GRADING SUMMARY MIDTERM
PART 2
, Grading Summary
These are the automatically
computed results of your exam. Date Taken: 1/31/2016
Grades for essay questions, and Time Spent: 1 h , 40 min , 36 secs
comments from your instructor, are Points Received: (91.5%)
in the "Details" section below.
Question Type: # Of Questions: # Correct:
Multiple Choice 11 8
Matching 1 1
Short 7 N/A
Grade Details - All Questions
Page: 1 2
Question 1. Question : (TCO A) Match the following definitions to the appropriate terms.
Student Answer: 2 » 2 : Sufficient understanding of internal
: Standards of control
fieldwork
1 » 1 : Due professional care
: General standards
3 » 3 : Adequacy of informative
: Standards of disclosures
reporting
Points Received: 5 of 5
Comments:
Question 2. Question : (TCO B) The following is a portion of a qualified audit report issued for
a private company.
To the shareholders of Tamarak Corporation,
We have audited the accompanying balance sheet of Tamarak
Corporation as of October 31, 2009, and the related statements of
income, retained earnings, and cash flows for the past year. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards
generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
PART 2
, Grading Summary
These are the automatically
computed results of your exam. Date Taken: 1/31/2016
Grades for essay questions, and Time Spent: 1 h , 40 min , 36 secs
comments from your instructor, are Points Received: (91.5%)
in the "Details" section below.
Question Type: # Of Questions: # Correct:
Multiple Choice 11 8
Matching 1 1
Short 7 N/A
Grade Details - All Questions
Page: 1 2
Question 1. Question : (TCO A) Match the following definitions to the appropriate terms.
Student Answer: 2 » 2 : Sufficient understanding of internal
: Standards of control
fieldwork
1 » 1 : Due professional care
: General standards
3 » 3 : Adequacy of informative
: Standards of disclosures
reporting
Points Received: 5 of 5
Comments:
Question 2. Question : (TCO B) The following is a portion of a qualified audit report issued for
a private company.
To the shareholders of Tamarak Corporation,
We have audited the accompanying balance sheet of Tamarak
Corporation as of October 31, 2009, and the related statements of
income, retained earnings, and cash flows for the past year. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards
generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
