Question

In: Accounting

6. Consider the following statements: I. Materiality has both quantitative and qualitative considerations. II....

6. Consider the following statements:

I. Materiality has both quantitative and qualitative

considerations.

II. Substantive procedures [audit work] involve test of

details, and analytical review.

a. I is true; II is true.

b. I is true; II is false.

c. I is false; II is true.

d. I is false; II is false.

Answer _____

7. Management claims that the accounts receivable amounts are

real, not fictitious. What management assertion is involved?

a. Completeness

b. Existence

c. Rights and Obligations

d. Valuation and Allocation

Answer ____

8. The following refers to which management assertion:

“All sales that took place, were recorded”

a. Completeness

b. Cutoff

c. Occurrence

d. Presentation

e. Rights and obligations

Answer ____

9. Auditors send a letter to the company’s attorneys to obtain

evidence about possible contingent liabilities. What means of

gathering evidence is this?

a. Observation. d. Inquiry

b. Reperformance. e. Comparison

c. Analysis.

Expert Solution

ekkarill92 answered 2 years ago

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