B) Association of Certified Fraud Examiners. CPublic Company Accounting Oversigh

Question

B) Association of Certified Fraud Examiners. CPublic Company Accounting Oversight Board. D) Association of Certified Public Accountants. 5) An examination of the company's financial statements and its accounting system, including its 5) controls, is: A) a budgeting system. C) a monitoring system. B) an audit D) none of the above. 6) The beginning cash balance is $3,000, estimated cash receipts are $105,000, and estimated cash 6) disbursements are $111,000. How much cash must be borrowed to have a desired ending balénce of $5,0007 A) $8,000 B) $6,000 C) $2,000 D) $5,000 7) Realized gains and losses occur when: 7 A) the cost of the investment differs from the current market value B) the investment is sold. C) the investment has not been sold. D) both B and C occur 8) 8) The use of the allowance method of accounting for bad debts is preferred over the direct write-off method because of the: A) historical cost principle. C) full disclosure principle. B) matching principle. D) revenue recognition principle. A-1

Explanation / Answer

5. An audit is an independent examination of financial statements of an entity whether profit oriented or not with a view to express an opinion on financial statements. Audit also includes examination of related internal controls.

Answer B

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