ACC 409

ACC 409 QUIZZES AND CH11 - 17 (2ND PART) EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ Data analytics performed to identify the most profitable customers would be most likely to affect which income statement account? A. Revenues B. Selling, general, and administrative expenses (SG&A) C. Cost of goods sold D. Interest expense A. Revenues Which of these represents the proper transformation from data to decision according to the information value chain? A. Data Analys...

ACC 409 AUDITING EXAM STUDY QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ An AICPA member who is not in public practice is not subject to any of the Principles of Professional Conduct. False Which of the following situations would be a violation of the client confidentiality standard? a. To respond to the information request of a major shareholder b. To respond to a quality review request of the state board of accountancy c. To initiate a complaint with the AICPA's ethics d...

CHAPTER 6 EXAMPLES ACC 409 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ A teenage gang known as the "414s" broke into the Los Alamos National Laboratory, Sloan-Kettering Cancer Center, and Security Pacific Bank. One gang member appeared in Newsweek with the caption "Beware: Hackers at play." hacking b. Daniel Baas was the systems administrator for a company that did business with Acxiom, who manages customer information for companies. Baas exceeded his authorize...

ACC 409 CH.12 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ Encryption Preventive control for data confidentiality and privacy Authentication Process to establish information origin or user identity Data Breach Unauthorized access compromising sensitive information Vulnerabilities Weaknesses in systems that can be exploited System Availability Ensuring systems are operational when needed Disaster Recovery Plans to restore operations after a catastrophe Business Con...

ACC 409 CH 4 T/F EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ Risk is the uncertainty about events and/or their outcomes that could have a material effect on the organization. True False T Risk is cumulative. If business risk is very high, the auditor should make a decision to not be associated with a client because engagement risk will be too high. True False T To assess management's integrity, the auditor may interview management. True False T Controls are an...

ACC 409: AIS - FINAL EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED data warehouse is a collection of information gathered from an assortment of external and operational (i.e, internal) databases to facilitate reporting for decision making and business analysis. Data marts -Subset of data warehouse -Summarized or highly focused portion of firm's data for use by specific population of users -Typically focuses on single subject or line of business Business Intelligence is...

ACC 409 EXAM 1 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ When and how was the AICPA formed? In 1936 after the merging of "American Society of CPA's" and "The Institute of Public Accountants" AICPA responsibilities include: - Standards for entry into the practice of public accounting - A code of conduct that provides general guidance and conceptual framework for standards for professional services provided by CPA's - Detailed standards to help guide CPA...

CH 11/12 ACC 409 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ According to AS 5, control risk should be assessed in terms of: Financial Statement assertions A manufacturing firm identified that it would have difficulty sourcing raw materials locally, so it decided to relocate its production facilities. According to COSO, this decision represents which of the following response to the risk? Risk Reduction Each of the following types of controls is considered to be an entit...

ACC 409 CH 4 MC EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ The concept of the Third-Party Beneficiary Test was established by which court case? a. Credit Alliance Corp. v. Touche b. Ultramares Corp. v. Touche c. Citizens State Bank v. Timm, Schmidt, & Co. d. Rosenblum v. Adler B For which of the following engagements are members of the AICPA required to act with integrity and objectivity? a. Tax preparation. b. Financial statement review services. c. Financial stat...

ACC 409 FINAL EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ Know the associated source documents and what information you would find on the source document (Revenue Cycle) sales order packing slip Bill of lading sales invoice credit memos remittance advice deposit slip What tasks happen during sales order entry? •Sales order entry •Shipping •Billing •Cash Collections What are other threats to sales order entry? (sales order) 1.Inaccurate...