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    Assertions, Components of Audit Risk, & Substantive Tests

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    4. If reported sales for 20X0 erroneously include sales that occurred in 20X1, the assertion violated on the 20X0 statements would be:

    a.existence or occurrence
    b.completeness
    c.valuation or allocation.
    d.presentation and disclosure
    e.rights and obligations

    5. Which one of the following is among the three components of audit risk?
    a.incurrence risk
    b.occurrence risk
    c.rejection risk
    d.acceptance risk
    e.control risk

    6. Which of these is not a category of substantive tests?
    a.Initial procedures.
    b.Tests of details of balances.
    c.Tests of details of disclosures.
    d.Tests of internal controls.
    e.Tests of details of transactions.

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    Solution Preview

    4. If reported sales for 20X0 erroneously include sales that occurred in 20X1, the assertion violated on the 20X0 statements would be:
    c. Valuation or ...

    Solution Summary

    The solution answers questions regarding assertions, components to audit risk and substantive tests.

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