26585756
Beschreibung
Quiz von Kayla Harbaugh, aktualisiert more than 1 year ago
|
Erstellt von Kayla Harbaugh
vor fast 4 Jahre
|
|
Frage 1
Frage
Which of the following is not an inherent risk related to long-lived asset accounts?
Antworten
-
a. Failing to record asset disposals.
-
b. Capitalizing repairs and maintenance expense.
-
c. Changing depreciation estimates to manage earnings.
-
d. All of these are inherent risks related to long-lived asset accounts.
Frage 2
Frage
Which of the following techniques can managers use to prevent the outright theft of long-lived assets?
Antworten
-
a. Assign accountability for long-lived assets to specific individuals.
-
b. Conduct physical counts of existing and new long-lived assets purchased during the year.
-
c. Capitalize transactions that they should expense.
-
d. Two of these.
Frage 3
Frage
Which of the following controls would be most useful in providing reasonable assurance about the valuation of tangible long-lived assets?
Antworten
-
a. Written policies requiring authorization for the acquisition of long-lived assets.
-
b. A formal budgeting process.
-
c. A policy requiring that deprecation categories and lives be periodically assessed.
-
d. A policy requiring the reconciliation of the physical asset count with the property ledger.
Frage 4
Frage
Assume that a client's controls over recording retirements of long-lived tangible assets are not well designed. Which of the following procedures would the auditor plan to perform as a way of responding to the heightened risk of material misstatement?
Antworten
-
a. Select long-lived tangible assets recorded in the property ledger and locate them for inspection.
-
b. Review the tangible long-lived asset property ledger to see if depreciation was recorded on each tangible long-lived asset.
-
c. The auditor would perform all of the above procedures to respond to the heightened risk of material misstatement due to poor client controls over recording retirements.
-
d. Inspect long-lived tangible assets located at the client location and trace those assets to the property ledger.
Frage 5
Frage
Which of the following valuation issues are associated with merger and acquisition activity?
Antworten
-
a. Valuing assets of the acquired organization at their FMV at the time of acquisition.
-
b. Measuring restructuring charges associated with the acquisition.
-
c. Valuing liabilities of the acquired organization at their FMV at the time of acquisition.
-
d. All of these.
Frage 6
Frage
Patents are an example of long-lived assets.
Antworten
- True
- False
Frage 7
Frage
A fraud scheme that WorldCom top-management employed involved capitalizing items that should have been expensed.
Antworten
- True
- False
Frage 8
Frage
If a client's long-lived assets involve only a few assets of relatively high value, it might be most efficient to test long-lived assets by using only substantive tests of details.
Antworten
- True
- False
Frage 9
Frage
One procedure that the auditor can use to test management's assertion that tangible long-lived assets exist would be to inspect the tangible asset.
Antworten
- True
- False
Frage 10
Frage
Goodwill is the excess of the purchase price over the fair market value of the acquired organization's tangible assets, identifiable intangible assets, and liabilities.
Antworten
- True
- False
Möchten Sie mit GoConqr kostenlos Ihre eigenen Quiz erstellen? eigenen Mehr erfahren.