PLEASE ANSWER ALL TO RECEIVE FULL CREDIT AND THUMBS UP
they are MC, you wont be solving anything
[22] In verifying the amount of goodwill recorded by a client in the current period, the most convincing evidence an auditor can obtain is by comparing the recorded amounts of assets acquired and liabilities assumed with the A. Assessed values as evidenced by tax bills. B. Seller's carrying amounts as evidenced by financial statements. C. Insured values as evidenced by insurance policies. D. Fair values as evidenced by independent appraisals. [23] A corporate balance sheet indicates that one of the corporate assets is a patent. An auditor will most likely obtain evidence regarding the continuing validity and existence of this patent by obtaining a written representation from A. A patent attomey B. A regional state patent office C. The patent inventor D. The patent owner 24] The auditor can best verity a client's bond sinking-tund transactions and year-end balance by A. Confirmation with individual holders of retired bonds. B. Confirmation with the bond trustee. C. Recomputation of interest expense, interest payable, and amortization of bond discount or premium D. Examination and count of the bonds retired during the year, [25] The best audit procedure for determining the existence of open commodity futures contracts at year end is the review of A. Canceled checks in the subsequent period, B. Available broker trade advices. C. The replies to the standard confirmation requests sent to financial institutions, D. Direct confirmations with the client's commodity traders.
2020 Gleim Publications Inc. Chapter 10 part 3 5 (26) How should an auditor verify the valuation of marketable securities at the balance shoot date? A. Confirm all securities with the related custodians and test interest income. B. Observe the inventory count of all securities at the balance sheet date. C. Compare the prices of the securities to published closing prices at the balance sheet date. D. Inquire of management that securities are valued at fair value. [27] Which of the following is the most effective audit procedure for verification of dividends eamed on investments in marketable equity securities? A. Tracing deposit of dividend checks to the cash receipts book. B. Reconciling amounts received with published dividend records C. Comparing the amounts received with preceding year dividends received D. Recomputing selected extensions and footings of dividend schedules and comparing totals to the general ledger (28) An auditor testing investments would ordinanly use analytical procedures to ascertain the reasonableness of the A. Existence of unrealized gains or losses B. Completeness of recorded investment income. C. Classification as available for sale or trading securities. D. Valuation of trading securities (29) In confirming with an outside agent, such as a financial institution, that the agent is holding investment securities in the client's name, an auditor most likely gathers evidence in support of relevant financial statement assertions about existence or occurrence and A. Valuation and allocation. B. Rights and obligations C. Completeness D. Classification and understandability
