ACCT 326 Week 8 Final Exam NEW 2016
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ACCT 326 Week 8 Final Exam NEW 2016 1. (TCO 6) For efficiency, tests of controls are frequently done at the same time as 2. (TCO 6) Which of the following is not a direct result of performing analytical procedures? 3. (TCO 6) Which of the following audit tests is usually the most costly to perform? 4. (TCO 6) Which of the following represents an incorrect pairing of a type of audit test and evidence? 5. (TCO 6) The sequence of steps in gathering evidence as the basis of the auditor’s opinion are 6. (TCO 9) It is important that sales be billed and recorded in the journal as soon as possible after 7. (TCO 9) At which point in an ordinary sales transaction would a lack of specific authorization be of least concern to the auditor? 8. (TCO 9) Proper separation of duties is useful to prevent various types of misstatements. Which of the following is not an essential separation of duties? 9. (TCO 9) Which one of the following would the auditor be concerned with when examining the client’s billing function? 10. (TCO 9) Smith Manufacturing Company’s accounts receivable clerk has a friend who is also a Smith’s customer. The accounts receivable clerk has issued fictitious credit memos to his friend for goods supposedly returned. The most effective procedure for preventing this activity is to