Chapter 4 (PG)

Chapter 4 (PG)

University

12 Qs

quiz-placeholder

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Chapter 4 (PG)

Chapter 4 (PG)

Assessment

Quiz

Fun, Other

University

Hard

Used 2+ times

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Who is responsible for the preparation of the financial report?  
 

 Auditor
Management
Both auditor and management.
None of the answers given are correct.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  3. Which of the following items is an example of professional scepticism?  
 


Determining a low level of materiality.
 Determining a high level of risk
Being alert to conditions that may indicate risks of fraud
 All of the answers given are correct.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following tests would involve the exercising of professional judgment?  
 

Assessing the appropriateness of the estimate of the provision for doubtful debts. 
Obtaining a bank confirmation to support the cash at bank figure.
Checking the calculations on a sales invoice.
All of the answers given are correct.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which audit assertion relates to ensuring that all recorded sales are valid?  
 

   
Existence
Completeness.
Occurrence
Accuracy. 

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following audit objectives relates primarily to the financial report assertion of valuation and allocation?  
 

 Inventory listings are accurately compiled and the totals are properly included in the inventory accounts.
Inventory quantities include all products, materials and supplies owned by the company that are in transit
Slow-moving and obsolete items included in inventories are properly identified. 
Inventories exclude items billed to customers or owned by others.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following audit objectives relates primarily to the financial report assertion of valuation and allocation?  
 

 Inventory listings are accurately compiled and the totals are properly included in the inventory accounts.
Inventory quantities include all products, materials and supplies owned by the company that are in transit
Slow-moving and obsolete items included in inventories are properly identified. 
Inventories exclude items billed to customers or owned by others.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Your audit client is under intense pressure to meet an earnings target. Which transaction assertion for purchases is most at risk?  
 

Occurrence
Completeness
 Classification
Accuracy.

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