Describe an Auditorã¢â‚¬â„¢s Review of Financial Statements Chegg
Chapter 05
Student: ___________________________________________________________________________
i. Who is responsible for the grooming of the financial report?
A. Auditor.
B. Management.
C. Both auditor and direction.
D. None of the answers given are correct.
ii. Which audit exclamation relates to ensuring that all recorded sales are valid?
A. Existence.
B. Completeness.
C. Occurrence.
D. Valuation and allocation.
3. Which of the following audit objectives relates primarily to the fiscal report assertion, valuation and
allocation?
A. Inventory listings are accurately compiled and the totals are properly included in the inventory accounts.
B. Inventory quantities include all products, materials and supplies owned by the company that are in transit.
C. Deadening-moving, backlog, defective and obsolete items included in inventories are properly identified.
D. Inventories exclude items billed to customers or endemic by others.
four. Which of the post-obit is non a fiscal study assertion?
A. Inspection.
B. Rights and obligations.
C. Valuation and allocation.
D. Existence.
5. Your audit client is a shop that sells some of its ain trade and some trade held on
consignment.
Which account residual assertion for inventory would you exist nearly concerned about verifying?
A. Being.
B. Completeness.
C. Rights and obligations.
D. Valuation and resource allotment.
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Source: https://www.studocu.com/en-au/document/university-of-new-south-wales/auditing-and-assurance-service/chapter-05-test-bank/1750800
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