What are the positives and negatives of each? Is it legal for an organization to keep two sets of accounting records; one for tax and one for book? Why or why not? What transactions might fall under a dual method? When is the trial balance prepared?
financial technical bulletins. : Question 2. Question : (TCO 2) Enhancing qualitative characteristics of accounting information include each of the following, except timeliness. materiality. comparability.
Internal auditors guarantee that the internal controls are sufficient and calculate the company’s financial and information systems for accurateness. A series of audits such as financial statements, fraud, compliance, and operational can be made with the hiring of an internal auditor. The most beneficial audit for Whitfields Company would be an operational audit. Operational Audits can be done if upper-level management thinks that there is a need for operational improvements. It is a review of management and how operating procedures work.
Discuss the various types of confirmations and what forms you will implement and why. Solution: There are two types of confirmations to assess accounts receivables: positive confirmations and negative confirmations. Positive confirmations are addressed to the debtors requesting the receipt to confirm directly whether the balance as stated on the confirmation request is correct or incorrect. A blank confirmation form does not state the amount on the confirmation but instead requests the debtor to fill in the information. An invoice confirmation requires an individual invoice be confirmed rather than the debtor’s entire account receivable balance.
Program Improvement Opportunities Sharen Washington HSM/270 August 20, 2011 Christine Smalls Program Improvement Opportunities According to Encarta Dictionary evaluations is the assessment of value the act of considering or examining something in order to judge its value, quality, importance, extent, or condition. Therefore one must consider the manager or program officers because they are the contact and envoy that monitors and help the service delivery of funding institutions and organizations. “The responsibilities of these monitors or program officers include verifying that the programs are doing what they said they were going to do (i.e., process evaluation), and assessing proper budget management” (Yuen & Terao, 2003). It is not always possible to predicate or foretell the needs of every unique complexity of programs in each setting. The process evaluation is a good tool to use to provide improvement opportunities.
ACC 548 Final Exam Answers 1. Under GASB rules for the financial reporting entity a. component units are included if the primary government is financially accountable for their operations B. counties are component units of the state government C. blended and discretely presented component units are to be reported in government-wide financial statements but not in fund financial statements D. component units must be reported in columns (discrete presentation) separate from the funds of a primary government 2. According to GASB Statement No. 44, all of the following is a recommendation category for the CAFR’s statistical section EXCEPT A. financial trends information B. debt capacity information C. comparative information D. operating
ACC 403 Midterm Exam Answers http://www.homework-bank.com/downloads/acc-403-midterm-exam-answers/ ACC 403 Midterm Exam Answers Part 1 • Question 1 Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called: • Question 2 ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate. • Question 3 The use of the Certified Public Accountant title is regulated by: • Question 4 The Sarbanes-Oxley Act applies to which of the following companies? • Question 5 Three common types of attestation services are: • Question
For auditing year-end cash will utilized objectives in order to (1) find the internal controls related to each audit objective; (2) designing tests of controls related to the support of a reduced control risk, and (3) substantive tests of transactions design that tests each objective for monetary misstatements. In the audit the tests of controls for the cash cycle will involve observing if the Apollo Shoes accountant reconciled the bank account; observing cash receipts; examining files; verifying monthly statements; examining evidence related to internal verification, and observe cash that has not been recorded during a specific period. Substantive transaction tests involves reviewing cash receipts; duplicate deposit slips; preparing proof of cash receipts; using audit software to trace sales journal totals to the general ledger; and comparing deposit dates from the bank statements (Arens, Elder & Beasley, 2012). And because cash balances is affected by the other cycles except inventory and warehousing cycle the controls over cash receipts in the audit of cash transaction are thoroughly audited. The year-end bank reconciliations are usually extensive audit and using analytical procedures are test for reasonableness of cash balances.
6. Describe a real or made up but realistic example of a situation that would require that you communicate with another person about finances. Describe at least two methods you could use in order to make these communications less stressful. (2-4 sentences. 2.0 points) going to a bank and ask what your acct balance is.
6. Who has the right to order that payment on a check be stopped? Only the customer or a person authorized to draw on the account can order the bank not to pay the check. 7. Who is liable when a customer’s bank pays an altered check? If the customer can prove that the check was altered then the bank is liable for the payment. Even if the customer is at fault or negligent the bank can be liable for some of the loss if they failed to exercise ordinary care.