11/7/23, 12:39 AM
Lesson 12 Quiz: ACC 450: Principles of Auditing (2023 Fall - B)
https://canvas.asu.edu/courses/159839/quizzes/1199866
1/7
Lesson 12 Quiz
Due Nov 7 at 11:59pm Points 10 Questions 10
Available until Nov 7 at 11:59pm Time Limit None
Allowed Attempts Unlimited
Instructions
Attempt History
Attempt Time Score
LATEST Attempt 1 11 minutes 10 out of 10
Score for this attempt: 10 out of 10
Submitted Nov 7 at 12:39am
This attempt took 11 minutes.
Some, but not all, of the responses have explanations for why they are correct
or incorrect.
Click Take the Quiz to begin.
Take the Quiz Again
1 / 1 pts
Question 1
Which of the following objectives can be achieved by substantive testing
of accounts receivable?
a. Obtaining sufficient evidence about whether accounts receivable are
free from material misstatement
11/7/23, 12:39 AM
Lesson 12 Quiz: ACC 450: Principles of Auditing (2023 Fall - B)
https://canvas.asu.edu/courses/159839/quizzes/1199866
2/7
b. Testing management assertions about accounts receivable
c. Both a & b
Correct!
Correct!
Nice job! Review page 197 for information on the objective of
substantive tests. Now get back to work.
d. None of the above
1 / 1 pts
Question 2
Which of the following assertions is auditor testing when examining
whether a loan was appropriately classified as a long-term loan?
a. Existence and occurrence
b. Completeness
c. Valuation, accuracy, and allocation
d. Presentation and disclosure
Correct!
Correct!
Nice job! This assertion relates to the presentation of financial
statements and that all information is presented clearly and
appropriately. Additionally, this assertion relates to classifying
amounts to appropriate accounts or classes of transactions. Review
the assertions on page 198 of the text and the assertion table on
page 199 of the text. Be sure to review the * and ** notes below the
table. Now get back to work.
1 / 1 pts
Question 3
An audit senior performed a substantive analytical procedure on revenue
and concluded that revenue is likely materially misstated. Which of the
11/7/23, 12:39 AM
Lesson 12 Quiz: ACC 450: Principles of Auditing (2023 Fall - B)
https://canvas.asu.edu/courses/159839/quizzes/1199866
3/7
following assertions did the audit senior most likely test using this
procedure?
a. Occurrence
Correct!
Correct!
Nice job! If revenue (sales) is misstated, then some transactions
recorded may not have actually occurred or transactions that
occurred were not recorded. Review the assertions on page 198 of
the text and the assertion table on page 199 of the text. Be sure to
review the * and ** notes below the table. Now get back to work.
b. Existence
c. Valuation
d. Rights and obligations
1 / 1 pts
Question 4
Which of the following statement(s) best describes substantive analytical
procedures?
a. Substantive analytical procedures are evaluations of financial
information through the analysis of possible relationships within financial
data
b. Substantive analytical procedures are evaluations of financial
information through the analysis of possible relationships between financial
data and non-financial data
c. Both a & b
Correct!
Correct!
11/7/23, 12:39 AM
Lesson 12 Quiz: ACC 450: Principles of Auditing (2023 Fall - B)
https://canvas.asu.edu/courses/159839/quizzes/1199866
4/7
Nice job! Substantive analytical procedures are evaluations of
financial information through the analysis of possible relationships
within and between financial data and non-financial data. Review
pages 200-202 of the text for information on substantive analytical
procedures. Now get back to work.
d. None of the above
1 / 1 pts
Question 5
An audit senior would like to identify areas of material misstatement risk
during the planning stage of the audit. Which of the following procedures
is the audit senior most likely to use to achieve this objective?
a. Tests of operating effectiveness of ICFR
b. General analytical procedures
Correct!
Correct!
Nice job! General analytical procedures are used during the planning
stage of an audit to determine where to focus substantive tests.
Review page 201 of the text for information on analytical procedures
performed during planning. Now get back to work.
c. Substantive analytical procedures
d. Tests of details
1 / 1 pts
Question 6
When are auditors required to perform analytical procedures?
a. During the planning stage
11/7/23, 12:39 AM
Lesson 12 Quiz: ACC 450: Principles of Auditing (2023 Fall - B)
https://canvas.asu.edu/courses/159839/quizzes/1199866
5/7
b. During substantive testing
c. At the completion of the audit
d. Both a & c
Correct!
Correct!
Nice job! Analytical procedures are required during both the planning
stage and at the completion of the audit. Review pages 201-202 of
the text for information on when to perform analytical procedures.
Now get back to work.
1 / 1 pts
Question 7
What is meant by dual-purpose tests?
a. Performing substantive tests and tests of controls at the same time
Correct!
Correct!
Nice job! Recall the definition of dual-purpose tests from page 202 in
the text. Now get back to work.
b. Performing tests of details and substantive analytical procedures at the
same time
c. Performing tests of controls to report on ICFR and to audit financial
statements
d. None of the above
1 / 1 pts
Question 8
11/7/23, 12:39 AM
Lesson 12 Quiz: ACC 450: Principles of Auditing (2023 Fall - B)
https://canvas.asu.edu/courses/159839/quizzes/1199866
6/7
Which of the following statements is correct concerning substantive
analytical procedures?
a. They are used primarily during planning to identify areas with high risk of
material misstatement
b. They are used primarily to test assertions for specific accounts or
classes of transactions
Correct!
Correct!
Nice job! Review pages 200-202 of the text for information on
analytical procedures. Now get back to work.
c. Both a & b
d. None of the above
1 / 1 pts
Question 9
Which of the following steps are usually required for performing analytical
procedures?
a. Evaluating the fluctuation
b. Developing an expectation and identifying the fluctuation from the
expectation
c. Investigating the fluctuation
d. All of the above
Correct!
Correct!
11/7/23, 12:39 AM
Lesson 12 Quiz: ACC 450: Principles of Auditing (2023 Fall - B)
https://canvas.asu.edu/courses/159839/quizzes/1199866
7/7
Nice job! Review pages 203-208 of the text for the steps to
performing analytical procedures. Now get back to work.
1 / 1 pts
Question 10
Which of the factors would increase the reliability of data used by auditors
for substantive analytical procedures?
a. Independence of the sources from which the data was obtained
b. Adequacy of controls relevant to the data
c. The extent to which the data has been evaluated by auditors before
d. All of the above
Correct!
Correct!
Nice job! Recall the reliability factors on page 204 in the text. Now get
back to work. Review pages 203-204 of the text for information on
increasing the reliability of data.
Quiz Score: 10 out of 10
Powered by TCPDF (www.tcpdf.org)
