Audit Exam 3 : 1-143

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9) Bond transactions are normally confirmed with: A) Individual holders of retired bonds. B) Recomputation procedures performed using interest expense. C) The bond trustee. D) Comparisons of retired bonds with those outstanding.

C) The bond trustee.

37) Which one of the following would the auditor consider to be an incompatible operation if the cashier receives remittances from the mailroom? A) The cashier prepares the daily deposit. B) The cashier makes the daily deposit at a local bank. C) The cashier posts the receipts to the accounts receivable subsidiary ledger. D) The cashier endorses the checks.

C) The cashier posts the receipts to the accounts receivable subsidiary ledger.

*46) The Parmalat fraud case involved: A) A fraudulent cash confirmation. B) Kiting of funds between banks in India and banks in Pakistan. C) A bank reconciliation performed by the client that systematically understated cash. D) Major unrecorded disbursements for equipment.

A) A fraudulent cash confirmation.

31) Which of the following policies is an internal control weakness related to the acquisition of factory equipment? A) Acquisitions are made through and approved by the department in need of the equipment. B) Advance executive approvals are required for equipment acquisitions. C) Variances between authorized equipment expenditures and actual costs are to be immediately reported to management. D) Depreciation policies are reviewed only once a year.

A) Acquisitions are made through and approved by the department in need of the equipment.

20) By preparing a four-column bank reconciliation ("proof of cash") for the last month of the year, an auditor will generally be able to detect: A) An unrecorded check written at the beginning of the month which was cashed during the period covered by the reconciliation. B) A cash sale which was not recorded on the books and was stolen by a bookkeeper. C) An embezzlement of unrecorded cash receipts on receivables before they had been deposited into the bank. D) A credit sale which has been recorded twice in the sales journal.

A) An unrecorded check written at the beginning of the month which was cashed during the period covered by the reconciliation.

*5) By preparing a four-column bank reconciliation ("proof of cash") at year-end, an auditor will generally be able to detect: A) An unrecorded deposit made at the bank at the end of the month. B) A second payment of an account payable which had already been paid in full two months earlier. C) An embezzlement of cash receipts that occurred before they had been deposited into the bank was not recorded in the cash receipts journal. D) A receivable collected that had previously been written off as uncollectible.

A) An unrecorded deposit made at the bank at the end of the month.

28) Accrued liabilities generally differ from accounts payable in that accrued liabilities: A) Are often based on estimates. B) Are usually confirmed at year-end. C) Depend upon the existence of a transaction for original recording of the account. D) Are never included in cost of goods sold.

A) Are often based on estimates.

*20) Which of the following statements is correct regarding accounts payable and the auditor's procedures? A) Because it can be difficult to discover a transaction that has not been recorded, the audit objective of completeness drives many of the substantive procedures applied to these balances. B) A judgment whether an unrecorded payable should be recorded before the financial statements are prepared depends entirely upon the source of the payable. C) The confirmation of accounts payable selected from the year-end trial balance of such accounts is most effective in discovering unrecorded liabilities. D) Unrecorded payables are often discovered through examining vouchers payable entered into the voucher register prior to the balance sheet date.

A) Because it can be difficult to discover a transaction that has not been recorded, the audit objective of completeness drives many of the substantive procedures applied to these balances.

*3) An auditor suspects that certain client employees are ordering merchandise for themselves over the Internet without recording the purchase or receipt of the merchandise. When vendors' invoices arrive, one of the employees approves the invoices for payment. After the invoices are paid, the employee destroys the invoices and the related vouchers. In gathering evidence regarding the fraud, the auditor most likely would select items for testing from the file of all: A) Cash disbursements. B) Approved vouchers. C) Receiving reports. D) Vendors' invoices.

A) Cash disbursements.

*47) Banks may process electronic "substitute checks" in place of customer written hard copy checks due to the: A) Check Clearing for the 21 st Century Act. B) Public Company Accounting Oversight Board's Standard Number 2. C) Foreign Corrupt Practices Act. D) Sarbanes-Oxley Act.

A) Check Clearing for the 21 st Century Act.

26) Which of the following is the best audit procedure for the detection of lapping? A) Comparison of postings of cash receipts to accounts with the details of cash deposits. B) Confirmation of the cash balance. C) Reconciliation of the cash account balances. D) Preparing a proof of cash.

A) Comparison of postings of cash receipts to accounts with the details of cash deposits.

53) Which of the following has made it difficult to engage in kiting in recent years? A) Electronic processing of checks. B) The use of machine readable account numbers on checks. C) The consolidation of financial institutions. D) The use of payroll processers.

A) Electronic processing of checks.

46) An auditor's decision concerning whether or not to "dual-date" the audit report is based upon the auditor's willingness to: A) Extend auditing procedures. B) Accept responsibility for year-end adjusting entries. C) Permit inclusion of a note captioned: event (unaudited) subsequent to the date of the auditor's report. D) Assume responsibility for resolving all events subsequent to the issuance of the auditor's report.

A) Extend auditing procedures.

47) In your review of ABC Company's financials, you note that receivables have increased approximately 200% from the previous year, while cash has declined. Further investigation reveals that 70% of ABC's receivables were booked within 7 days of the end of the quarter. If financial statement fraud is involved, which type is most likely? A) Fictitious revenues. B) Timing differences. C) Improper asset valuations. D) Improper disclosures.

A) Fictitious revenues.

58) Complex sales contracts are most likely to result in higher risks regarding all of the following except: A) Identifying the contracting parties. B) Determining performance obligations. C) Determining when performance obligations are met. D) Allocating the transaction price to performance obligations.

A) Identifying the contracting parties.

28) Property acquisitions that are misclassified as maintenance expense would most likely be detected by an internal control system that provides for: A) Investigation of variances within a formal budgeting system. B) Review and approval of the monthly depreciation entry by the plant supervisor. C) Segregation of duties of employees in the accounts payable department. D) Examination by the internal auditors of vendor invoices and canceled checks for property acquisitions.

A) Investigation of variances within a formal budgeting system.

5) An auditor obtains evidence of stockholders' equity transactions for a publicly traded company by reviewing the entity's: A) Minutes of board of directors' meetings. B) Registrar's record of interbank transfers. C) Canceled stock certificates. D) Treasury stock certificate book.

A) Minutes of board of directors' meetings.

