Analytical procedures used in the overall review stage of an audit generally include:
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1 .A multiperiod project has a positive net present value. Which of the following statements is correct regarding its required rate of return?
A Greater than the project's internal rate of return. B Greater than the company's weighted average cost of capital. C Less than the company's weighted average cost of capital. D Less than the project's internal rate of return.
2 .When a client company does not maintain its own stock records, the auditor should obtain written confirmation from the transfer agent and registrar concerning:
A Guarantees of preferred stock liquidation value. B The number of shares issued and outstanding. C Restrictions on the payment of dividends. D The number of shares subject to agreements to repurchase.
3 .Which of the following methods should be used if capital rationing needs to be considered when comparing capital projects?
A Profitability index. B Net present value. C Internal rate of return. D Return on investment.
4 .Which of the following is true about an auditor's responsibility with respect to accounting estimates?
A The auditor is responsible for evaluating the reasonableness of accounting estimates. B The auditor is responsible for preparing accounting estimates in accordance with generally accepted auditing standards. C The auditor is responsible for both preparing accounting estimates and evaluating their ...
5 .Which one of the following statements concerning cash flow determination for capital budgeting purposes is notcorrect?
A Relevant opportunity costs should be included in cash flow forecasts. B Tax depreciation must be considered since it affects cash payments for taxes. C Net working capital changes should be included in cash flow forecasts. D Book depreciation is relevant since it affects net income.
7 .A corporation is considering purchasing a machine that costs USD100,000 and has a USD20,000 salvage value. The machine will provide net annual cash inflows of USD25,000 per year and has a six-year life. The corporation uses a discount rate of 10%. The discount factor for the present value of a single sum six years in the future is 0.564. The discount factor for the present value of an annuity for six years is 4.355. What is the net present value of the machine?
A USD28,875 B (USD2,405) C USD20,155 D USD8,875
8 .The accounts receivable turnover ratio increased significantly over a two-year period. This trend could indicate that:
A Customer sales have substantially decreased. B The company has eliminated its discount policy. C The accounts receivable aging has deteriorated. D The company is more aggressively collecting customer accounts.
9 .Which of the following metrics equates the present value of a project's expected cash inflows to the present value of the project's expected cash outflows?
A Economic value-added. B Internal rate of return. C Return on assets. D Net present value.
10 .For which of the following audit tests would an auditor most likely use attribute sampling?
A Selecting accounts receivable for confirmation of account balances. B Inspecting purchase orders for proper approval by supervisors. C Determining that all payables are recorded at year end. D Making an independent estimate of recorded payroll expense.
