Quiz 3 Exercises Review for ACCO 360 Principles Of Auditing Students' Practice Material Concordia University

Quiz 3 Exercises Review for ACCO 360 Principles Of Auditing
Students' Practice Material 2026/2027 Concordia University
Quiz 3 ACCO 360


Question 1

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You are using detail testing to test the existence assertion of account receivable. You will be
selecting 10 items from the population. The balance of accounts receivable is $1 million, the
performance materiality is $50,000. The company sells basic cheap tools, all orders are between
$100 and 300$. Which of the sampling methods listed below would make the most sense?


Select one:
a. Directed sample selection
b. Block sample selection
c. Random sample selection


d. Stratified selection

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The correct answer is: Random sample selection

Question 2

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, Monetary unit sampling is not the best method if you are testing which assertion?

Select one:
a. Existence
b. Completeness
c. Valuations
d. Rights & obligations



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The correct answers are: Existence, Completeness, Valuations, Rights & obligations

Question 3

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You are testing the following control: “every credit sale over $10,000 requires a credit check
before it can be processed”. You will use sampling. What is your population?


Select one:
a. Every sale


b. Every credit sale
c. Every credit check
d. None of the above

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The correct answer is: None of the above

Question 4