ACCT 3222 || very Flawless.

c correct answers In which cycle does a company ship goods to customers? a. Production cycle b. Financing cycle c. Revenue cycle d. Expenditure cycle c correct answers Which of the following documents is most likely to be used in the expenditure cycle? a. Sales order b. Credit memo c. Rece...

To determine whether the reports prepared by the manager conform to the contract's provisions (reduces information risk) correct answers What is the role of auditing? To collect sufficient appropriate evidence that management's assertions regarding the financial statements are correct correct a...

Assertion correct answers 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 answers An assertion that has a reasonable possib...

For the control activities to be effective, employees maintaining the accounts receivable subsidiary ledger should not also approve correct answers Write-offs of customer accounts. Which of the following controls is most likely to help ensure that all credit revenue transactions of an entity are ...

Assurance Services correct answers 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 answers Services provided by a practitioner engaged to issue a report ...

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

Audit Services correct answers 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 effect...

capital market correct answers allows a public company to sell small pieces of ownership or to borrow money in the form of thousands of small loans so that vast amounts of capital can be raised from a wide variety of investors and creditors public correct answers firm that sells its stock or bond...

Revenue correct answers inflows of assets from delivery or producing goods or rendering services - realized and earned Realized correct answers product/service is exchanged for cash/promise/other asset Earned correct answers products have been delivered or services provided Criteria for Rev...

Which additional income statement items do merchandizing businesses use beyond the measures service businesses use? correct answers cost of goods sold and gross profit A physical count of inventory at the end of the accounting period is required under which inventory system(s)? correct answers Pe...

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

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