*37) Purchase cutoff procedures should be designed to test whether all inventory: A) Owned by the company was recorded. B) On the year-end balance sheet was carried at lower-of-cost-or-market. C) On the year-end balance sheet was paid for by the company. D) Owned by the company is in the possession of the company.

A) Owned by the company was recorded.

7) Which of the following audit procedures is best for identifying unrecorded trade accounts payable? A) Reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether the related payable applies to the prior period. B) Investigating payables recorded just prior to and just subsequent to the balance sheet date to determine whether they are supported by receiving reports. C) Examining unusual relationships between monthly accounts payable balances and recorded cash payments. D) Reconciling vendors' statements to the file of receiving reports to identify items received just prior to the balance sheet date.

A) Reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether the related payable applies to the prior period.

12) For effective internal control, the billing function should not be performed by the: A) Sales department. B) Accounting department. C) Finance department. D) Information Processing department.

A) Sales department.

*24) Which of the following is not a universal rule for achieving internal control over cash? A) Separate recordkeeping from accounting for cash to the extent possible. B) Deposit each day's cash receipts intact. C) Separate cash handling from recordkeeping. D) Have monthly bank reconciliations prepared by employees not responsible for the issuance of checks.

A) Separate recordkeeping from accounting for cash to the extent possible.

17) In verifying credits to perpetual inventory records of a nonmanufacturing firm, the auditor would be most interested in examining the: A) Shipping documents. B) Receiving reports. C) Purchase orders. D) Vendors' invoices.

A) Shipping documents.

44) A CPA examines a sample of copies of December and January sales invoices for the initials of the person who verified the quantitative data. This is an example of a: A) Test of a control. B) Substantive test. C) Cutoff test. D) Statistical test.

A) Test of a control.

24) Auditors must communicate internal control "significant deficiencies" to: A) The audit committee. B) The shareholders. C) The SEC. D) The Federal Trade Commission.

A) The audit committee.

*7) Internal control over bonds payable is best when: A) The company utilizes the services of a bond trustee. B) The company segregates approval from issuance of the bonds. C) Bonds are countersigned by two officers. D) Bonds are serially numbered.

A) The company utilizes the services of a bond trustee.

27) Which of the following manipulations of cash transactions would overstate the cash balance on the financial statements? A) Understatement of outstanding checks. B) Overstatement of outstanding checks. C) Understatement of deposits in transit. D) Overstatement of bank services charges.

A) Understatement of outstanding checks.

34) Internal control over accounts payable is improved when: A) Vendor statements are reconciled with the accounts payable ledger. B) Informal bids are obtained. C) Annual trial balance of accounts payable subsidiary ledgers is required. D) Payment is made upon approval of the purchasing agent.

A) Vendor statements are reconciled with the accounts payable ledger.

65) An audit client has a valid reason for requesting that a certain account receivable that the auditor has selected for confirmation not be confirmed. Under these circumstances, the auditor should: A) Verify the account balance by inspecting the client's shipping documents and cash receipt records. B) Select at random a different account for confirmation that is approximately the same size. C) Request the client's management to document the matter in the management representation letter. D) Explain to the client that the request will most likely cause the auditor to disclaim an opinion.

A) Verify the account balance by inspecting the client's shipping documents and cash receipt records.

*13) An example of an internal control weakness is to assign the personnel department responsibility for: A. Distribution of paychecks. B) Hiring personnel. C) Authorizing deductions from pay. D) Interviewing employees for jobs.

A. Distribution of paychecks.

9) By preparing a four-column bank reconciliation ("proof of cash") at year-end, an auditor will generally not be able to detect: A) An unrecorded deposit made at the bank at the end of the month. B) A second payment of an account payable which had already been paid in full two months earlier. C) An unrecorded check cashed during that month. D) A bank charge during the month not recorded on the books.

B) A second payment of an account payable which had already been paid in full two months earlier.

6) What type of error is the certified public accountant (CPA) most likely to discover when he/she examines all shipping reports dated in January of 20X1, shipped free on board (FOB) shipping point, which were recorded in December of 20X0 as credit sales? A) Accounts receivable are understated at December 31, 20X0. B) Accounts receivable are overstated at December 31, 20X0. C) Operating expenses are overstated for the 12 months ended December 31, 20X0. D) Sales returns and allowance are overstated at December 31, 20X0.

B) Accounts receivable are overstated at December 31, 20X0.

8) An entity's internal control requires for every check request that there be an approved voucher, supported by a prenumbered purchase order, and a prenumbered receiving report. To determine whether checks are being issued for unauthorized expenditures, an auditor most likely would select for testing from the population of: A) Purchase orders. B) Canceled checks. C) Receiving reports. D) Approved vouchers.

B) Canceled checks.

*45) Which of the following procedures in the cash disbursements cycle should not be performed by the accounts payable department? A) Comparing the vendor's invoice with the receiving report. B) Canceling supporting documentation after payment. C) Verifying the mathematical accuracy of the vendor's invoice. D) Preparing the check for signature by an authorized person.

B) Canceling supporting documentation after payment.

41) Auditors are most likely to identify which of the following when examining credit entries in the miscellaneous revenue account? A) Refunds to customers. B) Cash proceeds from the sale of used equipment. C) Disbursement of cash for small cost purchases. D) Purchases from related parties.

B) Cash proceeds from the sale of used equipment.

*15) The auditors use a bank cutoff statement to compare: A) Deposits in transit on the year-end cash general ledger account to deposits in the cash receipts journal. B) Checks dated prior to year-end to the outstanding checks listed on the year-end bank reconciliation. C) Deposits listed on the cutoff statement to disbursements in the cash disbursements journal. D) Checks dated subsequent to year-end to the outstanding checks listed on the year-end bank statement.

B) Checks dated prior to year-end to the outstanding checks listed on the year-end bank reconciliation.

39) On receiving the bank cutoff statement, the auditor should trace: A) Deposits in transit on the year-end bank reconciliation to deposits in the cash receipts journal. B) Checks dated prior to year-end to the outstanding checks listed on the year-end bank reconciliation. C) Deposits listed on the cutoff statement to deposits in the cash receipts journal. D) Checks dated subsequent to year-end to the outstanding checks listed on the year-end bank reconciliation.

B) Checks dated prior to year-end to the outstanding checks listed on the year-end bank reconciliation.

