Generally Accepted Auditing Standards Paper University of Phoenix ACC 490 Auditing February 7‚ 2011 Generally Accepted Auditing Standards Paper Every auditor is expected to follow the standards of the industry while conducting audits for clients. The most widely used standards were originally established in the 1940s and were adopted by the Public Company Accounting Oversight Board PCAOB in 2003 and are referred to as the Generally Accepted Auditing Standards GAAS (Boynton & Johnson‚ 2006)
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ACC201 … STUDY GUIDE for TEST ONE (Chapters 1‚ 2‚ 3) Test #1 will consist of 50-60 of the questions below. (Finding the “answers” to these questions is part of the review) True or False 1. Owner’s equity represents the amount of assets that can be claimed by creditors. 2. The right-hand side of an account is always the increase side. 3. A ledger is a chronological record of a business’s transactions. 4. The chart of accounts proves that all
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He doesn’t want to kill the animals‚ but he believes that if he goes hunting anyway‚ he will feel accepted. In another example‚ James says that he will work for Dr. Milk‚ the veterinarian down the road‚ like his brothers‚ but in the end of the story‚ James reveals that he truly doesn’t want to work for him. This implies that James was just going to work there like his brothers JUST to feel accepted. This also emphasizes that his family is pushing him to follow in his brother’s footsteps. To illustrate
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international ’ treaties. Theoretically perhaps‚ there does exist a set of universal human rights‚ but in this diverse world any set of human rights that is to be recognized internationally must be more of a universally accepted set of human rights. This Declaration of Universally Accepted Human Rights ’ would be a document focused on overlapping consensus of many cultures. In order to accomplish this‚ first‚ an all inclusive document must be drawn up that deals with those rights that fall under an
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Generally Accepted Accounting Principles (GAAP) is a standard guidelines and accounting rules that companies used to prepare‚ present‚ and report financial information. By following this framework‚ companies can ensure that any financial information presented is uniformly consistent‚ relevant‚ feasible and objective. Through this standardization‚ corporate financial information can more readily be reviewed and interpreted by investors‚ stockholders‚ banks and other potential creditors and also promotes
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Matric no: ______________ Group: _________ Attendance list no: _____________ Tutorial 1: Chapter 1‚ 2‚ 3 DUE DATE: 3 OCTOBER 2013 1. Accounting is a process involving the following activities‚ EXCEPT: A. recording of economic activities B. communicating to stakeholders C. identifying relevant economic activities D. guaranteeing profitability of business operation 2. A senior accountant working at the Account Department of Universiti Utara Malaysia is also known as: A. a public
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Projects and Project ManagementOrganizational leaders are facing complex challenges through a rapid rate of change in both the technology and government which has then created pressure in new and existing organizations. As a result‚ the traditional structure for managing is giving way to a new form of management (Kerzner‚ 2003). This form is project management. How can this be? Projects have been around since the building of the pyramids (Dobson‚ 2003). In 2650 B.C.‚ the step pyramid was built
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E14-4 (Entries for Bond Transactions—Straight-Line) Foreman Company issued $800‚000 of 10%‚ 20-year bonds on January 1‚ 2011‚ at 102. Interest is payable semiannually on July 1 and January 1. Foreman Company uses the straight-line method of amortization for bond premium or discount. Instructions: Prepare the journal entries to record the following. a. The issuance of the bonds. b. The payment of interest and the related amortization on July 1‚ 2011. c. The accrual of interest and the related
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2. Accounting functions This chapter will discuss the organization of Dell in general and provide insights about the Dell business. Will discuss the different stakeholders who are interested in Dell Company and what the key resources of Dell are. Will see the role of accounting within the organization and the accounting software‚ if any‚ they use. 2.1. About Dell Michael dell is the founder for Dell Company. Michael‚ with twenty seven years old‚ was the youngest CEO of a fortune 500company in
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amount that owners would receive if they sold the entity c. The cash balance less outstanding debts d. The difference between assets and liabilities 4. Neura Pharma‚ Inc. has purchased a drug patent with a remaining useful life of 13 years. How should this new asset be classified? a. A current tangible asset b. A non-current tangible asset c. A non-current intangible asset d. A current intangible asset 5. On January 1‚ 2005‚ Mansfield Company has a retained earnings balance of $256‚000
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