Auditing Quiz

Auditing Quiz

University

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40 Qs

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Auditing Quiz

Auditing Quiz

Assessment

Quiz

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Education

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University

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Practice Problem

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Created by

HENLY PAHILAGAO

Used 8+ times

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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The level of assurance provided by an audit of detecting a material misstatement is referred to as:

Absolute assurance.

High assurance.

Negative assurance.

Reasonable assurance.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between what the public expects to get from the audited financial statements and what the public is actually getting is known as:

Credibility gap

Audit gap

Expectation gap

Level of assurance gap

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is responsible for an entity's financial statements?

The entity's management.

The entity's audit committee.

The entity's internal auditors.

The entity's board of directors.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which management assertion is being tested when the auditor traces receiving reports to the purchases journal to ensure all received goods are recorded?

Existence

Rights and obligations

Completeness

Accuracy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An auditor inspects documents whether the client has appropriate title over its reported inventories. This procedure primarily tests which assertion?

Valuation

Rights and obligations

Existence

Completeness

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not one of the PSA's recognized management assertions for account balances?

Completeness

Existence

Accuracy, valuation, and allocation

Understandability

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An auditor tests whether recorded sales transactions are valid by matching invoices to shipping documents. Which assertion is being tested?

Cutoff

Occurrence

Accuracy

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