Category Archives: ACC 492

ACC 492 Week 1 Individual Assignment Multiple Choice

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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
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.    management’s 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

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ACC 492 Week 2 Learning Team Assignment Internal Control Questionnaire

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ACC 492 Week 2 Learning Team Assignment Internal Control Questionnaire

Internal Controls Questionnaire.  Select a Learning Team member’s 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

d.      Information systems and communications

e.      Monitoring

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ACC 492 Week 3 Learning Team Assignment Audit Program Development

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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

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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.

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ACC 492 Week 5 Individual Assignment Issuing Audit Program Simulation

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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

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1. The auditor’s 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

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Audit Program Presentation.  Prepare 8-10 Microsoft® PowerPoint® slides illustrating your Learning Team’s 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

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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.

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 these facts, the auditor would probably choose which reporting option?
a. Explain the situation and give an adverse opinion.
b. Explain the situation and give a disclaimer of opinion.
c. Explain the situation and give an unqualified opinion, relying on Rule 203 of the AICPA Code of Professional Conduct.
d. Give the standard unqualified audit report.

4. Which of these situations would require an auditor to append an explanatory paragraph about consistency to an otherwise unqualified audit report?
a. Company changed its estimated allowance for uncollectible accounts receivable.
b. Company corrected a prior mistake in accounting for interest capitalization.
c. Company sold one of its subsidiaries and consolidated six subsidiaries this year compared to seven last year.
d. Company changed its inventory costing method from FIFO to LIFO.

5. Wolfe became the new auditor for Royal Corporation, succeeding Mason, who audited the financial statements last year. Wolfe needs to report on Royal’s comparative financial statements and should write in his report an explanation about another auditor having audited the prior year
a. Only if Mason’s opinion last year was qualified.
b. Describing the prior audit and the opinion but not naming Mason as the predecessor auditor.
c. Describing the audit but not revealing the type of opinion Mason gave.
d. Describing the audit and the opinion and naming Mason as the predecessor
auditor.

6. When other independent auditors are involved in the current audit of parts of the company’s business, the principal auditor can write an audit report that (two answers)
a. Mentions the other auditor, describes the extent of the other auditor’s work, and gives an unqualified opinion.
b. Does not mention the other auditor and gives an unqualified opinion in a standard unqualified report.
c. Places primary responsibility for the audit report on the other auditors.
d. Names the other auditors, describes their work, and presents only the principal auditor’s report.

7. An “emphasis-of-a-matter” paragraph inserted in a standard audit report causes the report
to be characterized as a(n)
a. Unqualified opinion report.
b. Divided responsibility report.
c. Adverse opinion report.
d. Disclaimer of opinion.

8. Under which of the following conditions can a disclaimer of opinion never be given?
a. Going-concern problems are highly material and significant.
b. The company does not let the auditor have access to evidence about important accounts.
c. The auditor owns stock in the company.
d. The auditor has found that the company has used the NIFO (next-in, first-out) inventory costing method.

9. Where will you find an auditor’s own responsibility for expressing the opinion on financial statements?
a. Stated explicitly in the introductory paragraph of the standard unqualified report.
b. Unstated but understood in the introductory paragraph of the standard unqualified report.
c. Stated explicitly in the opinion paragraph of the standard unqualified report.
d. Stated explicitly in the scope paragraph of the standard unqualified report.

10. Company A hired Sampson & Delila, CPAs, to audit the financial statements of Company B and deliver the audit report to Megabank. Which is the client?
a. Megabank.
b. Sampson & Delila.
c. Company A.
d. Company B.

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