Governmental and Nonprofit Accounting March 2014 - CPA EXAM Quiz – Answers and Explanations [1] Net assets is an element of the financial statements of not-for-profit entities (NFPs). It A. Net assets equal the residual interest in the assets of an entity that remains after subtracting its liabilities. For a business enterprise‚ equity (the ownership interest) is the analogue of net assets. In an NFP‚ which has no ownership interest in the same sense as a business enterprise‚ the net assets
Premium Revenue Income statement Financial statements
A & A U standards setting C C O U N T I N G D I T I N G Disclosure of the Engagement Partner in the Audit Report An International Perspective on the PCAOB Proposal By Jason Bergner and Ling Lin O n December 4‚ 2013‚ the PCAOB conducted an open meeting to reconsider its proposal to require the disclosure of the engagement partner (and certain other participants) in the audit report‚ as part of its efforts to improve transparency. The PCAOB is carefully considering the likely costs and benefits
Premium Audit Auditor's report
Roll of Successful Examinees in the C. P. A. LICENSURE EXAMINATION Held on OCTOBER 8‚ 2011 & FF. DAYS Released on OCTOBER 17‚ 2011 Page: 2 of 84 Seq. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 N a m e ABAD‚ FERDINAND JR MAGO ABAD‚ RAQUEL CATANEO ABALA‚ DOMENIC TAGONGTONG ABALOS‚ MARK LESTER BULLAS ABALOS‚ SHAYNE CATUNGAL ABANA‚ VANESSA TAGLE ABAPO‚ DONALD IAN BRASILEÑO ABARETA‚ RICK
Premium
------------------------------------------------- The Requirements of SFAS 116 and 117 and its effect on the financial statements The Statement of Financial Accounting Standards (SFAS) 116 and 117 are standards set for not- for-profit and non-governmental entities. The standards account for contributions and financial statement presentation (Granof‚ Khumawala‚ 2011). SFAS 116 defines how contributions are designated. Contributions can have donor-imposed restrictions. The standard defines
Premium Asset Balance sheet Financial statements
Adjusting Entries Step 5 of the accounting process involves the preparation of adjusting entries. Adjusting entries are made to update the accounts and bring them to their correct balances. The preparation of adjusting entries is an application of the accrual concept of accounting and the matching principle. The accrual concept states that revenues (or income) are recognized when earned regardless of when collected and expenses are recognized when incurred regardless of when paid. The matching
Premium Generally Accepted Accounting Principles Depreciation Expense
M 2 Professional ethics Service Ideal The wellbeing of society The pursuit of excellence Community service Code of Ethics for Professional Accountants (APESB 2010) Ensure high-quality service consistent with the reputation of the profession. It provides guidance in conflict situations. Conceptual framework approach The code provides a conceptual framework approach to the application of the fundamental principles of professional conduct: 1. integrity Honest and trust. Accountants
Premium Board of directors Corporate governance Executive director
My Physical Fitness Assessment PED 117- Physical Fitness for Law Enforcement Carlos Canizales Professor Gotay April 05‚ 2012 Physical fitness is defined as‚ “The ability to perform moderate to vigorous physical activity on a regular basis without excessive fatigue.”(Donatelle‚ P.296) There are two parts of physical fitness made up of eleven components‚ known as skill and health. The skill part of physical fitness contains six components and the health section contains five components‚ which
Premium Exercise Muscle Obesity
Why are diversity and inclusion important to the future of the CPA profession? *500-1‚000 words Word Count: 1‚046 According to Dr. Martin Luther King Jr.‚ “An individual has not started living until he can rise above the narrow confines of his individualistic concerns to the broader concerns of all humanity.” The selflessness he describes is of paramount importance to the future of the CPA profession‚ as this altruistic outlook fosters both diversity and inclusion. Looking beyond one’s self is
Premium Sociology Culture Management
Mitalben Patel Case 1-7 Eating Time The case is about Kevin Lowe‚ who is a three months old staff at CPA firm Stooges LLP and the partners of the firm Bo Chambers and his brother Moe “have asked for a sit-down.” The partners were concerned about the time efficiency‚ costs and losing clients as Kevin was taking “50 percent longer” in completing his audit work compared to his work mates. The approaches that Kevin came across to solve the problem were‚ to reduce the work he does‚ however it was
Premium Morality Ethics
Pre-seen exam information Semester 1 2014 Exam cases: • The impact of online shopping on shopping centres in Australia • Management and leadership: Mary Schapiro • Australian Beverages Ltd CPA Program Global Strategy and Leadership © CPA Australia Ltd 2014 Page 2 of 25 Global Strategy and Leadership Case Scenario 1: The impact of online shopping on shopping centres in Australia The Australian shopping centre industry comprises companies that build‚ develop‚ and manage shopping
Premium Bottled water Drinking water Retailing