Quiz 2 - 2nd attempt.docx

Quiz 2 Your work has been saved and submitted Written Mar 29, 2024 7:26 PM - Mar 29, 2024 7:41 PMAttempt 2 of Unlimited Attempt Score 17 / 19 - 3: Proficient Overall Grade (Highest Attempt) 17 / 19 - 3: Proficient Question 1 1 / 1 point There are 3 opinions that may be appropriate when a client's fi...

Quiz 2 Your work has been saved and submitted Written Mar 29, 2024 7:26 PM - Mar 29, 2024 7:41 PMAttempt 2 of Unlimited Attempt Score 17 / 19 - 3: Proficient Overall Grade (Highest Attempt) 17 / 19 - 3: Proficient Question 1 1 / 1 point There are 3 opinions that may be appropriate when a client's financial statements are not in accordance with GAAP. Which of the following 3 opinions are correct ? Question options: disclaimer, qualified opinion, & adverse opinion unmodified opinion, disclaimer, & adverse opinion unmodified opinion, qualified opinion, & disclaimer unmodified opinion, qualified opinion, & adverse opinion Question 4 1 / 1 point Select the best option to protect an auditor when a material misstatement has not been detected in a financial statement audit. The audit was conducted  Question options: as effectively as reasonably possible in accordance with GAAP in a timely manner only after an adequate investigation of the management team Question 5 1 / 1 point An auditor must perform an audit by having an attitude of professional skepticism. This consists of several components. Select all of the ones that apply. Question options: independence in thought and appearance reasonable planning and supervision a questioning mind a critical assessment of the audit evidence Question 6 1 / 1 point The management assertion related to account balances at period end for the assertion of existence is that  Question options: Assets, liabilities, and equity interests are included in the financial statements at appropriate amounts and any resulting valuation adjustments are appropriately recorded. The entity holds or controls the rights to assets and the liabilities are the obligation of the entity. All assets, liabilities, and equity interests that should have been recorded have been recorded. Assets, liabilities, and equity interests exist. Question 7 1 / 1 point The management assertion related to account balances at period end for the assertion of completeness is that  Question options: Assets, liabilities, and equity interests are included in the financial statements at appropriate amounts and any resulting valuation adjustments are appropriately recorded. All assets, liabilities, and equity interests that should have been recorded have been recorded. Assets, liabilities, and equity interests exist. The entity holds or controls the rights to assets and the liabilities are the obligation of the entity. Question 8 1 / 1 point The management assertion related to account balances at period end for the assertion of valuation and allocation is that  Question options: All assets, liabilities, and equity interests that should have been recorded have been recorded. The entity holds or controls the rights to assets and the liabilities are the obligation of the entity. Assets, liabilities, and equity interests exist. Assets, liabilities, and equity interests are included in the financial statements at appropriate amounts and any resulting valuation adjustments are appropriately recorded. Question 9 1 / 1 point The management assertion related to account balances at period end for the assertion of rights and obligations is that  Question options: Assets, liabilities, and equity interests are included in the financial statements at appropriate amounts and any resulting valuation adjustments are appropriately recorded. Assets, liabilities, and equity interests exist. All assets, liabilities, and equity interests that should have been recorded have been recorded. The entity holds or controls the rights to assets and the liabilities are the obligation of the entity. Question 10 1 / 1 point The management assertion of occurrence, related to classes of transactions and events for the period under audit, is defined as   Question options: Transactions and events have been recorded in the correct accounting period. Amounts and other data relating to recorded transactions and events have been recorded appropriately. All transactions and events that should have been recorded have been recorded. Transactions and events have been recorded in the proper accounts. Transactions and events that have been recorded have occurred and pertain to the entity. Question 11 1 / 1 point The management assertion of cutoff, related to classes of transactions and events for the period under audit, is defined as   Question options: Transactions and events that have been recorded have occurred and pertain to the entity. Amounts and other data relating to recorded transactions and events have been recorded appropriately. Transactions and events have been recorded in the correct accounting period. All transactions and events that should have been recorded have been recorded. Question 12 1 / 1 point The management assertion of classification, related to classes of transactions and events for the period under audit, is defined as   Question options: All transactions and events that should have been recorded have been recorded. Transactions and events have been recorded in the correct accounting period. Transactions and events that have been recorded have occurred and pertain to the entity. Transactions and events have been recorded in the proper accounts. Amounts and other data relating to recorded transactions and events have been recorded appropriately. Question 13 1 / 1 point The management assertion of completeness, related to classes of transactions and events for the period under audit, is defined as   Question options: Transactions and events that have been recorded have occurred and pertain to the entity. Amounts and other data relating to recorded transactions and events have been recorded appropriately. Transactions and events have been recorded in the proper accounts. All transactions and events that should have been recorded have been recorded. Transactions and events have been recorded in the correct accounting period. Question 14 1 / 1 point The management assertion of accuracy, related to classes of transactions and events for the period under audit, is defined as   Question options: Transactions and events have been recorded in the proper accounts. Transactions and events that have been recorded have occurred and pertain to the entity. All transactions and events that should have been recorded have been recorded. Transactions and events have been recorded in the correct accounting period. Amounts and other data relating to recorded transactions and events have been recorded appropriately. Question 15 1 / 1 point The management assertion of occurrence and rights and obligations, related to the assertion for the presentation of information within the financial statements and disclosure in the notes to financial statements, is defined as   Question options: Financial and other information are disclosed appropriately and at appropriate amounts. All disclosures that should have been included in the financial statements have been included. Disclosed events and transactions have occurred and pertain to the entity. Financial and other information is appropriately presented and described and disclosures are clearly expressed. Question 16 1 / 1 point The management assertion of completeness, related to the assertion for the presentation of information within the financial statements and disclosure in the notes to financial statements, is defined as   Question options: Financial and other information is appropriately presented and described and disclosures are clearly expressed. Disclosed events and transactions have occurred and pertain to the entity. Financial and other information are disclosed appropriately and at appropriate amounts. All disclosures that should have been included in the financial statements have been included. Question 17 1 / 1 point The management assertion of accuracy and valuation, related to the assertion for the presentation of information within the financial statements and disclosure in the notes to financial statements, is defined as   Question options: All disclosures that should have been included in the financial statements have been included. Disclosed events and transactions have occurred and pertain to the entity. Financial and other information is appropriately presented and described and disclosures are clearly expressed. Financial and other information are disclosed appropriately and at appropriate amounts. Question 18 1 / 1 point The management assertion of classification and understandability, related to the assertion for the presentation of information within the financial statements and disclosure in the notes to financial statements, is defined as   Question options: All disclosures that should have been included in the financial statements have been included. Financial and other information are disclosed appropriately and at appropriate amounts. Disclosed events and transactions have occurred and pertain to the entity. Financial and other information is appropriately presented and described and disclosures are clearly expressed. Question 19 1 / 1 point Select the term that relates to the detailed instructions that explain what type of audit evidence is to be obtained in an audit. Question options: audit objective audit assertion audit program audit procedure Que Question 2 1 / 1 point Select all conditions that would require a departure from an unmodified opinion audit report. Question options: scope of audit has been restricted financial statements not prepared in accordance with GAAP financial statements are presented in accordance with GAAP the auditor is not independent Question 3 What are the 3 opinions that are appropriate when a client's financial statements are not in accordance with GAAP? Question 3 options: disclaimer opinion, qualified opinion, adverse opinion unmodified opinion, qualified opinion, disclaimer unmodified opinion, qualified opinion, adverse opinion unmodified opinion, disclaimer, adverse opinion Done