Management reports: Multiple Choice Must follow a set of rules specified by Generally Accepted Accounting Principles Must follow the rules specified by the Internal Revenue Service Must follow the rules specified by vendors Do not have to follow a specified set of rules

Management reports: Multiple Choice Must follow a set of rules specified by Generally Accepted Accounting Principles Must follow the rules specified by the Internal Revenue Service Must follow the rules specified by vendors Do not have to follow a specified set of rules

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

Explain the auditor's role in ensuring that rules and regulations are followed. How does this obligation vary for laws and regulations that have a direct impact on financial statements vs those that do not?
Which of the following is not one of the basic standards of the Institute of Management Accountants (IMA) Code of Ethics? Multiple Choice Integrity Honesty Confidentiality Competence
21. Which of the following control objectives in the General Ledger activities under the Record-to-Report process is least likely to have more extensive audit procedures for a business in an industry with fewer regulations? Group of answer choices To ensure that the accounting data is capable of meaningful and accurate analysis to support management decisions and actions. To ensure that the accounting information can be used to generate all the required statutory published accounting statements. To ensure that the general ledger and management accounts are accurate, reliable, and appropriately reflect the structure and operations of the organization. To ensure that the accounting records are maintained in accordance with the prevailing laws, regulations, and professional good practice.
The responsibility for the financial statements rests A. jointly with the auditor and management B. solely with management C. with the internal audit function D. solely with the external auditor
The standard unmodified auditors' report generally refers to both accounting principles and auditing standards. In which of the sections are these terms used? O Auditing standards in management responsibilities and opinion paragraphs and accounting principles in the auditor's responsibilities. O Accounting principles in management responsibilities, opinion paragraph, and auditor's responsibilities, and audit standards in the auditor's responsibilities. O Auditing standards in management responsibilities, opinion paragraph, and auditor's responsibilities, and accounting principles in the auditor's responsibilities. O Accounting principles in management responsibilities and opinion paragraphs and audit standards in the basis for opinion and auditor's responsibilities sections.
Which one of the following statements is false? O A. Management accounting reports tend to be specific. O B. Management accounting reports are produced as often as required. O C. Management accounting reports are subjected to the principles and practices of GAAP. O D. Management accounting reports are not required by law.
What is the main purpose of information presented in notes to the financial statements? • To provide disclosures required by generally accepted accounting principles. To correct improper presentation in the financial statements. To provide recognition of amounts not included in the totals of the financial statements. To present management's responses to auditor comments.
Under AICPA rules, which of the following services would generally be permitted to be provided to an audit client provided the general requirements are met? Firm accepting responsibility for monitoring client's IT controls (e.g., through automated tool) Providing advice and recommendations related to the application of an accounting standard Staff augmentation services Leading or supervising the audit client's accounting standards implementation team
Listed below are selected Rules of Conduct and ethical problems. Match the rule with the problem to which it applies. (One Rule of Conduct may apply to more than one ethical problem.) Rules A. Independence B. Integrity and objectivity C. General standards D. Compliance with standards E. Accounting principles F. Contingent fees G. Acts discreditable H. Advertising and other forms of solicitation I. Commissions and referral fees J. Form or practice and name Rules An audit client owes the CPA past-due audit fees. The auditors fail to qualify their opinion on financial statements that do not properly apply FASB standards. A CPA who is the controller for a company knowingly issues misleading financial statements. A CPA performs tax services that the CPA is not competent to perform. A sole practitioner practices in a partnership name. A member violates rules issued by the Accounting and Review Services Committee. A CPA robs a service station. A CPA accepts a percentage of the client's loan…
Which of the following is an example of "other information" that could be used by an auditor as evidential matter supporting the financial statements? Worksheets supporting cost allocations. Accounting manuals. Special journals. Confirmation of accounts receivable.
Which of the following statements are True? a) The financial statements are management's responsibility. b) Management is responsible for adopting sound accounting policies and establishing and maintaining internal control c) The fair presentation of financial statements in conformity with applicable financial reporting framework is an explicit and integral part of management's responsibility. Only b) and c) Only a) Only a) and b) All a) , b) and c)