Acct 3222 test 2 - Study guides, Class notes & Summaries

ACCT 3222 Test 2 Multiple Choice with Verified Solutions. The three categories of management assertions are: a. journal entries, ledgers, and trial balances b. journal entries, account balances, and financial statements c. transactions, ledgers, and account balances d. classes of transactions, account balances, and presentation and disclosure ️ D The assertion related to recording transactions in the correct accounting period is: a. accuracy b. completeness c. cut-off d. occurrenc...

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 Completeness, Understandability and classification, Rights and Obligations and Occurrence, Valuation and Accuracy Types of Audit Evidence: correct answers 1: Client's accounting records 2: Corroborating evi...

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: Completeness, Understandability and classification, Rights and Obligations and Occurrence, Valuation and Accuracy Types of Audit Evidence: correct answer: 1: Client's accounting records 2: Corroborating...

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 ...

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 auditor reviewed vendor invoices to support a sample of purchases rather than rely exclusively on the client’s receiving reports. b. When no exceptions were discovered in a preliminary sample, the au...

Acct 3222 | 1 2023 Final Exam Prepared 100% Questions with A+ Correct Answers Revenue - CORRECT ANSWER-inflows of assets from delivery or producing goods or rendering services - realized and earned Realized - CORRECT ANSWER-product/service is exchanged for cash/promise/other asset Earned - CORRECT ANSWER-products have been delivered or services provided Criteria for Revenue - CORRECT ANSWER-- evidence - delivered/rendered - price fixed and determinable - assured collectability Fraud Ris...