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LSU ACCT 3222 TESTS COMPILATION BUNDLE

LSU ACCT 3222 TESTS COMPILATION BUNDLE

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LSU ACCT 3222 Wiley TEST 1| 164 QUESTIONS| WITH COMPLETE SOLUTIONS

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unmodified report correct answer: the name of a clean report for private companies unqualified report correct answer: the name of a clean report for public companies clean report correct answer: means that in the auditors' opinion if the company follows GAAP end of field work correct an...

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ACCT 3222 Exam 1| 112 Questions | With Complete Solutions

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What is the role of auditing? correct answer: To determine whether the reports prepared by the manager conform to the contract's provisions (reduces information risk) What is the main task of the auditor? correct answer: To collect sufficient appropriate evidence that management's assertions ...

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LSU ACCT 3222 Laura Wiley - Chapter 1 Exam 1 Questions With Complete Solutions

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any independent service that improves the quality of information (financial or non-financial) correct answer: Assurance Services What two other services fall under the umbrella of Assurance services? correct answer: 1. Attestation Services 2. Audit Services Name the 4 other services of Assu...

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ACCT 3222 Final Questions With Complete Solutions

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Assurance Services correct answer: Indepent professional services that improve the quality of information, or its context, for decision makers. Encompasses attest services and financial statement audits Attest Services correct answer: Services provided by a practitioner engaged to issue a repor...

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LSU - ACCT 3222 - Chapter 4 – Questions – with complete solutions

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Audit Risk correct answer: - The risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated. - Risk auditor will issue an unqualified opinion on materially misstated financial statements. Assertions in relation to Audit Risk correct ans...

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LSU ACCT 3222 - Chapter 15 Final Exam – questions – with complete solutions

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Components of unmodified opinion for PUBLIC co: (9) correct answer: 1. Title ("registered" "independent") 2. Addressed to BOD and shareholders 3. Opinion paragraph (statements audited and opinion) 4. Audit of IC - effectiveness of ICFR 5. Basis for opinion - responsibilities and adher...

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ACCT 3222 Exam 2 Key Terms questions with complete solutions

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Assertion correct answer: Statement or representation, explicit or implicit, made by management regarding the recognition, measurement, presentation, and disclosure of items included in the financial statements and notes Relevant assertion correct answer: An assertion that has a reasonable poss...

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LSU - ACCT 3222 - Chapter 10- questions with complete solutions

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Revenue Recognition correct answer: - FASB Definition: inflows or other enahancements of assets of an entity or settlements of its liabilities from delivery or producing goods, rendering services or other activities that consistute the entity's major or central operations. - FASB Statement of Fin...

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LSU ACCT 3222 Chp 12 & 13 - Final Exam questions with complete solutions

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What assertion is most important in auditing payables and liabilities? correct answer: completeness What assertion is tested when performing initial procedures for A/P balances? correct answer: valuation 4 initial procedures for A/P correct answer: 1. agree BB to PY 2. obtain A/P TB 3. ...

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LSU - ACCT 3222 - Chapter 6 – Questions – With Complete Solutions

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Internal Control (IC) correct answer: - Management has the responsibility to design and maintain a system of IC that provides reasonable assurance that assets and records are properly safeguarded, and that the entity's information system generates information that is reliable for decision making. ...

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ACCT 3222 Ch. 12 QUESTIONS WITH COMPLETE SOLUTIONS

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What assertion is of most concern when auditing payables/liabilities? correct answer: completeness what should you be aware of when auditing payables/liabilities? correct answer: beware of understatement of liabilities/expenses and unrecorded liabilities/expenses Steps to audit payables/liab...

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ACCT 3222 Test 2 Questions With Complete Solutions

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Transactions and Events: CAPCO correct answer: Completeness, Proper period cutoff, Accuracy, Classification, Occurrence Account Balances: CARE correct answer: Completeness, Allocation and valuation, rights and obligations, Existence Presentation and Disclosure: CURV correct answer: Complete...

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LSU - ACCT 3222 - Chapter 19 – Questions – with complete solutions

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Auditor's Responsibilities w.r.t. Auditing Standards and Standards of Professional Conduct correct answer: - Private Entity: CPA must follow standards established by the ASB, as well as the independence and other standards of professional conduct established by the AICPA Code of Professional Condu...

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LSU - ACCT 3222 - Chapter 14 – Questions – With Complete Solutions

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Auditing Prepaid Expenses correct answer: - Examples: prepaid insurance, prepaid rent, and prepaid interest - Prepaid expense balances are generally not highly material; as a result, substantive analytical procedures are often used to verify these accounts - Inherent Risk: generally assessed as l...

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LSU ACCT 3222 - Chapter 14 Final Exam – Questions – With Complete Solutions

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an existing condition or situation involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur correct answer: loss contingency 3 categories of the likelihood of loss correct answer: 1. Probably 2. Reasonably possible 3. R...

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LSU ACCT 3222 Laura Wiley - Chapter 3 Exam 1- questions- with complete solutions

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What are the three risk phases of an audit? correct answer: 1. risk assessment phase 2. risk response phase 3. reporting phase gaining an understanding of the client, identifying risk factors, developing an audit strategy, and setting planning materials correct answer: risk assessment phase...

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ACCT 3222 - Wiley - LSU - Ch 9- questions with complete solutions

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Substantive procedures correct answer: audit procedures designed to detect material misstatements at the assertion level and to gather evidence to support management assertions Some risks impact at the F/S level correct answer: Management pressure to not violate debt covenants ex. Some risks...

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ACCT 3222 EXAM 2 PRACTICE TEST QUESTIONS WITH COMPLETE SOLUTIONS

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1. The risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated is referred to as a. Inherent risk b. Audit risk c. Engagement risk d. Detection risk 2. Which of the following relates to the sufficiency of audit evidence? a. The aud...

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ACCT 3222-3, Wiley, LSU, Exam 1| 270 QUESTIONS| WITH COMPLETE SOLUTIONS

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Audit Services correct answer: services by an independent CPA that provide financial statement users with (1) an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with an applicable financial reporting framework and (2) an opinion on the effec...

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