42 Multiple Choices Questions. Please highlight the correct answers in red. 

1

Which of the following are independent private-sector standard-setting bodies?

• SEC and IRS

• National Association of State Boards of Accountancy and the American Accounting Association

• AICPA and IIA

• FASB and the Governmental Accounting Standards Board

• 2. When providing audit services, the certified public accountant (CPA) is expected to be?

• an advocate for the general public.

• independent of the client.

• indifferent to the effect of the financial statements and the audit report.

• an advocate for the client.

  3. Public Company Accounting Oversight Board (PCAOB) standards require the auditor to evaluate the effectiveness of the audit committee as part of understanding the control environment and monitoring. Which of the following is NOT a factor the auditor should consider in making this evaluation?

• Compensation practices with respect to members of the audit committee

• The audit committee’s responsiveness to issues raised by the auditor

• The clarity with which the audit committee’s responsibilities are articulated

• The independence of the audit committee from management

  4. What level of assurance does the reader of a private company financial statement receive on the company’s system of internal controls?

• Negative

• None

• Reasonable

• Positive

  5) Section 18 liability is relatively narrow in scope because it relates to a false or misleading statement in documents filed with the?

• Internal Revenue Service (IRS).

• FASB.

• American Institute of Certified Public Accountants (AICPA).

• Securities and Exchanges Commission (SEC).

  6. The risk that the auditor may unknowingly fail to appropriately modify his or her opinion on financial statements that are materially misstated is

• audit risk.

• control risk.

• tests of details risk.

• analytical procedures risk.

  7. Which of the following management responsibilities is NOT established under PCAOB standards?

• To perform cost-benefit analysis with respect to internal controls relating to assertions having a material effect on the financial statements

• To present a written assessment of the effectiveness of the company’s internal control over financial reporting as of the end of the company’s most recent fiscal year

• To evaluate the effectiveness of the company’s internal control over financial reporting using suitable criteria

• To accept responsibility for the effectiveness of the company’s internal control over financial reporting

  8. The third phase of the audit involves performing audit tests. The primary purpose of this step is to obtain evidence about the?

• integrity of management.

• effectiveness of management.

• effectiveness of the internal control structure and fairness of the financial statements.

• effectiveness of the internal control structure.

  9. Which of the following assertions is NOT made by management in placing an item in the financial statements?

• Rights and obligations

• Presentation and disclosure

• Direct controls

• Existence or occurrence

  10. When evaluating the planned level of substantive tests for each significant financial statement assertion, the auditor will consider the evidence obtained from all of the following EXCEPT

• assessing inherent risk.

• assessing detection risk.

• evidence of effectiveness of computer control procedures and related follow-up.

• procedures to understand the business and industry, and related completed analytical procedures.

• evidence about the effectiveness of internal controls gained while obtaining an understanding of internal controls.

  11. Probability-proportional-to-size (PPS) sampling should NOT be used when

• the number of units in the population is unknown at the start of sampling.

• book values for sampling units are not available.

• the variability of the population is unknown.

• transactions and balances are tested for overstatement.

  12. Specific audit objectives are normally

• derived from the categories of management’s financial statement assertions.

• the same as the categories of management’s financial statement assertions.

• developed for each item in the financial statements and derived from the categories of management’s financial statement assertions.

• developed for each item in the financial statements.

  13. When setting the level of materiality on a particular engagement, the auditor must consider

• both the unique circumstances pertaining to the entity and the users’ information needs.

• the users’ information needs.

• neither the unique circumstances pertaining to the entity nor the users’ information needs.

• the unique circumstances pertaining to the entity.

  14. The completeness assertion would be violated if

• unbilled shipments occurred during the period.

• disclosure in the statements of pledged receivables was inadequate.

• the allowance for doubtful accounts was understated.

• fictitious sales transactions were included in accounts receivable.

  15. The risk that a material misstatement that could occur in an assertion will NOT be prevented or detected on a timely basis by the entity’s internal controls is

• audit risk.

