Accounting Final Exam 35 MCQs

Jul 25th, 2016
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Question1 Not yet answered Marked out of 8.00 Question text Which ASB balance assertion is of the most importance to auditors for long-term liabilities? Select one: a. Existence b. Rights & Obligations c. Valuation d. Completeness Question2 Not yet answered Marked out of 8.00 Question text Which of the following management assertions for long-term liabilities is related to the ASB balance assertion of completeness? Select one: a. All material long-term liabilities are recorded. b. Disclosures of maturities for the next five years are accurate and adequate. c. Terms, conditions, and restrictions relating to noncurrent debt are adequately disclosed. d. New long-term liabilities and debt extinguishments are properly authorized. Question3 Not yet answered Marked out of 8.00 Question text In the audit of notes payable, an auditor testing the ASB balance assertion of accuracy and valuation most likely would Select one: a. Select a sample of notes payable and vouch cas

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Accounting Final Exam 35 MCQsQuestion1Not yet answeredMarked out of 8.00Question textWhich ASB balance assertion is of the most importance to auditors for long-term liabilities?Select one:a. Existenceb. Rights & Obligationsc. Valuationd. CompletenessQuestion2Not yet answeredMarked out of 8.00Question textWhich of the following management assertions for long-term liabilities is related to the ASBbalance assertion of completeness?Select one:a. All material long-term liabilities are recorded.b. Disclosures of maturities for the next five years are accurate and adequate.c. Terms, conditions, and restrictions relating to noncurrent debt are adequately disclosed.d. New long-term liabilities and debt extinguishments are properly authorized.Question3Not yet answeredMarked out of 8.00Question textIn the audit of notes payable, an auditor testing the ASB balance assertion of accuracy andvaluation most likely wouldSelect one:a. Select a sample of notes payable and vouch cash receipt to the bank statement.b. Read directors' and finance committee's minutes for authorization of financing transactions.c. Select a sample of paid notes and trace interest expense to the general ledger account.d. Select a sample of paid notes and recalculate interest expense for the period under audit.Question4Not yet answeredMarked out of 8.00Question textDuring an audit of an entity's stockholders' equity accounts, the auditor determines whether thereare restrictions on r

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