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Finance Exam Questions?
LStudents who find problems in preparing for finance subject for their other exams, we have listed some important questions that will help students a lot.
Q. 1. Which of the following best describes the role of corporate governance?
1. Management decides which accounting principles are the most appropriate.2. Shareholders vote to decide who should be members of the board of directors.
3. An independent board of directors holds the management team accountable to shareholders and other constituents.
4. Management is compensated based on the company's profitability.
Ans. An independent board of directors holds the management team accountable to shareholders and other constituents.
Q. Which of the following disclosures to members would not be required by the Australian Securities and Investments Commission (ASIC) for them to allow the auditor of a public company to resign outside of the company's annual general meeting?
1.Details of the outgoing auditor2.Details of any unpaid audit fees of the outgoing auditor.
3. Details of the proposed incoming auditor.
4.Reason for the change of auditors.
Ans. Details of any unpaid audit fees of the outgoing auditor.
Q. 3.Ethics require:
1.knowledge of moral principles.2. skill in applying moral principles.
3. the development of virtues within the individual.
4. All of the given answers are correct.
Ans. All of the given answers are correct.
Q.An auditor can be sued for damages under which of the following Acts?
1.Crimes Act 1914.2. ASIC Act 2001.
3.Corporations Act 2001.
4. None of the given answers are correct.
Ans: ASIC Act 2001.
Q.An auditor of a company finds that there are rare and exceptional circumstances where they are unable to comply with a relevant requirement in an auditing standard. They are, however, able to perform appropriate alternative audit procedures. To whom do they have to report or document these circumstances?
1.The auditor must report these circumstances to either management or the audit committee and obtain their agreement that the alternative procedures are appropriate.2. If the auditor can use appropriate alternative audit procedures, no reporting or documentation is required.
3.The auditor is required to document the circumstances in the auditor's report.
4. The auditor is required to document the circumstances in the audit working papers.
Ans: The auditor is required to document the circumstances in the audit working papers.
Q.Which of the following audit objectives relates primarily to the financial report assertion of classification?
1.Inventories are included in the statement of financial position as current assets.2. Inventories exclude items billed to customers or owned by others.
3.Inventories are included in the statement of financial position at the lower of cost and net realisable value.
4. Inventory quantities include all products, materials and supplies owned by the company that are in transit.
Ans: Inventories are included in the statement of financial position as current assets.
Q.Auditors are most likely to use focused audit procedures to examine:
1.routine transactions.2. low-risk assertions.
3.only the rights and obligations assertion.
4. high-risk assertions.
Ans: high-risk assertions.
Q.The current file of an auditor's working papers is most likely to include a copy of the:
1.superannuation fund contract.2. constitution.
3.flowcharts of the internal control activities.
4.bank reconciliation.
Ans:bank reconciliation.
Q.Independent auditors perform audits on the financial reports of public companies. This type of auditing can best be described as:
1.a discipline that assures financial information presented by management.2.an activity whose purpose is to search for irregularities.
3.a regulatory function that prevents the issuance of improper financial information.
4.a professional activity that measures and communicates financial and business data.
Ans:a discipline that assures financial information presented by management.
Q.Under the Corporations Act 2001, if a company's financial report, when prepared in accordance with accounting standards, would not otherwise give a true and fair view:
1.the auditors are required to add such information and explanations in the financial report so as to give a true and fair view.2.the directors are required to add such information and explanations in the financial report so as to give a true and fair view.
3.the directors should refer to this situation in their directors' declaration.
4.no additional information should be added to the financial report.
Ans:bank reconciliation.
Q.Privity letters are issued by auditors to:
1.limit the auditor's liability to a specified amount.2.disclaim any liability.
3.establish proximity and foreseeability.
4.None of the given answers are correct.
Ans:establish proximity and foreseeability.
Q.The primary purpose of establishing quality control policies and procedures for deciding whether to accept a new client is to:
1.enable the audit firm to attest to the reliability of the client.2.satisfy the audit firm's duty to the public concerning the acceptance of new clients.
3.minimise the likelihood of association with clients whose management lacks integrity.
4.anticipate before performing any fieldwork whether an unmodified opinion can be expressed.
Ans:minimise the likelihood of association with clients whose management lacks integrity.
Q.Which of the following best describes why an independent auditor is asked to express an opinion on the true and fair presentation of a financial report?
