Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 1, Problem 5E
To determine
Match the numbered descriptions with appropriate term or phrase.
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Match each of the numbered descriptions 1 through 7 with the term or phrase it best reflects. Indicate your answer by writing the letter A through G for the term or phrase in the blank provided. A. Ethics B. Fraud triangle C. Prevention D. Internal controls E. Sarbanes-Oxley Act 1. Requires the SEC to pay whistleblowers. 2. Examines whether financial statements are prepared using GAAP; it does not ensure absolute accuracy of the statements. 3. Requires documentation and verification of internal controls and increases emphasis on internal control effectiveness. 4. Procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies. 5. A less expensive and more effective means to stop fraud. 6. Three factors push a person to commit fraud: opportunity, pressure, and rationalization. 7. Beliefs that distinguish right from wrong.
Question 1
In order for public to have confidence in work perform by professional accountants it is essential to
have a system regulation. Regulation can take the form of both ethical and statutory guidance.
Required;
a) State the five threats contained within IESBA's Code of Ethics for professional Accountants and for
each threat list one example of circumstance that might create the threat.
b) Explain the Auditor's ethical responsibilities with regards to client confidentiality and when they
have obligatory responsibility to disclose client information on a voluntary responsibility to disclose
client information.
Compliance with the fundamental principles in IESBA's Code of ethics for Professional Accountants
can be threatened in a number of ways.
Required;
c) Explain each of the five fundamental principles of IESBA's Code of Ethics for Professional
Accountants.
d) List the five ethical threat to independence and objectivity and for each threat identify one
example of a circumstance…
33
Laws and Regulations are to be complied by reporting entities in order to continue in business. Such laws and regulations will have both a direct effect on the financial statements and an indirect effect. Accounting firms will have to follow___________
a.
Code of Ethics
b.
All the options
c.
Health and safety laws
d.
Food hygiene laws
Chapter 1 Solutions
Principles of Financial Accounting.
Ch. 1 - Prob. 1MCQCh. 1 - Prob. 2MCQCh. 1 - If the assets of a company increase by 100,000...Ch. 1 - Brunswick borrows 50,000 cash from Third National...Ch. 1 - Geek Squad performs services for a customer and...Ch. 1 - Prob. 1DQCh. 1 - Technology is increasingly used to process...Ch. 1 - Identify four kinds of external users and describe...Ch. 1 - What are at least three questions business owners...Ch. 1 - Identify three actual businesses that offer...
Ch. 1 - Describe the internal role of accounting for...Ch. 1 - Prob. 7DQCh. 1 - What type of accounting information might be...Ch. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - What does the concept of objectivity imply for...Ch. 1 - Prob. 14DQCh. 1 - Why is the revenue recognition principle needed?...Ch. 1 - Describe the three basic forms of business...Ch. 1 - Define (a) assets, (b) liabilities, (c) equity,...Ch. 1 - Prob. 18DQCh. 1 - Identify the two main categories of accounting...Ch. 1 - What do accountants mean by the term revenue?Ch. 1 - Prob. 21DQCh. 1 - Prob. 22DQCh. 1 - Prob. 23DQCh. 1 - Give two examples of expenses a business might...Ch. 1 - What is the purpose of the statement of retained...Ch. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Define and explain return on assets.Ch. 1 - Define return and risk. Discuss the trade-off...Ch. 1 - Prob. 30DQCh. 1 - Prob. 31DQCh. 1 - Prob. 32DQCh. 1 - GOOGLE Access the SEC EDGAR database (SEC.gov) and...Ch. 1 - Understanding accounting Choose from the following...Ch. 1 - Identifying accounting users C2 Identify the...Ch. 1 - Prob. 3QSCh. 1 - Prob. 4QSCh. 1 - Prob. 5QSCh. 1 - Identifying accounting principles and assumptions...Ch. 1 - Applying the accounting equation A1 a. Total...Ch. 1 - Applying the accounting equation Use the...Ch. 1 - Use Google 's December 31, 2017, financial...Ch. 1 - Prob. 10QSCh. 1 - Prob. 11QSCh. 1 - Prob. 12QSCh. 1 - Prob. 13QSCh. 1 - Prob. 14QSCh. 1 - Prob. 15QSCh. 1 - Prob. 16QSCh. 1 - Prob. 17QSCh. 1 - Classifying activities reflected in the accounting...Ch. 1 - Prob. 2ECh. 1 - Prob. 3ECh. 1 - Prob. 4ECh. 1 - Prob. 5ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Using the accounting equation Determine the...Ch. 1 - Using the accounting equation Answer the following...Ch. 1 - Analysis using the accounting equation Zen began a...Ch. 1 - Identifying effects of transactions on the...Ch. 1 - Identifying effects of transactions on the...Ch. 1 - Identifying effects of transactions using the...Ch. 1 - Prob. 14ECh. 1 - Preparing an income statement On October 1, Ebony...Ch. 1 - Preparing a statement of retained earnings Use the...Ch. 1 - Prob. 17ECh. 1 - Preparing a statement of cash flows Use the...Ch. