Question 1 A CPA firm is considered independent when it performs which of the following services for a publicly traded audit client? A. tax return preparation as approved by the board of directors B. basic accounting recordkeeping and financial statement preparation C. accounting information system design and implementation D. both B and C E. none […]
Question 1 Proper segregation of functional responsibilities calls for separation of: Answer authorization, execution, and payment. authorization, recording, and custody. custody, execution, and reporting. authorization, payment, and recording. Question 2 Management must disclose material weaknesses in internal control in its audit report: Answer whenever the weakness is deemed significant to a single class of transactions. […]
Question 1 In “auditing” financial accounting data, the primary concern is with: Answer determining whether recorded information properly reflects the economic events that occurred during the accounting period determining if fraud has occurred.. determining if taxable income has been calculated correctly. analyzing the financial information to be sure that it complies with government requirements. Question […]
Buss: Acc (25) User Course Auditing I Test Midterm Exam Part 1 Started2/9/15 12:10 AM Submitted 2/9/15 1:29 AM Status Completed Attempt Score 125 out of 125 points Time Elapsed 1 hour, 18 minutes out of 2 hours. Instructions This midterm exam consists of 25 multiple choice questions and covers the material in Chapters 1 […]
Question 1 Which of the following statements is true when comparing the accounting for leasing transactions under U.S. GAAP with IFRS? The IFRS leasing standard is the subject of over 30 interpretations since its issuance in 1982. IFRS for leases is more “rules-based” than U.S. GAAP and includes many bright-line criteria to determine ownership. IFRS […]
TRUE-FALSE STATEMENTS 1. Dividends may be declared and paid in cash or stock. True False 2. Cash dividends are not a liability of the corporation until they are declared by the board of directors. True False 3. The amount of a cash dividend liability is recorded on the date of record because it is on […]
Question Multiple Choice Question 129 Dillon has a standard of 1.5 pounds of materials per unit, at $6 per pound. In producing 2,000 units, Dillon used 3,100 pounds of materials at a total cost of $18,135. Dillon’s materials price variance is $1,050 F. $135 U. $465 F. $600 F. Multiple Choice Question 81 Scorpion Production […]
Tax Return Problem ( 1020 S ) chapter 12 John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111111), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303. Premium’s Selection was made on January 15, 2009, its date of incorporation. The following information was […]
Question 1. Of the following account types, which would be increased by a debit? a. Liabilities and expenses. b. Assets and equity. c. Assets and expenses. d. Equity and revenues. 2. The following comments all relate to the recording process. Which of these statements is correct? a. The general ledger is a chronological record of […]
In this case, you have been provided financial information about the company in order to create a cash budget. Management is seeking advice or clarification on three main assumptions the company has been operating. Address Questions 1 and 2 at the end of the case. Based on the case questions, you are required to provide […]
