ACC 403 help A Guide to career/Snaptutorial ACC 403 help A Guide to career/Snaptutorial | Page 126

5. What event initiates a transaction in the sales and collection
cycle?
6. Auditors often use the ________ to determine the estimated
population exception rate.
7. Which of the following occurrences would be least likely to
warrant further audit attention for the auditor?
8. The most serious shortcoming of the haphazard sample selection
method is:
9. A sample in which every possible combination of items in the
population has an equal chance of constituting the sample is a:
10. One of the causes of nonsampling risk is:
11. Communication addressed to the debtor requesting him or her to
confirm whether the balance as stated on the communication is
correct or incorrect is a:
12. For most audits, a proper cash receipts cutoff is less important
than the sales cutoff because the improper cutoff of cash:
13. The audit procedure that provides the auditor with the most
appropriate evidence when performing test of details of balances for
accounts receivable is:
14. Confirmation of accounts receivable selected from the trial
balance is the most common test of details of balances for the
________ of accounts receivable.
15. Which of the following is likely to be determined first when
performing tests of details for accounts receivable?
16. In estimating the population misstatement, the first step in
projecting from the sample to the population is to:
17. You are auditing Nelson and Company and determined that the
sample results support a conclusion that the account is materially
misstated, when in fact it was not misstated. This illustrates the risk
of:
18. If an auditor concludes that internal controls are likely to be
effective, the preliminary assessment of control risk can be reduced,
leading to which of the following impacts on the acceptable risk of
incorrect acceptance?
19. The client's trial balance has a balance of $410,000 for
merchandise inventory. As the auditor you are willing to accept a
balance that is within $20,000 of either side of the recorded balance.