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AFSB 152 Chapter 7 Review Questions(answers).
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AFSB 152 Chapter 7 Review Questions(answers).
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AFSB 152Chapter 7
Review
Questions(answe
rs)
Identify the factors that would enable the
analyst to make realistic assessments of
financial data. - answer - adequate
accounting systems and high-quality financial
reports
- a close and open working relationship with
the contractor
- when approved by the contractor, access to
the contractor's CPA or other personnel who
may provide important data or insights
- the analyst's knowledge and experience
, Identify the principal areas of financial
analysis. - answer - the effects of
subsequent recognition of conditions that
existed were not evident during the
accounting period or while the financial
statement was being prepared
- the effects of subsequent events and
conditions relating to the contractor's
financial affairs
- the analyst's judgment regarding
classification of amounts in the financial
statement
- the analyst's judgment regarding amounts
to be allowed for underwriting purposes
- qualitative assessment of all amounts
included in the financial statement
- quantitative and qualitative assessments of
the financial statement in its entirety
Identify existing but undetected conditions
that may result in an overstatement of the
contractor's financial condition. - answer -
financial and performance problems
experienced by the contract owner,
subcontractors, or suppliers
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