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Match each transaction a through e to one of tire...Ch. 1 - Prob. 22ECh. 1 - Using the accounting equation A1 Answer the...Ch. 1 - Identifying effects of transactions on financial...Ch. 1 - Computing missing information using accounting...Ch. 1 - Preparing an income statement P2 As of December...Ch. 1 - Prob. 4APCh. 1 - Prob. 5APCh. 1 - Preparing a statement of cash flows P2 Following...Ch. 1 - Prob. 7APCh. 1 - Prob. 8APCh. 1 - Determining expenses, liabilities. equity, and...Ch. 1 - Prob. 11APCh. 1 - Prob. 12APCh. 1 - Describing business activities C5 A start-up...Ch. 1 - Describing business activities An organization...Ch. 1 - Prob. 1BPCh. 1 - Prob. 3BPCh. 1 - Prob. 4BPCh. 1 - Prob. 5BPCh. 1 - Prob. 6BPCh. 1 - Prob. 8BPCh. 1 - Determining expenses, liabilities, equity, and...Ch. 1 - Prob. 11BPCh. 1 - Identifying risk and return All business decisions...Ch. 1 - Prob. 13BPCh. 1 - Prob. 14BPCh. 1 - Prob. 1SPCh. 1 - COMPANY ANALYSIS Key financial figures for Apple's...Ch. 1 - Prob. 2AACh. 1 - Prob. 3AACh. 1 - ETHICS CHALLENGE Tana Thorne works in a public...Ch. 1 - COMMUNICATING IN PRAC TICE APPLE Refer to this...Ch. 1 - TAKING IT TO THE NET A2 Visit the EDGAR database...Ch. 1 - ENTREPRENEURIAL DECISION APPLE Refer to this...
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Similar questions
- Identify to what ethical theories these quotations best relate. Explain your answers in 3 to 5 simplesentences: 2. “A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in thepublic interest. Therefore, a professional accountant’s responsibility is not exclusively to satisfy the needs ofan individual client or employer.” IFAC, Code of Ethics for Professional Accountantsarrow_forwardQ1: Which of the following are the techniques available as a substantive analytical procedures? 1. Reasonableness test 2. Ratio analysis 3. Trend analysis 4. Assertion a- 1and 3 only b-1 and 2 only c-1,2, and 3 only d- 1,2,3,and 4 only Q2: Which of the following is normally the most reliable source of audit evidence? a- Banker’s statements b- Minutes of Board Meeting c- Oral confirmation from the management. d- Internal audit reports of the company Q3: Benefits of planning in the audit of financial statements are: 1. to develop appropriate attention to important areas of the audit. 2. To identify and resolve potential problems on a timely basis. 3. Assisting in the selection of engagement team members with appropriate level of capabilities. a- 2 only b- 1,2, and 3 only c- 1 only d- 2 and 3 onlyarrow_forward4. The letter an auditor prepares and ensures he signs with the management to set out the terms and conditions of the assurance engagement is called? ______________ Question 4 options: a) Professional letter b) Assurance letter c) Engagement letter d) Auditor letterarrow_forward
- Instruction: Briefly answer the following questions: 4-5 SENTENCES ONLY EVERY question 1 .An important element of the control environment is the organization’s commitment to ethics and integrity. How might an internal auditor assess the organization’s commitment to ethics and integrity? 2. How might management and internal auditors assess each one of the following? The independence and competence of the board of directors The competence of accounting personnel Whether company employees are adhering to the company’s code of conduct 3.What is monitoring? Identify the two major types of monitoring and explain how they could be used by management. I.Ongoing Evaluation II.Separate Evaluations PLEASE NO PLAGIARISM. I WILL GIVE UPVOTES AND COMMENTS. THANKS!arrow_forwardS1: Assurance engagements performed by professional accountants are intended to improve the operating efficiency and effectiveness of the responsible parties.S2: An auditor is required to understand all the aspects of internal control of the client. Group of answer choices Only S1 is correct. Both S1 and S2 are incorrect. Only S2 is correct. Both S1 and S2 are correct.arrow_forwardA65. The “due process” system in developing financial reporting standards A. is an efficient system for collecting dues from members.B. identifies the accounting issues that are the most important.C. enables interested parties to express their views on issues under consideration.D. requires that all accountants must receive a copy of financial accounting standards.arrow_forward
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- Ma2. According to American Institute of Certified Public Accountants (AICPA) auditing standards,2 the primary responsibility for prevention and detection of fraud rests with those charged with governance and management. There are a number of strategies3 to help management and public officials navigate the challenges associated with prevention and detection of fraud. Explain some other fraud prevention methods in which it can be avoided?arrow_forward1.Explain why businesses need ethics programs and list their minimum requirement. 2.Describe the role of codes of ethics in identifying key corporate risks. 3. Review the factors in successful ethics training and goals. 4.Explain the ways ethical standards are monitored, audited, and enforced.arrow_forwardQ21 The Conceptual Framework_________. Select one: a. does not define standards for any particular measurement or disclosure issue b. overrides all other IFRS requirements c. is an IFRS d. is in the hierarchy that management must in the absence of a specific IFRS requirement apply in developing an accounting policy that results in information that is relevantarrow_forward
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