GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
21st Edition
ISBN: 9781260427202
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Chapter 15, Problem 32BOQ
To determine
Identify the appropriate answer related to the
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The auditor is MOST likely to learn of retirements of equipment through which of the following?
a.
Review of the purchase and allowance account.
b.
Review of the sales discount account.
c.
Analysis of the credits to the accumulated depreciation account.
d.
Review of insurance policy riders.
e.
Confirmation of recorded credits to the accounts payable account.
Describe the purpose and give examples of audit procedures in the search for unrecorded liabilities.
A risk-based deposit insurance program is defined as:
a.
A program that assesses the concentration risks of insured deposits.
b.
A program that assesses fines on the basis of capital adequacy and supervisory judgments.
c.
A program that uses market risk as the basis for deposit insurance premiums.
d.
A program that assesses insurance premiums on the basis of capital adequacy and supervisory judgments.
Chapter 15 Solutions
GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
Ch. 15 - What does the trust indenture used by a...Ch. 15 - Long-term creditors often insist upon placing...Ch. 15 - Prob. 3RQCh. 15 - Prob. 4RQCh. 15 - Prob. 5RQCh. 15 - Prob. 6RQCh. 15 - Prob. 7RQCh. 15 - Prob. 8RQCh. 15 - Prob. 9RQCh. 15 - Prob. 10RQ
Ch. 15 - Mansfield Corporation has outstanding an issue of...Ch. 15 - Prob. 12RQCh. 15 - Prob. 13RQCh. 15 - What do you consider to be the most important...Ch. 15 - What is the primary responsibility of an...Ch. 15 - In the audit of a small corporation that issues...Ch. 15 - Prob. 17RQCh. 15 - Prob. 18RQCh. 15 - Prob. 19RQCh. 15 - Corporations sometimes issue their own capital...Ch. 15 - Prob. 21RQCh. 15 - Prob. 22RQCh. 15 - Prob. 23RQCh. 15 - Prob. 24RQCh. 15 - Prob. 25RQCh. 15 - Prob. 26RQCh. 15 - Prob. 27QRACh. 15 - Prob. 28QRACh. 15 - Prob. 29QRACh. 15 - You are retained by Columbia Corporation to audit...Ch. 15 - Prob. 31QRACh. 15 - Prob. 32AOQCh. 15 - Prob. 32BOQCh. 15 - Prob. 32COQCh. 15 - Prob. 32DOQCh. 15 - Prob. 32EOQCh. 15 - When a client uses paper stock certificates, an...Ch. 15 - Prob. 32GOQCh. 15 - The auditors can best verify a clients bond...Ch. 15 - Prob. 32IOQCh. 15 - All corporate capital stock transactions should...Ch. 15 - Prob. 32KOQCh. 15 - Prob. 32LOQCh. 15 - Prob. 32MOQCh. 15 - Prob. 32NOQCh. 15 - Prob. 32OOQCh. 15 - An auditor most likely would inspect loan...Ch. 15 - Prob. 32QOQCh. 15 - Match the following definitions (or partial...Ch. 15 - Prob. 34PCh. 15 - Prob. 35PCh. 15 - Prob. 36PCh. 15 - Prob. 37P
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Similar questions
- How do contingent liabilities effect the audit?arrow_forwardIn auditing the accrued liabilities account on the Balance Sheet, an auditor’s procedures most likely would focus primarily on management’s assertion ofa. Existence or occurrence.b. Completeness.c. Presentation and disclosure.d. Valuation or allocation.arrow_forwardAn auditor reviews aged accounts receivable to assess likelihood of collection to support management’s assertion about account balances of: Select one: a. rights and obligations b. existence. c. valuation and allocation d. completenessarrow_forward
- Which of the following is not an analytical procedure? O a. Determine the nature of the audit O b. Analysis of significant ratios and trends OC. Analysis of relationships between financial and non-financial data O d. Comparison with prior period informationarrow_forwardTo allocate the preliminary estimate of materiality to the accounts, the auditor might consider A. The relative variability of the accounts. B.The size, in absolute terms, of each account. C.Using the audit risk equation to calculate the amount of materiality to each account. D.Adjusting detection risk for each account to arrive at consistent materiality amounts across accounts.arrow_forwardExamples of Current liabilities includes accounts payable, accruals and other short-term liabilities true or falsearrow_forward
- Potential liabilities that depend on future events arising out of past events are calleda. contingent liabilities.b. estimated liabilities.c. current liabilities.d. long-term liabilities.arrow_forwardA basic difference between loss contingencies and “real”liabilities is: a. Liabilities stem from past transactions; loss contingen-cies stem from future events. b. Liabilities always are recorded in the accountingrecords, whereas loss contingencies never are.c. The extent of uncertainty involved. d. Liabilities can be large in amount, whereas loss contin-gencies are immaterial.arrow_forwardExplain the subsequent measurement of long-term notes receivable.arrow_forward
- An auditor simply compares a current year balance with the prior year balance in order to help identify trends. This procedure provides persuasive evidence. O minimal evidence. O corroborative evidence. O key item evidence.arrow_forwardDistinguish between accuracy tests of gross accounts receivableand tests of the realizable value of receivables.arrow_forwardWhen applying analytical procedures during an audit, which of the following is the best approach for developing expectations? Multiple Choice Considering the pattern of several unusual changes without trying to explain what caused them. Considering unaudited account balances and ratios to calculate what adjusted balances should be. Comparing client data with client determined expected results to reduce detailed tests of account balances. Comparing current year account balances to balances of one or more comparable periods.arrow_forward
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