#1.

Select from the option list provided the cycle that best matches each control. A choice may be used once, more than once, or not at all.

Question options:

A. Physical safeguards over stocks and bonds.

B. Limited physical access to noncurrent assets when feasible

C. Transfers of raw materials, finished goods, and costs are subject to cost accounting internal control activities.

D. Periodic reconciliation of product records and the general ledger control account.

E. Formal long-term budgeting process with subsequent variance analysis.

1.Investing cycle

2.Inventory and warehousing cycle

3.Property, plant, and equipment cycle

4.Sales - Receivable Cycle

A to E need to get match with 1,2,3, or 4

#2.

Select from the option list provided the answer choice that best fits the type of engagement described in relation to the financial forecasts and projections below. Each choice may be used once, more than once, or not at all.

Question options:

A. This type of engagement involves issuing a report stating whether a prospective financial statement is a reasonable basis for the forecast or the projection given hypothetical assumptions.

B. When this type of engagement is undertaken, the auditor's report should disclaim an opinion on conformity with AICPA presentation guidelines

C. This type of engagement cannot be performed with respect to prospective financial statements.

1.Agreed Upon Procedures

2.Examination

3.Review

Also, A to C need to get match with 1,2, or 3