Homework Answers
Ans :- Certified Public Accountant
CPA in United States is a professional certificate to provide accounting services to companies and public. They practice as an indiviual or as a member of public accounting firm. The designation is given by AICPA.
Certified Payroll professional keeps payroll with high professionalism. They are employed by firms.
CMA is a professional certificate in the field of managment accounting and financial analysis.
Certified Internal Auditors make internal audits of the firm. They are employed by firm
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Question 13 Which type of accountant typically practices as an individual or as a member of...
Management's responsibility to its employees includes: providing products that are safe and free from defects. ensuring...
Management's responsibility to its employees includes: providing products that are safe and free from defects. ensuring that the company earns a positive return on its investments. ensuring that the company is environmentally responsible to its community. providing a safe workplace and fair compensation. The type of accounting that allows preparers to report on a portion of the company is: Financial Accounting. Managerial Accounting. Tax Accounting. None of the above. Which of the following certifications is co-sponsored by the AICPA? Chartered...
Question: Question 29 Assertions about classes of transactions and events typically include _______. -completeness, accuracy, and...
Question: Question 29 Assertions about classes of transactions and events typically include _______. -completeness, accuracy, and valuation -existence, rights, and cutoff -existence, rights, and obligations -occurrence, cutoff, and completeness Question 30 Assertions about account balances at year-end typically include _______. -existence, occurrence, and cutoff -existence, completeness, and allocation -existence, completeness, and rights and obligations -accuracy, valuation, and occurrence Question 31 Assertions about presentation and disclosure typically include _______. -cutoff, presentation, and disclosure -completeness, accuracy and valuation, and classification and understandability...
Instructions: Designate the best answer for each of the following questions. - 1. "GAAP" refers to...
Instructions: Designate the best answer for each of the following questions. - 1. "GAAP" refers to a. General Accounting and Auditing Principles. b. Guidelines for American Accounting Procedures. c. General Association of Accounting Practitioners. d. None of these answer choices are correct. 2. The requirement that only transaction data capable of being expressed in terms of money be included in the accounting records relates to the a. historical cost principle. b. monetary unit assumption. c. economic entity assumption. d. both...
Which of the following would not require a departure from an unqualified opinion? Question 1 Which...
Which of the following would not require a departure from an
unqualified opinion?
Question 1 Which of the following would not require a departure from an unqualified opinion? Selected Answer: Statement of cash flows not included Answers: Statements are not in conformity with GAAP. Scope limitation. Statement of cash flows not included Related party transactions. Question 2 Which of the following is false regarding materiality and the audit opinion? Selected Answer: The level of materiality is mathematically calculated and therefore...
The AICPA's Code of Professional Conduct includes a form of Organization and Name Rule. It states...
The AICPA's Code of Professional Conduct includes a form of Organization and Name Rule. It states that a member may practice public accounting only in a form or organization allowed by law or regulation that conforms with resolutions of the AICPA Council. Assume that a CPA firm is part of an alternative practice structure (APS) in which the firm is a subsidiary of another entity. Which attribute prevents a member of the AICPA from practicing public accounting in the APS?...
QUESTION 5 0.1 points Save Answer Audits are required for publicly traded companies in the United...
QUESTION 5 0.1 points Save Answer Audits are required for publicly traded companies in the United States. are designed to provide absolute assurance that the financial statements are free of material misstatement. do not require the auditor to express their opinion in a written report. are an assurance service, but not an attestation service QUESTION 6 0.1 points Save Answer External users of the financial statements value the auditor's report because of the auditor's independence from the client. look to...
Above is a list of circumstances that raise a question about an auditors ethical conduct. Identify...
Above is a list of circumstances that raise a question about an
auditors ethical conduct. Identify the rule (of the AICPA) that
applies to each. Example: Advertising Rule
Question 2 of 8 < - /5 In the practice of public accounting, an auditor who is a member of the AICPA is expected to comply with the rules of the AICPA Code of Professional Conduct. Listed below are circumstances that raise a question about an auditor's ethical conduct. 1. 2. 3....
LTİP.E CHOICE. Choose the one alternative that best completes the statement or answers the 1) The...
