ACC 403 week 6 quiz

Topics: Auditing, Financial audit, Audit Pages: 4 (593 words) Published: February 15, 2015

ACC 403 week 6 quiz

Question 1
2 out of 2 points

When dealing with audit risk:
Answer

Selected Answer:
  
auditors accept some level of risk in performing the audit function. Correct Answer:
  
auditors accept some level of risk in performing the audit function.

Question 2
2 out of 2 points

________ misstatements are those where the auditor can determine the amount of the misstatement in the account. Answer

Selected Answer:
  
Known
Correct Answer:
  
Known

Question 3
2 out of 2 points

When auditors allocate the preliminary judgment about materiality to account balances, the materiality allocated to any given account balance is referred to as: Answer

Selected Answer:
  
performance materiality.
Correct Answer:
  
performance materiality.

Question 4
2 out of 2 points

The measurement of the auditor's assessment of the likelihood that there are material misstatements due to error or fraud in a segment before considering the effectiveness of internal controls is defined as: Answer

Selected Answer:
  
inherent risk.
Correct Answer:
  
inherent risk.

Question 5
2 out of 2 points

The risk that audit evidence for a segment will fail to detect misstatements exceeding performance materiality levels is: Answer

Selected Answer:
  
planned detection risk.
Correct Answer:
  
planned detection risk.

Question 6
2 out of 2 points

When taken together, the concepts of risk and materiality in auditing: Answer

Selected Answer:
  
measure the uncertainty of amounts of a given magnitude.
Correct Answer:
  
measure the uncertainty of amounts of a given magnitude.

Question 7
2 out of 2 points

Auditors generally allocate the preliminary judgment about materiality to the: Answer

Selected Answer:
  
balance sheet only.
Correct Answer:
  
balance sheet only.

Question 8...
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