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ACC 599 FINAL EXAM. two versions posted

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Question 1
 
The principal dishonorable criterion of the PCAOB claims that an audit be executed by which model of idiosyncratic?
Answer
 
 An eyewitness delay advanced idea in varying poses of supervision and reconsideration.
 
 An eyewitness delay misconceivepend technical inoculation and dexterity.
 
 An eyewitness delay comprehensive comprehension of the criterions of province effect and messageing.
 
 An eyewitness satisfying the anarchy criterions

Question 2
 
Which assumption addresses whether all negotiations and propositions that should be intervening in the financial avowments are intervening?
Answer
 
 Existence.
 
 Valuation.
 
 Completeness.
 
 Rights and Obligations

Question 3
 
Which one of the behindcited attributes is not claimd of an eyewitness?
Answer
 
 Independence.
 
 Bias.
 
 Integrity.
 
 Technical level

Question 4
 
Which one of the behindcited is a messageing criterion endment?
Answer
 
 The eyewitness succeed avow palpably whether the financial avowments are fairly presented in correspondence delay the useful financial messageing framework.
 
 The eyewitness succeed establish in the eyewitness’s message, those proviso in which auditing principles possess not been acceptably observed in the discoverd bound in comparison to the precedent bound.
 
 The eyewitness succeed reconsideration adjusting chronicle entries for exactness, and if the eyewitness concludes those entries are not sound servile, the eyewitness must so avow in the eyewitness’s message.
 
 The eyewitness succeed pointed an absolute idea on the financial avowments, or succeed pass concomitant audit procedures until such an idea can be pointeded

Question 5
 
When obtaining an brains of inside represss, what is the dogged outer eyewitness first careful delay?
Answer
 
 Detecting all errors.
 
 Determining the agency of operations.
 
 Determining whether the inside represss can be relied upon.
 
 Determining whether the represss excite efficiency

Question 6
 
Which of the behindcited is an natural retention of inside represss?
Answer
 
 Lack of eyewitness anarchy.
 
 Collusion.
 
 Separation of duties.
 
 Employee peer reconsideration.

Question 7
 
Which of the behindcited is obviously a trial of represss?
Answer
 
 Walk-through of the expenditure cycle from effect of the use to the messageing in the counterpoise quibble.
 
 Examination of a scantling of escheatment direct chronicles for electronic, established, authorization.
 
 Observing the repressler's use of crew owned equipment.
 
 Sending a message to the client's counsellor to determine litigation that is pending betwixt plaintiff and the defendant

Question 8
 
Which of the behindcited is an specimen of a scout reurge in an knowledge delineation?
Answer
 
 Automated messages to administration that inequitableally establish offender receivable.
 
 A endment that salaried employees propose written requests to effect overtime.
 
 Assurance from top administration that computer benevolences are kept locked.
 
 The trade of trusty herd to penetrate postulates into the knowledge delineation

Question 9
 
Which of behindcited is not multiply-among-among of the religions frameeffect superficial from utilitarianism and hues theories?
Answer
 
 Identification of the avowable issues.
 
 Determination of unnatural multiply-amongies and their hues.
 
 Determination of the most great hues.
 
 Development of resource courses of force.

Question 10
 
In determining the models of activities, agreements and interactions an eyewitness should possess delay a client, what must the CPA and the audit immovable do?
Answer
 
 Follow the rules precisely as they are written.
 
 Assess all of their harmonys delay total client to fix that anarchy is undented.
 
 Focus on client satisfforce aloft all other considerations.
 
 Realize that ethics are barely guidelines and a stuff of idiosyncratical idea

Question 11
 
Which of the behindcited is not an deportment of Rule 201 of the Dishonorable Standards of the Code of Negotiative Conduct?
Answer
 
 A limb must not capture on an agreement that is advance the limb's negotiative level.
 
 A limb must collision duties prudently and negotiatively.
 
 A limb must comprehensively delineation and visit the effect of negotiative uses.
 
 A limb immovable must not circulate uses to competing clients

Question 12
 
Which of the behindcited dramatizes a standing in which eyewitnesss may divulge client knowledge to beyond multiply-amongies?
Answer
 
 Bringing effecting papers to a negotiative CPA effectshop as an specimen of kind effect.
 
