Student name:__________
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
answers the question.
1) The audit objective that all transactions and accounts that should be presented in the
financial statements are in fact included is related to which of the PCAOB assertions?
A) Existence.
B) Rights and obligations.
C) Completeness.
D) Valuation.
2) Cutoff tests designed to detect purchases made before the end of the year that have been
recorded in the subsequent year provide assurance about management's assertion of:
A) presentation and disclosure.
B) completeness.
C) rights and obligations.
D) existence.
DOWNLOAD LINK INSTANT
3) During an audit of an entity's stockholders' equity accounts, the auditor determines
whether there are restrictions on retained earnings resulting from loans, agreements, or state law.
This audit procedure most likely is intended to verify management's assertion of:
A) existence or occurrence.
B) completeness.
C) valuation or allocation.
Version 1 1
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
answers the question.
1) The audit objective that all transactions and accounts that should be presented in the
financial statements are in fact included is related to which of the PCAOB assertions?
A) Existence.
B) Rights and obligations.
C) Completeness.
D) Valuation.
2) Cutoff tests designed to detect purchases made before the end of the year that have been
recorded in the subsequent year provide assurance about management's assertion of:
A) presentation and disclosure.
B) completeness.
C) rights and obligations.
D) existence.
DOWNLOAD LINK INSTANT
3) During an audit of an entity's stockholders' equity accounts, the auditor determines
whether there are restrictions on retained earnings resulting from loans, agreements, or state law.
This audit procedure most likely is intended to verify management's assertion of:
A) existence or occurrence.
B) completeness.
C) valuation or allocation.
Version 1 1
