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ABA CTFA Practice Test - Questions Answers, Page 50

Question list

List of questions

Question 491

(0)

The auditor responds to risks of material misstatements due to fraud in which of the following ways?

Question 492

(0)

The Module Rule requires the insurer to provide:

Question 493

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The SEC rules clarify that management's assessment and report is limited to internal control over financial reporting.

Question 494

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___________ is an unmanaged fund designed to replicates closely as possible the performance of a specified index of market activity.

Question 495

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Short-term portfolios are:

Question 496

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Audit regulatory is more reliable when it is obtained from knowledgeable independent sources inside the entity.

Question 497

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____________ is provided by original documents is more reliable than audit evidence provided by photocopies or facsimiles.

Question 498

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When policy periods expire, the premiums written are earned and are recognized as __________.

Question 499

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The pro rata portion of premiums written allocable to unexpired policy periods represents unearned premiums, which are reflected as ___________ in the balance sheet.

Question 500

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Tax Act states that:

Question 491

The auditor responds to risks of material misstatements due to fraud in which of the following ways?

A response that has an overall effect on how the audit is conducted

A response to identified risks involving the nature, timing and extent of auditing procedures to be performed

a response involving the performance of certain procedures to further address the risk of material misstatement due to fraud involving management override of controls

All of the above

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Question 492

The Module Rule requires the insurer to provide:

To the insurance commissioner of the state of domicile, a copy of notification of adverse financial condition

To the auditor, evidence that the notification has been provided to the organization

Both A & B

Neither A nor B

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Question 493

The SEC rules clarify that management's assessment and report is limited to internal control over financial reporting.

True

False

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Question 494

___________ is an unmanaged fund designed to replicates closely as possible the performance of a specified index of market activity.

Index fund

Reserve fund

Mutual fund

Pension fund

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Question 495

Short-term portfolios are:

Portfolios consisting of liabilities with maturities of one year to meet dollar needs.

Portfolios consisting of combined revenues of less than one year to meet liquidity needs.

Portfolios consisting of assets with maturities of less than one year to meet liquidity needs.

Portfolios consisting of expenses with maturities of less than or equal to one year to meet dollar needs.

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Question 496

Audit regulatory is more reliable when it is obtained from knowledgeable independent sources inside the entity.

True

False

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Question 497

____________ is provided by original documents is more reliable than audit evidence provided by photocopies or facsimiles.

Enterprise evidence

Property evidence

Audit evidence

Regulatory evidence

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Question 498

When policy periods expire, the premiums written are earned and are recognized as __________.

Liabilities

Expenses

Revenues

None of the above

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Question 499

The pro rata portion of premiums written allocable to unexpired policy periods represents unearned premiums, which are reflected as ___________ in the balance sheet.

Liabilities

Expenses

Revenues

None of the above

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