False | ||
Audited financial statements are not solely based on the numbers supplied by the management. They are audited for the accuracy by an certified auditor. |
Audited financial statements are based on the numbers supplied to the accountant by management. True False
True or false. when preparing financial statements the accountant assumes that the business will continue to operate indefinitely
Despite the high cost, most small companies have their financial statements audited by a CPA firm, so they can obtain a loan. True or False True False
Despite the high cost, most small companies have their financial statements audited by a CPA firm, so they can obtain a loan. true or false
What is management responsibilities for the financial statement being audited? What are auditor’s responsibilities for the financial statement being audited? What is the difference between error and fraud? What is auditor’s responsibility for finding error and fraud? Define what is meant by management assertion about financial statements List and explain the PCAOB five categories of management assertions How does the PCAOB assertions differ from the International and AICPA assertions?
12. The auditor is responsible for the footnotes to the financial statements. -True -False 13. The auditors determine which disclosures must be presented in the financial statements. -True -False 14. Which of the following is not a factor that has increased litigation against CPAs? a. The tendency of society to accept lawsuits by injured parties against anyone who might be able to provide compensation. b. Increasing incompetence within the profession. C. CPA firms are willing to settle out of court...
For questions 11 to 13, match the responsibility of the audited financial statements with the responsible party: Responsible Party 11. Management's responsibility regarding audited financial statements. 12. Independent auditors responsibility regarding audited financial statements 13. Audit committee responsibility regarding audited financial statements Responsibility A. Fairness of the financial statements B. Oversight and monitoring C. Issue a report in accordance with generally accepted auditing standards (GAAS)
Which of the following statements concerning the notes to the audited financial statements of a company is least accurate? Financial statement notes: are audited. contain information about contingent losses that may occur. include management's assessment of the company's operating performance and financial results.
TRUE/FALSE. Mark "A" for true, "B" for false. 16) Money management refers to day-to-day financial activities necessary to manage current personal economic resources while working toward long-term financial security. 16) MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 17) 17) The main purposes of personal financial statements are to A) Measure your progress toward financial goals B) Maintain information about your financial activities. C) Provide data for preparing tax forms or applying for...
True or false 9. Karen is a Certified Management Accountant and is bound by the IMA's Standard of Ethical Content. Her superior has asked her to try to influence the firm's outside auditors with expensive gifts and favors. if Karen complies, she will violate the competence standard. T/F 10. Misclassifying a product cost as a period cost will usually cause the income statement to be incorrect, but the balance sheet will not be affected. T/F
Common financial statements present all the financial statements items as percentages of any item. True False