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UGBA 126 Exam Questions And Answers, Exams of Entrepreneurship Development

Canadian University CollegeEntrepreneurship Development

UGBA 126 Exam Questions And Answers

Typology: Exams

2024/2025

Available from 07/04/2025

Estrelia
Estrelia 🇨🇦

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UGBA 126 Exam Questions And Answers
Principal vs. Agent -
Financial Statement Assertions -
correct answer ✅1. Existence & Occurrence
2. Completeness
3. Valuation or Allocation (Accuracy)
4. Rights & Obligations
5. Presentation & Disclosure
3 Levels of Assurance Services -
correct answer ✅1. Assurance
2. Attest
3. Audit
4 Fundamental concepts in conducting a financial statement Audit -
correct answer ✅-Professional Skepticism
-Materiality
-Audit Risk
-Evidence
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Principal vs. Agent - Financial Statement Assertions - correct answer ✅1. Existence & Occurrence

  1. Completeness
  2. Valuation or Allocation (Accuracy)
  3. Rights & Obligations
  4. Presentation & Disclosure 3 Levels of Assurance Services - correct answer ✅1. Assurance
  5. Attest
  6. Audit 4 Fundamental concepts in conducting a financial statement Audit - correct answer ✅-Professional Skepticism -Materiality -Audit Risk -Evidence

Reasonable vs. Absolute Assurance - correct answer ✅... Types of Audit Reports - correct answer ✅1. Unqualified

  1. Qualified
  2. Adverse
  3. Disclaimer Major Phases of an Audit - correct answer ✅1. Client acceptance/continuance
  4. Preliminary engagement activities
  5. Plan the audit
  6. Consider and audit internal control
  7. Audit business processes and related accounts
  8. Complete the audit
  9. Evaluate results and issue audit report Primary elements involved in the planning phase of an audit - correct answer ✅Determining the nature, timing, and extent of the audit and the audit procedures to be performed

-Manager

  • Senior (In-Charge) -Associate What is the difference responsibilities between management and Auditors? - correct answer ✅Management: Primary Responsibility of ensuring the company's financial statements are in accordance with GAAP Auditor: Responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement Corporate Governance - correct answer ✅The system through which managers are overseen and supervised (Board of directors and audit committee) 5 Basic Business Processes - correct answer ✅1. Revenue (Cash, A/R, etc.)
  1. Finance (Debt, Equity, etc.)
  2. Purchasing
  3. Human Resources Management (Salaries, Bonuses)
  4. Inventory Management

Organizations that affect financial statement audits in the US - correct answer ✅- Securities & Exchange Commission (SEC)

  • Public Company Accounting Oversight Board (PCAOB) = Sets the Auditing Standards (AS)
  • Financial Accounting Standards Board (FASB) = Sets GAAP
  • American Institute of Certified Public Accountants (AICPA) = Auditing Standard Board (ASB) sets the Statement of Auditing Standards (SAS) --> (GAAS)
  • Auditing Standards Board (ASB)
  • International Auditing and Assurance Standards Board (IAASB) which is under the umbrella of IFAC = Sets the International Standards on Auditing (ISAs) ASB principles underlying an Audit - correct answer ✅1. Purpose: To provide an opinion on the fairness of the financial statements that enhances users' confidence
  1. Responsibilities: Competence and capabilities; ethical; professional skepticism, professional judgment
  2. Performance: Obtain reasonable assurance that the financial statements are free from material misstatement
  3. Reporting: Final Opinion