Group 2 – A435

Bacani, Michelle Angeli

Cabanza, Daryl
Cubacub, Alyssa Khryss
Ezpinoza, Maria Angeli
Genuino, Odessa Valerie
Lumalu, Rochelle Leslie Marie
Sardon, Paula
#1
A qualified opinion report can be used only when the auditor believes that
the financial statements in all material respects are
a. fairly stated
b. not fairly stated
c. materially misstated
d. materially misleading
#2
The auditor could still issue Unqualified Report, even though the client
a. Valued ending inventory by using the replacement cost method of
inventory valuation
b. Valued ending inventory by using the NIFO method of inventory
valuation
c. Valued ending inventory by using FIFO method of inventory valuation,
but also shoed the replacement cost of inventory in the Notes to the
financial statements
d. Valued ending inventory by using LIFO method of inventory valuation
#3
Senen, CPA is the group engagement partner of multi-national corporation.
Another CPA has examined and reported on the financial statements of a
significant subsidiary of the corporation. Senen is satisfied with the
independence and professional reputation of the other auditor, as well as
the quality of the auditor’ s examination. with respect to Senen’ s report
on the consolidated financial statements, taken a whole, Senen
a. Must not refer to the examination of the other auditor
b. Must refer to the examination of the other auditor
c. May refer to the examination of the other auditor
d. May refer to the examination of the other auditor, in which case Senen
must include in the auditor’ s report on the consolidated financial
statements a qualified opinion with respect to the examination of the
other auditor
#4
The degree of certainty the practitioner has attained and wishes to convey
is
a. An assertion
b. Assurance
c. A conveyance
d. A declaration
#5
When the auditor is engaged to report on the internal control structure,
a. All areas of the structure will be included unless specifically excluded
by agreement
b. The time period covered must coincide with the fiscal period of the
annual audit
c. Certain areas are not examined if reduced control risk I those areas is
not planned
d. All three of the above
#6
The distinction between an adverse opinion and disclaimer is
a. Lack of PFRS versus lack of PSA
b. Knowledge versus lack of knowledge
c. The CPA’ s report vs. CIA’ s report
d. FRSC statements versus PICPA standards
#7
The reports issued at the conclusion of an engagement may or may not be
intended for general distribution. Which of the following types of
engagements would result in a report that is intended for only limited
distribution?
a. The audit report
b. The review report
c. The report issued when the item is presented on a basis not in
conformity with PFRs
d. The report issued after the examination of prospective financial
statements
#8
Financial statements of a non-public entity that have been reviewed by an
accountant should be accompanied by a report stating that
a. The scope of the inquiry and analytical procedures performed by the
accountant has not been restricted
b. All information included in the financial statements is the
representation of the management of the entity
c. A review includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements
d. A review is greater in scope that a compilation, the objective of which
is to present financial statements that are free of material
misstatements
#9
A modification of the CPA’ s report on a review of the interim financial
statements of the publicly-held company would be necessitated by which
of the following
a. An uncertainty
b. Lack of consistency
c. Reference to another accountant
d. Inadequate disclosure
#10
WIlson,CPA, completed the field work of the audit of Abco’ s December 31,
2011, financial statements on March 6, 2012. A subsequent event
requiring adjustment to the 2011 financial statements occurred on April
24, 2012. If the adjustment is made without disclosure of the event,
Wilson’ s report ordinarily should be dated
a. March 6, 2012
b. April 10, 2012
c. April 24, 2012
d. Using dual dating
Bonus Question #1
Which of the following country won the FIFA world Cup 2014?
a. Argentina
b. Brazil
c. France
d. Germany
e. England
Bonus Question #2
Who was proclaim as the champion in the ALL BOARD SUBJECTS CUP last
September in the Regional Mid Year Convention held at Naga City
a. Camille Pineda
b. Ellis Louise Lansangan
c. Patrisha Cordero
d. Karen Angela Dizon
e. None of the above