STRAYER ACC403 QUIZ 2

Jul 2nd, 2016
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Question 1 2 out of 2 points Correct Which of the following is least likely to cause uncertainty about the ability of an entity to continue as a going concern? A. A client’s lawsuit against another company which claims the other company has infringedon its patent. B. Loss of major customers. C. Significant recurring operating losses. D. Working capital deficiencies. Question 2 2 out of 2 points Correct If most or all users' decisions that are based on the financial statements are likely to be significantly affected, the materiality level is: A) unrestricted. B) material. C) pervasive. D) risky. Question 3 2 out of 2 points Correct The standard unqualified audit report for a non-public entity must: A) have a report title that includes the word "CPA." B) be addressed to the company's stockholders and creditors. C) be dated. D) include an explanatory paragraph. Question 4 2 out of 2 points Correct The audit report date on a standard unqualified report indicates:

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STRAYER ACC403 QUIZ 2Question 12 out of 2 pointsCorrectWhich of the following is least likely to cause uncertainty about the ability of an entity tocontinue as a going concern?A. A clients lawsuit against another company which claims the other company has infringedonits patent.B. Loss of major customers.C. Significant recurring operating losses.D. Working capital deficiencies.Question 22 out of 2 pointsCorrectIf most or all users' decisions that are based on the financial statements are likely to besignificantly affected, the materiality level is:A) unrestricted.B) material.C) pervasive.D) risky.Question 32 out of 2 pointsCorrectThe standard unqualified audit report for a non-public entity must:A) have a report title that includes the word "CPA."B) be addressed to the company's stockholders and creditors.C) be dated.D) include an explanatory paragraph.Question 42 out of 2 pointsCorrectThe audit report date on a standard unqualified report indicates:A) the last day of the fiscal period.B) the date on which the financial statements were filed with the Securities and ExchangeCommission.C) the last date on which users may institute a lawsuit against either client or auditor.D) the last day of the auditor's responsibility for the review of significant events that occurredafter the date of the financial statements.Question 52 out of 2 pointsCorrectThe standard unqualified audit report for public entities includes the following three par

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