Auditing Acccount Test Bank

In: Business and Management

Submitted By soccerboy1990
Words 175224
Pages 701
Auditing and Assurance Services 14th Edition By Arens, Beasley and Elder– Test Bank Score A Grade In your Quizzes (Exams) Click Here to Purchase the Test Bank All 26 Chapters Quiz Answers Email me if there is any problem or if you need help with your other classes assignments, problems or quizzes.

ewood6449@gmail.com
Auditing and Assurance Services, 14e (Arens) Chapter 1 The Demand for Audit and Other Assurance Services Learning Objective 1-1
1) The Sarbanes-Oxley Act applies to which of the following companies? A) All companies. B) Privately held companies. C) Public companies. D) All public companies and privately held companies with assets greater than $500 million. Answer
Terms: Sarbanes-Oxley Act Diff: Easy Objective: LO 1-1 AACSB: Reflective thinking skills Topic: SOX

2) Which of the following is considered audit evidence? A) Oral statements Written Auditor made by management Communications Observation Y N N B) Oral statements made by management N C) Oral statements made by management Y Written Communications Y Auditor Observation Y Written Communications Y Auditor Observation Y

D) Oral statements made by management N Answer
Terms: Audit evidence Diff: Moderate Objective: LO 1-1 AACSB: Reflective thinking skills

Written Communications N

Auditor Observation Y

3) Evidence is paramount to audit and attestation engagements. List the four basic types of audit evidence. 4) The criteria by which an auditor evaluates the information under audit may vary with the information being audited. A) True B) False
Terms: Criteria which an auditor evaluates information Diff: Easy Objective: LO 1-1 AACSB: Reflective thinking skills

5) The criteria used by an external auditor to evaluate published financial statements are known as generally accepted auditing standards. A) True B) False Answer
Terms: Criteria used by external auditor to evaluate…...

Similar Documents

Test Bank

...26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. Description Factors considered by actuaries. Process of funding a pension plan. Accounting problems in pension plans. Nature of a defined-contribution plan. Nature of a defined-benefit plan. Defined-contribution plan characteristics. Accounting for a defined-benefit plan. Pension obligation measurement using future salaries. Definition of accumulated benefit obligation. Projected benefit obligation as a measure of pension obligation. Alternative measures of the pension obligation. Characteristics of vested benefits. Pension funding and pension expense recognition. Components of pension expense. Service cost calculated using future compensation levels. Settlement interest rates. 20-2 Test Bank for Intermediate Accounting, Fourteenth Edition MULTIPLE CHOICE—Conceptual (cont.) Answer a b b c a c c b a d b a a a d a a b c c c c a c b d b No. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. *56. *57. *58. *59. *60. *61. *62. *63. Description Nature of plan assets. Definition of actual return on plan assets. Pension Asset / Liability. Items included in pension expense. Definition of pension expense. Recognition of prior service costs. Amortization of prior service costs. Amortization methods for prior service costs. Defined-benefit plan amendment. Unexpected gains and losses. Recording gains and losses. Use of fair value of plan asset. Gain or loss caused by a plant closing. Reporting......

