UMUC ACCT612/ UMUC ACCT612 MIDTERM EXAM 2016

Jun 30th, 2016
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Question SECTION 1: 2 POINTS EACH. PLEASE SELECT THE BEST ANSWER TO EACH OF THE FOLLOWING QUESTIONS. 1) In a financial statement audit, the auditor A) determines whether the financial statements are stated in accordance with specified criteria. B) must have a thorough understanding of the entity and its environment. C) gathers evidence to determine whether the statements contain material errors or other misstatements. D) all of the above. 2) The use of the Certified Public Accountant title is regulated by A) the federal government. B) the American Institute of Certified Public Accountants through the licensing departments of the tax and auditing committees. C) the Securities and Exchange Commission. D) state law through the licensing departments of each state. 3) When auditing accounting data, auditors focus on A) determining if fraud has occurred. B) analyzing the financial information to be sure that it complies with government requirements. C) determining whether re

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UMUC ACCT612 midterm exam 2016Report this Question as InappropriateQuestionSECTION 1: 2 POINTS EACH. PLEASE SELECT THE BEST ANSWER TO EACH OFTHE FOLLOWING QUESTIONS.1) In a financial statement audit, the auditorA) determines whether the financial statements are stated in accordance with specified criteria.B) must have a thorough understanding of the entity and its environment.C) gathers evidence to determine whether the statements contain material errors or othermisstatements.D) all of the above.2) The use of the Certified Public Accountant title is regulated byA) the federal government.B) the American Institute of Certified Public Accountants through the licensing departments ofthe tax and auditing committees.C) the Securities and Exchange Commission.D) state law through the licensing departments of each state.3) When auditing accounting data, auditors focus onA) determining if fraud has occurred.B) analyzing the financial information to be sure that it complies with government requirements.C) determining whether recorded information properly reflects the economic events thatoccurred during the accounting period.D) determining if taxable income has been calculated correctly.4) An accountantA) must have an understanding of the principles and rules that provide the basis for preparing theaccounting information.B) must possess expertise in the accumulation of audit evidence.C) must be a CPA.D) must decide the number and types of items to test.5) St

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