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[answered] 1. Fred, employee of ABC Company, notices the company has p


Please help me with these accounting questions....


1. Fred, employee of ABC Company, notices the company has poor internal controls and lack of

 

segregation of duties. He realizes he could take some cash and record it against miscellaneous

 

expense without anyone catching it if he wanted. Which part of the fraud triangle does Fred's

 

thought relate to?

 

A. Opportunity

 

B. Rationalization

 

C. Pressure

 

D. None of the Above

 

2. Auditors must provide _______ assurance that the financial statements are presented

 

________ in all material respects.

 

A. Reasonable; Fairly

 

B. Fairly; Reasonable

 

C. Complete; Justly

 

D. Justly; Complete 3. ____are items that management has full control over and is able to delay or eliminate.

 

A. Nondiscretionary accruals

 

B. Discretionary accruals

 

C. Defining Materiality

 

D. Revenue Recognition 4. ___Requires the auditor to perform professional services with due care.

 

A. Legal Liability

 

B. Statutory Law Liability

 

C. Common-Law Liability

 

D. Liability to Clients 5. Which is one of the UKs six principles on what constitutes adequate procedures?

 

A. Risk Assessment

 

B. Due diligence

 

C. Monitoring and Reporting

 

D. All of the Above

 

E. None of the above 6. The Fraud Triangle consists of: A. Rationalization

 

B. Incentives & Pressures

 

C. Opportunities

 

D. All of the Above

 

7. A standard auditor?s report must include which of the following:

 

A.

 

B.

 

C.

 

D.

 

E. What was audited

 

Management & auditor?s responsibilities

 

Scope of the audit

 

The auditor?s opinion

 

All of the Above 8. What does privity relationship mean?

 

A. A party?s financial liability is limited

 

B. A party can sue if fraud has taken place

 

C. A party has a contractual obligation

 

D. A party may be a user of the financial statements

 

9. When an auditor acts careless in the application of professional standards that it implies a

 

reckless disregard for the standards of due care is referred to as?

 

A. Negligence

 

B. Due Care

 

C. Fraud

 

D. Constructive Fraud

 

10. What is the legal term for the intent to deceive, manipulate or defraud?

 

A. Constructive Fraud

 

B. Due Care

 

C. Misfeasance

 

D. Scienter

 

11. From an accounting perspective, _____ implies a tendency to defer the recognition of

 

assets and items that increase net income while reserving for possible future declines in

 

earnings:

 

A. High secrecy

 

B. High professionalism

 

C. High conservatism

 

D. High flexibility

 

12. According to CIMA code of ethics, ?When you become so sympathetic to the interests of

 

others as a result of a close relationship that your professional judgment becomes

 

compromised?, is considered:

 

A. Self-interest threat

 

B. Intimidation threat

 

C. Advocacy threat D. Familiarity threat 13. To be appropriate audit evidence must be both:

 

A. Relevant and reliable

 

B. Significant and documented

 

C. Material and quantitative

 

D. Objective and reasonable

 

14. Common law liability does not include:

 

A. Breach of contract

 

B. Legislation passed a state or federal level

 

C. Tort actions

 

D. Legal opinions issued by judges

 

15. All of the following EXCEPT_______ is part of "The Fraud Triangle"

 

A. Incentives/Pressures

 

B. Opportunity

 

C. Rationalization

 

D. All of the Above

 

16. A law suit against an accountant for failing to live up to the terms of a contract is what

 

type of legal liability?

 

A. Common-Law liability

 

B. Foreseeable Legal liability

 

C. Liability to Third Party

 

D. Liability to Clients

 

17. Audit Risk consist of 3 components:

 

A. Inherent, detection, material misstatement

 

B. Professional judgment, material misstatement, materiality judgments

 

C. Inherent, detection, control

 

D. All the above

 

18. CIMA?s code identifies five common threats:

 

A. Integrity, Self-review, Objectivity, Intimidation, professional behavior

 

B. Integrity, self-review, self- interest, Intimidation, professional behavior

 

C. Self-review, self-interest, Intimidation, Familiarity, Advocacy

 

D. Integrity, Intimidation, Familiarity, self-interest, Advocacy

 


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