Words: 14393 - Pages: 58

Auditing in Banks

... “A STUDY ON BANK AUDITING” BACHELOR OF COMMERCE BANKING & INSURANCE SEMESTER V (2013-14) SUBMITTED BY: ANERI SHAH ROLL NO - 88 PROJECT GUIDE: PROF. SONALI DEOGIRIKAR K.J SOMAIYA COLLEGE OF ARTS,& COMMERCE, VIDYAVIHAR (EAST), MUMBAI-400077 K.J.SOMAIYA COLLEGE OF ARTS, & COMMERCE, VIDYAVIHAR (EAST), MUMBAI – 400077 PROJECT ON: “A STUDY ON BANK AUDITING” BACHELOR OF COMMERCE (B&I) SEMISTER V (2013-2014) Submitted In Partial Fulfillment of the requirements For the Award of the Degree of Bachelor of Commerce- Banking & Insurance By Ms. ANERI SHAH ROLL NO.88 K.J.SOMAIYA COLLEGE OF ARTS, & COMMERCE, VIDYAVIHAR (EAST), MUMBAI-400077 CERTIFICATE This is to certify that Ms.ANERI SHAH of B.com. Banking & Insurance Semester V (Academic Year) 2012-2013 has successfully Completed Project on “A STUDY ON BANK AUDITING” under the guidance of PROF.SONALI DEOGIRIKAR (Mrs.SMITA DAYAL) (Dr.SUDHA VYAS) Course co-ordinator Principal INTERNAL EXAMINER EXTERNAL EXAMINER (Mrs. SONALI DEOGIRIKAR) Project Guide DECLARATION I, Ms. ANERI SHAH the student of B.com - Banking & Insurance - Semester V (2013-2014) hereby declares that I have completed Project on “A STUDY ON BANK AUDITING”. Wherever the data/information has been taken from any book or other sources have been mentioned in bibliography. The information submitted is true and original to the best of my knowledge. Student’s Signature Ms. ANERI......

Words: 15830 - Pages: 64

Test Bank for

...situation, builds sustainable competitive advantage, and improves company performance. D. results in a company becoming the dominant industry leader. E. can pass the ethical standards test, the strategic intent test, and the profitability test.   36. A winning strategy is one that  A. results in a company becoming the dominant market leader. B. produces exceptionally high levels of customer satisfaction and is both ethical and highly profitable. C. fits the company's internal and external situations, builds sustainable competitive advantage, and improves company performance. D. is ethical, socially responsible, and profitable. E. builds shareholder value, passes the completeness test, and passes the customer satisfaction test.   37. Which one of the following questions can be used to test the merits of one strategy over another and distinguish a winning strategy from a mediocre or losing strategy?  A. How good is the company's business model? B. Is the company a technology leader? C. Does the company have low prices in comparison to rivals? D. Is the company putting too little emphasis on behaving in an ethical and socially responsible manner? E. How well does the strategy fit the company's situation?   38. Which of the following questions ought to be used to test the merits of one strategy over another and distinguish a winning strategy from a mediocre or losing strategy?  A. Is the company's strategy ethical and socially responsible and does......

Words: 11505 - Pages: 47

Test Bank

...Bonds Issued $ 500,000 $ 500,000 Borrowed from Bank (due in 5 years) $ -0- $ 75,000 Disbursements Salaries and Wages $ 500,000 $ 500,000 Operating Expenses $ 200,000 $ 275,000 City Hall Annex purchased $ 500,000 $ 500,000 Payments on Debt-Principal $ 150,000 $ 150,000 Payments on Interest $ 50,000 $ 50,000 Pension Contribution $ 80,000 $ -0- Explanations provided by the City for the differences between budget and actual are as follows. Property tax collections are down because the major industry in the community closed and many citizens are currently unemployed. Operating expenses are up because the only bridge over a river bisecting the City sustained damages by an uninsured motorist and had to be repaired immediately. The repair was not budgeted. 1. The City adopted a cash budget that projected an operating surplus of $170,000; therefore, it was in compliance with the “budgeting” portion of budget laws. In addition, the City “balanced” its current period operations. Total inflows are $1,475,000 and total outflows are $1,475,000. The City was seriously affected by the closure of the major employer in town. The City compensated for the shortfall in property tax revenues by failing to make the pension contribution in the current period and by borrowing on a long-term note at the bank. Although one expenditure category exceeded the......

