Week 4 Formative Assessment (0%) Attempt review PDF

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8/3/2021

Week 4 Formative Assessment (0%): Attempt review

Home / My courses / ACC707_0221 / General / Week 4 Formative Assessment (0%)

Started on Tuesday, 3 August 2021, 2:31 AM State Finished Completed on Tuesday, 3 August 2021, 2:54 AM Time taken 22 mins 58 secs Question 1 Incorrect Mark 0.00 out of 1.00

Which of the following is not an element of an assurance engagement?   A.Three-party relationship.  B.Approved assurance standards.  C.Sufficient appropriate evidence.  D.A written assurance report.

a.

A



b. B c.

C

d. D

Your answer is incorrect. The correct answer is: B

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Question 2 Correct Mark 1.00 out of 1.00

An audit establishes the conformity of assertions with specified criteria. In an audit of a financial report, the criteria by which financial report assertions are judged are:   A.the ethical rules of conduct.  B.Australian Auditing Standards.  C.listing rules of the Australian Securities and Investments Commission.  D.applicable accounting standards.

a.

A

b. B c.

C

d. D



Your answer is correct. The correct answer is: D

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Question 3 Incorrect Mark 0.00 out of 1.00

Which of the following statements best explains why the auditing profession has found it essential to promulgate ethical standards and to establish means for ensuring their observance? 

A.Ethical standards that emphasise excellence in performance over material rewards establish a reputation for competence and character.  B.Vigorous enforcement of an established code of ethics is the best way to prevent unscrupulous acts.  C.A distinguishing mark of a profession is setting appropriate fees.  D.A requirement for a profession is to establish ethical standards that stress a responsibility to the public, clients and colleagues.

a.

A

b. B c.

C



d. D

Your answer is incorrect. The correct answer is: D

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Question 4 Incorrect Mark 0.00 out of 1.00

Which of the following statements is correct about the status of auditing as a profession? 

A.Auditing obtained its status as a profession through the establishment of the Australian Auditing and Assurance Board.  B.Auditing is recognised as a profession through its registration with the Australian Securities and Investments Commission.  C.Auditing obtains its status as a profession through community sanction.  D.Auditing is recognised as a profession because it generates high fees.

a.

A



b. B c.

C

d. D

Your answer is incorrect. The correct answer is: C

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Question 5 Correct Mark 1.00 out of 1.00

Which of the following statements is correct? 

A.Ethics is concerned primarily with the wellbeing of your client.  B.Ethics is principally an attitude of mind.  C.Ethics is principally concerned with having a set of rules that must be complied with.  D.Ethics is concerned with creating an environment that allows entities to make an equitable profit.

a.

A

b. B c.



C

d. D

Your answer is correct. The correct answer is: B

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Question 6 Correct Mark 1.00 out of 1.00

Ethics require: 

A.knowledge of moral principles.  B.skill in applying moral principles.  C.the development of virtues within the individual.  D.All of the given answers are correct.

a.

A

b. B c.

C

d. D



Your answer is correct. The correct answer is: D

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Question 7 Correct Mark 1.00 out of 1.00

Which of the following is an example of deontological ethics? 

A.Egoism.  B.Utilitarianism.  C.The principle of beneficence.  D.Virtues.

a.

A

b. B c.

C



d. D

Your answer is correct. The correct answer is: C

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Question 8 Correct Mark 1.00 out of 1.00

Who is responsible for the preparation of the financial report? 

A.Auditor.  B.Management.  C.Both auditor and management.  D.None of the answers given are correct.

a.

A

b. B c.



C

d. D

Your answer is correct. The correct answer is: B

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Question 9 Correct Mark 1.00 out of 1.00

Original accounting data comprises:   A.the basic data related to entity transactions.  B.information contained in the financial report.  C.depreciation and amortisation of the entity’s assets.  D.all entries made in an entity’s general ledger.

a.

A



b. B c.

C

d. D

Your answer is correct. The correct answer is: A

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Question 10 Incorrect Mark 0.00 out of 1.00

Which of the following items is an example of professional scepticism? 

A.Determining a low level of materiality.  B.Determining a high level of risk.  C.Being alert to conditions that may indicate risks of fraud.  D.All of the answers given are correct.

a.

A

b. B c.

C

d. D



Your answer is incorrect. The correct answer is: C

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