 Complying delay a conclusively issued and enforceable subpoena or summons.
 
 Showing the client’s bank avowment to a neighbor who is a distributeholder to emphasize its specie composition.
 
 Explaining to the national television notice rank why the client is mitigated to misconceive payroll in the subjoined bounds.

Question 13
 
The brains of the beak of ownty is to yield which of the behindcited?
Answer
 
 The warehouse idiosyncraticnel delay the effect that must be shipped to customers.
 
 Invoices to customers for peculiar gathering.
 
 A belief collision for customer acclamation.
 
 Evidence of mode alienate of ownty to customers

Question 14
 
A reurge that may be implemented to fix all sales that betide are chronicled in the dishonorable ledger includes which of the behindcited?
Answer
 
 Use of prenumbered shipping, invoice and sales documents.
 
 Use of prenumbered avowments, register lists and belief memos.
 
 Reconciliation of invoices delay customer avowments.
 
 Use of pre-authorized equivalent lists

Question 15
 
The harmony betwixt the sales cycle and an register delineation can best be famed in which of the behindcited specimens?
Answer
 
 Credit is prescribely earlier to substance of a sales direct.
 
 Invoices are sent to customers barely behind shipment is experimentimonyd.
 
 Availforce of effects directed are verified earlier to processing a sale.
 
 Billing knowledge is adventitious to the postulatesbase for new customers.

Question 16
 
The senile propositions receivable message is utilized by the eyewitness to end which of the behindcited?
Answer
 
 Encourage the client to collate on receivables that are covet gone-by due.
 
 Select the model of confirmations that succeed be sent to banks.
 
 Assess the level of the equivalent for questionable propositions.
 
 Identify debits in the receivables counterpoise that should be reclassified to payables.

Question 17
 
All of the behindcited are recommended features of a intellect defence delineation for a computer cpenetrate except
Answer
 
 obviously noticeable exits
 
 an concoct introduce sprinkler delineation
 
 manual intellect extinguishers in strategic locations
 
 automatic and manual alarms in strategic locations

Question 18
 
Inherent abandon
Answer
 
 exists owing all reurge structures are flawed in some ways.
 
 is the pretense that embodied misconceivetatements stop in the financial avowments of the immovable.
 
 is associated delay the choice characteristics of the profession or activity of the client.
 
 is the pretense that the eyewitness succeed not invent embodied misconceivetatements

Question 19
 
The behindcited are specimens of staple proceeds except
Answer
 
 neteffect administration
 
 systems operations
 
 systems bud
 
 server maintenance

Question 20
 
Tests of represss include
Answer
 
 confirming propositions receivable
 
 counting register
 
 completing questionnaires
 
 counting specie

Question 21
 
Which is a despicable order of providing supporter equivalent by avowing top administration to escheatment garner at a unwandering distribute equivalent?
Answer
 
 Stock splits
 
 Arbitrage
 
 Dividends
 
 Stock libertys

Question 22
 
Which synod led to the body of the Dishonorable Crew Accounting Oversight Board?
Answer
 
 Private Securities Litigation Reform Act
 
 Sarbanes-Oxley Act
 
 Gramm-Leach-Bliley Act
 
 Glass-Steagall Act

Question 23
 
_______ is a effect evaluation order that standpointes on twain financial and nonfinancial
indicators of effect such as customer content.
Answer
 
 360 pose survey
 
 Critical incidents order
 
 Balance scorecard
 
 Pareto chart

Question 24
 
Which of the behindcited applies to a “cookie jar?”
Answer
 
 Understated propositions payable
 
 Overstated discoverd proceeds
 
 Overstated reserves
 
 Recording suppositious proceedss

Question 25
 
In asset abstraction, proceeds are most frequently:
Answer
 
 understated.
 
 overstated.
 
 chronicled as liabilities.
 
 chronicled as proceedss.

 

 

VERSION 2

 

 

Which assumption addresses whether the financial avowments items are peculiarly classified in the financial avowments? Answer

 

[removed]

 

Completeness.

[removed]

 

Existence.

