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  • ACC 492 Week 1 Individual Assignment Multiple Choice

    Post your answers to the Multiple Choice Questions in the Assignments folder.

    Be prepared to take a quiz on topics covered in the assigned readings for Week

    one.

    1. Which of the following accounts in a merchandising company is affected by

    both the revenue cycle and another cycle?

    a. sales

    b. sales returns and allowances

    c. inventory

    d. accounts receivable

    e. accounts payable

    2. The audit objective, The accounts receivable balance represents gross claims

    on customers and agrees with the sum of the accounts receivable subsidiary

    ledger is derived from the assertion of:

    a. existence or occurrence

    b. completeness

    c. rights and obligations

    d. valuation or allocation

    e. presentation or disclosure

    3. All sales, cash receipts, and sales adjustments are accurately valued using

    GAAP and correctly journalized, summarized and posted are transaction objectives

    for:

    a. occurrence

    b. completeness

    c. accuracy

    d. cutoff

    e. classification

    4. Disclosure objectives includes all of the following except:

    a. occurrence and rights and obligations

    b. cutoff

    http://www.tutorialfirm.com/ACC-492/ACC-492-Week-1-Individual-Assignment-Multiple-Choice

  • c. completeness

    d. classification and understandability

    e. accuracy and valuation

    5. The bonding of employees will normally be expected to:

    a. weed out dishonest employees already hired

    b. eliminate the need for separation of duties in the cash receipts area

    c. guarantee that all employee fraud will be prevented

    d. provide reasonable assurance that all employees will perform their jobs with

    the utmost integrity

    e. serve as a deterrent to dishonesty

    6. A company policy states that annual vacations are mandatory for all

    employees. This policy is most important for employees who:

    a. are not bonded

    b. handle cash receipts

    c. maintain the detailed accounting records

    d. have access to the general ledger

    e. serve as inventory clerks

    7. A company has a policy of rotating employees assigned duties. This policy is

    most important for employees who:

    a. are not bonded

    b. maintain the detailed accounting records

    c. handle cash receipts

    d. have access to the general ledger

    e. serve as inventory clerks

    8. Auditors should evaluate new controls associated with all of the following

    except:

    a. new product lines

    b. new sources of revenues

    c. managements response to new accounting standards for revenue transactions

    d. related changes in personnel

    e. all of the above

  • 9. An understanding of the revenue accounting system requires knowledge of all

    of the following except:

    a. how sales are initiated

    b. how goods and services are delivered

    c. how payables are recorded

    d. how cash is received

    e. how sales adjustments are made

    10. In a credit-merchandising environment, which of the following documents

    usually initiates the activity in the sales cycle?

    a. shipping document

    b. customer order

    c. material requisition

    d. sales invoice

    e. sales order

    ACC 492 Week 2 Learning Team Assignment Internal Control Questionnaire

    ACC 492 Week 2 Learning Team Assignment Internal Control Questionnaire

    Internal Controls Questionnaire. Select a Learning Team members organization

    as the basis for this and subsequent Learning Team meeting assignments. Develop

    and complete an internal controls questionnaire for either an asset- or liability-

    related business cycle within the selected organization. Include questions regarding

    important characteristics of the following process components:

    a. Control environment

    b. Risk assessment

    c. Control activities

    http://www.tutorialfirm.com/ACC-492/ACC-492-Week-2-Learning-Team-Assignment-Internal-Control-Questionnaire

  • d. Information systems and communications

    e. Monitoring

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    ACC 492 Week 3 Learning Team Assignment Audit Program Development

    Audit Program Development. Based on the findings of the Internal Controls

    Questionnaire your team developed in Learning Team Meeting One, prepare a list

    of audit objectives for your selected business cycle. Then, develop an audit

    program to meet your stated audit objectives. Include substantive tests of

    transactions, analytical procedures, and tests of account balances in your audit

    program. Be sure to identify the procedures necessary to analyze the income

    statement accounts related to your selected business cycle.

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    ACC 492 Week 5 Learning Team Assignment Case Study Assignment

    Work on the following assignment with your Learning Team, and then have one

    member of your team post a collective response from the team in the Assignments

    folder of the responsible individual.

    Case Study Assignment: Prepare written answers to the following: Learning Check

    4:17 from the text, Modern Auditing: Assurance Services and the Integrity of

    Financial Reporting (8th ed.) by Boynton and Johnson.

    To Know More Tutorials Visit http://www.tutorialfirm.com

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  • ACC 492 Week 5 Individual Assignment Issuing Audit Program Simulation

    Issuing Audit Reports Simulation. Complete the simulation Issuing Audit

    Reports located on the Materials page. After completing the simulation, prepare a

    350-word response to following questions:

    a. What are the different types of audit reports and when should each be used?

    b. In what types of situations would an auditor be allowed to issue an unqualified

    audit report?

    c. To what extent is the auditor liable for misstatements in the financial

    statements of the audited company?

    Note: Issuing Audit Reports simulation located on the Week Five Materials page

    Submit your Course Summary the Main Classroom forum. Submit a brief Course

    summary indicating what you have learned from this course over the past 5 weeks.

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    ACC 492 Week 4 Quiz

    1. The auditors responsibilities with regard to audit works is usually up to the last

    date of field works. (True/False)

    2. Name the various types of opinions expressed by an independent auditor.

    3. List the three types of going concern issues.

    4. Describe very briefly three conditions under which an auditor issues a qualified

    report.

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    ACC 492 Week 4 Learning Team Assignment Audit Program Presentation

    Audit Program Presentation. Prepare 8-10 Microsoft PowerPoint slides

    illustrating your Learning Teams Audit Questionnaire and the results of your

    completed Audit Program. Post your answers to the Assignments folder of the

    responsible individual.

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    ACC 492 Week 4 Individual Assignment Multiple Choice Quiz

    1. A CPA found that the company has not capitalized a material amount of leases

    in the financial statements. When considering the materiality of this departure from

    GAAP, the CPA would choose between which reporting options?

    a. Unqualified opinion or disclaimer of opinion.

    b. Unqualified opinion or qualified opinion.

    c. Emphasis paragraph with unqualified opinion or an adverse opinion.

    d. Qualified opinion or adverse opinion.

    2. An auditor determined that the company is suffering financial difficulty and the

    going concern status is seriously in doubt. Even though the company has placed

    adequate disclosures in the financial statements, the auditor must choose between

    which of the following audit report alternatives?

    a. Unqualified report with a going-concern explanatory paragraph or disclaimer of

    opinion.

    b. Standard unqualified report or a disclaimer of opinion.

    c. Qualified opinion or adverse opinion.

    d. Standard unqualified report or adverse opinion.

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  • 3. A company accomplished an early extinguishment of debt, and the auditors

    believe that literal application of SFAS No. 98 would cause recognition of a loss

    that would materially distort the financial statements and cause them to be

    misleading. Given th