Which of the following best describes what is meant by U.S. generally accepted auditing standards? (1) Acts to be performed by the auditor. (2) Measures of the quality of the auditor’s performance. (3) Procedures to be used to gather evidence to support financial statements. (4) Audit objectives generally determined on audit engagements.
4. One individual orders inventory, while a different individual authorizes payments. 5. Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording. Instructions Indicate whether each procedure is an example of good internal control or of weak internal control.
This difference is what the distinction between weak and strong arguments amounts to. The first argument is what we call a logically WEAK argument. It does not satisfy the Logic Condition and so it can't be a good argument. The second argument is a logically STRONG argument. It does satisfy the Logic Condition so it can be a good argument.
2. Emerging Issues Task Force (EITF) a. Abstracts b. Topic D. 3. Derivative Implementation Group (DIG) Issues 4. Accounting Principles Board (APB) Opinions 5.
VI. Selective credit control. VII. Direct credit control. There are four aims of monetary policy.
In other words, the good effect must be produced directly by the action, not by the bad effect. Otherwise the agent would be using a bad means to a good end, which is never allowed. (4) The good effect must be sufficiently desirable to compensate for the allowing of the bad effect. In forming this decision many factors must be weighed and compared, with care and prudence proportionate to the importance of the case. Thus, an effect that benefits or harms society generally has more … DOUBLE EFFECT, PRINCIPLE OF The Principle of Double Effect is a rule of conduct frequently used in moral theology to determine when a person may lawfully perform an action from which two effects will follow, one bad and the other good.
a.|auditing existing data| b.|collecting and recording data| c.|providing information to users| d.|analyzing and managing data| ANS: A PTS: 1 DIF: Moderate OBJ: 1-1 NAT: AACSB Reflective 3. In an accounting information system, the inputs are usually a.|financial statements.| b.|analyzing data.| c.|performance reports.| d.|economic events.| ANS: D PTS: 1 DIF: Easy OBJ: 1-1 NAT: AACSB Reflective 4. _______________ is devoted to providing information for external users. a.|Management accounting| b.|Financial accounting| c.|Internal accounting| d.|Cost accounting| ANS: B PTS: 1 DIF: Easy OBJ: 1-1 NAT: AACSB Communication 5. Financial accounting information is used for a.|investment decisions.| b.|regulatory measures.| c.|stewardship evaluation.| d.|all of these.| ANS: D PTS: 1 DIF: Easy OBJ: 1-1 NAT: AACSB Communication 6.
Accrual and Cash Accounting XACC 290 October 5, 2014 Jana Rideout Accrual and Cash Accounting Introduction In business, there are many different forms and standards to accounting. These standards are governed by rules, laws, regulations and accurate accountability of a particular business account. There are some general differences between general and commercial basis accounting principles, also differences between accrual and cash basis accounting. Those differences will be looked at here. General and Commercial Basis Accounting Principles Generally accepted accounting principles (GAAP) state the standard framework of guidelines for financial accounting used in any given jurisdiction; commonly known as standard accounting practice or accounting standards.
Conclusion The need for a different orientation of the role that accounting and budgeting play in the control process as well as a broader concept of control it self. Organization Control system : Organizational environtment consist of : 1. Organizational Culture 2. Organizational Structure 3. Core system (planning, operations, measurement and
1 INTRODUCTION TO MANAGERIAL ACCOUNTING DISCUSSION QUESTIONS 1. Managerial accounting is the provision of accounting information for internal users in a firm. 2. The three broad objectives of managerial accounting are to provide information for planning, controlling, and decision making. 3.