Words: 5213 - Pages: 21

Test Bank

...example, quieter jet engines, and more efficient internal combustion engines. | Disruptive TechnologyNew ways of doing things that disrupt or overturn the traditional business methods and practices. For example, the steam engine in the age of sail, and Internet in the age of post office mail. | The Chasm A problematical hurdle in the mass acceptance of new products and new technologies. Essentially, his argument is that there will always be "techie" type people who will be enthusiasts for new stuff. I suspect we all know people who change their camera every year, or who are on their 4th flat screen TV, or bought a Blu-ray player when they first came out. These people want the latest, the newest, the coolest, etc. Microsoft gets people to test "beta" versions of new software before it is released; organizations use focus groups of people with relevant expertise to critique products, etc. There are also people who see benefits in the early adoption of technology. These people are the people we know who are buying new products before their old ones are really obsolete, and Christensen calls them visionaries. The problem is that after those buyers, we come to the "chasm". And we have to cross the chasm to get to the volume marketplace. This is something that many organizations find difficult because the assumption is that the product life cycle is a relatively smooth curve – not a "notched" curve with a hole to trip up the......

Words: 1972 - Pages: 8

Test Bank

...Questions 1. Rank the following bank assets from most liquid to least liquid: a. Commercial Loans 3 b. Securities 2 c. Reserves 1 d. Physical Capital 4 2. If the president of a bank told you that the bank was so well run that it never had to call in loans, sell securities or borrow as a result of a deposit outflow, would you be willing to buy stock in that bank? Why or why not? No, because the bank president is not managing the bank well. The fact that the bank has never incurred costs as a result of a deposit outflow means that the bank is holding a lot of reserves that do not earn any interest. Thus the bank’s profits are low, and stock in the bank is not a good investment. 3. If the bank you own has no excess reserves and a sound customer comes in asking for a loan, should you automatically turn the customer down, explaining that you don’t have any excess reserves to loan out? Why or why not? What options are available for you to provide the funds your customer needs? No. When you turn a customer down, you may lose that customer’s business forever, which is extremely costly. Instead, you might go out and borrow from other banks, corporations, or the Fed to obtain funds so that you can make the customer’s loan. Alternatively, you might sell negotiable CDs or some of your securities to acquire the necessary funds. 4. Why has the development of overnight loan markets made it more likely that banks will hold fewer......

Words: 2536 - Pages: 11

Test Bank

...producing all final goods and services. | |c. |add up the market values of all final goods and services. | |d. |take the difference between the market values of all final goods and services and the costs of producing those final | | |goods and services. | ANS: C DIF: 2 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Interpretive 4. GDP adds together many different kinds of products into a single measure of the value of economic activity by using prices determined by |a. |banks. | |b. |economists. | |c. |the government. | |d. |markets. | ANS: D DIF: 2 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Interpretive 5. In order to include many different goods and services in an aggregate measure, GDP is computed using,......

Words: 26843 - Pages: 108

Principles of Auditing & Other Assurance Services 18th Edition Test Bank by Ray Whittington

...Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Follow Link Below To Get Tutorial http://homeworklance.com/downloads/principles-auditing-assurance-services-18th-edition-test-bank-ray-whittington/ Description: Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Follow Link Below To Get Tutorial http://homeworklance.com/downloads/principles-auditing-assurance-services-18th-edition-test-bank-ray-whittington/ Description: Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Follow Link Below To Get Tutorial http://homeworklance.com/downloads/principles-auditing-assurance-services-18th-edition-test-bank-ray-whittington/ Description: Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Follow Link Below To Get Tutorial http://homeworklance.com/downloads/principles-auditing-assurance-services-18th-edition-test-bank-ray-whittington/ Description: Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Principles of Auditing & Other Assurance Services 18th edition Test Bank by......