[removed]

 

Valuation.

[removed]

 

Presentation and Disclosure.

 

 

 

The Standards of the PCAOB can be subjugated up into three categories, i.e., dishonorable, provincework, and messageing. Which of the behindcited is considered in the provinceeffect criterions? Answer

 

[removed]

 

Independence.

[removed]

 

GAAP.

[removed]

 

Internal repress.

[removed]

 

Disclosure.

 

 

Which of the behindcited is a argue why an eyewitness needs an brains of inside represss? Answer

 

[removed]

 

To yield idiosyncratic comments on inside reurge non-compliance.

[removed]

 

To grace cozy that the client succeed pay its audit beaks.

[removed]

 

To assess embodiedity.

[removed]

 

To assess the abandon of feasible misconceivetatements in the financial avowments.

 

 

 

The PCAOB’s AS No. 5 avows that inside represss may be contrariant or scout.
Which of the behindcited represss is contrariant? Answer

 

[removed]

 

Requiring two idiosyncratics to discoverd mail containing liquidations.

[removed]

 

Reconciling the propositions receivable aidful refine delay the reurge proposition.

[removed]

 

Using frame totals.

[removed]

 

Preparing bank reconciliations.

 

 

 

How can an eyewitness use investigation to construct a amend brains of inside represss? Answer

 

[removed]

 

By interviewing key employees to construct advance insight into the inside reurge environment.

[removed]

 

By observing the protectioning of proceeds by checking locked doors and safes.

[removed]

 

By tracing a transforce from the name of the construction through to the conclusive messageing.

[removed]

 

By documenting in-one the inside reurge through the use of narratives

 

Which one of the behindcited components of the delineation of inside represss influences the mood for the construction?Answer

[removed]

 

Control abandon impost.

[removed]

 

Control environment.

[removed]

 

Information and message.

[removed]

 

Monitoring.

 

 

 

Which of the behindcited is not multiply-among-among of the reurge environment?Answer

[removed]

 

Management philosophy and at-liberty mode.

[removed]

 

Methods of assigning warrant and trust.

[removed]

 

Personnel policies and practices.

[removed]

 

Control activities.

 

 

 

A limb of the AICPA must protection the confidentiality of client knowledge. Which of the behindcited is not a conclusive argue to divulge knowledge to non-clients? Answer

 

[removed]

 

To debate knowledge of to incomprehensive divestment in an audit message.

[removed]

 

To agree delay a conclusively issued and enforceable subpoena or summons.

[removed]

 

To determine the reconsideration of client audit effect papers inferior AICPA, PCAOB, or Avow Consideration of Accountancy warrant.

[removed]

 

To expound to limbs of the urge whether a client is mitigated to misconceive payroll in the subjoined bounds.

 

 

 

In determining eyewitness anarchy, the SEC considers which of the behindcited as an anarchy frailty? Answer

 

[removed]

 

An eyewitness acts the propositioning effect and then audits it.

[removed]

 

An eyewitness has no discordant profit delay the client.

[removed]

 

An eyewitness does not act as an countenancer for the audit client.

[removed]

 

An eyewitness does not act as an employee of the audit client.

 


Which of behindcited is not claimd by Rule 201? Answer

 

[removed]

 

Professional compressiveness.

[removed]

 

Integrity and objectivity.

[removed]

 

Planning and supervision.

[removed]

 

Gathering adequate pertinent postulates.

 

 

 Which of the behindcited is the best specimen of the reurge manifest in the proceeds cycle that all negotiations are chronicled servilely? Answer

 

[removed]

 

Sales are chronicled at the invoice equivalent expected to be collateed from customers.

[removed]

 

Sales directs possess sequential numbering.

[removed]

 

Recorded sales negotiations are experimentimonyd by conclusive invoices and shipping documents.

[removed]

 

Credits to customer propositions are classified as liabilities.

 

 

Completeness of proceedss may be trialed by the eyewitness through the gathering of a scantling of which of the behindcited?Answer

[removed]

 

Shipping documents and tracing them to the sales chronicle.

[removed]

 

Accounts receivable and tracing them to specie profits.

[removed]

 

Recorded sales negotiations and tracing them to the dishonorable ledger.

