Practice Exam – 10 Points ACC/490 Auditing Student Name: Multiple Choice – Highlight the best answer Point Value: .25 each 1. Which one of the following is among the three components of audit risk? a. incurrence risk b. occurrence risk c. rejection risk d. control risk 2. The Hochfelder Case is important because it limited auditor liability under: a. the 1933 Securities Act. b. the 1934 Securities Exchange Act. c. common law. d. RICO. 3. Which of the following
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ACC/260 Week 8 Individual The situation in “Locker Room Talk”‚ centers on Albert Gable‚ a partner in a CPA firm. Mr. Gable took on a married couple‚ Larry and Susan Wilson‚ as clients for financial planning‚ and as he worked their case he became their personal friends. Albert knew that their marriage had some problems‚ and as he was auditing a bank‚ which he did annual audits for‚ he discovered some discrepancies in the information that the Wilson’s gave him and the information that the bank had
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This work of ACC 460 Week 4 DQs consists of: DQ1: 1. What financial statements are required of not-for-profit organizations? 2. How are they different or comparable to those provided by organizations that operate for profit? 3. How does the retained earnings section of for-profit organizations differ from that of the net assets section of not-for-profits? DQ2: 1. What are the three classifications of net assets established by FASB Statement 117? 2. How are these
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This paperwork of ACC 440 Week 3 Discussion Questions shows the solutions to the following problems: DQ1: What are some of the issues we may run into when consolidating financial statements at period end? What types of transactions need to be addressed in a consolidation? DQ2: Why do most parent companies acquire 100 percent ownership of the subsidiary when 51 percent would grant them economic control? What are the economic reasons supporting more than a 51 percent ownership level?
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Technological Integration for Progress ACC/542 Technological Integration for Progress Kudler Fine Foods (“The Company ’) has experienced impressive growth over the past few years and it has become apparent that a custom software package that integrates real time inventory with real time financial data. Associates‚ CPAs ‚ at The Company ’s request‚ have evaluated several aspects of the The Company‚ including but not limited to financial statements‚ inventory management systems and interdepartmental
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Chapter 12 & 13 1. A sales manager collected the following data on salespersons’ annual sales and years of experience. Years of Annual Sales Salesperson Experience ($1000s) 1 1 80 2 3 97 3 4 92 4 4 102 5 6 103 6 8 111 7 10 119 8 10 123 9 11 117 10 13 136 a. Develop a scatter diagram for these data with years of experience as the independent variable. b. Develop an estimated regression equation that can be used to predict
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Comparing and contrasting current and noncurrent Troy Martinez ACC/400 September 25‚ 2010 Debra Latimore University of Phoenix Comparing and contrasting current and noncurrent What are current assets? Current assets are also known as liquid assets. The most common of current assets can be found in the Accounts Receivables department. They can be found in the form of invoices. Current assets are any assets that can be turned into cash in less than a year. Other
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This document of ACC 460 Week 1 DQs consists of: DQ1: Log into charitynavigator.org/. Choose a good charity and a bad charity and explain why you feel they should labeled good or bad. DQ2: What is fund accounting? How does it compare to proprietary accounting? Why is fund accounting necessary? What are the major fund types? DQ3: What are some examples of government and not-for-profit organizations? How do proprietary businesses measure achievement? How do government organizations
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Week Four Team Reflection Tara Bolton‚ Misty Lambou‚ Kenneth Maxwell‚ Jeanette Platt ACC/422 November 26‚ 2012 Instructor: Don Minyard Week Four Team Reflection During Week Four Team D discussed the objectives learned in Week Three. In the following paragraphs‚ Team D will provide examples of the effect of using different depreciation methods and its effects of decision-making by the management. Team D will also analyze why reporting intangible assets are challenging for accountants. Depreciation
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ABC Manufacturing Company – Final Paper Jeanette Montgomery ACC 206 Principles of Accounting II Instructor: Debra Touhey November 25‚ 2014 ABC MANUFACTURING COMPANY Earnings‚ dividends and growth rates are useful figures in investment analysis. However‚ like water to humans‚ there is an underlying element essential to the survival and success of any firm—cash flow. In this installment of the financial statement analysis series‚ I discuss the corporate cash flow statement‚ providing an in-depth
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