26571155
Descrição
Quiz por Kayla Harbaugh, atualizado more than 1 year ago
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Criado por Kayla Harbaugh
quase 4 anos atrás
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Questão 1
Questão
Which one of the following risks is not a risk associated with cash?
Responda
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a. Complex valuation issues.
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b. Large volume of transactions.
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c. Importance of meeting debt covenants.
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d. Easy to manipulate.
Questão 2
Questão
The cash account is significant to the auditor for which of the following reasons?
Responda
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a. The cash account balance is the culmination of a large volume of transactions.
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b. The cash account is not as susceptible to fraud as most other accounts.
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c. Cash is the only account that provides opportunity for fraud.
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d. Automated systems do not possess the capability to maintain strong internal controls over cash.
Questão 3
Questão
Which of the following situations would normally be discovered by testing the bank reconciliation?
Responda
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a. Failure to bill a customer.
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b. Payment to an employee for more hours than she worked.
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c. Failure to include a deposit in transit on the bank reconciliation.
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d. Duplicate payment of a vendor’s invoice.
Questão 4
Questão
Which of the following is not a normal edit test as part of computerized control for checks?
Responda
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a. Field checks.
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b. Reasonableness tests.
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c. Cross-references.
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d. Self-checking digits.
Questão 5
Questão
Which one of the following is not a fundamental internal control the auditor would expect to find in place for a cash processing system?
Responda
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a. Segregation of duties.
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b. Electronic payments.
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c. Periodic internal audits.
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d. Authorization of transactions.
Questão 6
Questão
As cash processing systems become more automated and integrated, which of the following is true about the general concept of segregation of duties?
Responda
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a. Segregation of duties becomes completely computerized without human involvement.
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b. The importance of segregation of duties does not change.
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c. Segregation of duties becomes less important.
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d. Segregation of duties becomes more important.
Questão 7
Questão
Which of the following controls would be most successful in mitigating the theft of customer checks received in the mail?
Responda
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a. Custody of receipts by the accounts receivable manager.
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b. Weekly deposits to a secure bank.
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c. Restrictive endorsements placed on checks as soon as they arrive.
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d. Reconciliation of bank accounts each month.
Questão 8
Questão
Electronic authorization privileges for cash transactions may be best assigned to individuals based on which of the following?
Responda
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a. Roles and activities falling within appropriate segregation of duties.
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b. Encrypted passwords memorized by employees.
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c. Identification cards with picture identification.
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d. The principle of "absolute knowledge."
Questão 9
Questão
Which of the following describes documents that accompany customer payments to help the clerk identify the payments?
Responda
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a. Accommodation certificates such as authenticated customer tokens.
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b. Turnaround documents such as remittance advices.
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c. Checks stamped with restrictive endorsements such as customer signatures.
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d. Receipts such as register tapes.
Questão 10
Questão
Which of the following is the primary reason the auditor obtains and reviews a cutoff bank statement?
Responda
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a. Foot the cutoff bank statement for completeness.
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b. Test for intentional lapping of bank transfers.
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c. Verify the balance of cash per the bank's general ledger at the balance sheet date.
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d. Verify the reconciling items on the year-end bank reconciliation.
Questão 11
Questão
The auditor will send a standard bank confirmation to which of the following?
Responda
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a. Financial institutions for which the client has a balance greater than $0 at the end of the year.
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b. Financial institutions with which the client has transacted during the year.
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c. Financial institutions of customers using the lockbox.
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d. Financial institutions used by significant shareholders.
Questão 12
Questão
The ease with which cash can be stolen is most related to which of the following risks?
Responda
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a. Control risk.
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b. Liquidity risk.
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c. Inherent risk.
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d. Detection risk.
Questão 13
Questão
Which of the following best describes a fraudulent scheme to overstate cash assets at year-end by recording deposits in transit in both the account from which the cash is withdrawn and the account to which it is transferred?
Responda
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a. Restrictive endorsements of cash.
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b. Lapping of cash.
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c. Embezzlement of cash.
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d. Kiting of cash.
Questão 14
Questão
The emphasis in verifying petty cash is normally on which of the following?
Responda
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a. Year-end balance.
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b. Balance sheet classification.
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c. Controls over petty cash.
