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ACC555 Final Exam: Auditing and Accounting Principles

Final exam on auditing and accounting principles.

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ACC555 Final Exam: Auditing and Accounting PrinciplesNAME _______________________________1.The 10,000 accounts receivable of DEF Company have a total book value of $120,000. A CPA hasselected and audited a sample of 100 accounts with a total bookvalue of $1,000 and an audited value of$1,200.Using the ratio estimation technique, the estimated total audited value of the population is:A.$100,000.B.$120,000.C.$140,000.D.$144,0002The 10,000 accounts receivable of DEF Company have a total book value of $120,000. A CPA hasselected and audited a sample of 100 accounts with a total book value of $1,000 and an audited value of$1,200.Using the mean-per-unit estimation technique, the estimated total audited value of the population is:A.$100,000.B.$120,000.C.$140,000.D.$144,000.3Using the mean-per-unit estimation method an auditor has properly calculated the estimatedtotal audited value of a population as $200,000. Her sample included 200 of the population's 40,000items. She found that, in her sample the average audited value was $1 less than the average book value.What was the average audited value in the sample?A.$4.B.$5.C.$6.D.$10.4Using difference estimation, an auditor has taken a sample of 200 from a population's 40,000items; that population has a book value of $200,000. She found that in her sample the average auditedvalue was $4.20, while the average book value was $5.20. What is the estimated total audited value ofthe population?

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Document Details

University
Strayer University
Course
ACC 555
Subject
Accounting

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