Answered: 1) Using the categories included in the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1) Using the categories included in the professional standards, embezzlement is an example of: a)other illegal acts. b)misappropriation of assets. c)fraudulent financial reporting. d)an error.

2) Using the categories included in the professional standards, inappropriately and intentionally failing to expense expired amounts of the prepaid insurance is an example of a)misappropriation of assets. b)other illegal acts. c)fraudulent financial reporting. d)direct effect illegal act

3)A financial statement audit should be designed to obtain reasonable assurance that the financial statements are free of material misstatement due to: a)misappropriation of assets only. b)fraudulent financial reporting only.c)neither fraudulent financial reporting nor misappropriation of assets. d)both fraudulent financial reporting and misappropriation of assets

4)A financial statement audit should be designed to obtain reasonable assurance that the financial statements are free of material misstatement due to: a)neither direct effect illegal acts nor all other illegal acts. b)direct effect illegal acts only. c)both direct effect illegal acts and all other illegal acts. d)all other illegal acts only.

5)Which standards must the auditors of Microsoft follow when performing an audit?

a)PCAOB only. b)GAAS only. c)Neither GAAS nor PCAOB. d)GAAS and PCAOB.

6)Which of the following is most likely to provide guidance relating to an interpretation of PCAOB auditing standards? a)Professional Issues Task Force Statement. b)Staff Guidance. c)Generally Accepted Auditing Standards Interpretation. d)Statement of Position.

7)Under AICPA auditing standards, a presumptively mandatory responsibility is indicated by the term:

a)may. b)must. c)might. d)should

8)In the United States the pronouncements of the International Auditing and Assurance Standards Board apply to audits of: a)nonpublic companies only. b)neither public nor nonpublic companies. c)public companies only. d)both public and nonpublic companies.

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