LTİP.E CHOICE. Choose the one alternative that best completes the statement or answers the 1) The uthoritative financial accousting standards-seting body in the United States is 1) presently the A) International Accounting Standards Board (IASB) B) Financial Accounting Standards Boand (FASB) C) Accounting Principles Board (APB) D) Securities and Exchange Coemmission (SEC) E) Public Coempany Accounting Oversights Board (PCAOB) 2) Which of the following are qualified to expeess an anoditor's opinion about an entity's2) financial statements? A) A Certified Public...
6. Which of the following statements is not correct? If (a) (b) (c) individual audit risk...
6. Which of the following statements is not correct? If (a) (b) (c) individual audit risk remains the same, detection risk has an inverse relationship to inherent risk and control risk. The auditor may make separate or combined assessments of inherent risk and control risk. Detection risk cannot be changed at the auditor's discretion The greater the inherent and control risks the auditor believes exist, the less detection risk that can be accepted. (d) 7. Inherent risk and control risk...
QUESTION 6 Which type of investment is predominantly used in defined contribution retirement plans? Individual stocks...
QUESTION 6 Which type of investment is predominantly used in defined contribution retirement plans? Individual stocks Individual bonds Mutual funds Real Estate QUESTION 7 Who decides on the amount of distributions from defined contribution retirement plans? Employee Employer Internal Revenue Service O Pre-determined formula set by the employer
Instructions: Designate the best answer for each of the following questions. - 1. "GAAP" refers to a. General Accounting and Auditing Principles. b. Guidelines for American Accounting Procedures. c. General Association of Accounting Practitioners. d. None of these answer choices are correct. 2. The requirement that only transaction data capable of being expressed in terms of money be included in the accounting records relates to the a. historical cost principle. b. monetary unit assumption. c. economic entity assumption. d. both...
Which of the following would not require a departure from an
unqualified opinion?
Question 1 Which of the following would not require a departure from an unqualified opinion? Selected Answer: Statement of cash flows not included Answers: Statements are not in conformity with GAAP. Scope limitation. Statement of cash flows not included Related party transactions. Question 2 Which of the following is false regarding materiality and the audit opinion? Selected Answer: The level of materiality is mathematically calculated and therefore...
The AICPA's Code of Professional Conduct includes a form of Organization and Name Rule. It states that a member may practice public accounting only in a form or organization allowed by law or regulation that conforms with resolutions of the AICPA Council. Assume that a CPA firm is part of an alternative practice structure (APS) in which the firm is a subsidiary of another entity. Which attribute prevents a member of the AICPA from practicing public accounting in the APS?...
QUESTION 5 0.1 points Save Answer Audits are required for publicly traded companies in the United States. are designed to provide absolute assurance that the financial statements are free of material misstatement. do not require the auditor to express their opinion in a written report. are an assurance service, but not an attestation service QUESTION 6 0.1 points Save Answer External users of the financial statements value the auditor's report because of the auditor's independence from the client. look to...
Above is a list of circumstances that raise a question about an
auditors ethical conduct. Identify the rule (of the AICPA) that
applies to each. Example: Advertising Rule
Question 2 of 8 < - /5 In the practice of public accounting, an auditor who is a member of the AICPA is expected to comply with the rules of the AICPA Code of Professional Conduct. Listed below are circumstances that raise a question about an auditor's ethical conduct. 1. 2. 3....
LTİP.E CHOICE. Choose the one alternative that best completes the statement or answers the 1) The uthoritative financial accousting standards-seting body in the United States is 1) presently the A) International Accounting Standards Board (IASB) B) Financial Accounting Standards Boand (FASB) C) Accounting Principles Board (APB) D) Securities and Exchange Coemmission (SEC) E) Public Coempany Accounting Oversights Board (PCAOB) 2) Which of the following are qualified to expeess an anoditor's opinion about an entity's2) financial statements? A) A Certified Public...
6. Which of the following statements is not correct? If (a) (b) (c) individual audit risk remains the same, detection risk has an inverse relationship to inherent risk and control risk. The auditor may make separate or combined assessments of inherent risk and control risk. Detection risk cannot be changed at the auditor's discretion The greater the inherent and control risks the auditor believes exist, the less detection risk that can be accepted. (d) 7. Inherent risk and control risk...
QUESTION 6 Which type of investment is predominantly used in defined contribution retirement plans? Individual stocks Individual bonds Mutual funds Real Estate QUESTION 7 Who decides on the amount of distributions from defined contribution retirement plans? Employee Employer Internal Revenue Service O Pre-determined formula set by the employer
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