STRAYER ACC403 MIDTERM EXAM 2015 (PART 1 & PART 2)

Jul 19th, 2016
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Midterm Exam Part 1 Question 1 The most common way for users to obtain reliable information is to: Answer have an internal audit. have an independent audit. verify all information individually. verify the information with management. Question 2 Which of the following is not a SysTrust Services principle as defined by the AICPA? Answer Online privacy Availability Processing integrity Operational integrity Question 3 One objective of an operational audit is to: Answer determine whether the financial statements fairly present the entity’s operations. determine if the auditee is in compliance with GAAP. make recommendations for improving performance. report on the entity’s relative success in attaining profit maximization. Question 4 An accountant: Answer must possess expertise in the accumulation of audit evidence. must decide the number and types of items to test. must have an understanding of the principles and rules that provide the basis for preparing the acco

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Strayer ACC403/ACC 403 midterm exam 2015 (Part 1 & Part 2)Midterm Exam Part 1Question 1The most common way for users to obtain reliable information is to:Answerhave an internal audit.have an independent audit.verify all information individually.verify the information with management.Question 2Which of the following is not a SysTrust Services principle as defined by the AICPA?AnswerOnline privacyAvailabilityProcessing integrityOperational integrityQuestion 3One objective of an operational audit is to:Answerdetermine whether the financial statements fairly present the entitys operations.determine if the auditee is in compliance with GAAP.make recommendations for improving performance.report on the entitys relative success in attaining profit maximization.Question 4An accountant:Answermust possess expertise in the accumulation of audit evidence.must decide the number and types of items to test.must have an understanding of the principles and rules that provide the basis for preparing theaccounting information.must be a CPA.Question 5Any service that requires a CPA firm to issue a report about the reliability of an assertion that ismade by another party is a(n):Answeraccounting and bookkeeping service.attestation service.assurance service.tax service.Question 6The three requirements for becoming a CPA include all but which of the following?AnswerUniform CPA examination requirementEducational requirementsCharacter requirementsEx

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