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Day 5 - Planning Quiz

Business

12th Grade

Used 2+ times

Day 5 - Planning Quiz
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What system do we use to create our engagement letters?

OnePlace

Inflo

OneDoc

AAA

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What benchmark would we use for a trading entity with low profit margins?

PBT

Revenue

Total assets

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which TWO of the following INTERNAL factors may REDUCE our threshold for PM?

Significant user interest in the financial statements

Complex estimates with high estimation uncertainty

Unstable economic environment

Lots of prior year audit misstatements

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

In which two areas must we understand and document the business processes?

Financial Reporting Process

Significant risks only

Where we intend to rely on controls

Significant classes of transactions, account balances and disclosures (SCOT+)

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

When must we document our understanding of controls?

Select THREE.

Journals

Significant risks

Risks when we intend to test the operating effectiveness of controls

All SCOT+ items

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What three categories can risk factors fall into?

Error

Fraud

Going concern

Journals

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which THREE of the following assertions relate to the statement of financial position?

Completeness

Occurence

Valuation

Existence

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