25. An audit of both the financial statements and internal control is referred to as:

a. a review

b. an examination

c. an integrated audit

d. an agreed upon procedure

26. An asset is capitalized when:

a. it can be matched with revenue in the current year

b. it has a useful life that extends beyond the current year

c. it is no longer of economic value

d. It has a useful life of less than a year

27. On the auditors report of Apple that we looked at in class, it says We also have audited, in accordance with the standards of the:

a. Public Company Accounting Oversight Board

b. American Institute of Certified Public Accountants

c. Financial Accounting Standards Board

d. Securities Exchange Commission

28. The word auditor means

a. one who sees

b. one who hears

c. one who verifies

d. one who watches