AUD- CPA Exam || error-free answers 100%.
Account Balances correct answers One of three categories of financial statement assertions,
relating primarily to assets, liabilities, and equity interests.
Accounting Estimate correct answers An approximation of a financial statement element, item,
or account used because data either is not readily available or is dependent upon the outcome of
future events.
Accounts Payable Confirmation correct answers A request for independent verification of
payables.
Accounts Receivable Confirmation correct answers A request for independent verification of
receivables. Note that confirming accounts receivable is a required, generally accepted auditing
producre.
Accuracy correct answers A financial statement assertion in the "transactions and events"
category indicating that amounts and other data relating to recorded transactions and events have
been recorded properly.
Accuracy and Valuation correct answers A financial statement assertion in the "presentation and
disclosure" category indicating that financial and other information are disclosed fairly and at
appropriate amounts.
Activity Ratio correct answers A ratio that measures how effectively an enterprise is using its
assets.
Adverse Opinion correct answers An auditor's report stating that the financial statements "do not
present fairly..."
, Aging Schedule correct answers A listing of accounts receivable categorized by age (i.e., current,
30 to 60 days, 60 to 90 days, etc.).
Agreed-upon Procedures correct answers An engagement in which a practitioner is engaged to
issue a report of findings based on specific agreed-upon procedures.
AICPA Code of Professional Conduct correct answers Guidelines for the behavior of members of
the American Institute of Certified Public Accountants (AICPA) in the conduct of their
professional affairs.
Allowance for Sampling Risk correct answers In sampling, a "cushion" for protection against
undetected deviations that is added to the sample deviation rate to arrive at the upper deviation
rate.
Analyst correct answers An IT (Information Technology) department employee who determines
system requirements and designs a processing system to meet those requirements.
Analytical Procedures correct answers Evaluations of financial information made by a study of
plausible relationships among both financial and nonfinancial data.
Applicable Financial Reporting Framework correct answers The financial reporting framework
that is acceptable in view of the nature of the entity and the objective of the financial statements,
or that is required by law or regulation.
Application Controls correct answers Information processing controls that apply to the
processing of individual "applications" (e.g., controls surrounding receivables, controls
surrounding payroll, etc.).
Appropriate (Appropriateness of Audit Evidence) correct answers The quality of being both
reliable (valid, factual, objective, and supportable) and relevant (related to the financial statement
assertion under consideration).
Account Balances correct answers One of three categories of financial statement assertions,
relating primarily to assets, liabilities, and equity interests.
Accounting Estimate correct answers An approximation of a financial statement element, item,
or account used because data either is not readily available or is dependent upon the outcome of
future events.
Accounts Payable Confirmation correct answers A request for independent verification of
payables.
Accounts Receivable Confirmation correct answers A request for independent verification of
receivables. Note that confirming accounts receivable is a required, generally accepted auditing
producre.
Accuracy correct answers A financial statement assertion in the "transactions and events"
category indicating that amounts and other data relating to recorded transactions and events have
been recorded properly.
Accuracy and Valuation correct answers A financial statement assertion in the "presentation and
disclosure" category indicating that financial and other information are disclosed fairly and at
appropriate amounts.
Activity Ratio correct answers A ratio that measures how effectively an enterprise is using its
assets.
Adverse Opinion correct answers An auditor's report stating that the financial statements "do not
present fairly..."
, Aging Schedule correct answers A listing of accounts receivable categorized by age (i.e., current,
30 to 60 days, 60 to 90 days, etc.).
Agreed-upon Procedures correct answers An engagement in which a practitioner is engaged to
issue a report of findings based on specific agreed-upon procedures.
AICPA Code of Professional Conduct correct answers Guidelines for the behavior of members of
the American Institute of Certified Public Accountants (AICPA) in the conduct of their
professional affairs.
Allowance for Sampling Risk correct answers In sampling, a "cushion" for protection against
undetected deviations that is added to the sample deviation rate to arrive at the upper deviation
rate.
Analyst correct answers An IT (Information Technology) department employee who determines
system requirements and designs a processing system to meet those requirements.
Analytical Procedures correct answers Evaluations of financial information made by a study of
plausible relationships among both financial and nonfinancial data.
Applicable Financial Reporting Framework correct answers The financial reporting framework
that is acceptable in view of the nature of the entity and the objective of the financial statements,
or that is required by law or regulation.
Application Controls correct answers Information processing controls that apply to the
processing of individual "applications" (e.g., controls surrounding receivables, controls
surrounding payroll, etc.).
Appropriate (Appropriateness of Audit Evidence) correct answers The quality of being both
reliable (valid, factual, objective, and supportable) and relevant (related to the financial statement
assertion under consideration).
