examination of financial statements and underlying records for conformance with generally accepted accounting principles (GAAP). It does this as well as generally accepted governmental auditing standards C. Tests for compliance with laws and regulations. D. Both B and C. 2. Government Auditing Standards (GAS) issued by the U.S. Comptroller General apply to A. Financial statement audits of federal organizations made by the Government Accountability Office. B. Financial statement audits
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of International Accounting Standards Committee (IASC) in standard setting. The IASC was issuing International Accounting Standards (IAS). So far there were forty one IAS which had been issue before IASB replaced IASC in 2001. As one of the major weaknesses of IASC was that the standards it was issuing contained many objectives thereby defeating the purpose of consistency in recognition‚ measurement and presentation of transactions. IASB intends to limit such choice of accounting treatments 1.)
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The main role of the trustee for debenture holders is to protect the interests of: | shareholders | | debenture holders | | directors | | auditors | | | 6. The main functions of the Financial Reporting Council include: I. overseeing the process for the setting of accounting standards of the AASB II. determining the AASB’s broad strategic direction III. monitoring and reviewing the level of funding for the AASB IV. directing the AASB in relation to the development or making
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Legality and Ethicality of Financial Reporting Accounting professionals consider standard practices of accounting and board of accountancy rules when creating ethical standards. Accountants also consider state and federal laws. Ethics and the law works hand-in-hand therefore should be on the minds of those considering the commission of fraud. The Chief Financial Officer (CFO) of Excello‚ Terry Reed‚ was considering doing such by posting a $2.1 million transaction to raise year-end earnings.
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Financial accounting refers to accounting and oversight of the companies have completed a comprehensive system of campaign funds‚ that the external economic stakes of investors‚ creditors and the government departments concerned and enterprises to provide economic information of the financial position and profitability as the main target carry out economic activities. Financial Accounting is an important foundation work of modern enterprises‚ through a series of accounting procedures‚ provided useful
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Paper P9 – Management Accounting Financial Strategy Post Exam Guide May 2006 Exam Examiner’s General Comments The performance on Paper P9 was extremely disappointing. Many candidates appeared to have done little preparation. It was noted in the November 2005 Post Exam Guide that many candidates demonstrated poor knowledge of even quite basic financial calculations and that their grasp of many basic concepts was also limited. These weaknesses are still evident in May 2006. A further weakness was the
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Financial Accounting Theory (BBAC502) Group Assignment (Group of Four) 25% (Due Session 5.2) “Australia has long recognised that its accounting standards need to be harmonised with standards elsewhere in the world. To ensure consistent application of IFRSs‚ CLERP No. 9 recommended that Australia adopt‚ from January 2005‚ official interpretations of IFRSs issued by the IASB’s International Financial Reporting Interpretations Committee (IFRIC). As noted by CLERP No. 9‚ the comparability
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Maritime Greenwich Business Accounting & Finance ACCO1116 Financial & Management Accounting (MAIB) M TWO HOURS August 2008 Course co-ordinator: Dr Agnieszka Herdan INSTRUCTIONS TO CANDIDATES Answer TWO questions only. All questions carry equal marks. This is a CLOSED book examination Students are permitted to use non-programmable calculators. THIS PAPER MUST NOT BE REMOVED FROM THE EXAMINATION ROOM August 2008 - RESIT Course Title Financial & Management Accounting (MAIB) Course Code ACCO1116
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Unit 9 Final Project: Integrity in Accounting “In 2001 and 2002 corporate giants like Enron‚ Global Crossing‚ and WorldCom were forced to declare bankruptcy‚ and massive accounting and other irregularities were revealed… In response to the public outcry that ensued‚ the [Sarbanes-Oxley] Act was enacted” (Lander‚ 2004‚ p. 1). Officials feared that because of these scandals in the financial reporting industry that investor confidence would be lost‚ which would cause the economy to deteriorate.
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“internal consistency” of accounting standards is Any entity intends to create its own standard must in accordance with the existing system of standard 2. In order to achieve “internal consistency”‚ the necessary factors are as follow: a) Any entity intends to create its own standard must in accordance with the existing system of standard b) Developing standards are correspondence with the same conceptual framework. It is necessary to establish an accounting law or principle to regulate
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