Acct 3222 final exam - Study guides, Class notes & Summaries

ACCT 3222 Final Exam Study Guide with complete solutions. Revenue ️ inflows of assets from delivery or producing goods or rendering services - realized and earned Realized ️ product/service is exchanged for cash/promise/other asset Earned ️ products have been delivered or services provided Criteria for Revenue ️ - evidence - delivered/rendered - price fixed and determinable - assured collectability Fraud Risk - Revenue ️ - Alter Terms - Channel Stuffing - Related-Parties -...

ACCT 3222 Final Exam Sample Questions with Approved Answers. For the control activities to be effective, employees maintaining the accounts receivable subsidiary ledger should not also approve ️ Writeoffs of customer accounts. Which of the following controls is most likely to help ensure that all credit revenue transactions of an entity are recorded? ️ The billing department supervisor matches prenumbered shipping documents with entries in the sales journal. Which of the following co...

what are the diff types of cash - Answer cash in bank, imprest cash, cash equiv __ accts are bank accounts that will have specific ball bal (like 0 or 10k) - Answer imprest bank acct commercial paper, treasury bills, money mkt funds are examples of what - Answer cash equiv ___ ____ are Highly liquid investments having maturity of 3 months or less - Answer cash equivs

Before an auditor can accept an audit engagement, he or she is required to attempt communication with - Answer the previous auditor Client Continuance - Answer periodic evaluation of whether to continue auditing the client - disagreements - management integrity - changes in engagement risk - conflicts over accounting & auditing issues

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 recorded? correct answers The billing department supervisor matches prenumbered shipping documents with entries in the sales journal. Which of the following controls is most likely to help ensure t...

LSU ACCT 3222 Chp 12 & 13 - Final Exam Questions and Answers with Complete Solutions 100% Correct | 2024

Assurance Services - 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 - Answer Services provided by a practitioner engaged to issue a report on subject matter, or an assertion about subject matter, that is the responsibility of another party. Encompasses financial statement audits. Audit Evidence - Answer All the information used by the auditor in ar...

LSU ACCT 3222 Chpt 12 & 13 - Final Exam with complete solutions. What assertion is most important in auditing payables and liabilities? ️ completeness What assertion is tested when performing initial procedures for A/P balances? ️ valuation 4 initial procedures for A/P ️ 1. agree BB to PY 2. obtain A/P TB 3. scan for unusual transactions 4. agree sub ledger to GL In auditing which accounts are substantive procedures optional? ️ payables/ liabilities CASH (not meaningful bc of...

LSU ACCT 3222 Chp 12 & 13 - Final Exam Questions and Answers with Complete Solutions 100% Correct | 2024 What assertion is most important in auditing payables and liabilities? completeness What assertion is tested when performing initial procedures for A/P balances? valuation 4 initial procedures for A/P 1. agree BB to PY 2. obtain A/P TB 3. scan for unusual transactions 4. agree sub ledger to GL In auditing which accounts are substantive procedures optional? payables/ liabilities ...