TEST BANK FOR Auditing & Assurance Services 7th Edition by Timothy Louwers , Allen Blay ISBN:978-1259573286 ALL CHAPTERS COVERED YOUR ULTIMATE GUIDE 100% VERIFIED A+ GRADE ASSURED!!!!! NEW LATEST UPDATE!!!!!

,AuditingCV&CVAssuranceCVServices,CV7eCV(Louwers
)CVChapterCV1C V AuditingCVandCVAssuranceCVSer
vices

1) TheCVauditCVobjectiveCVthatCVallCVtransactionsCVandCVaccountsCVthatCVshouldCVbeCVpresentedCVinCVth
eCVfinancialCVstatementsCVareCVinCVfactCVincludedCVisCVrelatedCVtoCVwhichCVofCVtheCVPCAOBCVassertio
ns?
A) Existence.
B) RightsCVandCVobligations.
C) Completeness.
D) Valuation.CVA
nswer:C V CCVDiffi
culty:CV1CVEasy
Topic:C V Management'sCVFinancialCVStatementCVAssertions
LearningCVObjective:C V 01-
03CVDescribeCVandCVdefineCVtheCVassertionsCVthatCVmanagementCVmakesCVaboutCVtheCVrecognition,CVm
easurement,CVpresentation,CVandCVdisclosureCVofCVtheCVfinancialCVstatementsCVandCVexplainCVwhyCVau
ditorsCVuseCVthemCVasCVtheCVfocalCVpointCVofCVtheCVaudit.
Blooms:C V Remember
AACSB:C V AnalyticalCVThinkingCVAc
cessibility:C V KeyboardCVNavigation

2) CutoffCVtestsCVdesignedCVtoCVdetectCVpurchasesCVmadeCVbeforeCVtheCVendCVofCVtheCVyearCVthatC
VhaveCVbeenCVrecordedCVinCVtheCVsubsequentCVyearCVprovideCVassuranceCVaboutCVmanagement'

sCVassertionCVof:
A) presentationCVandCVdisclosure.
B) completeness.
C) rightsCVandCVobligations.
D) existence.CVAnswe
r:C V BCVDifficulty:CV2CV
Medium
Topic:C V Management'sCVFinancialCVStatementCVAssertions
LearningCVObjective:C V 01-
03CVDescribeCVandCVdefineCVtheCVassertionsCVthatCVmanagementCVmakesCVaboutCVtheCVrecognition,CVm
easurement,CVpresentation,CVandCVdisclosureCVofCVtheCVfinancialCVstatementsCVandCVexplainCVwhyCVau
ditorsCVuseCVthemCVasCVtheCVfocalCVpointCVofCVtheCVaudit.
Blooms:C V Remember
AACSB:C V AnalyticalCVThinkingCVAc
cessibility:C V KeyboardCVNavigation




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Hill

,3) DuringCVanCVauditCVofCVanCVentity'sCVstockholders'CVequityCVaccounts,CVtheCVauditorCVdetermines
CVwhetherCVthereCVareCVrestrictionsCVonCVretainedCVearningsCVresultingCVfromCVloans,CVagreements,

CVorCVstateCVlaw.CVThisCVauditCVprocedureCVmostCVlikelyCVisCVintendedCVtoCVverifyCVmanagement'sCV

assertionCVof:
A) existenceCVorCVoccurrence.
B) completeness.
C) valuationCVorCVallocation.
D) presentationCVandCVdisclosur
e.CVAnswer:C V D
Difficulty:CV2CVMedium
Topic:C V Management'sCVFinancialCVStatementCVAssertions
LearningCVObjective:C V 01-
03CVDescribeCVandCVdefineCVtheCVassertionsCVthatCVmanagementCVmakesCVaboutCVtheCVrecognition,CVm
easurement,CVpresentation,CVandCVdisclosureCVofCVtheCVfinancialCVstatementsCVandCVexplainCVwhyCVau
ditorsCVuseCVthemCVasCVtheCVfocalCVpointCVofCVtheCVaudit.
Blooms:C V Remember
AACSB:C V AnalyticalCVThinkingCVAc
cessibility:C V KeyboardCVNavigation

4) TheCVconfirmationCVofCVanCVaccountCVpayableCVbalanceCVselectedCVfromCVtheCVgeneralCVledgerC
VprovidesCVprimaryCVevidenceCVregardingCVwhichCVmanagementCVassertion?

A) Completeness.
B) Valuation.
C) Allocation.
D) Existence.CVAnsw
er:C V DCVDifficulty:CV2
CVMedium

Topic:C V Management'sCVFinancialCVStatementCVAssertions
LearningCVObjective:C V 01-
03CVDescribeCVandCVdefineCVtheCVassertionsCVthatCVmanagementCVmakesCVaboutCVtheCVrecognition,CVm
easurement,CVpresentation,CVandCVdisclosureCVofCVtheCVfinancialCVstatementsCVandCVexplainCVwhyCVau
ditorsCVuseCVthemCVasCVtheCVfocalCVpointCVofCVtheCVaudit.
Blooms:C V Remember
AACSB:C V AnalyticalCVThinkingCVAc
cessibility:C V KeyboardCVNavigation

5) WhatCVtypeCVofCVevidenceCVwouldCVprovideCVtheCVhighestCVlevelCVofCVassuranceCVinCVanCV
attestationCVengagement?
A) EvidenceCVsecuredCVsolelyCVfromCVwithinCVtheCVentity.
B) EvidenceCVobtainedCVfromCVindependentCVsources.
C) EvidenceCVobtainedCVindirectly.
D) EvidenceCVobtainedCVfromCVmultipleCVinternalCVinquir
ies.CVAnswer:C V B
Difficulty:CV3CVHard
Topic:C V Auditing,CVAttestation,CVandCVAssuranceCVServices
LearningCVObjective:C V 01-
02CVDefineCVandCVcontrastCVfinancialCVstatementCVauditing,CVattestation,CVandCVassuranceCVservices.
2
CopyrightCV©CV2018CVMcGraw-
Hill

, Blooms:C V Remember
AACSB:C V AnalyticalCVThinkingCVAc
cessibility:C V KeyboardCVNavigation




3
CopyrightCV©CV2018CVMcGraw-
Hill