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ACCT 460 Final Exam Questions With Correct Answers 2024
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ACCT 460 Final Exam Questions With Correct Answers 2024
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ACCT 460 Final Exam Questions WithCorrect Answers 2024
An .auditor .typically .sets .inherent .risk .for .intangible .assets .at .this .level
A. .low
B. .moderate
C. .zero
D. .high .- .correct .answer.D. .high
Which .of .the .following .questions .would .an .auditor .least .likely .include .on .an .internal
.control .questionnaire .concerning .the .initiation .and .execution .of .equipment .transactions?
A. .are .requests .for .major .repairs .approved .at .a .higher .level .than .the .department .initiating
.the .request?
B. .are .prenumbered .purchase .orders .used .for .equipment .and .periodically .accounted .for?
C. .are .requests .for .purchases .of .equipment .reviewed .for .consideration .of .soliciting
.competitive .bids?
D. .are .procedures .in .place .to .monitor .and .properly .restrict .access .to .equipment? .- .correct
.answer.D. .are .procedures .in .place .to .monitor .and .properly .restrict .access .to .equipment?
In .the .examination .of .property, .plant, .and .equipment, .the .auditor .tries .to .determine .all .of
.the .following .except .the .
A. .adequacy .of .controls
B. .extent .of .property .abandoned, .retired, .or .sold .during .the .year
C. .adequacy .of .replacement .funds
D. .reasonableness .of .the .depreciation .- .correct .answer.c. .adequacy .of .replacement
.funds
The .auditor .is .least .likely .to .learn .of .retirement .of .equipment .through .which .of .the
.following?
A. .reviewing .the .purchase .return .and .allowance .account
B. .reviewing .depreciation
C. .analyzing .debits .to .the .accumulated .depreciation .account
D. .reviewing .insurance .policy .riders .- .correct .answer.A. .reviewing .the .purchase .return
.and .allowance .account
, Which .of .the .following .accounts .would .most .likely .be .reviewed .by .the .auditor .to .gain
.reasonable .assurance .that .additions .to .the .equipment .account .are .not .understated?
A. .repairs .and .maintenance .expense
B. .depreciation .expense
C. .gain .on .disposal .of .equipment
D. .accounts .payable .- .correct .answer.A. .repairs .and .maintenance .expense
Testing .depreciation .calculations .for .a .sample .of .property, .plant, .and .equipment .tests .the
.assertion .of
A. .existence
B. .completeness
C. .valuation .and .allocation
D. .rights .and .obligations .- .correct .answer.C. .valuation .and .allocation
The .cutoff .assertion .for .prepaid .insurance
A. .is .never .tested .because .amounts .always .are .immaterial
B. .is .best .tested .as .part .of .the .testing .of .property .and .equipment .purchasing
C. .is .best .tested .exclusively .by .sending .confirmations .to .vendors
D. .is .best .tested .by .recomputing .the .unexpired .portion .of .insurance .policies .in .effect .-
.correct .answer.d. .is .best .tested .by .recomputing .the .unexpired .portion .of .insurance
.policies .in .effect
In .verifying .the .amount .of .goodwill .recorded .by .an .entity, .the .most .convincing .evidence
.that .an .auditor .can .obtain .is .by .comparing .the .recorded .value .of .assets .acquired .with .the
A. .assessed .value .as .evidenced .by .tax .bills
B. .seller's .book .value .as .evidenced .by .financial .statements
C. .insured .value .as .evidenced .by .insurance .policies
D. .appraised .value .as .evidenced .by .independent .appraisals .- .correct .answer.d.
.appraised .value .as .evidenced .by .independent .appraisals
Which .of .the .following .constitutes .a .control .weakness .related .to .factory .equipment?
A. .a .policy .requiring .all .purchases .of .factory .equipment .to .be .made .by .the .department .in
.need .of .the .equipment
B. .checks .issued .in .payment .of .purchases .of .equipment .are .not .signed .by .the .controller
C. .factory .equipment .replacements .are .generally .made .when .estimated .useful .lives, .as
.indicated .in .depreciation .schedules, .have .expired
D. .proceeds .from .sales .of .fully .depreciated .equipment .are .credited .to .other .income .-
.correct .answer.A. .a .policy .requiring .all .purchases .of .factory .equipment .to .be .made .by .the
.department .in .need .of .the .equipment
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