*18) Which of the following manipulations would understate receivables on the financial statements? A) Understatement of cash sales. B) Closing the sales journal prior to year-end. C) Closing the cash receipts journal prior to year-end. D) Underestimating the allowance for doubtful accounts.

B) Closing the sales journal prior to year-end.

6) Kiting would least likely be detected by: A) Analyzing details of large cash deposits around year-end. B) Comparing customer remittance advices with recorded disbursements in the cash disbursements journal. C) Preparing a four-column bank reconciliation for all major cash accounts. D) Preparing a schedule of interbank transfers by using the client's records and bank statements around year-end.

B) Comparing customer remittance advices with recorded disbursements in the cash disbursements journal.

*20) The auditors may expect a proper debit to goodwill due to: A) Purchase of a trademark. B) Establishment of an extraordinarily profitable product. C) A business combination. D) Capitalization of human resources.

C) A business combination.

16) A practical and effective audit procedure for the detection of lapping is: A) Preparing an interbank transfer schedule. B) Comparing recorded cash receipts in detail against items making up the bank deposit as shown on duplicate deposit slips validated by the bank. C) Tracing recorded cash receipts to postings in customers' ledger cards. D) Preparing a proof of cash.

B) Comparing recorded cash receipts in detail against items making up the bank deposit as shown on duplicate deposit slips validated by the bank.

21) Which of the following assertions is of principal concern to the auditors in the examination of accounts payable? A) Existence. B) Completeness. C) Valuation. D) Authorization.

B) Completeness.

57) Cutoff tests designed to detect credit sales made before the end of the year that have been recorded in the subsequent year provide assurance about management's assertion of: A) Presentation. B) Completeness. C) Rights. D) Existence.

B) Completeness.

52) Which of the following procedures would probably be most effective in identifying duplicate billing of customers during the year? A) Analytical procedures. B) Confirmation of accounts at year end. C) Data analytics applied to sales transactions. D) Review of contracts.

B) Confirmation of accounts at year end.

29) The auditor can best verify a client's bond sinking fund transactions and year-end balance by: A) Confirmation with individual holders of retired bonds. B) Confirmation with the bond trustee. C) Recomputation of interest expense, interest payable, and amortization of bond discount or premium. D) Examination and count of the bonds retired during the year.

B) Confirmation with the bond trustee.

*13) Which procedure would be of most assistance to an auditor discovering a large credit sale that has erroneously been recorded twice? A) Footing the sales journal. B) Confirming accounts receivable. C) Tracing the total sales in the sales journal to the general ledger. D) Observation of the physical inventory count at year-end.

B) Confirming accounts receivable.

*17) The confirmation of accounts payable is most closely associated with: A) Assertion risk. B) Detection risk. C) Inherent risk. D) Relative risk.

B) Detection risk.

42) A CPA reviews a client's payroll procedures. The CPA would consider internal control to be less than effective if a payroll department supervisor was assigned the responsibility for: A) Reviewing and approving time reports for subordinate employees. B) Distributing payroll checks to employees. C) Hiring subordinate employees. D) Initiating requests for salary adjustments for subordinate employees.

B) Distributing payroll checks to employees.

*13) Which of the following is not a primary objective in the audit of interest-bearing debt? A) Establish the completeness of recorded interest-bearing debt. B) Establish the legality of outstanding debt. C) Determine that debt is properly valued. D) Determine that the presentation and disclosure of interest-bearing debt is appropriate.

B) Establish the legality of outstanding debt.

18) Which of the following audit procedures is aimed most directly at testing the completeness assertion for accounts payable? A) Footing the list of accounts payable. B) Examining underlying documentation for cash disbursements in the period after year-end. C) Tracing shipping reports issued on or before year-end to related customer purchase orders and invoices. D) Tracing shipping reports after year-end to related customer purchase orders and invoices.

B) Examining underlying documentation for cash disbursements in the period after year-end.

45) Which of the following tests of details most likely would help an auditor determine whether accounts payable have been misstated? A) Examining reported purchase returns that appear too low. B) Examining vendor statements for amounts not reported as purchases. C) Search for customer-returned goods that were not reported as returns. D) Reviewing bank transfers recorded as cash received from customers.

B) Examining vendor statements for amounts not reported as purchases.

73) Which of the following procedures would an auditor most likely perform to obtain evidence about the occurrence of subsequent events? A) Verify inventory pledged under loan agreements by confirming the details with financial institutions. B) Inquire management about transactions that occurred or were clarified by events happening after year end. C) Compare the financial statements being reported on with those of the prior year. D) Trace information from shipping documents to sales invoices and sales journal transactions.

B) Inquire management about transactions that occurred or were clarified by events happening after year end.

30) To strengthen internal control over the custody of heavy mobile equipment, the client would most likely institute a policy requiring a periodic: A) Increase in insurance coverage. B) Inspection of equipment and reconciliation with accounting records. C) Verification of liens, pledges, and collateralizations. D) Accounting for work orders.

B) Inspection of equipment and reconciliation with accounting records.

40) To avoid potential errors and fraud, a well-designed internal control in the accounts payable area should include a separation of which of the following functions? A) Cash disbursements and invoice verification. B) Invoice verification and merchandise ordering. C) Physical handling of merchandise received and preparation of receiving reports. D) Check signing and cancellation of payment documentation.

B) Invoice verification and merchandise ordering.

33) An approach that quantifies a misstatement as based on its cumulative uncorrected total on the current year balance sheet is called the: A) Evaluation materiality approach. B) Iron curtain approach. C) Projected misstatement approach. D) Rollover approach.

B) Iron curtain approach.

51) Which of the following is correct relating to kiting? A) It is ordinarily used to understate cash. B) It is more difficult to accomplish in an electronic environment as contrasted to a non-electronic environment. C) It is a lapping approach performed using receivable accounts. D) It is seldom, if ever, used.

B) It is more difficult to accomplish in an electronic environment as contrasted to a non-electronic environment.

*22) Jones embezzled $10,000 from his company's account in Bank A. At year-end, he hid the shortage by making a deposit on December 31 in Bank A, drawn on Bank B. He has not recorded the transaction on the books. This is an example of: A) Lapping. B) Kiting. C) Effective cash management. D) Related party transactions.

B) Kiting.

5) An auditor wishes to perform tests of controls on a client's cash disbursements relating to accounts payable. If the control procedures leave no audit trail of documentary evidence, the auditor most likely will test the procedures by: A) Confirmation and observation. B) Observation and inquiry. C) Analytical procedures and confirmation. D) Inquiry and analytical procedures.

