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- One of the principles of Management Reporting is, report should be self contained. Explain this principleWhat is Special Reports in management reporting? Give an example on how to make special reportWhich of the following is not a required item to be communicated by the auditor tothe audit committee or others charged with governance?(1) Information about the auditor’s responsibility in an audit of financial statements.(2) Information about the overall scope and timing of the audit.(3) Recommendations for improving the client’s business.(4) Significant findings arising from the audit.
- Why are visual aids (graphics) important in formal business reports?Which of the following is not referred to in the management’s responsibility paragraph? a. Design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements b. Selection and application of appropriate accounting policies c. Effectiveness and efficiency of operating decisions d. Making of reasonable accounting estimates1. Indicate what types of reports you think they mayproduce for management’s use. 2. For each report, indicate what you think the report may include andfor what purpose they will use the report.
- Which of the following best describes the difference between financial accounting and tax accounting? Financial accounting is what managers use for internal, decision making purposes while tax accounting is used for creditors, investors, and the general public. They are both used for income tax reporting purposes, and they are both required by the SEC to be issued and made public so that they can be used by creditors, investors, and the general public Financial accounting is used for income tax reporting purposes and tax accounting is used by managers for internal, decision making purposes. Financial accounting is used by creditors, investors, and the general public, while tax accounting is used for income tax reporting purposes None of these answers is correct{Auditing} 6. Internal control goes beyond accounting function and incorporates both accounting and administrative control. From the following alternatives, identify which one is not a part of accounting control? a. Standard Costing b. Internal check c. Bank Reconciliation d. Performance appraisalIndependent auditing can best be described as(1) a branch of accounting.(2) a discipline that attests to the results of accounting and other functional operationsand data.(3) a professional activity that measures and communicates financial and business data.(4) a regulatory function that prevents the issuance of improper financial information.
- What is the difference between cost of production reports with and without beginning work in process inventory? Reports with beginning Work in Process require all quantities and costs to be reported to present accurate per unit costs Reports with beginning Work In Process will ignore associated costs and units Beginning Work in Process totals are only accounted for in Quantity Schedule Unit costs will ignore any beginning Work in Process costs3. In preparing for an integrated report, and the cost outweigh the benefit, can still integrated reporting be opt? Explain.25.The financial statement that displays the revenues and expenses of a company for a particular period of time is: a.Fund Flow Statement b.Income statement c. Balance Sheet d.Cash Flow Statement