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Exam (elaborations)

Auditing A Risk Based Approach Johnstone - Exam Preparation Test Bank (Downloadable Doc)

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Description: Test Bank for [Auditing A Risk Based Approach Johnstone, 11e prepares you efficiently for your upcoming exams. It contains practice test questions tailored for your textbook. Auditing A Risk Based Approach Johnstone, 11e Test bank allow you to access quizzes and multiple choice questions written specifically for your course. The test bank will most likely cover the entire textbook. Thus, you will get exams for each chapter in the book. You can still take advatange of the test bank even though you are using newer or older edition of the book. Simply because the textbook content will not significantly change in ne editions. In fact, some test banks remain identical for all editions. Disclaimer: We take copyright seriously. While we do our best to adhere to all IP laws mistakes sometimes happen. Therefore, if you believe the document contains infringed material, please get in touch with us and provide your electronic signature. and upon verification the doc will be deleted.

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Institution
Harvard College
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Auditing A Risk Based Approach Johnstone, 11e











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Connected book

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Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg Auditing: A Risk Based-Approach
  • 2018
  • 9781337619455
  • Unknown

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Institution
Harvard College
Course
Auditing A Risk Based Approach Johnstone, 11e
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Uploaded on
May 6, 2022
Number of pages
889
Written in
2021/2022
Type
Exam (elaborations)
Contains
Questions & answers

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Content preview

Chapter 01


1. The need for independent assurance arises because the interests of the users of information may be different from
the interests of those responsible for providing information.
a. True
b. False

ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUDI.JOHN.18.01.01
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
STATE STANDARDS: United States - AK - AICPA BB - Critical thinking
TOPICS: Need for Independent Assurance
DATE CREATED: 1/17/2018 2:50 AM
DATE MODIFIED: 1/17/2018 7:42 AM

2. A financial statement audit is a systematic process of objectively obtaining and evaluating evidence.
a. True
b. False

ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUDI.JOHN.18.01.01
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
STATE STANDARDS: United States - AK - AICPA BB - Critical thinking
TOPICS: Auditing Defined
DATE CREATED: 1/17/2018 2:58 AM
DATE MODIFIED: 1/17/2018 7:42 AM




Copyright Cengage Learning. Powered by Cognero. Page 1

,Chapter 01


3. A bank using Milton Company's financial statements to evaluate Milton’s loan application is an example of a user’s
need for unbiased reporting.
a. True
b. False

ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUDI.JOHN.18.01.01
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
STATE STANDARDS: United States - AK - AICPA BB - Critical thinking
TOPICS: User’s Need for Reliable Financial Reporting
DATE CREATED: 1/17/2018 3:00 AM
DATE MODIFIED: 1/17/2018 7:42 AM

4. An integrated audit requires the auditor to assess the effectiveness of internal controls.
a. True
b. False

ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUDI.JOHN.18.01.01
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
STATE STANDARDS: United States - AK - AICPA BB - Critical thinking
TOPICS: Integrated Audit
DATE CREATED: 1/17/2018 3:02 AM
DATE MODIFIED: 1/17/2018 7:42 AM




Copyright Cengage Learning. Powered by Cognero. Page 2

,Chapter 01


5. Auditors obtain and evaluate evidence regarding assertions about economic actions and events to verify the
accuracy of those assertions.
a. True
b. False

ANSWER: False
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUDI.JOHN.18.01.01
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
STATE STANDARDS: United States - AK - AICPA BB - Critical thinking
TOPICS: Auditing Defined
DATE CREATED: 1/17/2018 3:03 AM
DATE MODIFIED: 1/17/2018 7:42 AM

6. Auditing is the process of verifying the accuracy of the financial statements.
a. True
b. False

ANSWER: False
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUDI.JOHN.18.01.01
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
STATE STANDARDS: United States - AK - AICPA BB - Critical thinking
TOPICS: Auditing Defined
DATE CREATED: 1/17/2018 3:04 AM
DATE MODIFIED: 1/17/2018 7:42 AM




Copyright Cengage Learning. Powered by Cognero. Page 3

, Chapter 01


7. Management may have incentives to present biased financial information, but the various users of the statements are
not likely to have conflicting interests in the financial information.
a. True
b. False

ANSWER: False
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUDI.JOHN.18.01.01
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
STATE STANDARDS: United States - AK - AICPA BB - Critical thinking
TOPICS: Users’ Needs for Reliable Financial Information
DATE CREATED: 1/17/2018 3:06 AM
DATE MODIFIED: 1/17/2018 7:42 AM

8. Auditing exists because users need unbiased information on which to assess management performance and make
economic decisions.
a. True
b. False

ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUDI.JOHN.18.01.01
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
STATE STANDARDS: United States - AK - AICPA BB - Critical thinking
TOPICS: Need for Independent Assurance
DATE CREATED: 1/17/2018 3:07 AM
DATE MODIFIED: 1/17/2018 7:42 AM




Copyright Cengage Learning. Powered by Cognero. Page 4
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