B) Observation and inquiry.

13) Auditors may choose not to confirm accounts payable because: A) Confirmation obtains evidence identical to that obtained by cutoff tests. B) Other reliable external evidence to support the balances is likely to be available. C) A reading of the corporate minutes reveals that confirmation is unnecessary. D) The balances due will have changed between the year-end and the date of confirmation.

B) Other reliable external evidence to support the balances is likely to be available.

3) An auditor has identified numerous debits to accumulated depreciation of equipment. Which of the following is most likely? A) The estimated remaining useful lives of equipment were increased. B) Plant assets were retired during the year. C) The prior year's depreciation expense was erroneously understated. D) Overhead allocations were revised at year-end.

B) Plant assets were retired during the year.

*10) Which procedure is an auditor most likely to use to detect a check outstanding at year-end that was not recorded as outstanding on the year-end bank reconciliation? A) Prepare a bank transfer schedule using the client's cash receipts and cash disbursements journal. B) Receive a cutoff bank statement directly from the client's bank. C) Prepare a four column bank reconciliation using the year-end bank statement. D) Confirm the year-end balance using the standard form to confirm account balance information with financial institutions.

B) Receive a cutoff bank statement directly from the client's bank.

20) The use of a "blind" purchase order is designed to prevent errors by the: A) Purchase department. B) Receiving department. C) Stores department. D) Accounting department.

B) Receiving department.

11) A "bill and hold" scheme is most likely to include: A) Shipment of items to a customer beyond what the customer has ordered. B) Recording sales revenue for items that the company retains as of year-end. C) Billing of items that are held by customers for future revenue production purposes. D) Selling items at substantial discounts near year-end

B) Recording sales revenue for items that the company retains as of year-end.

9) Which of the following is not a control that should be established for purchases of equipment? A) Establishing a budget for capital acquisitions. B) Requiring that the department that ordered the equipment is the same that requested the equipment. C) Requiring that the receiving department receive the equipment. D) Establishing an accounting policy regarding the minimum dollar amount of purchase that will be considered for capitalization.

B) Requiring that the department that ordered the equipment is the same that requested the equipment.

26) During its fiscal year, a company issued, at a discount, a substantial amount of first-mortgage bonds. When performing audit work in connection with the bond issue, the independent auditor should: A) Confirm the existence of the bondholders. B) Review the minutes for authorization. C) Trace the net cash received from the issuance to the bond revenue account. D) Inspect the records maintained by the bond trustee.

B) Review the minutes for authorization.

19) For a corporation that does not utilize the services of an independent registrar and stock transfer agent, which of the following represents a weakness in internal control over stock issuance? A) Stock certificates are prenumbered. B) Stock certificates are signed immediately upon receipt from the printer. C) Stock certificates are in the exclusive custody of a responsible officer. D) Stock certificates require the signature of two officers.

B) Stock certificates are signed immediately upon receipt from the printer.

46) Which statement is correct relating to the count of inventory when an outside inventory-taking company ("the company") is involved with counting a client's inventory? A) The auditor should consider the company a specialist, and follow the procedures outlined for addressing an auditor's specialist. B) The auditor should not consider the counts by the company, by themselves, sufficient appropriate audit evidence. C) The auditor must observe all inventory counts taken by the company. D) The auditor should observe a letter of representations form the company.

B) The auditor should not consider the counts by the company, by themselves, sufficient appropriate audit evidence.

19) You were surprised to note that approximately 95% of returned positive accounts receivable confirmation requests indicated that the customers thought that they owed a larger balance than the amount that had been printed by your client on the confirmation. This might be explained by the fact that: A) The cash receipts journal was closed before year-end. B) The cash receipts journal was held open after year-end. C) There are many unrecorded liabilities. D) The sales journal was held open after year-end.

B) The cash receipts journal was held open after year-end.

31) Auditors may use positive and/or negative forms of confirmation requests for accounts receivable. Of the following, which combination is it most likely that the auditors will use? A) The positive form for small balances, and the negative form for large balances. B) The positive form used for large balances and the negative form for the small balances. C) The positive form used for trade receivables and the negative form for other receivables. D) The positive form when controls related to receivables are satisfactory, and the negative form when controls related to receivables are unsatisfactory.

B) The positive form used for large balances and the negative form for the small balances.

31) The Standard Form to Confirm Account Balances with Financial Institutions includes information on all of the following except: A) Date due of a direct liability. B) The principal amount paid on a direct liability. C) Description of collateral for a direct liability. D) The interest rate of a direct liability.

B) The principal amount paid on a direct liability.

19) Which of the following is not a control that generally is established over cash receipts? A) To prevent abstraction of cash, a control listing of cash receipts should be prepared by mailroom personnel. B) To ensure accurate posting, the accounts receivable clerk should post the customers' receipts from customers' checks. C) To ensure accuracy of the accounts receivable records, the records should be reconciled monthly to the accounts receivable controlling account. D) To prevent theft of cash, receipts should be deposited daily.

B) To ensure accurate posting, the accounts receivable clerk should post the customers' receipts from customers' checks.

4) An auditor who is engaged to examine the financial statements of a business enterprise will request a cutoff bank statement primarily in order to: A) Verify the cash balance reported on the bank confirmation inquiry form. B) Verify reconciling items on the client's bank reconciliation. C) Detect lapping. D) Detect kiting.

B) Verify reconciling items on the client's bank reconciliation.

8) The auditor's plan to examine interest-bearing debt most likely will include steps that require: A) Comparing the book value of the debt to its year-end market value. B) Vouching borrowing and repayment transactions. C) Verifying the proper presentation of the debt through confirmation. D) Inspecting the accounts payable subsidiary ledger for unrecorded interest-bearing debt.

B) Vouching borrowing and repayment transactions

*13. In October, three months before year-end, the bookkeeper erroneously recorded the receipt of a one year bank loan with a debit to cash and a credit to miscellaneous revenue. The most effective method for detecting this type of error is: A. Foot the cash receipts journal for October. B. Send a bank confirmation as of year-end. C. Prepare a bank reconciliation as of year-end. D. Prepare a bank transfer schedule as of year-end.