• inherent risk.

• control risk.

• rejection risk.

  16. Before accepting an engagement, the auditor should evaluate whether other conditions exist that raise questions as to the prospective client’s auditability. Which of the following factors would be least likely to cause concern about an entity’s auditability?

• Important evidence available only in electronic form

• Related party transactions

• Lack of audit trail

• Disregard of responsibility to maintain adequate internal controls

  17. In the audit risk model, audit sampling applies to

• detection risk.

• control risk and detection risk.

• inherent risk and control risk.

• inherent risk and detection risk.

  18. An inaccurate form of the audit risk model would show that

• detection risk may be determined from audit risk, inherent risk, and control risk.

• increases in control risk will cause decreases in detection risk.

• detection risk is inversely related to inherent risk.

• detection risk is inversely related to audit risk.

• audit risk is directly related to all other risks in the model.

  19. There are several paragraphs in the auditor’s standard report in internal control over financial reporting. Which paragraph defines internal control over financial reporting?

• Inherent limitations

• Definition

• Introductory

• Scope

  20. If reported sales for 2010 erroneously include sales that occur in 2011, the assertion violated on the 2010 statements would be

• valuation or allocation.

• existence or occurrence.

• completeness.

• presentation and disclosure.

  21. Which of the following is NOT a characteristic of management’s philosophy and operating style?

• Conscientiousness and conservatism in developing accounting estimates

• Monitoring policies for developing and modifying accounting systems

• Approach to taking and monitoring business risks

• Its attitudes and actions toward financial reporting

  22. To emphasize the importance of integrity and ethical values among all personnel or an organization, the chief executive officer and other top managers should do all of the following EXCEPT

• communicate to all employees.

• send e-mail messages to all employees, promoting ethical values.

• reduce or eliminate incentives and temptations.

• set the tone by example.

  23. Auditor changes result from a variety of factors EXCEPT

• mergers between CPA firms.

• mergers between corporations with different independent auditors.

• satisfaction with a firm.

• a desire to reduce the audit fee.

  24. Anyone identified to the auditor by name prior to the audit who is the principal recipient of the auditor’s report is a

• foreseen beneficiary.

• foreseeable party.

• third party.

• primary beneficiary.

  25. Which of the following requires managing public companies to assess the adequacy of internal controls over financial reporting and further requires auditors to audit management’s assessment of internal controls over financial reporting and the actual effectiveness of the system of internal controls?

• Securities Exchange Act of 1934

• Section 404 of Sarbanes-Oxley

• SAS 55

• Foreign Corrupt Practices Act

  26. Which of the following is NOT one of the factors that make up the control environment?

• Board of directors and audit committee

• Organizational structure

• Accounting personnel

• Human resource policies and practices

  27. With respect to audit objectives, the term validity relates to which of the assertions below?

• Existence and occurrence

• Completeness

• Presentation and disclosure

• Valuation or allocation

  28. Statements on auditing standards (SAS) are interpretations of what?

• Generally accepted auditing standards

• Generally accepted accounting principles

• Generally accepted accounting policies

• Generally accepted auditing services

  29. “A significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected” is the definition of a

• material weakness.

• material misstatement.

• significant deficiency.

• control deficiency.

  30. Which of the following is NOT one of the four basic functions of every transaction?

• Consideration

• Recording

• Delivery and receipt

• Initiation

  31. The Foreign Corrupt Practices Act is administered by the

• IRS.

• SEC.

• Central Intelligence Agency.

• National Commission on Fraudulent Financial Reporting.

  32. Which of the following is an INCORRECT quotation from the second field work standard?

• “A sufficient understanding…”

• “determine the nature, timing, and extent of compliance tests…”

• “of the internal control structure is…”

• “to be obtained to…”

  33. In a normal audit, the relationship between the level of materiality used to plan the engagement and the level of materiality used to evaluate evidence is that

• the former may be higher or lower than the latter.

• the former is higher than the latter.

• they must be identical.

• the former is lower than the latter.

