(Test Bank)Principles of Auditing and Other Assurance Services 20th Edition TBChap010

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1、Chapter10CashandFinancialInvestments True/FalseQuestions 1.Theauditorsshouldcountsmallpettycashfundsatyear-endtomakesurethatbalanceisnotunderstatedonthefinancialstatements.  True    False 2.Controloverthereceiptofcashsalesisbestachievedwhentwoormoreemployeesparticipat

2、eineachtransaction.  True    False 3.Mailroompersonnelofacompanyshouldprepareacontrollistingofincomingcashreceiptsanddepositthemintactdaily.  True    False 4.Signedchecksshouldbereturnedtothecashdisbursementsclerkformailing.  True    False 10-79Copyright©2016McGraw-Hi

3、llEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.5.Lappingofaccountsreceivablebyanemployeeisnotpossiblewhenthereisadequatesegregationofdutieswithrespecttocashdisbursements.  True    False 6.Confirmationsforc

4、ashbalancesshouldbemailedonlytothefinancialinstitutionswithwhichtheclienthasacashbalanceatyear-end.  True    False 7.Aproofofcashisanauditprocedurethatisperformedonalmosteveryengagement.  True    False 8.Acompensatingbalanceagreementalwaysrequiresthatcashbereclassifie

5、dasanoncurrentasset.  True    False 9.Verificationofcashandotherliquidassetsonthesamedatemaypreventsubstitutionofoneformofassetforanother.  True    False 10.Forinvestmentsinsecuritiesaccountedforbytheequitymethod,theauditorsareprimarilyconcernedwithverifyingthefairval

6、ueoftheinvestments.  True    False  10-79Copyright©2016McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.MultipleChoiceQuestions 11.Anauditor'sanalyticalprocedureshaverevealedthattheaccountsreceivabl

7、eofaclienthavedoubledsincetheendoftheprioryear.However,theallowancefordoubtfulaccounts,asapercentageofaccountsreceivableremainedaboutthesame.Whichofthefollowingclientexplanationsmostlikelywouldsatisfytheauditor?  A. Creditstandardswereliberalizedinthecurrentyear.B. Tw

8、iceasmanyaccountsreceivablewerewrittenoffintheprioryearascomparedtothisyear.C. Agreaterpercentageofaccountswerecurrentlylist