Essay about Acc 403 Midterm Exam Solutions

949 Words Aug 12th, 2015 4 Pages
ACC 403 Midterm Exam Solutions ACC 403 Midterm Exam Solutions

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 requirements for becoming a CPA include all
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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 alleged negligence is usually:
• Question 2
“Absence of reasonable care that can be expected of a person in a

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