Aicpa 120 - Study guides, Class notes & Summaries

Test Bank for Financial Accounting; Tools for Business Decision Making 10th Edition by Kimmel Jerry J. Weygandt Jill E. Mitchell, All Chapters Covered, Complete Guide A+. CHAPTER 1 INTRODUCTION TO FINANCIAL STATEMENTS CHAPTER LEARNING OBJECTIVES 1. Identify the forms of business organization and the uses of accounting information. A sole proprietorship is a business owned by one person. A partnership is a business owned by two or more people associated as partners. A corporation is a separ...

EthicsFinal–AICPAExam120QuestionswithCorrect Answers. Generally, ethical dilemmas are not routine. Therefore, there is no way that an individual can be prepared or informed for a problem ahead of time. - Correct Answer False, It is important that you do your homework and understand how to protect yourself and your employer. This will give you a "head's up" when you face potential ethical dilemmas PCAOB set auditing, quality control, ethics, independence and other standards relat...

International And AICPA Ethics Standards Exam With 100% Correct And Verified Answers International Ethics Standards - Correct Answer-Set by International Ethics Standards Board for Accountants (IESBA), Code of Ethics for accountants Supported by - Correct Answer-IFAC (supports IAASB) Applies to accountants in... - Correct Answer-Public practice, private, education, public sector IES-IAASB - Correct Answer-Firms issuing reports in accordance with IAASB must follow IESBA Code or more s...

A member must be qualified to supervise and evaluate the work of specialists that he or she employs. - ️️True The Sarbanes-Oxley Act of 2002 created a new Public Company Accounting Oversight Board that has many responsibilities, including the establishment and enforcement of ethics standards. - ️️True The Sarbanes-Oxley Act of 2002 makes it unlawful for a registered accounting firm to perform any auditing services for a public company for a one year period starting from the date the pu...

The AICPA's Code of Professional Conduct contains principles, rules, interpretations, and rulings. - Answer- True Ethics Rulings summarize the application of rules and interpretations to a particular set of factual circumstances. - Answer- True A code of ethics serves as a reference and benchmark for acceptable professional behavior. - Answer- True The Texas Society of Certified Public Accountants issues licenses to practice as certified public accountants in the State of Texas. - Answ...

CHAPTER 2 THE RECORDING PROCESS SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 9. 1 K 17. 2 K 25. 3 K 33. 2 K 2. 1 K 10. 1 K 18. 2 K 26. 3 C 34. 3 K 3. 1 K 11. 1 K 19. 2 K 27. 3 K 35. 3 C 4. 1 K 12. 1 K 20. 2 K 28. 3 K 36. 4 K 5. 1 K 13. 1 K 21. 2 K 29. 3 K 37. 4 K 6. 1 K 14. 1 K 22. 2 K 30. 4 K 7. 1 K 15. 2 K 23. 2 K 31. 1 K 8. 1 K 16. 2 K 24. 2 K 32. 1 K Multiple Choice Questio...

Chapter 3—The Double­Entry Framework 1. An increase or decrease in any asset, liability, owner's equity, revenue, or expense is always accompanied by an offsetting change within the basic accounting elements. a. True b. False ANSWER: POINTS: DIFFICULTY: LEARNING OBJECTIVES: ACCREDITING STANDARDS: TOPICS: KEYWORDS: NOTES: True 1 Easy COLL.HEIN.17.7 - LO: 3-1 AICPA FN-Measurement BUSPROG: Communication ACBSP: APC-06-Recording Transactions Bloom's: Remembering 1 min. 2. A T ac...

1. A trial court generally has three judges who preside in a case. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: STATE STANDARDS: TOPICS: KEYWORDS: ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: STATE STANDARDS: TOPICS: KEYWORDS: a. b. True False False 1 Easy United States - BUSPROG: Reflective Thinking United States - OH - AICPA: BB-Legal The Process of Judicial Review Bloom's: Knowledge 2. An appellate court's role is to take additional evidence after a trial has ended. a...

Chapter 03 1. Which of the following is/are not true about a proper journal entry? a. An explanation is needed immediately after each debit and immediately after each credit. b. All credits are indented. c. A debit is never indented, even if a liability or owner's equity account is involved. d. All debits are listed before the first credit. e. In a compound entry, the largest amounts are listed first. ANSWER: POINTS: DIFFICULTY: LEARNING OBJECTIVES: NATIONAL STANDARDS: STATE STANDARD...

Test Bank for Financial Accounting, 5th Edition Fina ncial Accounting, 5e (Spiceland) Appendix C: Time Value of Money 1) The value of $1 today is worth more than $1 one year from now. Answer: TRUE Difficulty: 1 Easy Topic: Simple Versus Compound Interest Learning Objective: C-01 Contrast simple and compound interest. Bloom's: Remember AACSB: Reflective Thinking AICPA/Accessibility: BB Critical Thinking/Keyboard Navigation 2) The time value of money is a concept, which means that the ...