ACG3141 (ACG3141)

Chapter 9. Auditing the Revenue Cycle/ Chapter 9: Auditing the Revenue Cycle 1. The revenue cycle considered by auditors includes the sales process but not collections. True False 2. The revenue cycle involves the procedures in generating a sales order, shipping the products, recording the transaction and collecting the receivable. True False 3. The shipping department confirms the shipment of goods by completing the packing slip and returning it to ...

Chapter 10. Auditing Cash and Marketable Securities/ Chapter 10. Auditing Cash and Marketable Securities 1. An imprest payroll account should never reach a zero balance. True False 2. When the year-end cash balance is immaterial, audit procedures on the cash account are unnecessary. True False 3. Cash flow is often managed by organizations through the use of lockboxes and outsourced cash management arrangements with banks. True False 4. The ri...

Chapter 11. Auditing Inventory, Goods and Services, and Accounts Payable, The Acquisition and Payment Cycle

Chapter 12. Auditing Long-Lived Assets, Acquisition, Use, Impairment, and Disposal/ Chapter 12. Auditing Long-Lived Assets: Acquisition, Use, Impairment, and Disposal 1. Long-lived assets only include the tangible assets of an organization. True False 2. Long-lived assets typically represent the smallest single category of assets in many organizations. True False 3. Much of the inherent risk related to long-lived assets is due to the importance of ...

Chapter 14. Completing a Quality Audit/ Chapter 14. Completing a Quality Audit 1. Review activities that are completed towards the end of the audit are quite varied. True False 2. Misstatements that are detected, but individually are not material, should be ignored when determining the appropriate audit report. True False 3. Most audit firms use a schedule to accumulate the known and projected misstatements and the carryover effects of prior-year un...

Chapter 15. Audit Reports

J. David Spiceland, Mark W. Nelson, and Wayne B. Thomas. Intermediate Accounting. 9th Ed. McGraw-Hill Education, 2018. Chapter 14 Bonds and Long-Term Notes In-depth textbook notes with illustrations.