[removed]

 

Inventory chronicles and tracing them to the shipping documents.

 

 

 

What experimentimony is utilized by the eyewitness for analytical resolves in substantiating the candor of the equivalent for bad liforce venerate? Answer

 

[removed]

 

Accounts receivable aging register.

[removed]

 

Copies of checks dishonorable from customers.

[removed]

 

Confirmations recompenseed delayout separation.

[removed]

 

Stock equivalents of customer companies.

 

Which of the behindcited processes are intervening in the proceeds cycle? Answer

 

[removed]

 

Shipping effects to customers.

[removed]

 

Sending disbursements to suppliers.

[removed]

 

Issuance of cardinal garner.

[removed]

 

Preparation of a span card.

 

The leading dissimilitude betwixt inside and outer auditing is thatAnswer

[removed]

 

inside eyewitnesss dramatize the profits of the construction and outer eyewitnesss dramatize beyondrs

[removed]

 

inside eyewitnesss act IT audits and outer eyewitnesss act financial avowment audits

[removed]

 

inside eyewitnesss standpoint on financial avowment audits and outer eyewitnesss standpoint on operational audits and financial avowment audits

[removed]

 

outer eyewitnesss back inside eyewitnesss but inside eyewitnesss cannot back outer eyewitnesss

 

 

When delineationning the audit, knowledge is gathered by all of the behindcited signal exceptAnswer

[removed]

 

completing questionnaires

[removed]

 

interviewing administration

[removed]

 

observing activities

[removed]

 

confirming propositions receivable

 

 

Which is the most fastidious animosity of duties in the centralized computer uses duty?Answer

[removed]

 

systems bud from postulates processing

[removed]

 

postulates operations from postulates librarian

[removed]

 

postulates provision from postulates reurge

[removed]

 

postulates reurge from postulates librarian

The lowest great item to garner off-residence in condition of an embarrassment isAnswer

[removed]

 

backups of delineations software

[removed]

 

backups of collision software

[removed]

 

documentation and bleak forms

[removed]

 

results of the latrial trial of the uneasiness reinassertion program

 

Understanding a crew's harmonys delay financial institutions and bondholders is great owing:Answer

[removed]

 

it can declare the size to which the crew is leveraged.

[removed]

 

it can perform-notorious whether speaking incomplete selling of the crew’s garner has betidered.

[removed]

 

it can strip the abstractionulent negotiations from peculiar resolve entities.

[removed]

 

it may aid in amelioration concomitant funds from the financial institutions.

 

 

______ refers to the force to forestall a abstraction inventor’s mitigated order of shrouding a abstraction. Answer

 

[removed]

 

Zero-direct argueing

[removed]

 

Deductive argueing

[removed]

 

Strategic argueing

[removed]

 

Low-direct argueing

 

 

While dishonorablely trustworthy propositioning principles do avow flexibility, criterions of _________, ________, and ________ must frequently induce in the financial avowments.Answer

[removed]

 

subjectivity; integrity; conclusiveation

[removed]

 

objectivity; integrity; judgement

[removed]

 

recording; messageing; propositioning

[removed]

 

quality; excellence; and judgement

 

 

 

 

 

Recognizing unearned proceeds as earned proceeds is an specimen of which model of abstraction?Answer

[removed]

 

Liforce inferiorannouncement

[removed]

 

Revenue inferiorannouncement

[removed]

 

Cost of ownty sold inferiorannouncement

[removed]

 

Assets overannouncement

 

 

 

 

 

The peculiar supervision of audit backants is a endment rest in which individuality of the Generally Trustworthy Auditing Standards? 
A. General Standards.
B. Standards of Fieldwork.
C. Standards of Reporting.
D. Standards of Kind Control.

 

Rather than maintenance the ten criterions, what did the AICPA enunciate?

 

Answer

 

Sequal Standards.

 

Sequal Concepts.

 

Sequal Leading Principles.

 

Sequal Governing Principles

 

Which of the behindcited uses does the PCAOB claim eyewitnesss of dishonorable companies to act? 
A. A financial avowment audit and an attrial audit.
B. A financial avowment audit and an boldness audit.
C. A financial avowment audit and agreed upon procedures.
D. A financial avowment audit and an trial of the agency of inside represss.

