ACC 402 University of Miami ACTUAL EXAM 1
QUESTIONS WITH DETAILED ANSWERS WITH
RATIONALES AND A READINESS PRACTICE EXAM TEST
BANK WITH A STUDY GUIDE | LATEST UPDATED AND
VERIFIED FOR GUARANTEED PASS
1) In the auditing process
A) the types and amounts of evidence remain constant from
audit to audit.
B) the criteria for evaluating information will not vary
depending on the information being audited.
C) the audit report communicates the auditor's findings to users.
D) records are gathered by the auditor to determine
whether the audited information is stated in accordance
with SEC standards.
C) the audit report communicates the auditor's findings to users.
,2) Which of the following is considered audit evidence?
Oral statements made by management / Written
Communication / Auditor Observation
Y/ N /
N N /Y
/Y Y/
Y/Y N
/ N /Y
Y/Y/Y
When auditing accounting data, auditors focus on
A) determining whether recorded information properly
reflects the economic events that occurred during the
accounting period.
B) determining if fraud has occurred.
C) determining if taxable income has been calculated correctly.
D) analyzing the financial information to be sure that it
complies with government requirements.
A) determining whether recorded information properly
reflects the economic events that occurred during the
accounting period.
,The trait that distinguishes auditors from accountants is the
A) auditor's ability to interpret accounting principles generally
accepted in the United States.
B) auditor's education beyond the bachelor's degree.
C) auditor's ability to interpret FASB Statements.
D) auditor's expertise in the accumulation and interpretation
of audit evidence.
D) auditor's expertise in the accumulation and interpretation of
audit evidence.
, Any service that requires a CPA firm to issue a report about the
reliability of an assertion that is made by another party is a(n)
A) accounting and bookkeeping service.
B) attestation service.
C) assurance service.
D) tax service.
B) attestation service.
Three common types of attestation services are
A) audits of historical financial statements, reviews of historical
financial statements, and audits of internal control over
financial reporting.
B) audits of historical financial information, verifications of
historical financial information, and attestations regarding
internal controls.
C) reviews of historical financial information, verifications
of future financial information, and attestations regarding
internal controls.
D) audits of historical financial information, reviews of controls
related to investments, and verifications of historical financial
information.
A) audits of historical financial statements, reviews of historical
financial statements, and audits of internal control over
financial reporting.
QUESTIONS WITH DETAILED ANSWERS WITH
RATIONALES AND A READINESS PRACTICE EXAM TEST
BANK WITH A STUDY GUIDE | LATEST UPDATED AND
VERIFIED FOR GUARANTEED PASS
1) In the auditing process
A) the types and amounts of evidence remain constant from
audit to audit.
B) the criteria for evaluating information will not vary
depending on the information being audited.
C) the audit report communicates the auditor's findings to users.
D) records are gathered by the auditor to determine
whether the audited information is stated in accordance
with SEC standards.
C) the audit report communicates the auditor's findings to users.
,2) Which of the following is considered audit evidence?
Oral statements made by management / Written
Communication / Auditor Observation
Y/ N /
N N /Y
/Y Y/
Y/Y N
/ N /Y
Y/Y/Y
When auditing accounting data, auditors focus on
A) determining whether recorded information properly
reflects the economic events that occurred during the
accounting period.
B) determining if fraud has occurred.
C) determining if taxable income has been calculated correctly.
D) analyzing the financial information to be sure that it
complies with government requirements.
A) determining whether recorded information properly
reflects the economic events that occurred during the
accounting period.
,The trait that distinguishes auditors from accountants is the
A) auditor's ability to interpret accounting principles generally
accepted in the United States.
B) auditor's education beyond the bachelor's degree.
C) auditor's ability to interpret FASB Statements.
D) auditor's expertise in the accumulation and interpretation
of audit evidence.
D) auditor's expertise in the accumulation and interpretation of
audit evidence.
, Any service that requires a CPA firm to issue a report about the
reliability of an assertion that is made by another party is a(n)
A) accounting and bookkeeping service.
B) attestation service.
C) assurance service.
D) tax service.
B) attestation service.
Three common types of attestation services are
A) audits of historical financial statements, reviews of historical
financial statements, and audits of internal control over
financial reporting.
B) audits of historical financial information, verifications of
historical financial information, and attestations regarding
internal controls.
C) reviews of historical financial information, verifications
of future financial information, and attestations regarding
internal controls.
D) audits of historical financial information, reviews of controls
related to investments, and verifications of historical financial
information.
A) audits of historical financial statements, reviews of historical
financial statements, and audits of internal control over
financial reporting.
