Acc 403 Midterm Exam Solutions Essay

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Part 1 • Question 1
Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called: • Question 2
________ risk reflects the possibility that the information upon which the business decision was made was inaccurate. • Question 3
The use of the Certified Public Accountant title is regulated by: • Question 4
The Sarbanes-Oxley Act applies to which of the following companies? • Question 5
Three common types of attestation services are: • Question 6
The three
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In such cases, the auditor will likely issue a: • Question 18
Which of the following is least likely to cause uncertainty about the ability of an entity to continue as a going concern? • Question 19
The members of a client’s “audit committee” should be: • Question 20
Which of the following services are allowed by the SEC whenever a CPA also audits the company? • Question 21
A six-step approach is often used to resolve an ethical dilemma. The first step in this process is to: • Question 22
Under the AICPA independence rules, the auditor: • Question 23
Independence is required of a CPA when performing: • Question 24
When CPAs are able to maintain their actual independence, it is referred to as independence in: • Question 25
The Sarbanes-Oxley Act ________ a CPA firm from doing both bookkeeping and auditing services for the same public company client.

Part 2

• Question 1
The principal issue in cases involving

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