Unviversity Of Phoenix

Business Ethics - Answer is the application of ethics to the special problems and opportunities experienced by business people A large construction company has purchased a piece of property in a small suburban community that values historic preservation. The piece of property contains buildings that have significant historic value to the town; however, the law does not provide any protection that requires preservation of the buildings. A socially responsible construction company would prob...

cutoff tests designed to detect purchases made before the end of the year provide assurance about management's assertion of: a. presentation and disclosure b. completeness c. rights and obligations d. existence - Answer b. completeness during an audit of an entity's stockholders' equity accounts, the auditor determines whether there are restrictions on retained earnings resulting from loans, agreements, or state law. this audit procedures most likely is intended to verify m...

What are the 2 types of independence required for auditors? - Answer - independence in fact - independence in appearance What is independence in fact? - Answer - being honest about not subordinating public trust to obtain personal gain and advantages and being unbiased when performing assertions What is independence in appearance? - Answer Whether users of the financial statements believe the auditor is unbiased What are types of material misstatements? - Answer - material ...

Revenues are normally considered to have been earned when - Answer The company has substantially accomplished what it must to be entitled to the benefits Sales are normally recorded on the date of the: - Answer Sales invoice When auditing the revenue and collection cycle, auditors normally select balances to confirm from the: - Answer Accounts receivable listing Which of the following accounts is not normally part of the revenue and collection cycle? - Answer Purchase return...

The Phases of the Audit - Answer I: Plan and design Audit II: Perform tests of controls and transactions III: Analytical procedures and tests of details of balances IV: Complete the audit and issue the report Plan and Design Audit (Phase I) - Answer 1. Determine whether auditor wants to do business with client 2. Agree to the terms and expectations of the engagement 3. Identify potential risks of association with the client (risk of misstatement) 4. Plan the work auditor will perf...

Which of the following would be considered an assurance engagement? - Answer - Giving an opinion on a prize promoter's claims about the amount of sweepstakes prizes awarded in the past - Giving an opinion on the conformity of the financial statements of a university with generally accepted accounting principles - Giving an opinion on the fair presentation of a newspaper's circulation data - Giving assurance about the average drive length achieved by golfers with a client's golf ba...

Key Points of Auditing - Answer 1. Verifiable Information 2. Established Criteria 3. Correspondence between info and criteria 4. Competence, independence, ethical behavior Independence in fact - Answer auditor is truly unbiased Independence in appearance - Answer whether user believes auditor is unbiased Attestation Services-Written Report - Answer Required Attestation Services- Provider - Answer Independent CPA Attestation Services- Assurance - Answer Assert...

manager may intentionally build slack into the budget - Answer to gain the resources they need in the event of budget cuts all of the following budgets are prepared by merchandising companies except - Answer direct materials most companies use _______ when the lower-level management develops budgets each year - Answer participative budgeting which of the following budgets is the cornerstone of the master budget - Answer sales "capital expenditures budget" is best de...

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