  34. In performing tests of details of balances, the auditor would obtain the bank statement directly from the bank, prepare the bank reconciliation, and verify all reconciling items and mathematical accuracy if detection risk was

• high.

• very high.

• very low.

• moderate.

  35. Internal auditors are primarily involved with

• financial statement audits.

• compliance audits and operational audits.

• compliance audits.

• operational audits.

  36. Which of the following is NOT an example of incompatible duties?

• The individual who prepares the bank deposit also takes it to the bank.

• The individual who approves the vouchers signs and mails the checks.

• The warehouse manager maintains the perpetual inventory records.

• The authorized check signer prepares the bank reconciliation.

  37.  Which of the following necessary controls would address a potential misstatement arising from a voucher being paid twice?

• Electronic cancellation of vouchers and supporting information when a check is issued

• A computer comparing the sum of checks issued with the entry to cash disbursements

• Periodic independent bank reconciliations

• Separate duties for approving payment vouchers and sighing checks

  38. The five management assertions outlined in generally accepted auditing standards include all of the following EXCEPT

• rights and obligations.

• presentation and disclosure.

• materiality.

• existence and occurrence.

  39. The susceptibility of an assertion to a material misstatement, assuming there are no controls, is

• analytical procedures risk.

• audit risk.

• control risk.

• inherent risk.

  40. The Securities Act of 1933 is also known as the

• Truth in Lending Act.

• Truth in Securities Act.

• Sale of Securities Act.

• Great Depression Act.

  41. In planning the audit, the auditor should assess materiality at two levels:

• preliminary and final.

• account balance and detailed item.

• company and divisional.

• financial statement and account balance.

  42. Audit sampling is involved whenever an auditor

• makes an inference about a population characteristic based on a partial examination of that population.

• examines 100% of the population.

• performs tests of controls.

• performs tests of details.

 

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Please respond to the following:

• Review this video, which reports the growing number of evictions as rents rise and property values increase. After 50 years at the same address, a 98 year old woman faces eviction. Although laws are different in each state, renters are having a harder time fighting evictions.
  • Woman, 98, Evicted From San Francisco Apartment After 50 Years

PLEASE SEE VIDEO = https://youtu.be/Fg1kdC7eZZA

• Suppose you are the judge, and a case is presented before you where a tenant is facing eviction. The landlord has been in constant contact with the tenant and is able to supply the texts and notes to the tenant. However, the tenant agrees that the landlord did contact him, but the tenant claims there was not sufficient notice. The landlord is able to show months of texts and notes begging for the rent from the tenant. What are the legal considerations you would evaluate to determine the claims of the tenant and the landlord? In whose favor would you rule, and why? Be sure to support your legal analysis.

 

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all th =e ones i out this one is my answers. Are they the correct ones?

1. Operations management is most concerned with taking the goods, services, and people of an organization and converting them into:

   		losses.
   this one		profits.
   		turnover.
   		costs.

20 points

Question 2

1. Which component of business is responsible for recruiting, screening, training, rewarding, and appraising employees of the business?

   this one		Human resource management
   		Operations management
   		Finance and Accounting
   		Strategic management

20 points

Question 3

1. This component of business ensures that all other components of the business are functioning properly and working together to help the business achieve its goals.

   		Finance and accounting
   		Strategic management
   		Human resource management
   this one		Operations management

20 points

Question 4

1. __________ is where a person or people administer the practices of the business so that they can create the most efficient methods of operation possible.

   this one		Strategic management
   		Marketing
   		Human resource management
   		Operations management

20 points

Question 5

1. __________ is any type of firm or organization that provides goods and services in an attempt to make a profit.

