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Fall 2015 – Midterm Study Guide
Point Break-Down
Multiple choice * 120 points possible * 40 questions * ~1.5 minutes per question
Short answer * 30 points possible * 6 questions * ~3 minutes per question
Exam is worth a total of 150 points

Chapter Break-Down
Chapter 1 * 1 MC question * 3 total points (2% of the exam)
Chapter 2 * 3 MC questions * 9 total points (6% of the exam)
Chapter 3 * 5 MC questions * 1 Short answer question * 20 total points (~13% of the exam)
Chapter 4 * 5 MC questions * 1Short answer question * 20 total points (~13% of the exam)
Chapter 5 * 6 MC questions * 18 total points (12% of the exam)
Chapter 6 * 5 MC questions * 1 Short answer question * 20 total points (~13% of the exam)
Chapter 7 * 5 MC questions * 1 Short answer question * 20 total points (~13% of the exam)
Chapter 8 * 6 MC questions * 1 Short answer question * 23 total points (~15% of the exam)

Chapter 9 * 4 MC questions * 12 total points (8% of the exam)
Current Events * 1 Short answer question * 5 total points (~3% of the exam)

Important Topics (This is intended to help guide the focus of your review for the exam, however, it is not intended to be sufficiently detailed to the exact exam questions. Note: many of the topics listed are broad and cover a variety of more specific points. Thus, not everything can or will be tested.)

Chapter 1 * What is an audit * Fundamental Concepts in conducting a financial statement audit * Materiality, audit risk, and audit evidence * Sampling * Major phases of an audit
Chapter 2 * Audit environment has been reshaped * What does society expect from an auditor * Management and auditor’s responsibilities * Organizations that affect the public accounting

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