UMUC ACCT665 Selected Topics in Acct: Combined Entities‚ Multinational‚ Government and Nonprofit Accounting Module Exam 1 Answers Dr. Dori Lombard This Module Exam 1 covers chapters 1‚ 2‚ 4‚ 5‚ 7‚ 8‚ and 10. The exam consists of 40 multiple choice questions. There are a total of 100 points in the exam. The exam is 20% of your overall course grade. Complete your work on a Word document‚ save it‚ and attach it to Assignments. The exam is open book‚ which means that you may refer to
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Objectives of financial reporting. a 9. Role of AcSB. c 10. Body responsible for setting GAAP. b 11. Preparation of biased information. d 12. Parties instrumental in development of reporting standards. d 13. Stakeholders in the financial reporting environment.. a 14. “Due process”. d 15. Causes of subprime lending crisis. d 16. Management bias. b 17. Adoption of IFRS. c 18. Role of OSC. d 19. Definition of GAAP. b 20. Changing nature of the economy. d 21. Exercise of professional judgement.
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“The FASB Accounting Standards Codification I the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities” (FASB Accounting Standards Codification‚ Para. 2). The FASB accounting standards codification is essentially a transcript of accounting formation what will allow clients to look through thousands of GAAP notifications that are put into about 100 issues (FASB Codification Q&A‚ 2012). The FASB Codification system
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Waverly Holland Case Key agents: Waverly Holland‚ who used to work as a senior auditor in a public accounting firm. Robert Chop‚ an attorney in a law firm which is in charge of the audit case of Padova&Vicenza. Clayton Morris‚ the partner who was involved in the case of Padova&Vicenza. T.J. Gillette‚ the in-house attorney for the public accounting firm. Overview: Waverly Holland has been working in a public accounting firm for three years. He was responsible for an auditing
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are: “H01: There are no significant differences in the value of accounting figures and financial ratios determined under local GAAP and IFRS” “H02: There are no significant differences in the relative impact of IFRS on the value of accounting figures and financial ratios in the UK and Spain” “H03: There are no significant differences in the book values (per local GAAP and IFRS) and market value of firms” “H04: There are no significant differences in the Gap(spainlocal)‚
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UNIVERSITI TENAGA NASIONAL COLLEGE OF BUSINESS MANAGEMENT AND ACCOUNTING DEPARTMENT OF ACCOUNTING SUBJECT: ACCOUNTING THEORY AND PRACTICE PREPARE FOR: DR.NORHAYATI MAT HUSIN PREPARE BY: NUR FADZILAH BT NORIZAN (AC086628) NUR IZYAN BT MOHD ISHAK (AC086934) NURUL AQILAH BT ZAMRI (AC085167) THILAGA SEGARAN (AC086628) BACHELOR IN ACCOUNTING (HONS) CASE 1: WASTE MANAGEMENT a) Define the matching principle and explain
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No. 2005–57 ROYAL AHOLD: A FAILURE OF CORPORATE GOVERNANCE AND AN ACCOUNTING SCANDAL By Abe de Jong‚ Douglas V. DeJong‚ Gerard Mertens‚ Peter Roosenboom March 2005 ISSN 0924-7815 Royal Ahold: A Failure of Corporate Governance and an Accounting Scandal Abe de Jong* Department of Financial Management Erasmus University Rotterdam a.jong@fbk.eur.nl Douglas V. DeJong Tippie College of Business University of Iowa douglas-dejong@uiowa.edu Gerard Mertens Department of Financial Management Erasmus
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PART I: Multiple choice‚ 3 points each. (Transfer your answers to the proper question on the answer sheet and fill in only one circle per question.) 1. Which of the following is NOT a major challenge facing the accounting profession? a. Non-GAAP earnings. b. Fair value measurement. c. Accounting for fixed assets. d. Forward-looking information. 2. The objective of financial reporting places most emphasis on: a. Providing information to individuals who are experts in the field
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are fundamental differences in the amount of income and expenses reported for GAAP and income tax purposes. The objective for GAAP reporting is to report the economic activities of the entity. The objective for income tax purposes is for the government to raise revenue. There are two terms that identify the types of income subject to tax under each reporting system. Firstly‚ pretax financial income is determined using GAAP. It is the amount of income on which income tax is computed for financial statement
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Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users (Boynton & Johnson‚ 2006). In auditing there are many attributes that describes the auditor’s work. Elements of the Generally Accepted Auditing Standards are followed by auditors. The Generally Accepted Auditing Standards
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