
Auditing Quiz
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Education
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University
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Practice Problem
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Medium
HENLY PAHILAGAO
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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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