1.It is managementâ s responsibility to seek available independent aid in the appraisal of the financial information shown in its financial report.2.It is difficult to prepare a financial report that fairly presents a companyâ s financial position and changes in cash flows without the expertise of an independent auditor.
3.It is a customary courtesy that all shareholders of a company receive an independent report on managementâ s stewardship in managing the affairs of the business.
4.The opinion of an independent party is needed because a company may not be objective with respect to its own financial report.
Ans: The opinion of an independent party is needed because a company may not be objective with respect to its own financial report.
Q.Financial report auditing can best be described as:
1.a regulatory function that prevents the issuance of improper financial information.2.a professional activity that measures and communicates financial and business data.
3.a discipline that attests to the results of accounting and other functional operations and data.
4.a branch of accounting.
Ans:a discipline that attests to the results of accounting and other functional operations and data.
Q.Which of the following procedures would be least likely to be included in an auditor's test of controls?
1.Observation.2.Enquiry
3.Confirmation.
4.Inspection.
Ans:Confirmation.
Q.You are concerned about whether all sales have occurred. The procedure that will be most effective in verifying this assertion is:
1.selecting a sample of invoices and vouching them to delivery dockets.2.selecting a sample of customers' orders and tracing them to delivery dockets.
3.checking the sequence of delivery dockets.
4.selecting a sample of delivery dockets and tracing them to invoices.
Ans:selecting a sample of invoices and vouching them to delivery dockets.
Q.Which of the following relatively small misstatements would most likely have a material effect on an entity's financial report?
1.An illegal payment to a foreign official that was not recorded.2.A piece of obsolete office equipment that was not retired.
3.A petty cash fund disbursement that was not properly authorised.
4.An uncollectible account receivable that was not written off.
Ans:An illegal payment to a foreign official that was not recorded.
Q.Which of the following is not one of the key areas covered by the OECD Principles of Corporate Governance?
1.Protection of shareholder's rights.2.Responsibilities of the board.
3.Disclosure and transparency.
4.Responsibilities of the auditor.
Ans:Responsibilities of the auditor.
Q.In which of the following instances would the independence of the auditor most likely not be considered to be impaired?
1.He or she has been retained as the auditor of a charitable entity in which the spouse of the auditor serves as treasurer.2.He or she has been retained as the auditor of a company in which the auditor's investment club owns a 10 per cent interest
3.He or she has been retained as the auditor of a large manufacturing company that has loaned the auditor $6 000.
4.He or she has been retained as the auditor of a company from which the auditor purchased his or her latest motor vehicle at normal list price.
Ans:He or she has been retained as the auditor of a company from which the auditor purchased his or her latest motor vehicle at normal list price.
Q.Which of the following is a correct statement with respect to a listed company?
1.The Australian Securities and Investments Commission does not have to be given notice of the removal of an auditor.2.An auditor of a public company does not have to have the approval of the Australian Securities and Investments Commission to resign.
3.An auditor of a public company must be appointed within three months of incorporation.
4.The Australian Securities and Investments Commission will only allow the auditor to resign other than at the annual general meeting if adequate disclosure of the resignation is made to members.
Ans:An auditor of a public company does not have to have the approval of the Australian Securities and Investments Commission to resign.
Q.An auditor can be sued for damages under which of the following Acts?
1.Crimes Act 1914.2.ASIC Act 2001.
3.Corporations Act 2001.
4.None of the given answers are correct.
Ans:ASIC Act 2001.
Q.A basic objective of an audit firm is to provide professional services in conformance with professional standards. Reasonable assurance of achieving this basic objective is provided through:
1.continuing professional education.2.a system of quality control.
3.compliance with Australian Securities Exchange listing requirements.
4.a system of peer review.
Ans:a system of quality control.
Q.Engagement risk is:
1.the risk of issuing an incorrect auditor's opinion.2.the auditor's risk of loss from events arising in connection with the financial report audited and reported upon.
3.the overall risk of material misstatements.
4.the risk of entity financial failure.
Ans:the auditor's risk of loss from events arising in connection with the financial report audited and reported upon.
Q.Original accounting data comprises:
1.the basic data related to entity transactions.2.information contained in the financial report.
