An audit opinion in which the auditors are taking exception to a specific treatment of accounting information is the

1. An audit opinion in which the auditors are taking exception to a specific treatment of accounting information is theA. adverse opinion.B. unqualified opinion.C. qualified opinion.D. disclaimer of opinion.2. Land is an example of aA. long-term asset.B. current liability.C. long-term liability.D. current asset.3. The _______ method is used to estimate the cost of ending inventory.A. average costB. FIFOC. gross profitD. LIFO4. Which of the following would probably not need to be disclosed in a footnote?A. Change of inventory methodsB. A material change in estimated shrinkageC. A 10% increase in salesD. A change in depreciation method5. Which element of internal control deals with a company having large amounts of cash on hand?A. Information and communicationB. Risk assessmentC. Control environmentD. Control activities6. A new car lot would probably cost its inventory using the _______ method of inventory costing.A. moving averageB. specific-identificationC. FIFOD. LIFO7. In a FOB destination agreement, when will ownership transfer to the buyer?A. When the buyer physically touches the goodsB. When the buyer has paid for the goods in fullC. When the goods leave the seller’s locationD. When the goods arrive at the delivery location8. ABC Corporation pays an invoice for $350 in time to receive a 3% discount. The journal entry for the payment of this invoice is debit Accounts PayableA. $340 and credit Cash $340.B. $340, debit Inventory $10, and credit Cash for $350.C. $350 and credit Cash $350.D. $350, credit Inventory $10.50, and credit Cash for $339.50.9. When merchandise is sold under the perpetual system of inventory, the journal entry to record a sale of merchandise on account includes debiting _______ and crediting _______.A. Accounts Receivable; Cost of Goods SoldB. Accounts Receivable; SalesC. Accounts Receivable; InventoryD. Cost of Goods Sold; Sales10. Michelle, a customer of Regal Company, returned $45 of goods that were purchased on account. Under the perpetual inventory system, Regal will record a debit to _______ and a credit to _______ for $45.A. Sales; Accounts Receivable (Michelle)B. Sales; Cost of Goods SoldC. Sales Returns and Allowances; Accounts Receivable (Michelle)D. Cost of Goods Sold; Inventory11. A company has net sales of $126,000, cost of goods sold of $72,000, operating expenses of $38,000, and other expenses of $3,000. Approximately what is the company’s gross profit percentage?A. 0.103B. 0.127C. 0.241D. 0.42912. Under a perpetual inventory system, transportation charges on incoming merchandise are generally entered to the _______ account.A. FOB shippingB. InventoryC. FOB destinationD. Delivery Expense13. If the replacement cost of inventory is less than its historical cost, the company will write down the inventory byA. increasing inventory and decreasing cost of goods sold.B. increasing cost of goods sold and decreasing inventory.C. increasing inventory for replacement cost and decreasing inventory for historical cost.D. making a note in the financial statements only.14. _______ occurs if a disgruntled employee convinces another to steal from the company.A. MonitoringB. The control environmentC. A control activityD. Collusion15. Under a perpetual inventory system, when goods are returned to a retailer from a customer, _______ is debited and _______ is credited.A. Inventory; SalesB. Sales; Cost Goods SoldC. Cost of Goods Sold; Sales Returns and AllowancesD. Sales Returns and Allowances; Cost of Goods Sold16. An employee believes that getting away with fraud without being detected is likely. This best relates to which element of the fraud triangle?A. RealizationB. RationalizationC. Perceived pressureD. Perceived opportunity17. A method of valuing inventory based on the average of units is called theA. LIFO method.B. specific cost method.C. FIFO method.D. average cost method.18. Under the perpetual inventory method, purchased goods are recorded to theA. Inventory account as a debit.B. Purchases account as a debit.C. Cost of Goods Sold account as a debit.D. Purchases account as a credit.19. Which of the following is not part of the fraud triangle?A. RealizationB. RationalizationC. Perceived pressureD. Perceived opportunity20. If net sales decrease and cost of goods sold increases, the gross profit percentageA. will change based upon the change in total assets.B. increases.C. remains the same.D. decreases.

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