Final Exam The
specific audit objective ac 492
1. The specific audit objective that all purchases and cash
disbursements made during the period were recorded relates to:
Existence or occurrence.
Presentation and disclosure.
Rights and obligations.
Completeness.
2. The use of the computer to compare production hours to
direct labor hours on daily production reports relates to the:
Rights and obligations assertion.
Completeness assertion.
Existence or occurrence assertion.
Valuation or allocation assertion.
3. During the count of cash on hand, it is NOT necessary for
the auditor to:
Insist on the presence of the custodian of the cash
throughout the count.
Insist on the presence of an internal auditor throughout the
count.
Obtain a signed receipt from the custodian on return of the
funds.
Control both cash and non-cash negotiable instruments held
by the client.
4. By definition, subsequent events occur between:
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