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Multiple Choice Questions 13.The Governmental Accounting Standards Board is assigned responsibility for setting accounting and financial reporting standards for  A. Governments; such as federal agencies, states, cities, counties, villages, and townships. B. State and local government entities and governmentally-related units and agencies, such as utilities, authorities, hospitals, and colleges and universities..

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Essay Questions 63.Which generally accepted auditing standard is indicated by each independent item below? Use each standard exactly one time.1) Charlie, the manager of an audit team, reviewed the work of inexperienced auditors closely.2) Jill refused to accept an audit engagement because her friend was CEO of the company.3) Leigh completed.

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Multiple Choice Questions 28.Which of the following financial statement(s) reports both current and noncurrent assets and liabilities? Government-wide Statement of Net PositionGeneral Fund Balance Sheet A)NoYes B)NoNo C)YesNo D)YesYes A. Choice A B. Choice B C. Choice C D. Choice D 29.Under the dual-track accounting approach used in the text, which of the following transactions or events.

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49.The expenditure classification "Current Expenditures" is an example of which of the following types of classifications? A. Activity. B. Character. C. Function. D. Object. 50.Comparisons of budgeted versus actual revenues and expenditures are A. Required by GAAP for the General Fund and major special revenue funds for which an annual budget has been legally.

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Multiple Choice Questions1.In ___, auditors examine a company's rules and procedures for conducting business. A.A financial audit B.An operational audit C.A compliance audit D.A systems audit 2.A ___ determines whether the various forms of information technology in an accounting information system are producing expected results. A.Financial audit B.Compliance audit C.Systems audit D.Forensic audit 3.Which type of audit is a "basket".

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41.Which of the following link accounting information systems with auditing? A.Business processes B.Information technology skills C.Both business processes and information technology skills D.Neither business processes nor information technology skills 42.Information technology skills can link auditing to accounting information systems. Which of the following tasks can be completed using only information technology? A.All five generic steps of.

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31.The first step in the Langenderfer and Rockness model is: A.Decide the best course of action. B.Identify ethics issues and stakeholders. C.Identify the facts. D.Determine which school of ethical thought to follow. 32.Which of the following steps in the Langenderfer and Rockness model comes first? A.Identify the alternative courses of action. B.Reach a decision as to the.

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39.The expenditure classification "City Attorney" is an example of which of the following types of classification? A. Function. B. Organization unit. C. Character. D. Program. 40.When the budget of a government is adopted and Estimated Revenues exceed Appropriations, the excess is  A. Credited to Budgetary Fund Balance. B. Debited to Budgetary Fund Balance. C..

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37.Which of the following funds are proprietary funds? A. Enterprise funds, investment trust funds, pension trust funds, and the General Fund. B. Enterprise funds and internal service funds. C. Internal service funds, special revenue funds, and enterprise funds. D. Proprietary funds are not used in governmental accounting. 38.Which of the following funds are governmental.

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True / False Questions 1.General purpose governments generally provide a wider range of services to their residents than do special purpose governments.  2.Examples of special purpose governments include cities, towns, and public schools that receive tax revenue to finance the services they provide.  3.The Governmental Accounting Standards Board (GASB) is the.

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Matching Questions 61.Match each description on the left with the appropriate type of audit on the right. 1.Determines whether the various forms of IT in an AIS are producing expected results              Operational audit              2.A basket of the other types of auditsInvestigative audit              3.Examination of a company's rules and procedures for conducting businessSystems.

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31.In which generic step of a financial statement audit is the auditor most likely to verify the frequency of bank reconciliations? A.First B.Second C.Third D.Fifth 32.The third generic step in a financial statement audit has the strongest relationship to one of the ___ standards in GAAS. A.General B.Field work C.Reporting D.Environmental 33.The last generic step in a financial statement audit.

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11.McDonald stated that professionals have autonomy of practice. In the accounting profession, autonomy of practice has been limited by: A.FASB. B.COSO. C.PCAOB. D.All of these. 12.The PCAOB has: A.Eliminated autonomy of practice in the accounting profession. B.Limited autonomy of practice in the accounting profession. C.Had no effect on autonomy of practice in the accounting profession. D.Worked with FASB to.