3.depreciation and amortisation of the entityâ s assets
4.all entries made in an entityâ s general ledger
Ans:a system of quality control.
Q.All of the following documents are typically in the current file except:
1.adjusting journal entries.2.copies of the auditor's report.
3.chart of accounts.
4.copies of minutes of important committee meeting
Ans:chart of accounts.
Q.Which of the following best describes why an independent auditor is asked to express an opinion on the true and fair presentation of a financial report?
1.It is managementâ s responsibility to seek available independent aid in the appraisal of the financial information shown in its financial report.2.It is difficult to prepare a financial report that fairly presents a companyâ s financial position and changes in cash flows without the expertise of an independent auditor.
3.It is a customary courtesy that all shareholders of a company receive an independent report on managementâ s stewardship in managing the affairs of the business.
4.The opinion of an independent party is needed because a company may not be objective with respect to its own financial report
Ans:The opinion of an independent party is needed because a company may not be objective with respect to its own financial report
Q.Forensic audits include all of the following except:
1.Manufacturers' claims about product quality.2.Criminal investigations.
3.Matrimonial disputes.
4.Employee fraud.
Ans:Manufacturers' claims about product quality.
Q.Which of the following is not an ethical attribute of an external auditor?
1.Independence.2.Client advocacy.
3.Objectivity.
4.Concern for the public interest.
Ans:Client advocacy.
Q.The ethical rules state that independence of the external audit firm is considered to be impaired if:
1.the audit firm provides management advisory services to the client. .2.the audit partner purchases the client's product at normal retail prices.
3.the audit firm has served as the external auditor for many years.
4.an immediate relative of one of the partners is the beneficial owner of shares forming a material part of the share capital of the client.
Ans:an immediate relative of one of the partners is the beneficial owner of shares forming a material part of the share capital of the client.
Q.Below are a number of potential additional benefits arising from an assurance service
Which combination of these is identified in the book as additional benefits? 1.I and II only.
2.I and III only.
3.II and III only.
4.I, II and III.
Ans:I, II and III.
Q.When a bid price for audit services by an audit firm is quoted at an unreasonably low level to win the tender, with any unrecovered audit costs recovered subsequently through other services or by other means, it is called:
1.opinion shopping.2.low-balling.
3.tender fixing.
4.kick-backs.
Ans:opinion shopping.
Q.Which of the following is not an ethical decision-making model?
1.Laura Nash model.2.Spiral model.
3.Mary Guy model.
4.IFAC model.
Ans:IFAC model.
Q.Which of the following statements is correct?
1.Ethics is concerned primarily with the wellbeing of your client.2.Ethics is principally an attitude of mind.
3.Ethics is principally concerned with having a set of rules that must be complied with.
4.Ethics is concerned with creating an environment that allows entities to make an equitable profit.
Ans:Ethics is principally an attitude of mind.
Q.Which of the following is not a financial report assertion?
1.Inspection2.Rights and obligations.
3.Accuracy, valuation and allocation.
4.Existence.
Ans:Inspection.
Q.Which of the following factors is most important in determining the appropriateness of audit evidence?
1.The reliability of the evidence in meeting the audit objective.2.The sampling method used by the auditor.
3.The quantity of the evidence obtained.
4.The objectivity of the auditor gathering the evidence.
Ans:The sampling method used by the auditor.
Q.The situation and circumstances can dictate the level of certain risks no matter what the auditor does. However, the auditor is always able to decide to reduce one of the following risks:
1.Control risk.2.Risk of management fraud.
3.Detection risk.
4.Inherent risk. .
Ans:Detection risk.
Q.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?
1.Ethical standards that emphasise excellence in performance over material rewards establish a reputation for competence and character.2.RVigorous enforcement of an established code of ethics is the best way to prevent unscrupulous acts.
3.A distinguishing mark of a profession is setting appropriate fees.
4.A requirement for a profession is to establish ethical standards that stress a responsibility to the public, clients and colleagues. .
Ans:A distinguishing mark of a profession is setting appropriate fees.
Q.Who is responsible for assessing whether company auditors meet the required competency standards for registration?
1.Auditing and Assurance Standards Board.2.Australian Securities and Investments Commission.
3.Companies Auditors and Liquidators Disciplinary Board.
4.Financial Reporting Council. .
Ans:Companies Auditors and Liquidators Disciplinary Board.
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