CPA

1. The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: Going-concern assumption. Business entity assumption. Objectivity principle. Cost Principle. Monetary unit assumption. 2. A partnership: Is also called a sole proprietorship. Has unlimited liability for its partners. Has to have a written agreement in order to be legal. Is a legal organization ...

MG371 Final Exam Study Guide (Latest) CH8 1. The process by which managers monitor and regulate how efficiently and effectively an organization and its members are performing the activities necessary to achieve organizational goals is known as ___________. A. planning B. organizing C. leading D. controlling E. coordinating 2. The formal target-setting, monitoring, evaluation, and feedback systems that provide managers with information about whether the organization's strategy and structu...

Question 1 1. The high rate of turnover of nursing staff is a major concern at Briar Mountain Regional Medical Center. Many experienced nurses resist moving into management, but exit interviews indicate that many of the best nurses leave Briar Mountain because they feel they cannot advance in the organization. Which of the following steps would be most efficient in reducing the turnover of nursing staff? a. Hiring nurses who are later in their careers, where advancement is less of a concern to ...

MG371 Final Exam Study Guide CH8 1. The process by which managers monitor and regulate how efficiently and effectively an organization and its members are performing the activities necessary to achieve organizational goals is known as ___________. A. planning B. organizing C. leading D. controlling E. coordinating 2. The formal target-setting, monitoring, evaluation, and feedback systems that provide managers with information about whether the organization's strategy and structure are w...

This file summarizes some common mistakes or traps that people can easily ignore and forget. With concise keyword description and visual demonstration, an average accountant can understand the idea in minutes. These tips are collected by Jia Ning, Professor of Accounting, School of Economics and Management, Tsinghua University,Tsinghua SEM. With this note, an average accountant can easily avoid the common mistakes and think like an experienced CPA.

Question Question 1 Which type of check tampering scheme is usually the most difficult to defend against? Concealed check Authorized maker Forged endorsement Altered payee Question 2 Check tampering includes both fraudulently preparing a company check for one’s own benefit and intercepting a company check that is intended for a third party and converting it for one’s own benefit. True False Question 3 Which of the following procedures can help prevent and detect the theft and conversion of o...

Midterm Exam Part 1 Question 1 The most common way for users to obtain reliable information is to: Answer have an internal audit. have an independent audit. verify all information individually. verify the information with management. Question 2 Which of the following is not a SysTrust Services principle as defined by the AICPA? Answer Online privacy Availability Processing integrity Operational integrity Question 3 One objective of an operational audit is to: Answer determine whether the financi...

1. Which of the following tests are typically not necessary when auditing a client’s schedule of recorded disposals? Footing the schedule. Tracing schedule totals to the general ledger. Tracing cost and accumulated depreciation of the disposals to the property master file. All of the above are necessary. 2. _______accumulate costs by individual jobs as material is issued into production and labor costs are incurred. Just-in-time production systems Job order cost systems Process cost systems Ma...

Summaries for chapter 2 (The CPA Profession : Auditing and Assurance Service)

Question Question 1 3 / 3 pts (TCO 4) In connection with the audit of financial statements, an independent auditor could be responsible for failure to detect a material fraud if statistical sampling techniques were not used on the audit engagement. the auditor planned the audit in a negligent manner. accountants performing important parts of the work failed to discover a close relationship between the treasurer and the cashier. the fraud was perpetrated by one employee who circumvented the exist...