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d. Transactions for the period.
Questão 15
Questão
When auditing marketable securities, the auditor will do which of the following?
Responda
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a. Examine broker's advices evidencing purchase of securities.
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b. Recompute income.
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c. Foot schedule.
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d. Both A and B.
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e. All of the above.
Questão 16
Questão
The reported fair market value of securities held by the client can be verified by the auditor through which of the following procedures?
Responda
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a. Comparing the values to those securities held by the auditing firm.
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b. Confirming the fair values with the client as of the close of the year.
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c. Comparing the fair values to credible publications and websites.
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d. Comparing the fair values with the fair values of similar securities.
Questão 17
Questão
Which of the following items would not normally appear on bank reconciliations?
Responda
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a. Outstanding deposits list.
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b. Balance per bank.
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c. Balance per books.
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d. Outstanding checks list.
Questão 18
Questão
Investments in securities are classified as which of the following?
Responda
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a. Held-to-maturity.
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b. Trading securities.
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c. Available-for-sale securities.
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d. All of the above.
Questão 19
Questão
Which of the following would not be used as part of analytical procedures for marketable securities?
Responda
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a. Review changes in the balances, risk composition, and classification types.
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b. Verify ending balances prior to calculating the percent change.
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c. Develop expectations about the level of amounts in ending balances.
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d. Develop expectations about the relationship between the balances.
Questão 20
Questão
Which assertion related to investments is tested when the auditor examines the documents for any restrictions?
Responda
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a. Rights.
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b. Completeness.
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c. Valuation.
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d. Existence.
Questão 21
Questão
Which of the following types of securities is valued at amortized cost, subject to an impairment test?
Responda
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a. Available-for-sale securities.
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b. Trading securities.
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c. Cash equivalent securities.
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d. Held-to-maturity securities.
Questão 22
Questão
Which of the following procedures does the auditor typically perform when testing the existence of cash?
Responda
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a. Counting cash at the depository institution.
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b. Inquiry of management.
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c. Tracing the bank reconciliation to the general ledger.
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d. Sending a standard bank confirmation.
Questão 23
Questão
When testing cash balances at the balance sheet date, the auditor foots the bank reconciliation and traces its reported book balance to the trial balance and its bank balance to the standard confirmation. Which of the following assertions is being tested with these procedures?
Responda
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a. Valuation.
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b. Rights.
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c. All of the above.
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d. Existence.
Questão 24
Questão
Assume that an auditor notes a large series of checks that does not clear the bank for an unusually long time after period end. Which of the following would the auditor likely suspect from this observation?
Responda
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a. Cash does not exist.
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b. Vendors are eager to get their payments.
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c. The reconciliation is accurate.
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d. The presence of held checks at period-end.
Questão 25
Questão
Which of the following is not a common test of controls for marketable securities?
Responda
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a. Review broker’s advice for accurate recording of security.
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b. Review the minutes of the board meetings.
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c. Review reports of internal audits.
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d. Inquire of management about its process for reclassifications.
Questão 26
Questão
Interbank transfer schedules are used by the auditor to address which of the following concerns?
Responda
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a. Lapping.
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b. Kiting.
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c. Embezzlement by omitting outstanding checks on reconciliation.
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d. All of the above.
Questão 27
Questão
The cutoff bank statement is used by the auditor to address which of the following concerns?
Responda
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a. Lapping.
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b. Kiting.
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c. Omitting outstanding checks on reconciliations.
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d. All of the above.
Questão 28
Questão
Which of the following is not an internal control the auditor would expect to find in place for all cash processing systems?
Responda
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a. Independent reconciliation.
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b. Restrictive endorsement of checks.
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c. Prenumbered cash receipt documents.
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d. Walkthrough.
Questão 29
Questão
Which of the following is a cash management technique frequently used by management?
Responda
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a. Cash management agreement with financial institutions.
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b. Lockboxes.
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c. Electronic funds transfers.
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d. All of the above.
Questão 30
Questão
The auditor prepares a schedule for marketable securities. Which of the following is not one of the items in the schedule related to the value of the securities?
Responda
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a. Carrying value for debt instruments.
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b. Interest and dividends.
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c. Year-end market value.
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d. Cost.
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