In auditing a manufacturing entity, which of the following procedures would an auditor least likely perform to determine whether slow-moving, defective, and obsolete items included in inventory are properly identified?
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1 .The standard direct material cost to produce a unit of Lem is 4 meters of material at USD2.50 per meter. During May of the current year, 4,200 meters of material costing USD10,080 were purchased and used to produce 1,000 units of Lem. What was the material price variance for May?
A USD80 unfavorable. B USD420 favorable. C USD400 favorable. D USD480 unfavorable.
2 .Which of the following control activities is not usually performed in the vouchers payable department?
A Determining the mathematical accuracy of the vendor's invoice. B Matching the receiving report with the purchase order. C Controlling the mailing of the check and remittance advice. D Having an authorized person approve the voucher.
3 .ChemKing uses a standard costing system in the manufacture of its single product. The 35,000 units of raw material in inventory were purchased for USD105,000, and two units of raw material are required to produce one unit of final product. In November, the company produced 12,000 units of product. The standard allowed for material was USD60,000, and there was an unfavorable quantity variance of USD2,500.The units of material used to produce November output totaled:
A 25,000 units. B 12,000 units. C 12,500 units. D 24,000 units.
4 .In auditing accounts payable, an auditor's procedures most likely would focus primarily on management's assertion of:
A Understandability and classification. B Completeness. C Existence. D Valuation and allocation.
5 .A favorable material price variance coupled with an unfavorable material usage variance would most likely result from:
A The purchase of lower than standard quality material. B Machine efficiency problems. C The purchase and use of higher than standard quality material. D Product mix production changes.
7 .Which is not an example of responsibility accounting?
A Investment center. B Profit center. C Product center. D Cost center.
8 .An auditor selected items for test counts while observing a client's physical inventory. The auditor then traced the test counts to the client's inventory listing. This procedure most likely obtained evidence concerning management's assertion of:
A Valuation. B Rights and obligations. C Completeness. D Existence.
9 .In equipment-replacement decisions, which one of the following does not affect the decision-making process?
A Original fair market value of the old equipment. B Operating costs of the new equipment. C Current disposal price of the old equipment. D Cost of the new equipment.
10 .An auditor's analytical procedures indicate a lower than expected return on an equity method investment. This situation most likely could have been caused by:
A The investee's decision to reduce cash dividends declared per share of its common stock. B An error in recording the unrealized gain from an increase in the fair value of available-for sale securities in the income account for trading securities. C A substantial fluctuation in the price of the inv...
