ACC 562 EDU Great Stories /acc562edu.com ACC 562 EDU Great Stories /acc562edu.com | Page 2

True
False
6. Presentation and disclosure assertions imply that all transactions
and balances are properly presented, disclosures represent what
actually happened, and the footnote disclosures are appropriate and
adequate. (Points: 4)
True
False
7. Vouching recorded transactions involves taking a sample from
the journal and tracing them back to the source documents to
ensure they occurred. (Points: 4)
True
False
8. Audit documentation serves as support for the financial
statements. (Points: 4)
True
False
9. In analysis of the results of audit sampling, an auditor may
determine that the sample size must be increased. (Points: 4)
True
False
10. The revenue cycle considered by auditors includes the sales
process but not collections. (Points: 4)
True
False