Explain the steps that should be taken by an internal accountant/CMA when there is a difference of opinion with one's supervisor on an accounting or financial reporting manner.

Q: Who is responsible for assessing the accountant's competence? A The American Institute of Certified…

A: AICPA (The American Institute of Certified Public Accountants) is the Certified Public Accountant's…

Q: Describe the various types of individuals who use accounting information and how they use that…

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Q: What responsibility would internal auditing go under? managerial accounting, tax accounting or…

A: There are different branch of accounting that help in the recording of transactions and analysis of…

Q: Who bears the responsibility of the preparation of company’s financial statements?   A         The…

A: The external auditors are responsible for the auditing of the company

Q: What is a certification authority, and what are the implications for the accounting profession?

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Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

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Q: What are some of the internal controls that an accountant should put into place to determine if…

A: Accounts payable controls are designed to help mitigate loss risk in the accounts payable function.…

Q: Where can an auditor find a client’s documentation of the accounting system?

A: Internal Control: Internal control is a mechanism or procedure that the company implements so that…

Q: Describe the role of auditor in accounting.

A: 1. An auditor's responsibility is to give a true and fair view of the financial statements which…

Q: Which among the following is an external user of accounting information? a. Government authorities…

A: Accounting information means financial statements and results that are useful for decision makers…

Q: Describe the audit documentation review process in a public accounting firm.

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Q: Based on the website, what are the differences between the job scope of a public accountant and an…

A: INTERNAL AUDITOR An internal auditor is an independent person who monitors the effectiveness of a…

Q: What is meant by the professional designations CPA, CMA,and CIA, and how do these designations add…

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Q: why Chief Financial Officer must have a background on the following subjects: Financial Accounting…

A: why Chief Financial Officer must have a background on the following subjects:  Financial…

Q: Management's expert refers to an individual or organization, whose work is used by the entity to…

A: Management experts are the individuals who possess expertise other than accounting or auditing and…

Q: Distinguish between Opinions of the Accounting Principle Board and Accounting Standards Updates.

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Q: Discuss the professional ethics of an accountant

A: Professional accountants play a vital role within the community. Professional accountants are…

Q: opines on the professional responsibilities of the accountant in his practice of accounting and…

A: Professional Responsibility of Accountant: An Accountant assists organizations in making key…

Q: Characteristics of internal accounting information includeall of the following except:a. It is…

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Q: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…

A: Management is primarily responsible for the preparation and presentation of financial statements.…

Q: Under what circumstances might it be acceptable for a company preparing IFRS financial statements to…

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Q: Which of the following is not a function of an Accounting Information System?  a.The efficient and…

A: The functions of AIS are: The efficient and effective collection and storage of data concerning an…

Q: With reference to Code of Ethics for accountants, discuss the ethical principles applicable to the…

A: Capitalization   Capitalization means treating a cost as a part of an asset instead of recording the…

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A: Definition of an Accountant An accountant is an expert who is liable for keeping and deciphering…

Q: Describe the organization of public accounting firms and the composition of the audit teams

A: Public accounting firms: Public accounting firms are service organizations providing specialized…

Q: Identify the different entities that makeethics rules for CPAs and public accountingfirms.

A: Ethics:     “That branch of philosophy which is the systematic study of reflective choice, of the…

Q: Describe the recognition, measurement, and disclosure concepts that guide accounting practice.

A: Accounting concepts are referred to the basic assumptions, principle and rules which guides the…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: Internal users: Internal users of the financial statement are the inside individuals or the members…

Q: What is the impact of being registered with the Public Company Accounting Oversight Board?

A: The Public Company Accounting Oversight Board (PCAOB) refers to a non-profit organization that was…

Q: You are approached to comment on a company’s accounting disclosure quality. As an accounting…

A: Accounting disclosures are the information that the company discloses with the financial information…

Q: What are the common challenges faced by accountants and auditors while performing their duties?…

A: Accounting is the process of recording the transaction and preparing the financial statements.…

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

A: Answer:   Management Accounting

Q: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…

A: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…

Q: What is meant by the term adequate disclosure, and howdo accountants fulfill this requirement in the…

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Q: Discuss the factors that accountants should consider when setting up company accounting policy…

A: Accounting Policy- Accounting policies are the specific principles, foundations, conventions, rules,…