ACC 492 Week 1 Individual Multiple Choice
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ACC 492 Week 1 Individual Multiple Choice
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
2. 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
3. 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
4. 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
5. 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...