B. Send a bank confirmation as of year-end.

4) Which of the following best describes a voucher prepared under good internal control? A) A document prepared by Stores that indicates amount to be purchased. B) A document prepared by Receiving that indicates the quantity received and approves payment. C) A document prepared by Accounts Payable authorizing a cash disbursement. D) A document received by Purchasing, from a supplier, indicating quantity of goods purchased and amount due.

C) A document prepared by Accounts Payable authorizing a cash disbursement.

32) The auditors obtain audit evidence for accounts receivable by using positive or negative confirmation requests. Under which of the following circumstances might the negative form of the accounts receivable confirmation be useful? A) A substantial number of accounts are in disputes. B) The combination of inherent risk and control risk is high. C) A low exception rate is expected. D) The auditors believe that recipients of the requests are unlikely to give them consideration.

C) A low exception rate is expected.

64) Confirmation of accounts receivable that have been categorized initially by an auditor as "exceptions" most likely could be due to: A) Customers who have credit or zero balances with the client. B) Responses that were mailed rather than faxed to the auditor. C) Accounts receivable that have been classified as uncollectible. D) Payments mailed to the client that have not been recorded.

C) Accounts receivable that have been classified as uncollectible.

22) Which of the following best describes the specific accounts payable that are selected for confirmation? A) Accounts with large balances. B) Accounts with zero balances. C) Accounts with a large amount of activity regardless of their balance. D) Accounts for which vendor statements are available.

C) Accounts with a large amount of activity

*27) In the examination of property, plant, and equipment, the auditor tries to determine all of the following except the: A) Extent of the control risk. B) Extent of property abandoned during the year. C) Adequacy of replacement funds. D) Reasonableness ofthe depreciation.

C) Adequacy of replacement funds.

23) Most of the audit work on accounts payable is typically performed: A) Before the balance sheet date. B) At the balance sheet date in conjunction with inventory cutoff tests. C) After the balance sheet date. D) Simultaneously with the audit of accrued liabilities.

C) After the balance sheet date.

8) Which of the following fraudulent activities most likely could be perpetrated due to the lack of effective internal control over the revenue cycle? A) Fictitious transactions may be recorded that cause an understatement of revenues and an overstatement of receivables. B) Claims received from customers for goods returned (and unpaid for) may be intentionally recorded in other customers' accounts permitting a misappropriation of cash. C) Authorization of credit memos by personnel who receive cash may permit the misappropriation of cash. D) The failure to prepare shipping documents may lead to an understatement of inventory balances.

C) Authorization of credit memos by personnel who receive cash may permit the misappropriation of cash.

12) An example of an internal control weakness is to assign the payroll department the responsibility for: A) Preparing the payroll expense distribution. B) Preparing the payroll checks. C) Authorizing increases in pay. D) Preparing journal entries for payroll expense.

C) Authorizing increases in pay.

10) When an auditor finds a debit to accounts payable, which of the following accounts is most likely to be credited? A) Accounts Receivable. B) Accrued liabilities. C) Cash. D) Cost of goods sold.

C) Cash.

23) Anderson embezzled $20,000 from her company's account in Bank X. At year-end, she hid the shortage by making a deposit on December 31 in Bank X, drawn on Bank Y. She has not recorded the transaction on the books. Which of the following is most likely to be effective in detecting this fraud? A) Bank confirmation. B) Bank transfer schedule prepared using only the cash receipts and cash disbursements journals. C) Comparison of bank cutoff statement to the cash receipts and disbursements records. D) Receivable confirmation.

C) Comparison of bank cutoff statement to the cash receipts and disbursements records.

14) Which of the following statements is not correct? A) Cash is important to the audit process because of its vulnerability to misappropriation, despite the fact that the balance at the balance sheet date may be immaterial. B) Payroll cash account balances kept on an imprest basis are more easily controlled than others not so kept. C) Confirmation of cash should only be performed as of the balance sheet date because the auditor expresses an opinion as of that date. D) Reviewing interbank transfers is important to the auditor because of the possibility that the client may be engaged in kiting.

C) Confirmation of cash should only be performed as of the balance sheet date because the auditor expresses an opinion as of that date.

40) To minimize the opportunities for fraud, unclaimed cash payroll should be: A) Deposited in a safe deposit box. B) Held by the payroll custodian. C) Deposited in a special bank account. D) Held by the controller.

C) Deposited in a special bank account.

25) Which of the following is not a control over cash disbursements? A) Disbursements should be made by check. B) A check protecting machine should be used. C) Documents supporting the payment of a disbursement should be canceled by the person preparing the check to prevent reuse. D) Voided checks should be defaced and filed with paid checks.

C) Documents supporting the payment of a disbursement should be canceled by the person preparing the check to prevent reuse.

42) The accounts payable department receives the purchase order form to accomplish all of the following except: A) Compare invoice price to purchase order price. B) Ensure the purchase had been properly authorized. C) Ensure the goods had been received by the party requesting the goods. D) Compare quantity ordered to quantity purchased.

C) Ensure the goods had been received by the party requesting the goods.

*35) The audit working papers often include a client-prepared, aged trial balance of accounts receivable as of the balance sheet date. This aging is best used by the auditors to: A) Consider internal control over credit sales. B) Test the accuracy of recorded charge sales. C) Estimate credit losses. D) Verify the validity of the recorded receivables.

C) Estimate credit losses.

25) Which of the following procedures for detecting unrecorded transactions at the client's December 31 year-end is least likely to result in discovery of an unrecorded year-end account payable? A) Examination of invoices received after year-end. B) Examination of vouchers payable entered in the January voucher register. C) Examination of January receiving reports prepared for goods shipped FOB destination in December to the client. D) Confirmation of year-end accounts payable.

C) Examination of January receiving reports prepared for goods shipped FOB destination in December to the client.

50) Of the following, which is likely to be the most effective audit procedure to identify unrecorded accounts payable? A) Recalculate the total of the list of accounts payable as of year-end. B) Examine cash disbursements recorded immediately prior to year-end. C) Examine cash disbursements in the subsequent period following year-end. D) Examine cash receipts recorded immediately prior to year-end.

C) Examine cash disbursements in the subsequent period following year-end.

63) An auditor decides to use the blank form of positive accounts receivable confirmation. The auditor should be aware that the blank form may be ineffective because: A) All accounts do not have an equal opportunity to be selected for confirmation. B) Accounts unconfirmed may have already been written off as uncollectible. C) Few responses may occur because more effort is required of recipients. D) Accounts actually confirmed may not be representative of the population.

