Quiz 1 Specialized Industries
Quiz 1 Specialized Industries
Quiz 1
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1 point
A. Independent professional services that are intended to enhance the credibility of information to meet the needs of an
intended user.
B. Services designed to express an opinion on the fairness of historical financial statements based on the results of an audit.
C. The preparation of financial statements or the collection, classification, and summarization of other financial information.
1 point
1 point
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B. Compare the company's information and policies with those of other entities.
C. Enhance the credibility of information in order to improve the likelihood that the information will meet the needs of an
intended user.
1 point
A. I only
B. II only
C. Both I and II
D. Neither I nor II
1 point
A. 2
B. 3
C. 4
D. 5
1 point
A. Yes No
B. No Yes
C. Yes Yes
D. No No
1 point
A. Contains basic principles, essential procedures, and related guidance for the performance of assurance engagements.
B. Defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which
PSAs, PSREs, and PSAEs apply.
C. Provides a frame of reference for CPAs in public practice when performing audits, reviews, and compilations of historical
financial information.
D. Establishes standards and provides procedural requirements for the performance of assurance engagements.
9. CPAs in public practice who perform assurance engagements are governed by the following, except *
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1 point
D. Are both responsible for determining the nature, timing and extent of the procedures to be performed.
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B. No No No
C. Yes No Yes
D. No Yes No
12. For assurance engagements regarding historical financial information, reasonable assurance engagements are
called... *
1 point
A. Audits
B. Reviews
C. Compilations
D. Examinations
13. When performing an assurance service, professional accountants use standards or benchmarks to evaluate or
measure the subject matter of an assurance engagement. These are referred to in the Framework as... *
1 point
A. Criteria
B. Norms
C. Conditions
D. Gauges
14. The criteria against which the subject matter of the assurance engagement is to be evaluated or measured
should possess which of the following characteristics? *
1 point
A. Yes No Yes
B. No Yes No
C. Yes No No
D. No Yes Yes
16. Criteria that are embodied in laws or regulations, or issued by authorized or recognized bodies of experts that
follow a transparent due process are called... *
1 point
A. Suitable criteria
B. Established criteria
D. General criteria
17. In an assurance engagement, the person or persons, either as individuals or representatives of an entity,
responsible for the subject matter is the... *
1 point
A. Intended user
B. Responsible party
C. Professional accountant
D. Client
18. In an assurance engagement, the person or class of persons for whom the professional accountant prepares
the report for a specific use or purpose is the... *
1 point
A. Intended user
B. Responsible party
C. Management
D. Client
19. In an assurance engagement, the outcome of the evaluation or measurement of a subject matter against criteria
is called... *
1 point
B. Subject matter
C. Assurance
D. Comclusion
20. In some assurance engagements, the evaluation or measurement of the subject matter is performed by the
responsible party, and the subject matter information is in the form of an assertion by the responsible party that is
made available to intended users. These engagements are called... *
1 point
B. Assertion-based engagements
C. Non-assurance engagements
D. Recurring engagements
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