Question 16 (1 point)

Several fake clients were created and fake sales were added into the sales journal throughout the year.The management assertion affected by these actions is

Question 16 options:

a)

Occurrence

b)

Classification

c)

Completeness

d)

None of the options are correct

e)

Accuracy

Question 17 (1 point)

BC Technology Ltd. has recently entered into a new $10,000,000 long-term debt arrangement.As part of this year's audit, the auditors will need to read the new debt agreement and ensure that the company has recorded an appropriate allocation on the balance sheet between the current and long term portion of the debt. The management assertion primarily impacted is:

Question 17 options:

a)

Classification

b)

Occurrence

c)

Cut-off

d)

Accuracy

e)

Completeness

Question 18 (1 point)

Inherent risk is a measure of the auditor's expectation that internal controls

Question 18 options:

a)

Will prevent material misstatements

b)

Will correct material misstatements

c)

Will either prevent material misstatements or correct them

d)

All of these choices are correct

e)

None of the choices are correct

Question 19 (1 point)

Your colleague, an audit senior associate used analytical procedures at his client, Vancouver Vacation Planning Ltd.Which one of these is not an analytical procedure?

Question 19 options:

a)

Estimate revenue for the company by multiplying trips sold by average price of vacation packages.

b)

Compare wages month by month for this year and last year.

c)

All of these answers are analytical procedures

d)

Discuss unusual fluctuations in key accounts compared to last year with client personnel.

e)

Recalculate the depreciation expense for the year.

Question 20 (1 point)

Which of the following is typically not considered when assessing inherent risk?

Question 20 options:

a)

Results of previous audits

b)

Related parties

c)

Client motivation to misstate financial statements

d)

Client's internal control systems

e)

Knowledge of the competitive environment

Could you answer whose questions? only need answers