Words: 376 - Pages: 2

Principles of Auditing & Other Assurance Services 18th Edition Test Bank by Ray Whittington

...Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Follow Link Below To Get Tutorial http://homeworklance.com/downloads/principles-auditing-assurance-services-18th-edition-test-bank-ray-whittington/ Description: Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Follow Link Below To Get Tutorial http://homeworklance.com/downloads/principles-auditing-assurance-services-18th-edition-test-bank-ray-whittington/ Description: Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Follow Link Below To Get Tutorial http://homeworklance.com/downloads/principles-auditing-assurance-services-18th-edition-test-bank-ray-whittington/ Description: Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Follow Link Below To Get Tutorial http://homeworklance.com/downloads/principles-auditing-assurance-services-18th-edition-test-bank-ray-whittington/ Description: Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Principles of Auditing & Other Assurance Services 18th edition Test Bank by......

Words: 564 - Pages: 3

Principles of Auditing & Other Assurance Services 18th Edition Test Bank by Ray Whittington

...Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Follow Link Below To Get Tutorial http://homeworklance.com/downloads/principles-auditing-assurance-services-18th-edition-test-bank-ray-whittington/ Description: Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Follow Link Below To Get Tutorial http://homeworklance.com/downloads/principles-auditing-assurance-services-18th-edition-test-bank-ray-whittington/ Description: Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Follow Link Below To Get Tutorial http://homeworklance.com/downloads/principles-auditing-assurance-services-18th-edition-test-bank-ray-whittington/ Description: Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Follow Link Below To Get Tutorial http://homeworklance.com/downloads/principles-auditing-assurance-services-18th-edition-test-bank-ray-whittington/ Description: Principles of Auditing & Other Assurance Services 18th edition Test Bank by Ray Whittington Principles of Auditing & Other Assurance Services 18th edition Test Bank by......

Words: 1645 - Pages: 7

Test Bank

... 2. The field of finance primarily studies |a. |how society manages its scarce resources. | |b. |the implications of time and risk for allocating resources over time. | |c. |firms’ decisions concerning how much to produce and what price to charge. | |d. |how society can reduce market risk. | ANS: B DIF: 1 REF: 27-0 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Risk | Time horizon MSC: Definitional 3. The financial system |a. |involves bank accounts, mortgages, stock prices, and many other items. | |b. |involves decisions and actions undertaken by people at a point in time that affect their lives in the future. | |c. |coordinates the economy’s saving and investment. | |d. |All of the above are correct. | ANS: D DIF: 1 REF: 27-0 NAT: Analytic LOC: The Study of economics, and definitions of economics TOP: Financial system MSC: Interpretive 4. Which of the following statements best describes the economist’s view of finance and the financial......

Words: 27968 - Pages: 112

Test Bank

...startup company is faced with a problem of how to finance this new firm. She has estimated EBIT of $200,000; $500,000; $900,000; and $1,500,000 for each of the four equally likely states of the economy. The firm needs $5,000,000 in funds to become operational. The question is whether $5,000,000 of new equity at $20 a share should be sold or a 50/50 debt/equity capital structure with 10% coupon rate debt is better. Calculate the EPS for each plan and economic state. What is the expected EPS for each plan? What should the firm do? See graphs pages 430. This is MM Proposition I and II with corporate taxes. The tax shield on leverage reduces slope of rs to (1 - Tc) which does not fully offset gain from leverage. 15-21 SOLUTIONS TO TEST BANK PROBLEMS Chapter 15 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. Price per share = $8m ÷200k = $40; [(500,000 − 200,000) × $40] + $8m = 500,000 × $40 = $20m; Value of the firm is $20m Price per share = $1m ÷ 2,500 = $400; [(40,000 − 2,500) × $400] + $1m = 40,000 × $400 = $16m Price per share = $1.5m ÷ 1,000 = $1,500; Current number of shares = 1,000 ÷ .25 = 4,000; [(4,000 −1,000) × $1,500] + $1.5m = 4,000 × $1,500 = $6m Re = .15 + (.15 − .085) × .75 = .19875 = 19.88% .1356 = .11 + (.11 − .07) × D/E; D/E = .64 .1568 = .12 + (.12 – Rd) × .80; Rd = .074 = 7.40% VU = [$2,100 × (1 − .34)] ÷ .14 = $9,900; VL = $9,900 + (.34 ×......

