ACCT 3222-3, WILEY, LSU, EXAM 1 NEWEST 2024 ACTUAL EXAM 270 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+.pdf

ACCT 3222- m




3, WILEY, LSU, EXAM 1 QUESTIONS WITH
m m m m m m




100% CORRECT ANSWERS 2024
m m m m




Audit Services - Correct Answer-
m m m m



services by an independent CPA that provide financial stateme
m m m m m m m m



nt users with (1) an opinion on whether the financial stateme
m m m m m m m m m m



nts are presented fairly, in all material respects, in accordance
m m m m m m m m m m



with an applicable financial reporting framework and (2) an o
m m m m m m m m m



pinion on the effectiveness of ICFR, which enhance the degree
m m m m m m m m m



mof confidence that intended users can place in the financial st
m m m m m m m m m m



atements


Attestation Services - Correct Answer- m m m m



Services performed when an independent practitioner, or CPA
m m m m m m m



, is engaged to issue a report on subject matter that is the resp
m m m m m m m m m m m m m



onsibility of another party m m m




Relationship of assurance, attestation, and auditing services fr
m m m m m m m



om most to least improved of quality (i.e., assurance) -
m m m m m m m m m



mCorrect Answer-Audit - m m



mhighest quality/reasonable assurance (i.e., historical financial
m m m m m m



statements)




m pg.m 1 professoraxem
l

,Attestation - m



mid quality/limited assurance (i.e., review of historical financi
m m m m m m m m



al statements, examination of internal controls, review of fina
m m m m m m m m



ncial forecast) m




Assurance - m



lowest quality (i.e., compilation of historical financial stateme
m m m m m m m m



nts, website security, IT operations, non-financial information)
m m m m m m




Assurance Services - Correct Answer-
m m m m



independent professional services that improve the quality of
m m m m m m m m



information, or its context, for decision makers
m m m m m m




Applicable financial reporting framework refers to -
m m m m m m



mCorrect Answer- m



the set of standards used in preparing the historical financial s
m m m m m m m m m m



tatements (i.e., GAAP, IFRS, or federal income tax basis of acc
m m m m m m m m m m



ounting)


Independent implies that the service is performed by -
m m m m m m m m



mCorrect Answer- m



someone who was not involved with the creation of the infor
m m m m m m m m m m



mation and who is objective in the evaluation of the informati
m m m m m m m m m m



on




m pg.m 2 professoraxem
l

,Quality refers to - Correct Answer-
m m m m m



the relevance and realiability of the information
m m m m m m




Information refers to - Correct Answer- m m m m m



subject matter that can be financial or nonfinancial, historical
m m m m m m m m m



or prospective, standalone data or entire systems of data, inte
m m m m m m m m m



rnal or external to a company
m m m m m




CPAs are the only _________ accounting professionals in the U
m m m m m m m m m



S and the ________ are issued at the ____________ level -
m m m m m m m m m m



mCorrect Answer-Licensed accounting professionals in the US.
m m m m m m




Licenses are issued at the state level, not federal
m m m m m m m m




A state board of accountancy will only issue - Correct Answer-
m m m m m m m m m m



a licence to practice after all three Es have been earned
m m m m m m m m m m




CPA Es - Correct Answer-Education, Exam, and Experience
m m m m m m m




Public companies, or issuers, in the US are required by federal
m m m m m m m m m m m



government to have - Correct Answer- m m m m m



an annual financial statement audit and an ICFR audit
m m m m m m m m




m pg.m 3 professoraxem
l

, Private companies, or non- m m m



issuers, are _______ to have an annual audit by federal govern
m m m m m m m m m m



ment, but - Correct Answer-m m m m



Not required by law, other interested users may request audit
m m m m m m m m m



ed financial statements (i.e., lenders)
m m m m




ICFR - Correct Answer-
m m m



Internal Control over Financial Reporting
m m m m




Integrated Audit - Correct Answer- m m m m



An audit that combines the financial statement audit with an
m m m m m m m m m m



audit of the effectiveness of ICFR
m m m m m




The limitations of an audit are cause by - Correct Answer-
m m m m m m m m m m



1. the nature of financial reporting
m m m m m




2. the nature of audit procedures
m m m m m




3. the need for the audit to be conducted within a reasonable
m m m m m m m m m m m m



period of time at a reasonable cost
m m m m m m




The nature of financial reporting refers to - Correct Answer-
m m m m m m m m m



the use of judgment when preparing financial statements due
m m m m m m m m m



to the subjectivity required when arriving at accounting estim
m m m m m m m m



ates and judgment required when selecting and applying acco
m m m m m m m m



unting methods m




m pg.m 4 professoraxem
l