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QUIZ #2

QUIZ #2. For Numbers 1-3. What are the three basic transaction cycles of a business?. For Numbers 4 and 5. Each transaction cycle has subsystems which must be controlled by an entity. What are these two components?. Number 6.

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QUIZ #2

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  1. QUIZ #2

  2. For Numbers 1-3 • What are the three basic transaction cycles of a business?

  3. For Numbers 4 and 5 • Each transaction cycle has subsystems which must be controlled by an entity. What are these two components?

  4. Number 6 • This pertains to the audit procedure of following an audit trail from the source documents to the financial report.

  5. Number 7 • This pertains to the audit procedure of following an audit trail from the financial report to the source document.

  6. For Numbers 8 and 9 • What are the two systems under the CIS environment in terms of how information is processed?

  7. Number 10 • This pertain to computer files that contain account information such as ledgers and subsidiary files.

  8. Number 11 • This file contains past transactions that are used for reference purposes

  9. Number 12 • This flowchart illustrates the relationship among processes and the documents that flow between them

  10. Number 13 • These flowcharts are used to represent the relationship between the key elements--input sources, programs, and output products--of computer systems

  11. Number 14 • An independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization

  12. For Numbers 15-17 • Generally accepted auditing standards (GAAS) are sub-classified into three. What are these three sub-classifications?

  13. Number 18 True or False • Control risk can be assessed at 0%.

  14. Number 19 True or False • Detection risk can be assessed at the discretion of the auditor

  15. Number 20 True or False • The primary contribution of the Committee on Sponsoring Organizations is the creation of the Code of Ethics of Professional Accountants that is adopted by the Philippines currently.

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