ACC 576 Week 4 Quiz (All Possible Questions)

ACC 576 Week 4 Quiz (All Possible Questions)

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This Tutorial contains More than 150 Question Test Bank (we have listed some of the Questions below)


Week 4 Quiz

Question 1      

Comfort letters ordinarily are addressed to

Question 2                  

When compiling a nonpublic entity's financial statements, an accountant would be least likely to

Question 3 

Comfort letters ordinarily are signed by the entity's

Question 4      

Which of the following matters is covered in a typical comfort letter?

Question 5      

Green, CPA, was engaged to audit the financial statements of Essex Co. after its fiscal year had ended. The timing of Green's appointment as auditor and the start of field work made confirmation of accounts receivable by direct communication with the debtors ineffective. However, Green applied other procedures and was satisfied as to the reasonableness of the account balances.

Green's auditor's report most likely contained a(an)

Question 6 

When engaged to audit a not-for-profit organization in accordance with Government Auditing Standards, an auditor is required to prepare a written report on compliance with laws and regulations that includes

Question 7      

(NOTE: This is a CPAexcel simulated Exam Question, not AICPA licensed Material)

The effects of financial leverage result when a firm finances assets using:

Question 8 

Which of the following statements is correct concerning both an engagement to compile and an engagement to review a nonpublic entity's financial statements?

Question 9 

Which of the following representations does an accountant make implicitly when issuing the standard report for the compilation of a nonpublic entity's financial statements?

Question 10    

Which of the following statements is correct regarding a review engagement of a nonpublic company's financial statements performed in accordance with the Statements on Standards for Accounting and Review Services (SSARs)?

Question 11 

In which of the following situations would an auditor ordinarily choose between expressing an "except for" qualified opinion or an adverse opinion?

Question 12    

When engaged to compile the financial statements of a nonpublic entity, an accountant is required to possess a level of knowledge of the entity's accounting principles and practices.

This requirement most likely will include obtaining a general understanding of the

Question 13    

When a qualified opinion results from a limitation on the scope of the audit, the situation should be described in an explanatory paragraph

Question 14 

The standard report issued by an accountant after reviewing the financial statements of a nonpublic entity states that

Question 15    

Which of the following phrases would an auditor most likely include in the auditor's report when expressing a qualified opinion because of inadequate disclosure?

Question 16    

A client has capitalizable leases but refuses to capitalize them in the financial statements. Which of the following reporting options does an auditor have if the amounts pervasively distort the financial statements?

Question 17    

Wolf is auditing an entity's compliance with requirements governing a major federal financial assistance program in accordance with Government Auditing Standards. Wolf detected noncompliance with requirements that have a material effect on the program.

Wolf's report on compliance should express

Question 18    

General Retailing, a nonissuer, has asked Ford, CPA, to compile its financial statements that omit substantially all disclosures required by GAAP. Ford may comply with General's request provided the omission is clearly indicated in Ford's report and the

Question 19    

Moore, CPA, has been asked to issue a review report on the balance sheet of Dover Co., a nonpublic entity. Moore will not be reporting on Dover's statements of income, retained earnings, and cash flows.

Moore may issue the review report provided the

Question 20                

Reporting standards for financial audits under Government Auditing Standards (the Yellow Book) differ from reporting under generally accepted auditing standards in that Government Auditing Standards require the auditor to


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