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Questions and Answers
How many members must the Board of Accountancy have in addition to a chairperson?
How many members must the Board of Accountancy have in addition to a chairperson?
- Six (6) members (correct)
- Four (4) members
- Eight (8) members
- Two (2) members
What type of software restricts computer access to authorized workers?
What type of software restricts computer access to authorized workers?
- Text retrieval software
- Flowcharting software
- Access control and security software (correct)
- Library management software
When is a larger sample size necessitated?
When is a larger sample size necessitated?
- High level of detection risk (correct)
- Low level of tolerable misstatement
- Low frequency of misstatement
- Low assessed level of control risk
What type of software generates a flowchart of the logic of a program?
What type of software generates a flowchart of the logic of a program?
What type of organizations use their resources to achieve their objective or mission?
What type of organizations use their resources to achieve their objective or mission?
What is the first step an auditor should take to acquire litigation information?
What is the first step an auditor should take to acquire litigation information?
Which of the following actions did Ms. Candy take after Boy shared personal feelings with her?
Which of the following actions did Ms. Candy take after Boy shared personal feelings with her?
What kind of tutoring services does Mr. Bing offer to Basic Accounting students?
What kind of tutoring services does Mr. Bing offer to Basic Accounting students?
Which of the following statements best describes the actions of Ms. Candy and Mr. Bing?
Which of the following statements best describes the actions of Ms. Candy and Mr. Bing?
What type of errors are caused by the improper classification of revenues or expenses?
What type of errors are caused by the improper classification of revenues or expenses?
Under which circumstances may a negative confirmation request be used?
Under which circumstances may a negative confirmation request be used?
What subject does Mr. Bing teach, and why does he feel that extra time out of school will benefit the students?
What subject does Mr. Bing teach, and why does he feel that extra time out of school will benefit the students?
What is the engagement called when the subject matter information is provided to the intended user in the assurance report?
What is the engagement called when the subject matter information is provided to the intended user in the assurance report?
What is the purpose of the procedures employed in a compilation engagement?
What is the purpose of the procedures employed in a compilation engagement?
What is the attitude of the Philippine Institute of CPAs towards the use of negative assurances in audit reports of historical financial statements?
What is the attitude of the Philippine Institute of CPAs towards the use of negative assurances in audit reports of historical financial statements?
Where is the negative assurance properly located in an unqualified report?
Where is the negative assurance properly located in an unqualified report?
What is the primary purpose of a limited control test?
What is the primary purpose of a limited control test?
What is the goal when reading financial statements to determine if they are free from obvious material errors?
What is the goal when reading financial statements to determine if they are free from obvious material errors?
What is the most suitable procedure to identify events after the date of the financial statements that require disclosure?
What is the most suitable procedure to identify events after the date of the financial statements that require disclosure?
Which of the following is not a correct action to be taken by the auditor in response to a material misstatement or a scope limitation?
Which of the following is not a correct action to be taken by the auditor in response to a material misstatement or a scope limitation?
What is the primary objective related to the audit of an educational institution's expected credit loss?
What is the primary objective related to the audit of an educational institution's expected credit loss?
Which internal control objective is most relevant to the audit of financial statements?
Which internal control objective is most relevant to the audit of financial statements?
What is the auditor's primary concern when evaluating an educational institution's credit risk management?
What is the auditor's primary concern when evaluating an educational institution's credit risk management?
What procedure would most likely help an auditor identify potential violations in contracts?
What procedure would most likely help an auditor identify potential violations in contracts?
What is the adjusted trading securities balance as of December 31, 20X1, according to the fair value model used by the company?
What is the adjusted trading securities balance as of December 31, 20X1, according to the fair value model used by the company?
What is the adjusted balance of the Machinery account on December 31, 20X1, taking into account the machinery sold and traded in, and considering the company's depreciation policy?
What is the adjusted balance of the Machinery account on December 31, 20X1, taking into account the machinery sold and traded in, and considering the company's depreciation policy?
What is the total amount of cash dividends payable on January 15, 20X2, for Manny Company?
What is the total amount of cash dividends payable on January 15, 20X2, for Manny Company?
How much was the invoice price of the Pioneer machine traded in for the Goulds machine?
How much was the invoice price of the Pioneer machine traded in for the Goulds machine?
Which of the following options best represents the pretax financial income of Manny Company for 20X1?
Which of the following options best represents the pretax financial income of Manny Company for 20X1?
What was the yield percentage when Manny Company issued the bonds on July 1, 20X1?
What was the yield percentage when Manny Company issued the bonds on July 1, 20X1?
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