guide .pdf


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ACC 490 Final Exam Guide

http://www.homeworkrank.com/ACC-490/ACC-490-Final-ExamGuide

1.

An audit that involves obtaining and evaluating evidence about the efficiency
and effectiveness of an entity’s operating activities in relation to specified
objectives is a(n):

2.

a.

internal audit.

b.

external audit.

c.

operational audit.

d.

compliance audit.

e.

financial statement audit.

When providing audit
services
, the CPA is expected to be:
a.

independent of the client.

b.

an advocate for the client.

c.

an advocate for the
general public

.
d.

e.

3.

indifferent to the effect of the financial statements and the audit
report.
able to make managerial decisions for the client.

Which one of the following services is often performed on public
companies’ interim financial statements and nonpublic companies’ annual
financial statements?

4.

a.

examination

b.

accounting

c.

auditing

d.

review

e.

consulting

In the standard audit report, the auditor’s opinion on fairness pertains:

a. only to the complete set of financial statements.
b. to individual accounts.
c. to each financial statement taken as a whole.
d. to major components of each financial statement.

e. only to material aspects of each financial statement.

5.

6.

Auditor liability under the 1933 Securities Act extends to the:
a.

financial statement date.

b.

auditor’s report date.

c.

filing date of the registration statement.

d.

effective date of the registration statement.

e.

due date of the registration statement.

An auditor may be liable to a client for breach of contract under which of
the following?

a.

Issues a standard audit report when he or she has not made an audit
in accordance with GAAS.

b.

Does not deliver the audit report by the agreed-upon date.

c.

Violates the client’s confidential relationship.

d.

All of the above.

e.

None of the above.

7.

8.

Which of the following would be an example of a foreseeable party?
a.

all creditors

b.

stockholders

c.

present investors

d.

future investors

e.

all of the above

Which of the following would not be considered an analytical procedure?
a.

calculate the gross profit ratio and compare it to the industry figure

b.

compare current year’s operating expenses to prior year’s

c.

compare current year’s working capital to prior year’s
divide sales commissions by sales and compare the results to the

d.

established
commission rate
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