Aicpa review questions - Study guides, Class notes & Summaries

Chapter 03 Audit Planning, Types of Audit Tests, and Materiality True / False Questions 1. The first phase of audit planning is risk assessment. True False 2. When the prospective client has previously been audited, auditing standards require that the successor auditor make certain inquiries of the predecessor auditor before accepting the engagement. True False 3. The Code of Professional Conduct does not allow an auditor to disclose confidential client information without the client's con...

Chapter 3 Courts and Alternative Dispute Resolution N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of the Test Bank, = A question included in the previous edition of the Test Bank. TRUE/FALSE QUESTIONS 1. A state long arm statute allows a court to exercise jurisdiction over out-of-state defendants based on activities that took place within the sta...

Chapter 01 Accounting: The Language of Business MULTIPLE CHOICE QUESTIONS 1) The purpose of accounting is to provide financial information about an economic or social entity. A) True B) False Answer: A Explanation: Diff: 1 Topic: What is Accounting Learning Objective: 01-01 Define accounting. Bloom's: Remember AACSB: Analytical Thinking AICPA: BB Industry; FN Decision Making 2) An accounting system is designed to accumulate and classify data about a company's financial activities and...

Intermediate Accounting Exam 1 Review Questions With 100% Correct Answers Essential characteristics of accounting - answerthe identification, measurement, and communication of financial information about economic entities to interested parties Financial accounting - answerprep financial reports on entity for internal and external parties Managerial accounting - answeridentify, measure, analyze financial info needed by management to plan, control, and evaluate comp operations What are exa...

True / False Answers 1. Conversion labor costs become part of cost of goods sold. Answer: True Chapter 07 Conversion Processes Answer Key AACSB: Analytical Thinking AICPA BB: Leveraging Technology AICPA FN: Leveraging Technology Blooms: Remember Difficulty: 1 Easy Learning Objective: 07-01 Describe the business activities that comprise the conversion process Source: Original Topic: Conversion processes 2. Gateways can direct sequence flow to support looping. Answer: True AACSB: Analytica...

Advanced Auditing - Final Exam 2024 Questions & Answers 100% Accurate!. Agreed-Upon Procedures - ANSWER--Agree with client on procedures - Report outcome/findings from procedures (no conclusion, just findings) -Report distribution is limited -No opinion, so NO INDEPENDENCE REQUIREMENTS (yay!) Types of Consulting Engagements - ANSWER-Consultations -using existing personal knowledge Advisory services - develop findings, conclusions, and recommendations Implementation services - put action...

Chapter 3 Product Costing and Cost Accumulation in a Batch Production Environment Answer Key True / False Questions 1. Product or service cost is a very objective number that anyone could agree on. FALSE AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Measurement Blooms: Understand Difficulty: 1 Easy Learning Objective: 03-01 Feedback True: This statement is false. Feedback False: Correct! In reality, product cost is a slippery concept. 2. Product costs ...

Chapter 03 Analyzing Business Transactions Using T Accounts MULTIPLE CHOICE QUESTIONS 1) When preparing the trial balance, the total debits MUST equal the total credits. A) True B) False Answer: A Explanation: Diff: 1 Topic: Transactions That Affect Revenue, Expenses, and Withdrawals Learning Objective: 03-05 Prepare a trial balance from T accounts. Bloom's: Remember AACSB: Analytical Thinking AICPA: BB Industry; FN Reporting 2) Credits increase Liabilities, Owner's Equity, and Revenu...

Managerial Accounting Exam 1 Review 2024 || Over 60 Questions & All Answers (100% Correct) Managerial Accounting Exam 1 Review 2024 || Over 60 Questions & All Answers (100% Correct) The management process is defined by a. planning b. Controllings c. Decision making d. All of the above e. None of the above - ANSWER - d. all of the above The org. that controls the certification of management accountants is the a. FASB b. SEC c. IMA d. AICPA e. None of the above - ANSWER - c....

Chapter 03 Analyzing Business Transactions Using T Accounts MULTIPLE CHOICE QUESTIONS 1) When preparing the trial balance, the total debits MUST equal the total credits. A) True B) False Answer: A Explanation: Diff: 1 Topic: Transactions That Affect Revenue, Expenses, and Withdrawals Learning Objective: 03-05 Prepare a trial balance from T accounts. Bloom's: Remember AACSB: Analytical Thinking AICPA: BB Industry; FN Reporting 2) Credits increase Liabilities, Owner's Equity, and Revenu...