C) Few responses may occur because more effort is required of recipients.

29) Purchase cutoff procedures should be designed to test that merchandise is included in the inventory of the client company, if the company: A) Has paid for the merchandise. B) Has physical possession of the merchandise. C) Holds legal title to the merchandise. D) Holds the shipping documents for the merchandise issued in the company's name.

C) Holds legal title to the merchandise.

48) Which of the following most likely would be an internal control procedure designed to detect errors and fraud concerning the custody of inventory? A) Periodic reconciliation of work in process with job cost sheets. B) Segregation of functions between general accounting and cost accounting. C) Independent comparisons of finished goods records with counts of goods on hand. D) Approval of inventory journal entries by the storekeeper.

C) Independent comparisons of finished goods records with counts of goods on hand.

3) Your client performed the physical count of inventory as of November 30, one month prior to year-end. Subsequently, your client closed the sales journal on 12/29/XX, two days before year-end, and reported those two days' credit sales in January of the next year. Assuming the client uses a perpetual inventory system, which of the following is most likely to be overstated relating to the year XX financial statements? A) Sales. B) Cash. C) Inventory. D) Accounts receivable.

C) Inventory.

61) The auditors have calculated the total uncorrected identified misstatements as $445,000; materiality for the audit is $450,000. The client has declined to record the related journal entries. In this situation it is most likely that the auditors will: A) Conclude that the financial statements are not materially misstated. B) Issue a disclaimer of opinion. C) Perform additional audit procedures to reduce audit risk to an appropriately low level. D) Resign from the audit.

C) Perform additional audit procedures to reduce audit risk to an appropriately low level.

36) Which of the following is one of the better auditing techniques that might be used by an auditor to detect kiting? A) Review composition of authenticated deposit slips. B) Review subsequent bank statements and canceled checks received directly from the banks. C) Prepare a schedule of bank transfers. D) Prepare year-end bank reconciliations.

C) Prepare a schedule of bank transfers.

35) With properly designed internal control, the same employee should not be permitted to: A) Sign checks and cancel supporting documents. B) Receive merchandise and prepare a receiving report. C) Prepare disbursement vouchers and sign checks. D) Initiate a request to order merchandise and approve merchandise received.

C) Prepare disbursement vouchers and sign checks.

*29) The form typically used to confirm accounts payable: A) Does not require a response from the vendor. B) Confirms the balance recorded by the client at year-end. C) Requires the vendor to indicate the amount of the payable. D) Is the same as the form used to confirm accounts receivable.

C) Requires the vendor to indicate the amount of the payable.

31) The auditor would be least likely to be concerned about internal control as it relates to: A) Land and buildings. B) Common stock. C) Shareholder meetings. D) Minutes of board of directors' meetings.

C) Shareholder meetings.

28) Effective internal control for purchases generally can be achieved in a well-planned organizational structure with a separate purchasing department that has: A) The ability to prepare payment vouchers based on the information on a vendor's invoice. B) The responsibility of reviewing purchase orders issued by user departments. C) The authority to make purchases of requisitioned materials and services. D) A direct reporting responsibility to controller of the organization.

C) The authority to make purchases of requisitioned materials and services.

23) Which of the following is consistent with effective internal control over sales transactions? A) The accounting department prepares a shipping report authorizing the shipment of goods. B) The accounting department accounts for all receiving reports. C) The billing department accounts for all shipping documents. D) The accounts payable department annually approves the extension of credit to customers.

C) The billing department accounts for all shipping documents.

39) Which of the following policies is an internal control weakness related to the acquisition of factory equipment? A) The department in need of the equipment is contacted concerning necessary attributes of the equipment to be purchased. B) Approvals for acquisitions are made by the purchasing department. C) The lowest approved vendor's bid is sometimes not accepted. D) Depreciation is calculated only quarterly (first 3 quarters) and year-end.

C) The lowest approved vendor's bid is sometimes not accepted.

30) Which of the following is an internal control weakness for a company whose inventory of supplies consists of a large number of individual items? A) Supplies of relatively little value are expensed when purchased. B) The cycle basis is used for physical counts. C) The storekeeper is responsible for maintenance of perpetual inventory records. D) Perpetual inventory records are maintained only for items of significant value.

C) The storekeeper is responsible for maintenance of perpetual inventory records.

21) Which of the following fraudulent activities most likely could be perpetrated because of ineffective internal controls in the revenue cycle? A) Merchandisereceived is not promptly reconciled to the outstanding purchase orderfile. B) Obsolete items included in inventory balances are rarely reduced to the lower of cost or market value. C) The write-off of receivables by personnel who receive cash permits the misappropriation of cash. D) Fictitious transactions are recorded that cause an understatement of revenue and overstatement of receivables.

C) The write-off of receivables by personnel who receive cash permits the misappropriation of cash.

58) The auditors are evaluating management's determination of fair value of a closely held investment. The auditors are trying to identify the significant assumptions underlying the valuation. Typically, assumptions that are significant include all of the following except: A) Those that are sensitive to variation. B) Those that are susceptible to bias. C) Those that are developed externally as compared to internally. D) Those that involve unobservable data.

C) Those that are developed externally as compared to internally.

35) In performing substantive tests of stock options granted to senior management, an auditor most likely would: A) Confirm with those members of management if they are actually option holders. B) Verify the existence of option holders in the payroll and human resources records. C) Trace the authorization for the options granted to the board of directors' approval. D) Review the public records of the SEC to determine whether the options were properly reported.

C) Trace the authorization for the options granted to the board of directors' approval.

57) When the fair market value of a security is obtained from a broker or dealer, the quality of the evidence provided by the quote depends on all of the following factors, except: A) Whether the broker or dealer is a market maker for the particular security. B) Whether there are any restrictions or limitations of the quote. C) Whether the investment is classified as a trading security or not. D) Whether the broker or dealer has a relationship with the client.

C) Whether the investment is classified as a trading security or not.

27) Which of the following would indicate the need to use positive accounts receivable confirmation requests? A) A large population consisting of small balances. B) Good internal control over accounts receivable. C) Most accounts are with large reputable companies. D) A large number of accounts receivable are in dispute.

D) A large number of accounts receivable are in dispute.

8) Which of the following procedures would most likely be performed while evaluating findings at the conclusion of an audit? A) Obtain assurance from the entity's attorney that all material litigation has been disclosed in the financial statements. B) Verify the clerical accuracy of the entity's proof of cash and its bank cutoff statement. C) Determine whether reportable conditions have been corrected. D) Calculate an estimate the total of uncorrected misstatements in the financial statements.

