ACC 492 Tutor Peer Educator/acc492tutordotcom

1. ACC 492 Tutor Peer Educator/acc492tutordotcom FOR MORE CLASSES VISIT www.acc492tutor.com

2. Click on the link for Ch. 14 of Modern Auditing on the course website. Click Download eBook on the left-hand side of the page. Download Ch. 14 of Modern Auditing Prepare written answers for the following assignments: Learning Check 14-4 ACC 492 Week 1 Individual Assignment Assignments From the Text

3. ACC 492 Week 1 Individual Assignment Payroll Flowchart • Post your flowchart in the Assignments folder. Prepare flowcharts of the revenue and payroll cycle in your organization. Then, prepare a 300-500-word examination of the cycles. Be sure to examine the internal controls within each cycle and any internal controls limitations that may exist.

4. ACC 492 Week 1 Individual Multiple Choice • Post your answers to the Multiple Choice Questions in the Assignments folder. • Be prepared to take a quiz on topics covered in the assigned readings for Week one. • 1. Which of the following accounts in a merchandising company is affected by both the revenue cycle and another cycle? • a. sales

5. ACC 492 Week 1 Quiz • 1. In an accrual accounting system, revenues are recognized as goods are delivered or as services are rendered. (True/False) • 2. Give a brief definition of revenue. (30%) • 3. How are revenues measured? [Not asking for currency here](30%) • 4. List any three types of transactions normally processed by the revenue process. (30%)

6. ACC 492 Week 2 Individual Assignment from the Text • Post your answers to the following assignments from the text in your Assignments folder. Prepare responses to the questions posed by the following: • Learning Check 15:5 from the text, Modern Auditing: Assurance Services and the Integrity of Financial Reporting (8th ed.) by Boynton and Johnson.

7. ACC 492 Week 2 Individual Multiple Choice • Post your answers to the Multiple Choice Questions in the Assignments folder. • Please post your answers to the Multiple Choice questions to the Assignments section. • 1. Which of the following accounts does not appear in the acquisition and expenditure cycle? • a. Cash. • b. Purchases Returns. • c. Sales Returns. • d. Prepaid Insurance.

8. ACC 492 Week 2 Quiz • Be prepared to take a quiz on topics covered in the assigned readings for Week two. • 1. Expenses are normally accrued at the end of the accounting period by a small business that follows the cash method of accounting. (True/False). • 2. List two expense accounts that are usually accrued at the end of an accounting period. (30%) • 3. Name the document that is usually completed before a purchase order is executed. (30%) • 4. Which assertion is of primary importance to the auditor in auditing accounts payable? Why

9. ACC 492 Week 2 Team Assignment Internal Control Questionnaire • Internal Controls Questionnaire. Select a Learning Team member’s organization as the basis for this and subsequent Learning Team meeting assignments. Develop and complete an internal controls questionnaire for either an asset- or liability-related business cycle within the selected organization. Include questions regarding important characteristics of the following process components: • a. Control environment • b. Risk assessment • c. Control activities

10. ACC 492 Week 3 Individual Multiple Choice Quiz • Post your answers to the Multiple Choice Questions in your Assignments folder. • 1. Which of the following approaches is most suitable for auditing the finance and investment cycle? • a. Perform extensive tests of controls and limit substantive procedures to analytical procedures. • b. Ignore internal controls and perform extensive substantive procedures. • c. Review internal controls, and perform extensive substantive procedures. • d. Ignore internal controls and limit substantive procedures to analytical procedures.

11. ACC 492 Week 3 Quiz • 1. Internal control is a process effected by an entity’s board of directors, management, and other personnel that is designed to provide reasonable assurance regarding the achievement of objectives. (True/False) (10%) • 2. What are the two main objectives for conducting preliminary analytical procedures? (30%) • 3. List the two types of audit tests. (30%) • 4. List three factors that affect an organization's control environment. (30%)

12. ACC 492 Week 3 Team Assignment Audit Program Development • Audit Program Development. Based on the findings of the Internal Controls Questionnaire your team developed in Learning Team Meeting One, prepare a list of audit objectives for your selected business cycle. Then, develop an audit program to meet your stated audit objectives. Include substantive tests of transactions, analytical procedures, and tests of account balances in your audit program. Be sure to identify the procedures necessary to analyze the income statement accounts related to your selected business cycle.

13. ACC 492 Week 4 Individual Multiple Choice Quiz • Post your answers to the Multiple Choice Questions in your Assignments folder • 1. A CPA found that the company has not capitalized a material amount of leases in the financial statements. When considering the materiality of this departure from GAAP, the CPA would choose between which reporting options?

14. ACC 492 Week 4 Quiz • 1. The auditor's responsibilities with regard to audit works is usually up to the last date of field works. (True/False) • 2. Name the various types of opinions expressed by an independent auditor. • 3. List the three types of going concern issues. • 4. Describe very briefly three conditions under which an auditor issues a qualified report.

15. ACC 492 Week 4 Team Assignment Audit Program Presentation • Audit Program Presentation. Prepare 8-10 Microsoft® PowerPoint® slides illustrating your Learning Team’s Audit Questionnaire and the results of your completed Audit Program. Post your answers to the Assignments folder of the responsible individual.

16. ACC 492 Week 5 Individual Assignment Issuing Audit Program Simulation • Issuing Audit Reports Simulation. Complete the simulation “Issuing Audit Reports” located on the Materials page. After completing the simulation, prepare a 350-word response to following questions: • a) What are the different types of audit reports and when should each be used? • b) In what types of situations would an auditor be allowed to issue an unqualified audit report? • c) To what extent is the auditor liable for misstatements in the financial statements of the audited company?

17. ACC 492 Week 5 Team Assignment Case study assignment • Work on the following assignment with your Learning Team, and then have one member of your team post a collective response from the team in the Assignments folder of the responsible individual. • Case Study Assignment:Prepare written answers to the following: Learning Check 4:17 from the text, Modern Auditing: Assurance Services and the Integrity of Financial Reporting (8th ed.) by Boynton and Johnson. .

18. ACC 492 Tutor Peer Educator/acc492tutordotcom FOR MORE CLASSES VISIT www.acc492tutor.com