1.Which audit assertion is met when testing PP&E retirements throughout the year?

Cutoff Existence Occurrence Valuation

2.What is the auditor's main inherent risk concerning debt acquisition?

Going concern in acquiring debt Lack of an independent trustee Lack of proper authorization Understatement of debt

3.For proper internal controls over issuing merchandise, who should maintain perpetual inventory records of finished goods?

Accountant Inventory manager Storekeeper Warehouse manager

4.Which of the following is an auditor unlikely to see on an internal control questionnaire regarding corporate debt?

Does the debt issuance follow company debt provisions? Does the amount of debt exceed current assets? Is an independent trustee used? Is new debt properly authorized?

5.Which audit assertion is met when testing prenumbered documents over inventory control?

Completeness Existence Presentation Valuation

6.Which audit assertion is met when performing cash audit tests that reconcile cash balances to the general ledger?

Completeness Existence Presentation Rights