ACC 403 FINAL EXAM

Jul 21st, 2016
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1. The most important general ledger account included in and affecting several cycles is the: A. cash account. B. inventory account C. income tax expense and liability accounts D. retained earnings account 2. The detail tie-in is part of the_______ assertion for account balances. A. completeness B. classification C. valuation and allocation D. rights and obligations 3. Management assertions are: A. implied or expressed representations about accounts, transactions, and disclosures in the financial statements B. stated in the footnotes to the financial statements C. explicitly expressed representations about the financial statements D. provided to the auditor in the assertions letter, but are not disclosed on the financial statements 4. The occurrence assertion applies to _______. A. presentation and disclosure matters B. classes of transactions and events during the period C. account balances D. proper classification of income statement accounts 5. The detail tie-in

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ACC 403 FINAL EXAM1. The most important general ledger account included in and affecting several cycles is the:A. cash account.B. inventory accountC. income tax expense and liability accountsD. retained earnings account2. The detail tie-in is part of the_______ assertion for account balances.A. completenessB. classificationC. valuation and allocationD. rights and obligations3. Management assertions are:A. implied or expressed representations about accounts, transactions, and disclosures in the financialstatementsB. stated in the footnotes to the financial statementsC. explicitly expressed representations about the financial statementsD. provided to the auditor in the assertions letter, but are not disclosed on the financial statements4. The occurrence assertion applies to _______.A. presentation and disclosure mattersB. classes of transactions and events during the periodC. account balancesD. proper classification of income statement accounts5. The detail tie-in objective is not concerned that the details in the account balance:A. agree with related subsidiary ledger amountsB. are properly disclosed in accordance with GAAPC. foot to the total in the account balanceD. agree with the total in the general ledger6. Which of the following statements about the existence and completeness assertions is not true?A. The existence and completeness assertions emphasize different audit concernsB. Existence deals with overstatements and completeness deals wit

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