D) Calculate an estimate the total of uncorrected misstatements in the financial statements.

38) Which of the following sets of duties would ordinarily be considered incompatible in terms of good internal control? A) Preparation of monthly statements to customers and maintenance of the accounts payable subsidiary ledger. B) Posting to the general ledger and approval of additions and terminations relating to the payroll. C) Custody of unmailed signed checks and maintenance of expense subsidiary ledger. D) Collection of receipts on account and maintaining accounts receivable records.

D) Collection of receipts on account and maintaining accounts receivable records.

24) The primary reason for preparing a reconciliation between interest-bearing obligations outstanding during the year and interest expense presented in the financial statements is to: A) Evaluate internal control over securities. B) Determine the validity of prepaid interest expense. C) Ascertain the reasonableness of imputed interest. D) Detect unrecorded liabilities.

D) Detect unrecorded liabilities.

30) Which of the following is the most important consideration of an auditor when examining the stockholders' equity section of a client's balance sheet? A) Changes in the capital stock account are verified by an independent stock transfer agent. B) Stock dividends and/or stock splits during the year under audit were approved by the stockholders. C) Stock dividends are capitalized at par or stated value on the dividend declaration date. D) Entries in the capital stock account can be traced to a resolution in the minutes of the board of directors' meetings.

D) Entries in the capital stock account can be traced to a resolution in the minutes of the board of directors' meetings.

23) Which of the following best describes the independent auditors' approach of depreciation expense on the income statement? A) Verify the mathematical accuracy of the amounts charged to income as a result of depreciation expense. B) Determine the method for computing depreciation expense and ascertain that is in accordance with generally accepted accounting principles. C) Reconcile the amount of depreciation expense to those amounts credited to accumulated depreciation accounts. D) Establish the basis for depreciable assets and verify the depreciation expense.

D) Establish the basis for depreciable assets and verify the depreciation expense.

30) Which one of the following audit procedures would give the least assurance of the existence of investment in stocks and bonds account at the audit date? A) Confirmation from the broker. B) Inspection of year-end brokers' statements. C) Vouching all changes during the year to brokers' advises and statements. D) Examination of paid checks issued in payment of securities purchased.

D) Examination of paid checks issued in payment of securities purchased.

37) Once a certified public accountant (CPA) has determined that accounts receivable have increased due to slow collections in a "tight money" environment, the certified public accountant (CPA) would be likely to: A) Increase the balance in the allowance for bad debts accounts. B) Review the going concern ramifications. C) Review the credit and collection policy. D) Expand tests of collectibility.

D) Expand tests of collectibility.

40) To gather evidence regarding the balance per bank in a bank reconciliation, an auditor could examine all of the following except: A) Cutoff bank statement. B) Year-end bank statement. C) Bank confirmation. D) General ledger.

D) General ledger.

12) When the auditors obtain an understanding of internal control for the financing cycle, documentation will frequently include a written description as well as a(n): A) List of audit objectives. B) Decision table. C) Summary of tests of controls. D) Internal control questionnaire.

D) Internal control questionnaire.

43) Propex Corporation uses a voucher register and does not record invoices in a subsidiary ledger. Propex will probably benefit most from the additional cost of maintaining an accounts payable subsidiary ledger if: A) There are usually invoices in an unmatched invoice file. B) Vendors' requests for confirmation of receivables often go unanswered for several months until paid invoices can be reviewed. C) Partial payments to vendors are continuously made in the ordinary course of business. D) It is difficult to reconcile vendors' monthly statements.

D) It is difficult to reconcile vendors' monthly statements.

13) Which of the following is correct concerning "window dressing" for cash? A) A segregation of duties within the cash function effectively eliminates its occurrence. B) It generally involves manipulation of inventory. C) It is illegal, and an audit is designed to provide reasonable assurance of its detection. D) It may increase but not falsify cash position.

D) It may increase but not falsify cash position.

46) Recognizing a loan received as revenue instead of as a liability has a positive effect on the reported financial statements for all of the following except: A) It understates liabilities. B) It overstatesrevenues. C) It overstates net income. D) It understates expenses.

D) It understates expenses.

41) When there are a large number of relatively small account receivable balances, negative confirmation requests may be appropriate if the combination of inherent risk and control risk is: A) Low, and the individuals receiving the confirmation requests are unlikely to give them adequate consideration. B) High, and the individuals receiving the confirmation requests are likely to give them adequate consideration. C) High, and the individuals receiving the confirmation requests are unlikely to give them adequate consideration. D) Low, and the individuals receiving the confirmation requests are likely to give them adequate consideration.

D) Low, and the individuals receiving the confirmation requests are likely to give them adequate consideration.

30) Which of the following is a control procedure that is usually applied to accounts payable? A) Periodic confirmation of accounts payable. B) Mailing statements to vendors detailing their account. C) Periodic aging of accounts payable. D) Matching invoices with receiving documents before disbursements are authorized.

D) Matching invoices with receiving documents before disbursements are authorized.

7) Your client left the cash receipts journal open after year-end for an extra day and included January 1 cash receipts in the 12/31/XX totals. All of those cash receipts were due to cash sales. Assuming the client uses a periodic inventory system with a 12/31/XX count of the physical inventory, which of the following is most likely to be true relating to the year XX financial statements? A) Sales are understated. B) Accounts receivable are understated. C) Inventory is overstated. D) Net income is overstated.

D) Net income is overstated.

17) Which of the following is not a control that generally is established over cash transactions? A) Separating cash handling from recordkeeping. B) Centralizing the receipt of cash. C) Depositing each day's receipts intact. D) Obtaining a receipt for every disbursement.

D) Obtaining a receipt for every disbursement.

15) Which of the following manipulations would understate accounts payable on the financial statements? A) Overstatement of purchases. B) Closing the cash disbursements journal prior to year-end. C) Leaving the cash receipts journal open after year-end. D) Omission of expenses.

D) Omission of expenses.

54) The auditors' best course of action with respect to "other information (not including required supplemental information)" included in an annual report containing the auditors' report is to: A) Indicate in the auditors' report, that the "other financial information" is only compiled. B) Consider whether the "other financial information" is accurate by performing a limited review. C) Obtain written representations from managements as to the material accuracy of the "other financial information." D) Read and consider the manner of presentation of the "other financial information."