   		Store
   		Restaurant
   this one		Business
   		School

 

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Awesome! You’re still here! While the hired gun CISSPs are looking over your Task 2 outputs it’s time to take your feedback from Task 1 and press on with gathering requirements. In Task 3, after refining your business problem from Task 1 into a formal problem statement (using http://www.leadingagile.com/2013/07/do-you-know-where-you-are-headed/ for guidance) you will be modeling business processes for your Park Area, based on what you’ve learned in the Weeks 5 and 6 assignments, as well as modeling the future state business capabilities for your Park Area, again based on what you’ve learned in the Weeks 5 and 6 assignments. Finally, you will be revisiting the stakeholders you identified in Task 1 to create user stories for them.

In order to refine your Problem Statement, consider these four aspects:

• The problem of (describe the problem)
• Affects (who are affected by the problem)
• The impact of which is (what is the impact of the problem)
• A successful solution would (list some key benefits of a successful solution)

When completing Task 3 you will have to imagine what sorts of meetings you’ve had with the stakeholders in order to glean the business processes, capabilities, and user stories. 

You may use whatever tool you wish to create the business process and business capability model illustrations. There is a limited free tool called Creately (http://creately.com/plans) that let’s you create up to 5 diagrams. They provide BPMN templates: http://creately.com/blog/examples/bpmn-templates-model-processes/ You can take screen captures of the diagrams. You also have free access to Visio through the Academic Alliance/Dreamspark program: http://academic2.bellevue.edu/jrussell/msdnaa/DreamSpark.pdf The business capability model (refer to the Gartner articles for examples) are essentially a series of colorful boxes with labels and could be done with several different tools.

What you will be turning in for Task 3, to the Task 3 Discussion Board and the Task 3 Files link:

1. A formal Problem Statement, refined from your Task 1 “What business problem are we trying to solve?”, using http://www.leadingagile.com/2013/07/do-you-know-where-you-are-headed/ as a guide.
2. Business Process Model illustration for your Park Area, based on the needs established in Task 1, created with your tool of choice
3. Business Capability Model illustration – Future State – remember to focus on *What* – created with your tool of choice (these are a bunch of boxes with labels, essentially)
4. A collection of user stories for your stakeholders, as detailed in Task 1, in the format “As a [Type of User], [Function to Perform] so that [Business Value]”

***Make sure you specify on any documents you turn in what your Park Area is. ***

Below links give complete information about my park

Park Area 2 is responsible for the dinosaur viewing attractions including Cretaceous Cruise (http://www.jurassicworld.com/park-map/cretaceous-cruise/ – including the special White-water rafting experience), Gyrosphere (http://www.jurassicworld.com/park-map/gyrosphere/), Mosasaurus Feeding Show (http://www.jurassicworld.com/park-map/mosasaurus-feeding-show/), and Underwater Observatory.

 

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The definition of externalities involve effects, positive or negative, on third parties. If decisions impose costs on others and decision makers ignore the third party effects, poor decisions can result. Decisions about dating and particularly marriage can have enormous impacts on our lives and happiness. Do spillover or externality effects justify regulation or litigation of decisions in marriage markets? Should a person whose marriage proposal is rejected have the ability to make an argument before either a judge or regulator that their interests were not being properly weighed and evaluated in the decision? What about the interests of potential suitors who will never get to try to woo someone because they are “off the market?” If you think that there is no parallel between costs imposed on others through production or consumption of goods and services and the “harms” involved in dating and marriage decisions, why?

There isn’t really a market for dating and marriage, so the term market is being used somewhat figuratively here.  People do interact and make choices which lead to matches, and the search for a partner could be seen as similar to the labor market, where both businesses and job seekers are looking for a very good match.

And clearly decisions by one person have impacts on other people in the dating and marriage “market” which could be thought of analogous to negative externalities.  So what I want you to think and write about is, does it seem reasonable to think about the marriage market as having lots of externalities?  Externalities due to pollution often lead to value for government regulation, and so if the marriage market is full of externalities, does this mean that the marriage market should be extensively regulated as well?

You can either think it’s helpful to apply the concept of externalities in the marriage market, or not helpful.  Try to explain whether you think it is or is not helpful and appropriate (in terms of helping us understand what is happening) to make this application or not.

Write 2 to 3 pages on this topic.

 

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