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On the balance sheet, the cash and investment process includes

A. ending balance in the cash account

B. interest and dividends

C. gains and losses on sale of investments

D. trading securities

E. unrealized gains and losses on investment securities classified as trading securities

F. both A and D

G. both B and C

H. both D and E

Question 2

The most common misstatements that an auditor is likely to see in the cash and investment process accounts involves

A. misclassification of trading and available-for-sale securities

B. misclassification of held-to-maturity investments

C. overstatement of unrealized gains

D. understatement of cash

E. overstatement of cash

F. both A and B

G. both C and D

H. both A and E

Question 3

The client may use a variety of methods to overstate investment securities and cash. These include

Question 4

Management asserts that

A. the company has the right to the assets of cash and investments

B. all balances related to the investment account have been accurately recorded

C. all cash and investment transactions that should be presented in the financial statements are relevant

D. transactions related to the investment process have been properly classified

E. the investment accounts are reliable according to the rules of the applicable financial reporting framework at year-end

F. both A and D

G. both B and C

H. both D and E

Question 5

Although management may have designed internal controls, the auditor may choose not to test them because

Question 6

IT controls that the auditor might expect to find in the cash process are

Question 7

Key control procedures for cash are

A. segregation of duties

B. authorization procedures

C. documented transaction trails

D. physical controls

E. both A and B

F. both C and D

Question 8

The bank confirmation is the most important procedure for the auditor because

A. it allows the auditor to verify from the company that the amount of cash listed by the company is valid

B. it allows the auditor to inquire from a source independent from the company that the amount of cash listed by the company is valid

C. it allows the auditor to verify from a source independent from the company that the amount of cash listed by the company is on hand

D. it allows the auditor to verify from a source independent from the company that the amount of cash listed by the company is valid

Question 9

Although cash is fairly easy to audit, it may also be easy to misstate cash for companies using checks to disburse cash. In this case, the correct cash amount at the end of the year is found by

A. taking the confirmed balances from the banks and adjusting these amounts by subtracting the checks outstanding and subtracting the deposits in transit

B. taking the confirmed balances from the banks and adjusting these amounts by the checks outstanding and the deposits in transit

C. taking the confirmed balances from management and adjusting these amounts by the checks outstanding and the deposits in transit

D. taking the confirmed balances from the banks and adjusting these amounts by adding the checks outstanding and the deposits in transit

Question 10

On the income statement, the long-term debt and owner's equity process includes

A. interest expense accounts

B. gains and losses on the purchase of investments

C. interest and dividends

D. all long-term debt and owner's equity accounts

Question 11

The auditor is likely to review all transactions in the long-term debt and owner's equity process because

A. there is usually only a few transactions in this account

B. some transactions are likely to be significant in determining the ending balance

C. each transaction is likely to be significant in determining the ending balance

D. most transactions are likely to be insignificant in determining the ending balance

Question 12

The documents in the long-term debt and owner's equity business process include

A. bond agreement

B. note receivable agreement

C. depreciation table for long-term debt agreements

D. stock register or stock certificate book

E. adjusting journal evaluation report

F. both A and D

G. both B and C

H. both D and E

Question 13

According to FASB Statement of Financial Accounting Standards No 130, Reporting Comprehensive Income, companies are required to include

A. a long-term debt account titled "Accumulated Other Comprehensive Income" on the balance sheet

B. an owner's equity account titled "Accumulated Other Comprehensive Income" on the income statement

C. an owner's equity account titled "Accumulated Other Comprehensive Income" on the balance sheet

D. a long-term debt account titled "Accumulated Other Comprehensive Income" on the income statement

Question 14

The client may use a variety of methods to understate liabilities, interest expense and long-term debt. These include

A. Recording operating leases as capital leases to avoid putting the liability on the balance sheet.

B. Designing off-balance sheet debt agreements with the sole purpose of keeping the debt off the books of the company.

C. Failing to disclose loan covenants on long-term agreements. These loan covenants may restrict dividend payments or limit the amount of additional debt taken on by the company.

D. Failing to disclose special arrangements, such as transactions with special purpose entities.

E. Failing to disclose nonrelated-party transactions.

F. both A and B

 

G. both B and C

H. both D and E

Question 15

Which of the following are management assertions about the accounts in long-term debt and owner's equity process?

A. existence or occurrence - for account balances

B. completeness - for both classes of transactions and account balances

C. valuation and allocation - for both classes of transactions and account balances

D. rights and obligations - for account balances

E. accuracy - for account balances

F. both A and C

G. both B and D

H. both D and E

Question 16

The auditor uses substantive tests of transactions in the long-term debt and owner's equity business process to

A. test the reliability of transactions during the year

B. test the reliability of balances at the end of the year

C. test the recording of balances at the end of the year

D. test the recording of transactions during the year

Question 17

The key substantive tests of balances for the long-term debt and owner's equity process include

A. obtain a listing of the ending balance of notes payable, long-term debt, and lines of credit

B. obtain a listing of ending balance in the capital stock accounts

C. obtain a schedule showing the beginning balance in the retained earnings account and the accumulated other comprehensive income

D. obtain a listing of the recent payments of notes payable, long-term debt, and lines of credit

E. obtain a schedule showing the transactions in the retained earnings account and the accumulated other comprehensive income

F. both A and B

G. both C and E

H. both D and E

Question 18

The disclosures in the long-term debt and owner's equity process related to the financial statements are usually found in

A. the auditor's work papers

B. the footnotes to the financial statements

C. a separate report attached to the financial statements

D. in the "Management's Discussion and Analysis" section of the annual report

E. in the internal control report

F. both A and B

G. both B and D

H. both C and E

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