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IAAO 501 Exam Questions And Answers 100% Pass
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IAAO 501 Exam Questions And Answers 100% Pass Audit - answerSystematic and methodical examination of records with the intent to berify their accuracy Financial Accounting Standards Board (FASB) - answerEstablishes the guidelines that are referred to as the Generally Accepted Accounting Princip...

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  • November 9, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • iaao 501 exam questions and answers 100 pass

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  • IAAO
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©THEBRIGHT EXAM SOLUTIONS

11/06/2024 10:41 AM


IAAO 501 Exam Questions And Answers
100% Pass


Audit - answer✔Systematic and methodical examination of records with the intent to berify
their accuracy

Financial Accounting Standards Board (FASB) - answer✔Establishes the guidelines that are
referred to as the Generally Accepted Accounting Principles (GAAP)

Four major categories of personal property are - answer✔Inventories
Fixed Assets
Leasehold improvements
Intangibles

Inventories - answer✔Example is goods in process

Three characteristics of fixed assets - answer✔Tangible: they possess physical substance and
presence
Acquired for use in the business and not for resale
Items are of a relatively permanent nature

Intangible Personal Property - answer✔Property that represents evidence of value or the right
to value under custom and law

Three characteristics of the cost approach - answer✔Based on principle of substitution
Greatest strength include broad applicability and readily available data
Greatest weakness is the estimate of depreciation

Replacement cost new - answer✔The cost required to replace the property unit with a new one
of like utility in today's market

, ©THEBRIGHT EXAM SOLUTIONS

11/06/2024 10:41 AM

Historical cost - answer✔The cost of the item at the time it was initially acquired by the original
iser

Three approaches to value - answer✔Income approach
Sales comparison approach
Cost approach

Property tax listing form - answer✔The most important document an assessor can use in
obtaining a complete report of a taxpayers personal property

Accounting profession can be divided into two major areas - answer✔Public
Private

Assets are normally divided into the following accounts - answer✔Cash
Notes receivable
Accounts receivable
Prepaid expenses
Land
Building
Equipment, furniture and fixtures
Other assets - inventory, intangibles

double entry system - answer✔a system that records the two sided effect of each transaction in
appropriate accounts - debuts and credits

Depreciation - answer✔Reduction in cost or loss in value

Two forms of depreciation - answer✔Accounting depreciation - cost recovery
Appraising depreciation - loss of market value

A=L+C - answer✔Assets = liabilities + capital

The most reliable source of information to personal property auditoe - answer✔Taxpayers
accounting records

Three types of audits - answer✔Review

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