ACC 403 Week 9 Quiz 7 Chapter 14 & 15

ACC 403 Week 9 Quiz 7 Chapter 14 & 15

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1.       Which of the following is an account that is not affected by the sales and collection cycle?

2.       When designing audit procedures, tracing of source documents to the customers subsidiary ledger and subsequently to the general ledger is done to satisfy what assertion?

3.       The ________ is a contract between a carrier (e.g., a trucking company) and the seller of goods that dictates the details surrounding the shipment of goods.

4.       A ________ is a document that indicates a request for merchandise by a customer.

5.       Generally, when is the earliest point in the sales and collection cycle in which revenue can be recognized?

6.       A document prepared to initiate shipment of the goods sold by an independent shipper is the:

7.       The audit procedure referred to as proof of cash receipts is particularly useful to test:

8.       What critical event must take place before goods can be shipped in order to assure payment can be reasonably expected?

9.       A document sent to each customer showing his or her beginning accounts receivable balance and the amount and date of each sale, cash payment received, any debit or credit memo issued, and the ending balance is the:

10.   An effective procedure to test for unbilled shipments is to trace from the:

11.   When assessing risk control, the auditor must do all of the following except:

12.   Credit memos are normally issued to:

13.   The document used to indicate to the customer the amount of a sale and payment due date is the:

14.   What event initiates a transaction in the sales and collection cycle?

15.   Some companies have customers send payments directly to an address maintained by a bank. This is called a(n) ________ system.

16.   To determine if a sample is truly representative of the population, an auditor would be required to:

17.   When auditors wish to evaluate a sample statistically, an acceptable selection method is:

18.   Attributes sampling would be an appropriate method to use on which one of the following procedures in an audit program?

19.   Simple random sampling:

20.   Which of the following is the exception rate that the auditor expects to find before testing?

21.   One of the causes of nonsampling risk is:

22.   When the auditor goes through a population and selects items using nonprobabilistic selection methods, without regard to their size, source, or other distinguishing characteristics, it is called:

23.   The risk which the auditor is willing to take in accepting a control as being effective when the true population exception rate is greater than a tolerable rate is the:

24.   A sample in which the characteristics of the sample are the same as those of the population is a(n):

25.   The acceptable risk of overreliance:

26.   When the auditor decides to select less than 100 percent of the population for testing, the auditor is said to use:

27.   Auditors often use the ________ to determine the estimated population exception rate.

28.   Rodgers CPA believes that the rate of client billing errors is 4% and has established a tolerable deviation rate of 6%. In auditing client invoices Rodgers should use:

29.   When using statistical sampling, the auditor would most likely require a smaller sample if the:

30.   The most serious shortcoming of the haphazard sample selection method is:

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