Accounting: Tax and Financial Statements
SOME OF THESE ANSWER ARE NO LONGER VALID AFTER THE END OF 2008.
THOSE ITEMS ARE NOT ON OUR EXAM TOMORROW.
1. An audit of a government, conducted in accordance with generally accepted auditing standards (GAAS), includes A. A determination of efficiency and effectiveness. B. An examination of financial statements and underlying records for conformance with generally accepted accounting principles (GAAP). It does this as well as generally accepted governmental auditing standards C. Tests for compliance with laws and regulations. D. Both B and C.
2. Government Auditing Standards (GAS) issued by the U.S. Comptroller General apply to A. Financial statement audits of federal organizations made by the Government Accountability Office. B. Financial statement audits of federal programs made by state auditors. C. Financial statements of federal grants made by independent CPAs. D. All of the above.
3. The single audit concept refers to A. All audits of state and local government reporting entities. B. Audits to determine efficiency and economy. C. Audits following the Single Audit Act of 1984 (with 1996 Amendments) and the revised OMB Circular A-133. D. Financial and performance audits, and attestation engagements.
4. One of the primary purposes of the Single Audit Act of 1984 (amended in 1996) is to A. Detect fraud, waste and abuse in government entities. B. To promote the efficient and effective use of audit resources by consolidating audit activity into one organization-wide audit. C. Make audit activity legal at the federal level. D. Allow federal auditors greater access to government entities receiving federal funds.
5. A typical objective of a performance audit is for the auditor to A. Determine whether the financial statements fairly present the entity's operational results. B. Judge the appropriateness of an entity's program goals. C. Make recommendations for improving performance.
THOSE ITEMS ARE NOT ON OUR EXAM TOMORROW.
1. An audit of a government, conducted in accordance with generally accepted auditing standards (GAAS), includes A. A determination of efficiency and effectiveness. B. An examination of financial statements and underlying records for conformance with generally accepted accounting principles (GAAP). It does this as well as generally accepted governmental auditing standards C. Tests for compliance with laws and regulations. D. Both B and C.
2. Government Auditing Standards (GAS) issued by the U.S. Comptroller General apply to A. Financial statement audits of federal organizations made by the Government Accountability Office. B. Financial statement audits of federal programs made by state auditors. C. Financial statements of federal grants made by independent CPAs. D. All of the above.
3. The single audit concept refers to A. All audits of state and local government reporting entities. B. Audits to determine efficiency and economy. C. Audits following the Single Audit Act of 1984 (with 1996 Amendments) and the revised OMB Circular A-133. D. Financial and performance audits, and attestation engagements.
4. One of the primary purposes of the Single Audit Act of 1984 (amended in 1996) is to A. Detect fraud, waste and abuse in government entities. B. To promote the efficient and effective use of audit resources by consolidating audit activity into one organization-wide audit. C. Make audit activity legal at the federal level. D. Allow federal auditors greater access to government entities receiving federal funds.
5. A typical objective of a performance audit is for the auditor to A. Determine whether the financial statements fairly present the entity's operational results. B. Judge the appropriateness of an entity's program goals. C. Make recommendations for improving performance.