Online Objective Test 3 - 25 August 2022: Attempt review https://learn.unizulu.ac.za/facultyOfCommLaw/mod/qu ... Home / My courses / 2AUD 302 / Online Objective Tests / Online Objective Test 3 - 25 August 2022 Started on Thursday, 25 August 2022, 3:03 PM State Finished Completed on Thursday, 25 August 2022, 3:12 PM Time taken 9 mins 25 secs Grade 10.00 out of 13.00 (77%) Question 1 Correct Mark 4.00 out of 4.00 Matching the following Concepts with Descriptions that best match them The entity purchases from of its goods and services from foreign suppliers on credit. This will give rise to the Risk of Material Misstatement at ? Assertion level the management integrity being questionable, which increases the Risk of Material Misstatement at? Overall financial statement level incorrect usage of spot rates at transaction date to translate foreign currency to the Rand amount. Which assertion is affected? Accuracy period due to deliveries from suppliers being made towards the end of the financial year end. Which assertion is affected? Cut-off The correct answer is: The entity purchases from of its goods and services from foreign suppliers on credit. This will give rise to the Risk of Material The management of the entity engages in bribery activities to secure tenders, this leads to the management integrity being There is a risk that purchase transactions may be recognised at incorrect amounts due to incorrect usage of spot rates at transaction There is a risk that purchase transactions may be recognised in an incorrect accounting period due to deliveries from suppliers being 1 of 4 2022/10/13, 04:25
Online Objective Test 3 - 25 August 2022: Attempt review https://learn.unizulu.ac.za/facultyOfCommLaw/mod/qu ... Question 2 Incorrect Mark 0.00 out of 1.00 When should the buying entity record a purchase in its accounting records? Generally when: c. A supplier confirms receipt of payment for goods previously purchased on credit d. The purchase order is sent to a supplier e. Goods are taken custody of upon delivery from a supplier Your answer is incorrect. The correct answer is: Goods are taken custody of upon delivery from a supplier Question 3 Incorrect Mark 0.00 out of 1.00 Internal controls implemented for the purpose of achieving the control objective of validity aim to ensure that all purchase transactions that were entered into during a period are recorded in the financial records. Select one: O This control objective is rather Completeness The correct answer is 'False'. Question 4 Correct Mark 1.00 out of 1.00 The auditor reperforming the creditor reconciliation and performing arithmetic checks and verifications on the reconciliations is a type of a dual-purpose audit test (both Test of Controls over the creditors recon and performing of substantive tests of detail on the creditors' recon). Select one: The correct answer is 'True'. 2 of 4 2022/10/13, 04:25
Online Objective Test 3 - 25 August 2022: Attempt review https://learn.unizulu.ac.za/facultyOfCommLaw/mod/qu ... Question 5 Correct Mark 2.00 out of 2.00 Which of the following duties should be performed by different staff members in the Purchases + Payments