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11.A clear understanding of the steps in the accounting cycle is likely to be useful in: A.Financial audits. B.Investigative audits. C.Both financial audits and investigative audits. D.Neither financial audits nor investigative audits. 12.The text described seven types of audits common in accounting practice. Which of the following statements about them is most true? A.An adverse report.

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11.Because budgetary accounts are used by governments, their financial statements can never be said to be in accord with generally accepted accounting principles.  12.Governments must present three sets of fund financial statements.  13.When revenues are legally restricted by external resource providers or committed by enabling legislation for particular operating purposes,.

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Short Answer Questions 44.The following are categories of funds described in Chapter 2: A. Governmental funds B. Proprietary funds C. Fiduciary funds For each of the following descriptive phrases, indicate the type of fund from the list above that best matches by placing the appropriate letter in the blank space next to the phrase. Essay Questions 45.Explain.

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41.Which of the following companies was created in 1985 from the merger of two other companies in the natural gas and pipeline industries? A.Enron B.Arthur Andersen C.BMIS D.Adelphia Communications Corporation 42.Debra and Dexter are CPAs specializing in tax planning and preparation. Recently, Dexter commented that there is nothing ethically wrong with tax evasion, so long.

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11.Generally, encumbrance accounting is not used in the accounting for payroll.  12.Governments, unlike business organizations, generally do not incur expenditures/expenses for the employer's share of FICA taxes and for contributions to other retirement plans established by law.  13.Under the modified accrual basis of accounting applicable to governmental fund types, revenue.

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Multiple Choice Questions 1.Bell's characteristics of a professional include the ability to think in which of the following ways? A.Rationally B.Logically C.Coherently D.All of these 2.Bell's characteristics of a professional include the ability to recognize the influence of: A.Political and social forces. B.Economic forces. C.Legal and regulatory forces. D.All of these. 3.McDonald wrote that professionals utilize a specialized knowledge base. Which.

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True / False Questions 1.Fund-based financial statements are intended to provide detailed financial information about the governmental, business-type, and fiduciary activities of the primary government.  2.Program revenues are distinguished from general revenues on the government-wide statement of activities under GASB standards.  3.Aggregate financial information for all special revenue funds is reported.

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Short Answer Questions 71.List the four characteristics suggested by McDonald to be considered a professional. 72.In your own words, explain the fundamental principles of each of the following schools of ethical thought: ethical egoism, utilitarianism, deontology, virtue ethics. 73.Miguel had just been promoted to Director of Accounts Receivable in the accounting department of.

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23.A comprehensive annual financial report (CAFR) prepared in conformity with GASB recommendations should include which of the following sections?  A. Letter of transmittal, management's discussion and analysis (MD&A), and financial. B. Introductory, financial, and statistical. C. Introductory, MD&A, and financial. D. Letter of transmittal, financial, and supplementary. 24.Which of the.

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11.All encumbrances must be closed at year-end.  12.An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract.  13.GASB standards require that all state and local governments present a statement of revenues, expenditures, and changes in fund balances—budget and actual.

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Matching Questions 62.Bell's characteristics of a professional are listed below on the right. Match each example on the left with the most appropriate characteristic on the right. Use each characteristic exactly once. 1.Samantha compared the costs and benefits of a set of internal controls.Integrates knowledge from many disciplines              2.Jordan considered the impact.

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Multiple Choice Questions 19.Which of the following best describes the recommended format for the government-wide statement of activities?  A. Program revenues minus expenses minus other revenues and expenses equals change in net position. B. Program revenues plus general revenues minus expenses equals change in net position. C. Program revenues minus expenses.

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69.Bell suggested seven characteristics necessary to be considered a professional. Revise each statement below to more appropriately reflect one of those characteristics; indicate the relevant characteristic in the space provided. 70.McDonald suggested four characteristics necessary to be considered a professional. Revise each statement below to more appropriately reflect one of those.

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51.The Audit Clarity Project's objectives include: A.making auditing standards easier to read. B.converging US auditing standards with international auditing standards. C.Both making auditing standards easier to read and converging US auditing standards with international auditing standards. D.Neither making auditing standards easier to read nor converging US auditing standards with international auditing standards. 52.All of the.

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True / False Questions 1.Governmental funds are further classified as governmental or business-type.  2.Governmental funds are identical to governmental activities, proprietary funds are identical to business-type activities, and fiduciary funds are identical to fiduciary activities of a government.  3.An objective of the accounting system for a state or a local government.

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