AUDIT TEST 2 LAURA WILEY LSU EXAM WITH CORRECT ANSWERS

AUDIT TEST 2 LAURA WILEY LSU EXAM ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




WITH CORRECT ANSWERS ||\\||\\ ||\\||\\




CPA CO
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-Completeness
-Proper period cutoff ||\\||\\ ||\\||\\




-Accuracy
-Classification
-Occurrence - correct answers✔✔assertions for Transactions ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




and Events for the Period under Audit (Income Statement)
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completeness - correct answers✔✔all transactions and events ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




that should have been recorded have been and management is
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implicitly claiming they did not forget anything ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




proper period cutoff - correct answers✔✔transactions and
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events have been recorded in the correct accounting period
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(proper), expenses and revenues when it actually happened
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,accuracy - correct answers✔✔amounts and other data relating
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to recorded transactions and events have been appropriately
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recorded, amounts are reasonably recorded ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




classification - correct answers✔✔transactions and events have ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




been recorded in the proper ACCOUNTS
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occurrence - correct answers✔✔transactions and events that ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




have been recorded happened and pertain to the entity, no
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fictitious transactions ||\\||\\




CARE
-Completeness
-Allocation and valuation ||\\||\\ ||\\||\\




-Rights and obligations ||\\||\\ ||\\||\\




-Existence - correct answers✔✔assertions for Account Balances ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




at Year End (Balance Sheet)
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,completeness - correct answers✔✔all assets, liabilities, and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




equity interests that should have been recorded have been
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recorded, did not forget to report anything ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




allocation and valuation - correct answers✔✔assets, liabilities, ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




and equity interests are included in the financial statements at
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appropriate amounts, resulting adjustments are properly ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




recorded


rights and obligations - correct answers✔✔entity holds or
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controls the rights to assets, liabilities are the obligations of the
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entity


existence - correct answers✔✔assets, liabilities, and equity ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




interests exist, no fictitious items ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




CURV
-Completeness
-Understandability and classification ||\\||\\ ||\\||\\




-Rights, obligations, and occurrence ||\\||\\ ||\\||\\ ||\\||\\

, -Valuation and accuracy - correct answers✔✔assertions for ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




Presentation and Disclosure (Notes to the Financial Statements) ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




completeness - correct answers✔✔all disclosures that should ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




have been included in the financial statements have been
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included, did not forget anything ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




understandability and classification - correct ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




answers✔✔financial information is appropriately presented and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




described, and disclosures are clearly expressed
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rights, obligations, and occurrence - correct
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answers✔✔disclosed events and transactions have occurred ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




and pertain to the entity
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valuation and accuracy - correct answers✔✔financial and other
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information are disclosed fairly and at appropriate amounts ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




ranked from most important to least important:
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-existence