Acct 3222 final exam Study guides, Class notes & Summaries

LSU ACCT 3222 - Chapter 15 Final Exam Questions with 100% Correct Answers 2024 Components of unmodified opinion for PUBLIC co: (9) - answer1. Title ("registered" "independent") 2. Addressed to BOD and shareholders 3. Opinion paragraph (statements audited and opinion) 4. Audit of IC - effectiveness of ICFR 5. Basis for opinion - responsibilities and adherence to SEC requirements (GAAP) 6. Scope paragraph - process of audit 7. Signature (firm name and location) 8. Date - end of FW 9...

LSU ACCT 3222 - Chapter 15 Final Exam Questions with 100% Correct Answers 2024 Components of unmodified opinion for PUBLIC co: (9) - answer1. Title ("registered" "independent") 2. Addressed to BOD and shareholders 3. Opinion paragraph (statements audited and opinion) 4. Audit of IC - effectiveness of ICFR 5. Basis for opinion - responsibilities and adherence to SEC requirements (GAAP) 6. Scope paragraph - process of audit 7. Signature (firm name and location) 8. Date - end of FW 9...

LSU ACCT 3222 - Chapter 15 Final Exam Questions with 100% Correct Answers 2024 Components of unmodified opinion for PUBLIC co: (9) - answer1. Title ("registered" "independent") 2. Addressed to BOD and shareholders 3. Opinion paragraph (statements audited and opinion) 4. Audit of IC - effectiveness of ICFR 5. Basis for opinion - responsibilities and adherence to SEC requirements (GAAP) 6. Scope paragraph - process of audit 7. Signature (firm name and location) 8. Date - end of FW 9...

Who are the three parties to consider when assessing responsibility for check fraud loss? 1. The company that issued the check (the drawer) 2. the bank where the check was first deposited (payee's bank) 3. the bank ordered by the check to make payment (the drawee) What is positive pay? SENDING THE BANK A FILE INDENTIFYING THE CHECKS WRITTEN BY THE COMPANY Each time the company writes a check it sends a file to the bank. The file has check numbers and dollar amounts of checks issued. The...

ACCT 3222 Final Exam Set Solved 100% For the control activities to be effective, employees maintaining the accounts receivable subsidiary ledger should not also approve -Correct AnswerWrite-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 AnswerThe billing department supervisor matches prenumbered shipping documents with entries in the sales journal. Which of the following cont...

Info the auditors request from attorneys (4) - Answer 1. description of current litigation 2. likelihood of unfavorable outcome and est of loss 3. comments/likelihood of unasserted claims 4. mngmts claims are complete events occuring between the date of the FS and the date of the auditor's report - Answer subsequent events

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...

What assertion is most important in auditing payables and liabilities? correct answer: completeness What assertion is tested when performing initial procedures for A/P balances? correct answer: valuation 4 initial procedures for A/P correct answer: 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? correct answer: payables/ liabilities CASH (not meaningful bc of high flu...

an existing condition or situation involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur correct answer: loss contingency 3 categories of the likelihood of loss correct answer: 1. Probably 2. Reasonably possible 3. Remote What is the accounting treatment for loss contingencies if probable and reasonably estimated? correct answer: record an adjusting entry to accrue the loss and disclose in FS notes What is...

Components of unmodified opinion for PUBLIC co: (9) correct answer: 1. Title ("registered" "independent") 2. Addressed to BOD and shareholders 3. Opinion paragraph (statements audited and opinion) 4. Audit of IC - effectiveness of ICFR 5. Basis for opinion - responsibilities and adherence to SEC requirements (GAAP) 6. Scope paragraph - process of audit 7. Signature (firm name and location) 8. Date - end of FW 9. Auditor tenure Components of unmodified opinion for PRIVATE...