Acc 576 Midterm Questions Acc576 Midterm Questions

Compare the primary auditor objectives in auditing historical financial statements to auditing internal controls over financial reporting. Identify at least two (2) objectives that are the most significant in reducing the risk of reporting errors or misstatements in financial statements. Provide a rationale for your response.

DQ3: What are some common ratios that are used to analyze financial information? Which two ratios do you think should be of greatest interest to: (a) A pension fund considering the purchase of 20-year bonds? (b) A bank contemplating a short-term loan? (c) A common stockholder?

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Before diving directly into the article from the Governmental Accounting Standards Board (GASB) titled Governments to Report Liabilities Connected with Their Obligations to Clean Up Pollution (2006), one must first take a step back and take time to read, comprehend, and take to heart exactly what this organization stands for. Taken directly from their main web page under the tab labeled Education, the first thing seen in big, bold, blue letters is, “Due Process: The GASB Is Listening” followed by a definition of what listening means, “to hear with thoughtful attention”. When researching a little more into the GASB, it is easy to see how crucial listening truly is for them in order to fully accomplish their

These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.

I hope you are having a great summer. I’m ready for the fall semester and working on getting all of my classes in order for this upcoming semester. My goal is get admitted at the W.P. Caret school of business, to do so I need to submit a transferred student portfolio, a resume and two recommendation letters .in the portfolio I will need to have taken specific classes I was able to finish all the needed classes with grades B and better. However, I still need to take ACC 230 OR ACC211 AND ALSO ACC 240 OR 212. They don’t have to be in succession so I enrolled in ACC 230 like I did with you last semester and would like you to approve my enrollment in ACC 212 with Rhonda Culver class number 24233 as my first preference or Andrew Hamilton ACC 240

4. Total conversion cost = $128,000 + $16,000 + $9,000 + $64,000 + $41,000 + $35,000 + $46,000 = $339,000

Too many disposals of small groups of assets that are recurring in nature qualify for discontinued operations under prior GAAP. This caused financial statements to be less decision useful for users. Additionally, the guidance on discontinued operations resulted in higher costs for preparers because it can be complex and difficult to apply. The FASB issued ASU 2014-08 to address those problems by changing the criteria for reporting discontinued operations, while simultaneously enhancing convergence with the International Accounting Standard Board’s reporting requirements for discontinued operations.

Required: Discuss Douglas and son’s internal control procedures related to cash receipts, nothing both weaknesses and strengths.

| (TCO D) The basis for classifying assets as current or noncurrent is conversion to cash within

| |A. |[pic]|provide feedback by comparing results with plans and by highlighting deviations from plans |

uses budgeted fleet hours to allocate variable manufacturing overhead. The following information pertains to the company 's manufacturing overhead data:

Do you feel that there might be an ethical issue present? For the moment, assume that no laws have been broken and just focus on any possible ethical issues.

3. (TCO A) Depreciation of office buildings and office equipment is also known as (Points : 6)

“The first leg of the fraud triangle represents pressure. This is what motivates the crime in the first place. The individual