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IAAO 501 TEST QUESTIONS AND VERIFIED SOLUTIONS ALREADY PASSED Audit - Answers Systematic and methodical examination of records with the intent to berify their accuracy Financial Accounting Standards Board (FASB) - Answers Establishes the guidelines that $7.99
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IAAO 501 TEST QUESTIONS AND VERIFIED SOLUTIONS ALREADY PASSED Audit - Answers Systematic and methodical examination of records with the intent to berify their accuracy Financial Accounting Standards Board (FASB) - Answers Establishes the guidelines that
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Course
IAAO 501
Institution
IAAO 501
IAAO 501 TEST QUESTIONS AND VERIFIED SOLUTIONS ALREADY PASSED
Audit - Answers Systematic and methodical examination of records with the intent to berify their accuracy
Financial Accounting Standards Board (FASB) - Answers Establishes the guidelines that are referred to as the Generally Accepted ...
IAAO 501 TEST QUESTIONS AND VERIFIED SOLUTIONS ALREADY PASSED
Audit - Answers Systematic and methodical examination of records with the intent to berify their
accuracy
Financial Accounting Standards Board (FASB) - Answers Establishes the guidelines that are referred to as
the Generally Accepted Accounting Principles (GAAP)
Four major categories of personal property are - Answers Inventories
Fixed Assets
Leasehold improvements
Intangibles
Inventories - Answers Example is goods in process
Three characteristics of fixed assets - Answers 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 - Answers Property that represents evidence of value or the right to value
under custom and law
Three characteristics of the cost approach - Answers Based on principle of substitution
Greatest strength include broad applicability and readily available data
Greatest weakness is the estimate of depreciation
Replacement cost new - Answers The cost required to replace the property unit with a new one of like
utility in today's market
Historical cost - Answers The cost of the item at the time it was initially acquired by the original iser
Three approaches to value - Answers Income approach
Sales comparison approach
Cost approach
Property tax listing form - Answers 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 - Answers Public
, Private
Assets are normally divided into the following accounts - Answers Cash
Notes receivable
Accounts receivable
Prepaid expenses
Land
Building
Equipment, furniture and fixtures
Other assets - inventory, intangibles
double entry system - Answers a system that records the two sided effect of each transaction in
appropriate accounts - debuts and credits
Depreciation - Answers Reduction in cost or loss in value
Two forms of depreciation - Answers Accounting depreciation - cost recovery
Appraising depreciation - loss of market value
A=L+C - Answers Assets = liabilities + capital
The most reliable source of information to personal property auditoe - Answers Taxpayers accounting
records
Three types of audits - Answers Review
Desk - informal
Book - formal
Review audit is composed of - Answers Review
Telephone correspondence
Physical inspection
What method should be used when property owner will not or cannot provide information to verify the
files listing or has refused to do so - Answers Physical inspection method
Desk audit is also referred to as - Answers Informal audit
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