Words: 7382 - Pages: 30

Test Bank

...Chapter 1: Auditing: Integral to the Economy 5 copy   1.   The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information. True False     2.   A financial statement audit is a systematic process of objectively obtaining and evaluating evidence. True False   True False   True False   True False     3.   Auditors should conduct their work with an attitude of professional skepticism.   4.   A bank using Milton Company's financial statements to determine the creditworthiness of a potential loan to Milton is a good example of the need for unbiased reporting.   5.   An integrated audit requires the auditor to assess the effectiveness of internal controls.   6.   In all states, a CPA must have completed at least 150 hours of college semester hours to receive their license. True False     7.   The Center for Audit Quality was started by the International Federation of Accountants. True False     8.   The Center for Audit Quality has the primary authority to set auditing standards. True False     9.   In an audit, management is considered the “client”.   True False   10.   Auditing is the process of attesting to assertions about economic actions and events. True False     11.   Auditing is the......

Words: 27550 - Pages: 111

Test Bank

...Skill: Conceptual AACSB Tag: Reflective 46) Project management maturity models are NOT used to: A) compare practices against an industry standard. B) define a systematic route for improving project management practices. C) evaluate current project management practices. D) ascertain all stakeholders relevant to a project in the conceptualization phase. Answer: D Diff: 2 Section: 1.5 Developing Project Management Maturity Skill: Factual AACSB Tag: Reflective 47) A spider-web diagram is useful for: A) showing company performance on a number of criteria simultaneously. B) collecting data on how a competitor manages projects. C) identifying industry standards for project management maturity. D) coaching, evaluating, and auditing projects. Answer: A Diff: 1 Section: 1.5 Developing Project Management Maturity Skill: Definition AACSB Tag: Reflective 48) The project maturity model developed by the Center for Business Practices would have ________ rings if a spider-web diagram were used. A) three B) four C) five D) six Answer: C Diff: 2 Section: 1.5 Developing Project Management Maturity Skill: Conceptual AACSB Tag: Reflective 49) The most basic level in Kerzner's project management maturity model is: A) common language. B) common processes. C) initial process. D) ad hoc. Answer: A Diff: 1 Section: 1.5 Developing Project Management Maturity Skill: Definition AACSB Tag: Reflective 50) Carnegie Mellon's SEI model, ESI......

Words: 5855 - Pages: 24

Test Bank

...c.|liaison between the end user and data processing| d.|providing safe storage for off-line data files| ANS: C 26. Data processing does not involve a.|data control| b.|computer operations| c.|system maintenance| d.|data conversion| ANS: C 27. Independent auditing is performed by a.|external auditors| b.|internal accountants| c.|licensed auditors| d.|third-party accountants| ANS: A 28. Which individual is least involved in new systems development? a.|systems analyst| b.|external auditor| c.|end user| d.|data librarian| ANS: D 29. The objectives of all information systems include all of the following except a.|support for the stewardship function of management| b.|evaluating transaction data| c.|support for the day-to-day operations of the firm| d.|support for management decision making| ANS: B 30. Which individuals may be involved in the Systems Development Life Cycle? a.|accountants| b.|systems professionals| c.|end users| d.|all of the above| ANS: D 31. An appraisal function housed within the organization that performs a wide range of services for management is a.|internal auditing| b.|data control group| c.|external auditing| d.|database administration| ANS: A 32. Advantages of a database system include all of the following except a.|elimination of data redundancy| b.|open access to all data by all users| c.|single update for changes in data| d.|confidence that all data is......

Words: 3541 - Pages: 15

Paradise Police Paradise PD GENERE : Animazione NAZIONALITA' : USA ANNO : 2018 | Crime and Punishment (Character Suffering) | Honda CB 450 K1-2 1969, garde-boue / Kotflügel