 

The PCAOB’s AS No. 5 avows that inside represss may be contrariant or scout. Which of the behindcited represss is contrariant?

 

Answer

 

Requiring two idiosyncratics to discoverd mail containing liquidations.

 

Reconciling the propositions receivable aidful refine delay the reurge proposition.

 

Using frame totals.

 

Preparing bank reconciliations.

 

 

 

Which of the behindcited documents succeed an eyewitness use to inform an brains of inside repress?

 

Answer

 

 Checklists, divestments and procedures.

 

 the audit message, inside reurge ideas and confirmations.

 

Workpapers, agreement messages and administration dramatizeation messages.

 

Questionnaires, narratives and flowcharts.

 

 

 

An audit immovable is considered dogged equal if it acts which of the behindcited uses for a dishonorablely traded audit client?

 

Answer Serving as a limb of the client’s consideration of directors.

 

Determining which propositioning policies succeed be adopted by the client.

 

 Accounting knowledge delineation artifice and implementation.

 

Tax recompense provision as vulgar by the consideration of directors.

 

Which of the behindcited dramatizes a standing in which an eyewitness is dogged of the client? 

 


A. The eyewitness is hired by the client construction rather than the SEC.
B. The eyewitness captures a idiosyncratical mortgage from the chairman of the crew.
C. The eyewitness’s contingent son holds 25 distributes of the client’s despicable garner.
D. The eyewitness has not dishonorable liquidation for the earlier audit uses.

 

 

 

Calculating the turnover of receivables is frequently used in trialing the sales cycle by eyewitnesss when acting which of the behindcited? 
A. Trend segregation.
B. Ratio segregation.
C. Reasonableness trialing.
D. Non-statistical sampling.

 

 

 

Which of the behindcited must stop earlier to the recollection of proceeds by a crew from the sale of a effect? 
A. The specie is realized on the sale of the effect.
B. A equivalent is debateed installed upon the customer's resale of the effect.
C. The customer is given the liberty to recompense the effect at any span.
D. The effect is comprehensively delivered to the customer.

 

 

 

Much of the brains of proceeds negotiations for obedience delay GAAP can be executed by ending which of the behindcited tasks? 
A. Examining sales contracts and investigation of administration.
B. Confirming sales delay customers.
C. Discussing the negotiations delay suitable limbs of the Financial Accounting Standards Board.
D. Comparing shipping documents delay invoices.

 

All of the behindcited trials of represss succeed yield experimentimony environing the substantial safeguard of the computer cpenetrate except

 

a.

reconsideration of intellect decorate chronicles

b.

reconsideration of the trial of the backup force supply

c.

verification of the relieve residence backup location

d.

observation of procedures enclosing stranger way to the computer benevolence

 

 

 

 

 

A frigid residence backup path is as-well notorious as

 

a.

internally yieldd backup

b.

reinassertion operations benevolence

c.

empty shell

d.

mutual aid pact

 

 

 

The behindcited are specimens of inequitable proceeds except

 

 

 

a.            collision maintenance

 

b.            postulates warehousing

 

c.             highly serviceable employees

 

d.            server maintenance

 

 

 

According to examine of financial avowment abstractions by the Committee of Sponsoring Organizations (COSO), who is the most despicable inventor of financial avowment abstraction? 
A. Chief Supporter Officer
B. Chief Financial Officer
C. Chief At-liberty Officer
D. Finance Controller

 

 

 

Incomprehensive divestment betides when: 
A. a crew attempts to overavow proceeds to perform their financial comcompose behold amend.
B. administration performs avowments that are evil-doing in its annual message or any other instrument.
C. proceeds are not written down to their misconceivepend values owing inadequate depreciation is chronicled.
D. a crew inferiorstates its liabilities and enlarges its proceedss and net proceeds.

 

When propositions receivable are enlarged, proceedss are enlarged. Similarly, when register is enlarged, consume of ownty sold is usually _________. 
A. overstated
B. unchanged
C. inadequate
D. understated

 

 

 

 

 

 

 

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