ACC 492 Flashcards
ACC 492 Week 1 Individual Multiple Choice
ACC 492 Week 1 Individual Multiple Choice
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Post your answers to the Multiple Choice Questions in the Assignments folder.
Be prepared to take a quiz on topics covered in the assigned readings for Week one.
1. Which of the following accounts in a merchandising company is affected by both the revenue cycle and another cycle?
a. sales
b. sales returns and allowances
c. inventory
d. accounts receivable
e. accounts payable
- The audit objective, “The accounts receivable balance represents gross claims on customers and agrees with the sum of the accounts receivable subsidiary ledger” is derived from the assertion of:
a. existence or occurrence
b. completeness
c. rights and obligations
d. valuation or allocation
e. presentation or disclosure - All sales, cash receipts, and sales adjustments are accurately valued using GAAP and correctly journalized, summarized and posted are transaction objectives for:
a. occurrence
b. completeness
c. accuracy
d. cutoff
e. classification - Disclosure objectives includes all of the following except:
a. occurrence and rights and obligations
b. cutoff
c. completeness
d. classification and understandability
e. accuracy and valuation - The bonding of employees will normally be expected to:
a. “weed out” dishonest employees already hired
b. eliminate the need for separation of duties in the cash receipts area
c. guarantee that all employee fraud will be prevented
d. provide reasonable assurance that all employees will perform their jobs with the utmost integrity
e. serve as a deterrent to dishonesty - A company policy states that annual vacations are mandatory for all employees. This policy is most important for employees who:
a. are not bonded
b. handle cash receipts
c. maintain the detailed accounting records
d. have access to the general ledger
e. serve as inventory clerks - A company has a policy of rotating employees’ assigned duties. This policy is most important for employees who:
a. are not bonded
b. maintain the detailed accounting records
c. handle cash receipts
d. have access to the general ledger
e. serve as inventory clerks - Auditors should evaluate new controls associated with all of the following except:
a. new product lines
b. new sources of revenues
c. management’s response to new accounting standards for revenue transactions
d. related changes in personnel
e. all of the above - An understanding of the revenue accounting system requires knowledge of all of the following except:
a. how sales are initiated
b. how goods and services are delivered
c. how payables are recorded
d. how cash is received
e. how sales adjustments are made - In a credit-merchandising environment, which of the following documents usually initiates the activity in the sales cycle?
a. shipping document
b. customer order
c. material requisition
d. sales invoice
e. sales order
ACC 492 Complete Class
ACC 492 Complete Class
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UOP ACC 492 Week 1 Current Issue Summary
UOP ACC 492 Week 1 Current Issue Summary
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Write a 175- to 350-word summary.
Research a recent article on sampling as it relates to financial statement auditing.
Apply what you learn to your future or current job.
Click the Assignment Files tab to submit your assignment in a Microsoft® Word document
ACC 492 Week 1 DQ 1
ACC 492 Week 1 DQ 1
Describe the revenue or payroll cycle at your organization? What source documentation is used in the revenue and payroll cycles at your organization?
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ACC 492 Week 1 DQ 2
ACC 492 Week 1 DQ 2
What internal controls components are commonly found among the revenue and payroll cycles? What components are unique to each cycle?
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ACC 492 Week 1 Individual Assignment Payroll Flowchart
ACC 492 Week 1 Individual Assignment Payroll Flowchart
Post your flowchart in the Assignments folder. Prepare flowcharts of the revenue and payroll cycle in your organization. Then, prepare a 300-500-word examination of the cycles. Be sure to examine the internal controls within each cycle and any internal controls limitations that may exist.
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ACC 492 Week 1 Individual Assignments From the Text
ACC 492 Week 1 Individual Assignments From the Text
Click on the link for Ch. 14 of Modern Auditing on the course website.
Click Download eBook on the left-hand side of the page.
Download Ch. 14 of Modern Auditing
Prepare written answers for the following assignments:
Learning Check 14-4
Comprehensive Question: 14-28 Controls over Cash Receipts Processing at a Church
Comprehensive Question: 14-30 Substantive Tests of Accounts Receivable
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ACC 492 Week 1 Quiz
ACC 492 Week 1 Quiz
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1. In an accrual accounting system, revenues are recognized as goods are delivered or as services are rendered. (True/False)
- Give a brief definition of revenue. (30%)
- How are revenues measured? Not asking for currency here
- List any three types of transactions normally processed by the revenue process. (30%)
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