INTACC Questions and Correct Answers

BSP have issued supervisory guidance regarding sound banking practices for disclosures and for other areas of bank activities. At the same time, the auditor considers whether the assertions in the financial statements are consistent with the auditor's knowledge of the business. The following are the procedures that both auditors and the BSP perform; except, a. obtaining evidence regarding the operation of the internal control system b. express an opinion over the financial statements of the bank c. the review of the quality of a bank's assets and the assessment of banking risks d. the performance of analytical procedures Ans b. express an opinion over the financial statements of the bank The percentage-of-completion method affects three components of the income statement: earned revenue, cost of earned revenue, and gross profit. TRUE FALSE Ans FALSE The challenge facing the construction sector is that, regardless of the economic climate, contracting can be precarious. TRUE FALSE Ans TRUE The auditor considers the appropriateness of the valuation of real properties owned or acquired is related to presentation and disclosure TRUE FALSE Ans FALSE The auditor considers the appropriateness of the valuation of real properties owned or acquired is related to presentation and disclosure TRUE FALSE Ans TRUE Construction projects represent considerable financial risk for both the owner and the contracto