D) Read and consider the manner of presentation of the "other financial information."

*29) Internal control over marketable securities is enhanced when: A) Securities are held by the cashier. B) Securities are registered in the name of the custodian. C) Detailed records of securities are maintained by the custodian of the securities. D) Securities are held under joint control of two or more officials.

D) Securities are held under joint control of two or more officials.

*28) Which of the following is not confirmed on the standard confirmation form used for cash balances at financial institutions? A) Cash checking account balances. B) Cash savings account balances. C) Loans payable. D) Securities held for the client by the financial institution.

D) Securities held for the client by the financial institution.

*32) An internal control questionnaire indicates that an approved receiving report is required to accompany every check request for payment of merchandise. Which of the following procedures provides the greatest assurance that this control is operating effectively? A) Select and examine receiving reports and ascertain that the related canceled checks are dated no earlier than the receiving reports. B) Select and examine receiving reports and ascertain that the related canceled checks are dated no later than the receiving reports. C) Select and examine canceled checks and ascertain that the related receiving reports are dated no earlier than the checks. D) Select and examine canceled checks and ascertain that the related receiving reports are dated no later than the checks.

D) Select and examine canceled checks and ascertain that the related receiving reports are dated no later than the checks.

41) An internal control narrative indicates that an approved voucher is required to support every check request for payment of merchandise. Which of the following procedures provides the greatest assurance that this control is operating effectively? A) Select and examine vouchers and ascertain that the related canceled checks are dated no later than the vouchers. B) Select and examine vouchers and ascertain that the related canceled checks are dated no earlier than the vouchers. C) Select and examine canceled checks and ascertain that the related vouchers are dated no earlier than the checks. D) Select and examine canceled checks and ascertain that the related vouchers are dated no later than the checks.

D) Select and examine canceled checks and ascertain that the related vouchers are dated no later than the checks.

8) An internal control questionnaire indicates that an approved receiving report is required to accompany every check request for payment of merchandise. Which of the following procedures provides the best evidence on operating effectiveness? A) Select and examine receiving reports and test whether the related canceled checks are dated no earlier than the receiving reports. B) Select and examine receiving reports and test whether the related canceled checks are dated no later than the receiving reports. C) Select and examine canceled checks and test whether the related receiving reports are dated no earlier than the checks. D) Select and examine canceled checks and test whether the related receiving reports are dated no later than the checks.

D) Select and examine canceled checks and test whether the related receiving reports are dated no later than the checks.

26) For good internal control, a copy of a receiving report should be sent to all of the following departments except: A) Accounts payable. B) Purchasing. C) Stores. D) Shipping.

D) Shipping.

*44) Properly designed internal control will permit the same employee to: A) Receive and deposit checks, and also approve write-offs of customer accounts. B) Approve vouchers for payment, and also receive and deposit cash. C) Reconcile the bank statements, and also receive and deposit cash. D) Sign checks, and also cancel supporting documents.

D) Sign checks, and also cancel supporting documents.

*28) Which of the following statements is correct relating to common stock certificates of a publicly traded company that uses the services of a transfer agent? A) Stock certificates should exist for all outstanding stock and be held by the owner of the stock. B) Stock certificates should exist for all outstanding stock and be held either by the owner of the stock or a representative of the owner (e.g., brokerage firm). C) A lack of stock certificates is ordinarily considered a material weakness in internal control. D) Stock certificates often are not issued in today's electronic environment.

D) Stock certificates often are not issued in today's electronic environment.

40) Which of the following is the best argument against the use of negative accounts receivable confirmation requests? A) The cost-per-response is excessively high. B) There is no way of knowing if the intended recipients received them. C) Recipients are likely to feel that in reality the confirmation is a subtle request for payment. D) The inference drawn from receiving no reply may not be correct.

D) The inference drawn from receiving no reply may not be correct.

34) In the audit of the allocation of income for a partnership, the auditors would be most interested in reviewing: A) Federal Partnership Law. B) State Partnership Law. C) Board of directors minutes. D) The partnership agreement.

D) The partnership agreement.

16) Which statement is correct with respect to accounts payable confirmations? A) The negative form is used in most circumstances. B) Accounts with new suppliers are always confirmed. C) They are a required auditing procedure. D) They are more frequently used in situations in which some vendors don't send monthly statements.

D) They are more frequently used in situations in which some vendors don't send monthly statements.

50) Which of the following is not correct relating to representation letters? A) They are ordinarily dated as of the date of the audit report. B) They are signed by members of top management. C) They must be obtained for audits. D) They often serve as a substitute for the application of other procedures.

D) They often serve as a substitute for the application of other procedures.

65) Effective internal control over the payroll function would include which of the following? A) Total time recorded on time clockcards should be reconciled to job reports by employees responsible for those specific jobs. B) Payroll department employees should be supervised by the management of the personnel department. C) Payroll department employees should be responsible for maintaining employee personnel records. D) Total time spent on jobs should be compared with total time indicated on time clock punch cards.

D) Total time spent on jobs should be compared with total time indicated on time clock punch cards.

16) In verifying debits to perpetual inventory records of a nonmanufacturing firm, the auditor would be most interested in examining the: A) Purchases journal. B) Purchase requisitions. C) Purchase orders. D) Vendors' invoices.

D) Vendors' invoices.

*36) Which of the following is not one of the independent auditor's objectives regarding the examination of inventories? A) Verifying that inventory counted is owned by the client. B) Verifying that the client has used proper inventory pricing. C) Ascertaining the physical quantities of inventory on hand. D) Verifying that all inventory owned by the client is on hand at the time of the count.

D) Verifying that all inventory owned by the client is on hand at the time of the count.

51) Auditors in many cases do not confirm accounts payable because: A) this in essence duplicates their accounts receivable work. B) accounts payable balances at the balance sheet date are often a combination of more than one purchase from a vendor. C) this information is ordinarily obtained in the letter of representations from management. D) a purchase from a vendor is involved, there is often sufficient appropriate audit evidence from other reliable sources readily available.

D) a purchase from a vendor is involved, there is often sufficient appropriate audit evidence from other reliable sources readily available.

*11) Which of the following is an example of an accrued liability? A) Accounts payable. B) Notes payable. C) Prepaid insurance. D. Product warranty liability

D. Product warranty liability


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