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ACCT 591 DeVry Week 4 Quiz Latest

ACCT 591 DeVry Week 4 Quiz

ACCT 591 DeVry Week 4 Quiz Latest Downloading is very simple, you can download this Course here: Or Contact us at: ACCT 591 DeVry Week 4 Quiz Latest ACCT591 ACCT 591 DeVry Week 4 Quiz Latest Question 1.1.(TCOs B and C) (CPA-02635.B) At December 30, 20X3, Vida Co. had cash of $200,000, a current ratio of 1.5:1 and a quick ratio of .5:1. On December 31, 20X3, all cash was used to reduce accounts payable. How did these cash payments affect the ratios? Current ratio Quick ratio (Points : 10) o o o o Increased Decreased Increased No effect Decreased Increased Decreased No effect Question 2.2.(TCOs B and C) (CPA-02310.B) Which of the following circumstances most likely would cause an auditor to suspect that material misstatements exist in a client's financial statements? (Points : 10) o o o o The assumptions used in developing the prior year's accounting estimates have changed. Differences between reconciliations of control accounts and subsidiary records are not investigated. Negative confirmation requests yield fewer responses than in the prior year's audit. Management consults with another CPA firm about complex accounting matters. Question 3.3.(TCOs B and C) (CPA-05752.B) Which of the following situations most likely could lead to an embezzlement scheme? (Points : 10) o o o o The accounts receivable bookkeeper receives a list of payments prepared by the cashier and personally makes entries in the customers' accounts receivable subsidiary ledger. Each vendor invoice is matched with the related purchase order and receiving report by the vouchers payable bookkeeper who personally approves the voucher for payment. Access to blank checks and signature plates is restricted to the cash disbursements bookkeeper who personally reconciles the monthly bank statement. Vouchers and supporting documentation are examined and then canceled by the treasurer who personally mails the checks to vendors. Question 4.4.(TCOs B and C) (CPA-05757.B) As part of the process of observing a client's physical inventories, an auditor should be alert to: (Points : 10) o o The inclusion of any obsolete or damaged goods. Any change in the method of pricing from prior years.