,Test Bank for Auditing & Assurance Services 9th Edition by Timothy
b b b b b b b b b b
Louwers, Jerry Strawser
b b b
Chap b01 Answers Included
b
b9e
✅
1) The baudit bobjective bthat ball btransactions band baccounts bthat bshould bbe bpresented bin bthe
financialbstatements bare bin bfact bincluded bis brelated bto bwhich bof bthe bPCAOB bassertions?
b
A) Existence
B) Rights band bobligations
C) Completeness
D) Valuation
A) presentation band bdisclosure.
B) completeness.
C) rights band bobligations.
D) existence.
3) During ban baudit bof ban bentity's bstockholders' bequity baccounts, bthe bauditor bdetermines
bwhether bthere bare brestrictions bon bretained bearnings bresulting bfrom bloans, bagreements, bor
bstate blaw. bThisbaudit bprocedure bmost blikely bis bintended bto bverify bmanagement's bassertion
bof
A) existence bor boccurrence.
B) completeness.
C) valuation bor ballocation.
D) presentation band bdisclosure.
4) The bconfirmation bof ban baccount bpayable bbalance bselected bfrom bthe bgeneral bledger
providesbprimary bevidence bregarding bwhich bmanagement bassertion?
b
A) Completeness
B) Valuation
C) Allocation
D) Existence
2
,5) What btype bof bevidence bwould bprovide bthe bhighest blevel bof bassurance bin ban
battestationbengagement?
A) Evidence bsecured bsolely bfrom bwithin bthe bentity.
B) Evidence bobtained bfrom bindependent bsources.
C) Evidence bobtained bindirectly.
D) Evidence bobtained bfrom bmultiple binternal binquiries.
6) Which bof bthe bfollowing bmanagement bassertions bis ban bauditor bmost blikely btesting bif bthe
bauditbobjective bstates bthat ball binventory bon bhand bis breflected bin bthe bending binventory
bbalance?
A) The bentity bhas brights bto bthe binventory.
B) Inventory bis bproperly bvalued.
C) Inventory bis bproperly bpresented bin bthe bfinancial bstatements.
D) Inventory bis bcomplete.
7) An bauditor btraces bthe bserial bnumbers bon bequipment bto ba bnonissuer's bsubledger. bWhich
bof bthebfollowing bmanagement bassertions bis bsupported bby bthis btest?
A) Valuation band ballocation
B) Completeness
C) Rights band bobligations
D) Presentation band bdisclosure
A) control benvironment bfactors bthat baffect bthe borganizational bstructure.
B) correlation bof bdetection brisk band binherent brisk.
C) effectiveness bof bthe bentity's binternal bcontrol bactivities.
D) possible beffects bon bthe bentity's bfinancial bstatements.
9) Which bof bthe bfollowing btypes bof baudit bevidence bprovides btheleast bassurance bof breliability?
A) Receivable bconfirmations breceived bfrom bthe bclient's bcustomers.
B) Prenumbered breceiving breports bcompleted bby bthe bclient's bemployees.
C) Prior bmonths' bbank bstatements bobtained bfrom bthe bclient.
D) Municipal bproperty btax bbills bprepared bin bthe bclient's bname.
3
, 10) Which bof bthe bfollowing bis ba bmanagement bassertion bregarding baccount bbalances bat bthe
bperiodbend?
A) Transactions band bevents bthat bhave bbeen brecorded bhave boccurred band bpertain bto
bthebentity.
B) Transactions band bevents bhave bbeen brecorded bin bthe bproper baccounts.
C) The bentity bholds bor bcontrols bthe brights bto bassets, band bliabilities bare bobligations
bof bthebentity.
D) Amounts band bother bdata brelated bto bthe btransactions band bevents bhave bbeen
brecordedbappropriately.
11) A bpractitioner bis bengaged bto bexpress ban bopinion bon bmanagement's bassertion bthat bthe
bsquare bfootage bof ba bwarehouse boffered bfor bsale bis b150,000 bsquare bfeet. bThe bpractitioner
bshould breferbto bwhich bof bthe bfollowing bsources bfor bprofessional bguidance?
A) Statement bof bAuditing bStandards.
B) Statements bon bStandards bfor bAttestation bEngagements.
C) Statements bon bStandards bfor bAccounting band bReview bServices.
D) Statements bon bStandards bfor bConsulting bServices.
12) In bauditing bthe blong-term bdebt baccount, ban bauditor's bprocedures bmost blikely bwould
bfocusbprimarily bon bmanagement's bassertion bof
A) existence.
B) completeness.
C) allocation.
D) rights band bobligations.
A) completeness.
B) valuation.
C) presentation band bdisclosure.
D) existence.
E) rights band bobligations.
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