Question

In: Accounting

Match seven of the terms (a-k) with the definitions provided below (1-7): a. Tests of details...

Match seven of the terms (a-k) with the definitions provided below (1-7):

a. Tests of details of balances.

b. Tests of controls.

c. Substantive test of transactions.

d. Analytical procedures.

e. Transaction-related audit objectives.

f. Management assertions.

g. Balance-related audit objectives.

h. Irregularity

i. Illegal act

j. Error

k. Management fraud

__________1. An intentional misstatement of financial statements.

__________2. A set of six audit objectives the auditor must meet, including timing, posting and summarization, and accuracy

__________3. Implied or expressed representations made by the client about classes of transactions and related accounts in the financial statements

__________4. Audit procedures designed to test for monetary errors and irregularities in the ending balances of balance sheet and income statement accounts

__________5. A set of nine audit objectives the auditor must meet, including detail tie- in, rights and obligations, and presentation and disclosure.

__________6. Audit procedures designed to test the effectiveness of control policies and procedures in support of a reduced assessed control risk

__________7. Use of comparisons and relationships to determine whether account balances or other data appear reasonable.

Expert Solution

1	Fraud	An intentional misstatement of financial statements.
2	Transaction-related audit objectives	A set of six audit objectives the auditor must meet, including timing, posting and summarization, and accuracy
3	Management assertions	Implied or expressed representations made by the client about classes of transactions and related accounts in the financial statements
4	Tests of details of balances	Audit procedures designed to test for monetary errors and irregularities in the ending balances of balance sheet and income statement accounts
5	Balance-related audit objectives	A set of nine audit objectives the auditor must meet, including detail tie-in, rights and obligations, and presentation and disclosure.
6	Tests of controls	Audit procedures designed to test the effectiveness of control policies and procedures in support of a reduced assessed control risk
7	Analytical procedures	Use of comparisons and relationships to determine whether account balances or other data appear reasonable.

ekkarill92 answered 1 year ago

Match the terms with the definitions provided below. - A measure of the risk that audit...

Match the terms with the definitions provided below. - A measure of the risk that audit evidence for a segment will fail to detect misstatements exceeding the performance materiality amount, should such misstatements exist - A measure of the auditor's assessment of the likelihood that misstatements exceeding a performance materiality in a segment will not be prevented or detected by the client's internal controls. - A measure of how much risk the auditor is willing to take that the financial...

1.3. Match the terms in the list to the definitions below. Each term may be used...

1.3. Match the terms in the list to the definitions below. Each term may be used only once. (1 point per question; 10 points total) A. Translation F. Local currency B. Restatement G. Functional currency C. Temporal method H. Translation gain or loss D. Current rate method I. FASB ASC subtopic 830-30 E. Reporting currency J. Cumulative translation adjustment _____ 1. The currency of the country in which the company is domiciled _____ 2. Changing FC to the currency of...

1) Match the terms with their correct definitions. _ Organization _ Manager _ Managing _ Management...

1) Match the terms with their correct definitions. ___ Organization ___ Manager ___ Managing ___ Management process ___ Human resource management a) Someone who is responsible for accomplishing the organization’s goals b) Consists of people with assigned roles who work together to achieve goals c) The five basic functions of planning, organizing, staffing, leading and controlling d) To perform five basic functions: planning, organizing, staffing, leading and controlling e) Acquiring, training, appraising, and compensating employees 2-Match the terms with their...

Match the following terms with their definitions: a. Pay to play ______ &nbs

Match the following terms with their definitions: a. Pay to play ______ 1) Penalty for not keeping pro rata b. Drag-along rights ______ 2) Right to first payment at exit c. Redemption rights ______ 3) Veto of certain management actions d. Anti-dilution protection ______ 4) Adjust price to protect against a down round e. Liquidation Preference ______ 5) Investors demand money back f. Protective provisions ______ 6) Force consent to a sale of stock

Match the definitions with one of the following two terms: transcutaneous, transvenous. Definitions: through the skin,...

Match the definitions with one of the following two terms: transcutaneous, transvenous. Definitions: through the skin, through a vein. Using the terms above, which type of pacemaker is implanted permanently? Which type of pacemaker is used temporarily such as in emergencies? List the indications for permanent pacemaker insertion. List a few arrhythmias that might need to have pacing in an emergency.

1. Match the terms with the definitions. date of declaration date of record dividend retained earnings...

1. Match the terms with the definitions. date of declaration date of record dividend retained earnings appropriation retained earnings statement stock dividend stock split cash dividend date of payment 10. bond The date on which the board of directors declares that a dividend is to be paid. A proportionate distribution of shares of a corporation's own stock to its stockholders. A distribution of earnings by a corporation to its stockholders. A restriction of retained earnings by the board of...

1. Match the following definitions/terms by placing the Number that identifies the best definition in Answer...

1. Match the following definitions/terms by placing the Number that identifies the best definition in Answer Column. Note: 15 Definitions – Second page. Answer Terms # Definition Assets 1 The accounting principle that requires assets and services to be recorded initially at the cash or cash-equivalent amount given in exchange. Going-concern principle 2 Value of assets exchanged for products or services provided to customers as part of the main operations of the business. Statement of owner's equity 3 The rule...

Please match the correct definitions withe the correct terms. Part A Descriptions Terms This base, or...

Please match the correct definitions withe the correct terms. Part A Descriptions Terms This base, or foundational, interest rate is the rate that banks charge on large loans to their most creditworthy business borrowers; rates charged to other, riskier, customers are scaled up from this rate. Accruals A legal claim against a borrowing firm’s entire inventory created to secure a loan in which the borrower retains control over the inventory and can sell items without the lender’s permission. Blanket...

Match each of the following terms with the appropriate definitions. Question 1 options: Land improvements Depletion...

Match each of the following terms with the appropriate definitions. Question 1 options: Land improvements Depletion Copyright Book value Inadequacy Extraordinary repairs Patent Obsolescence Leasehold improvements Salvage value 1. Major repairs that extend the useful life of a plant asset beyond its original estimate 2. An exclusive right granted to its owner to manufacture and sell an item, or to use a process, for 20 years 3. A condition where a plant asset is no longer useful in producing goods...

26. Match (by number) the following terms with their definitions. Each letter is used only once....

26. Match (by number) the following terms with their definitions. Each letter is used only once. Angel 1. Shares held by investors 2. Shares receive priority for future dividends, if dividends are not paid in a given year 3. Shareholders can lose no more than the amount they invested in the company 4. The corporation's own stock that it reacquired 5. The amount invested by stockholders 6. The earnings not paid out in dividends 7. Shares can be returned to...