Which of the following is not an example of financial statements that use a special purpose financial reporting framework? Group of answer choices Of a partnership which follows accounting practices used to file its tax return. Prepared for limited purposes such as relating to a contract a company has entered into. Of an organization that has limited the scope of the auditor's examination. Of an organization that follows procedures of a regulatory agency that oversees the company and its operations.

Which of the following is not an example of financial statements that use a special purpose financial reporting framework? Group of answer choices Of a partnership which follows accounting practices used to file its tax return. Prepared for limited purposes such as relating to a contract a company has entered into. Of an organization that has limited the scope of the auditor's examination. Of an organization that follows procedures of a regulatory agency that oversees the company and its operations.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2MC: Which of the following is the federal, independent agency that provides oversight of public...

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Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)
Which of the following acts by a CPA would be most likely to be a violation of the AICPA Code of Professional Conduct? Select one: A “covered member” owns an immaterial amount of stock in an audit client. Accepting a fee in a tax matter that is contingent upon the result of an administrative proceeding. Assisting a client in preparing a financial forecast. Forming a professional corporation to practice as a CPA.
Which of the following is not a required disclosure under PAS? * Relationships between parents and subsidiaries Related party transactions (in the separate financial statements) Related party transactions (in the consolidated financial statements) Key management personnel compensation
Which of the following would not be considered confidential information obtained in thecourse of an engagement for which the client’s consent would be needed for disclosure?a. Information about whether a consulting client has paid the CPA’s fees on time.b. The actuarial assumptions used by a tax client in calculating pension expense.c. Management’s strategic plan for next year’s labor negotiations.d. Information about material contingent liabilities relevant for audited financial statements
An individual provides accounting services to a corporation in exchange for stock. the shareholder must recognize income and the corporation may deduct or capitalize the expenditure as would be deemed appropriate. A. True B. False
This branch involves the preparation of tax returns and the rendering of tax advice to clients, such as determination and verification of tax consequences, the effect of taxes in the business operations, tax minimization through legal means, and the like. Select one: a. Financial accounting b. Auditing c. Fiduciary accounting d. Tax accounting Which of the following would be classified as external users of financial statements? Select one: a. The creditors and stockholders of the company b. The company marketing managers c. The controller of the company and a company's stockholders d. Stockholders and management of the company Accounting involves communication. Select one: a. False b. True
An attestation engagement is one in which a CPA is engaged to: A. Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party. B. Provide tax advice or prepare a tax return based on financial information the CPA has not audited or reviewed. C. Testify as an expert witness in accounting, auditing, or tax matters, given certain stipulated facts. D. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any assurance.
The aggregate versus entity approach is not only viewed from a specific tax perspective, but it is also being adapted by the IRS when it comes to auditing partnerships. How exactly is the IRS using this to its advantage?
Which is an incorrect statement below? A. The name of the parent and the ultimate parent of the group shall be disclosed as part of other disclosures.B. All accounting policies must be disclosed by the entity.C. Related parties have the ability to control the other party.D. Significant influence is the power to participate in the financial and operating policy decision of an entity, but not control of those policies.
Which of the following statements regarding the requirement to follow U.S. GAAP in financial reporting is true? 1.U.S. GAAP represents a set of professional standards, and the requirement to follow U.S. GAAP is enforced through the AICPA Code of Professional Conduct. 2.U.S. GAAP has been adopted as state law in all 50 states, so failure to follow U.S. GAAP is prosecuted through the state court system. 3.U.S. GAAP has been adopted as federal law, so failure to follow U.S. GAAP is prosecuted through the federal court system. 4.Compliance with U.S. GAAP is not enforced; it is a voluntary choice made by most companies and by most professional accountants
What type of organization primarily offers tax compliance, auditing, and consulting services?A. corporationsB. public accounting firmsC. governmental entitiesD. universities
Explain what is meant by determining the degree of correspondencebetween information and established criteria. What are the information and establishedcriteria for the audit of Jones Company’s tax return by an internal revenue agent? Whatare they for the audit of Jones Company’s financial statements by a CPA firm?