Test Bank for Auditing & Assurance Services 9th Edition by Timothy Louwers, Jerry Strawser A+

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Copyright © 2018 McGraw-
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, Auditing & Assurance Services, 9e (Louwers)
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Chapter 1 Auditing and Assurance Services
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1) The audit objective that all transactions and accounts that should be presented in the finan
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cial statements are in fact included is related to which of the PCAOB assertions?
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A) Existence.
B) Rights and obligations. mi mi


C) Completeness.
D) Valuation. An mi


swer: C Difficul m i mi


ty: 1 Easy
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Topic: Management's Financial Statement Assertions
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Learning Objective: 01- mi m i


03 Describe and define the assertions that management makes about the recognition, measure
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ment, presentation, and disclosure of the financial statements and explain why auditors use th
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em as the focal point of the audit.
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Blooms: Remember m i


AACSB: Analytical Thinking Accm i mi mi


essibility: Keyboard Navigation m i mi




2) Cutoff tests designed to detect purchases made before the end of the year that have b
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een recorded in the subsequent year provide assurance about management's assertion of
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:
A) presentation and disclosure. mi mi


B) completeness.
C) rights and obligations. mi mi


D) existence. Answe mi


r: B Difficulty: 2 M
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edium
Topic: Management's Financial Statement Assertions
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Learning Objective: 01- mi m i


03 Describe and define the assertions that management makes about the recognition, measure
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ment, presentation, and disclosure of the financial statements and explain why auditors use th
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em as the focal point of the audit.
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Blooms: Remember m i


AACSB: Analytical Thinking Accm i mi mi


essibility: Keyboard Navigation m i mi




2
Copyright © 2018 McGraw- mi mi mi

Hill