Chapter 1 SOLUTIONS FOR EXERCISES AND PROBLEMS 1.47 Audit‚ Attestation‚ and Assurance Services Students may encounter some difficulty with this matching question because the Special Committee on Assurance Services (SCAS) listed many things that heretofore have been considered “attestation services” (long before assurance services were invented). As a result‚ we believe that this question is a good vehicle for discussing the considerable overlap between attestation and assurance services.
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Chapter 1 Solutions to Practice Questions Questions for Review 2. The opportunity cost of seeing a movie includes the monetary cost of admission plus the time cost of going to the theater and attending the show. The time cost depends on what else you might do with that time; if it’s staying home and watching TV‚ the time cost may be small‚ but if it’s working an extra three hours at your job‚ the time cost is the money you could have earned. 4. Policymakers need to think about
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Chapter 1 Managerial Accounting and Cost Concepts Solutions to Questions 1-1 The three major elements of product costs in a manufacturing company are direct materials‚ direct labor‚ and manufacturing overhead. 1-2 a. Direct materials are an integral part of a finished product and their costs can be conveniently traced to it. b. Indirect materials are generally small items of material such as glue and nails. They may be an integral part of a finished product but their costs can be
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Chapter 1 Data and Statistics Learning Objectives 1. Obtain an appreciation for the breadth of statistical applications in business and economics. 2. Understand the meaning of the terms elements‚ variables‚ and observations as they are used in statistics. 3. Obtain an understanding of the difference between categorical
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MGMT6 Chapter 1: Management Pedagogy Map This chapter begins with the learning outcome summaries and terms covered in the chapter‚ followed by a set of lesson plans for you to use to deliver the content in Chapter 1. Lesson Plan for Lecture (for large sections) Lesson Plan for Group Work (for smaller classes) Assignments with Teaching Tips and Solutions What Would You Do? Case Assignment––Netflix Self-Assessment––Is Management for You? Management Decision––Should We Try to Make
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Jessica Schmitt Auditing Chapter 9‚ problem 9-28 A. Since there are no specific materiality guidelines‚ it is the auditor’s professional judgment that must be used to determine the appropriate preliminary estimates of materiality. I used the guidelines listed on pg 251 in figure 9-2: Statement Percent Guideline Dollar Range (in thousands) Earnings from continuing operations before taxes 3-6 % $12‚500-$25‚100 (rounded) Current Assets 3-6 % $67‚600-$135‚200 (rounded) Current Liabilities 3-6 %
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Chapter 2 The CPA Profession ← Review Questions 2-1 The four major services that CPAs provide are: 1. Audit and assurance services Assurance services are independent professional services that improve the quality of information for decision makers. Assurance services include attestation services‚ which are any services in which the CPA firm issues a report that expresses a conclusion about the reliability of an assertion that is the responsibility of another party. The four
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True/False Questions 1. Fraud is defined as failure to use reasonable care in the performance of services. Answer: False Difficulty: Easy 2. Most of the burden of affirmative proof is on the defendant under common law. Answer: False Difficulty: Medium 3. The Ultramares v. Touche case held that auditors could be held liable to any foreseen third party for ordinary negligence. Answer: False Difficulty: Medium 4. The Securities
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@02585360 Auditing I 09/20/10 CHAPTER 1 1-14 A. 3 B. 2 C. 2 D. 3 1-15 A. 2 B. 3 C. 4 D. 3 1-21 1) IRS‚ compliance audit 2) GAO‚ operational audit 3) CPA‚ operational audit 4) Internal‚ financial statement audit 5) GAO‚ operational audit 6) CPA‚ financial statement audit 7) GAO‚ financial statement audit 8) IRS‚ compliance audit 9) Internal‚ financial statement audit 10) IRS‚ compliance audit 11) Internal‚ financial statement audit 12) GAO‚ compliance audit 1-22 A
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The Canadian economy is in the recovery phase on the business cycle. Where it has shown growth in the economy every year but it has yet to reach its peak. The economy is growing but at a very modest pace. In order to stimulate growth‚ some changes must be made to the economy. An expansionary fiscal policy would help the Canadian economy because it will increase the aggregate supply and aggregate demand which will result in an increase of the GDP. Increasing government spending would definitely help
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