How are work samples used?
What will be an ideal response?
Used to demonstrate the applicants’ knowledge of skills in a series of simulated activities.
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Which of the following is not true?
A. The auditor should not communicate with management until the audit of internal control over financial reporting is finished. B. If fraud is discovered, the auditor must report it to the appropriate level of management. C. Written communication between the auditor and management about internal control over financial reporting should include the definitions of control deficiencies, significant deficiencies, and material weaknesses. D. The auditor should not include in the audit report that no significant deficiencies were noted during an audit of internal control over financial reporting.
______ theory asserts that our points of view arise from the social groups we belong to and influence how we socially construct the world.
a. Social learning b. Standpoint c. Selective exposure d. Looking-glass self
Which of the following internal control activities most likely would ensure that all billed sales are correctly posted to the accounts receivable ledger?
A. Each sales invoice is supported by a prenumbered shipping document. B. Each shipment on credit is supported by a prenumbered sales invoice. C. Daily sales summaries are compared to daily postings to the accounts receivable ledger. D. The accounts receivable ledger is reconciled daily to the control account in the general ledger.
Hampton Company purchased a van on January 1, 2018, for $800,000. Estimated life of the van was five years, and its estimated residual value was $90,000. Hampton uses the straight-line method of depreciation. Prepare the journal entry to record the depreciation expense for 2018 on the van. Omit explanation.
What will be an ideal response?