When auditing the financial statements of a nonissuer (nonpublic) entity, a CPA was requested to change the engagement to a review in accord ...
2015-10-30 09:10Before reissuing a compilation report on the financial statements of a nonissuer for the prior year, the predecessor accountant is required ...
2015-10-30 09:10The Bankruptcy Code provides that a debtor is entitled to claim as exempt property the right to receive Social security benefits Disability ...
2015-10-29 10:10Before year 2, Deroit Co. used the cash basis of accounting. As of December 31, year 2, Deroit changed to the accrual basis. Deroit cannot d ...
2015-10-29 10:10In a job-order cost system, the use of indirect materials would usually be reflected in the general ledger as an increase in A. Work in proc ...
2015-10-29 10:10We disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be cons ...
2015-10-29 10:10Which of the following statements concerning agency law is false? A. The principal does not owe his/her agent fiduciary duties. B. The agent ...
2015-10-28 09:10Presenting consolidated financial statements this year while statements of individual companies were presented last year is A. An accounting ...
2015-10-28 09:10Which of the following is true regarding Productivity Ratios? a.TPR is calculated as the quantity of output produced in a given period divid ...
2015-10-28 09:10An accountant has been asked to compile the financial statements of a nonpublic company on a prescribed form that omits substantially all th ...
2015-10-28 09:10An involuntary petition in bankruptcy A. Can be filed by creditors only once in a 7-year period. B. May be successfully opposed by the debto ...
2015-10-27 10:10Which of the following is true regarding the comparison of managerial to financial accounting? A. Managerial accounting has a past focus and ...
2015-10-27 10:10A manufacturing company employs a process cost system. The companys product passes through both Department 1 and Department 2 in order to be ...
2015-10-27 09:10Auditors desired to test credit approval on 10,000 sales invoices processed during the year. The auditor designed a statistical sample that ...
2015-10-27 09:10Dart Corp. is a general creditor of Blue. Blue filed a petition in bankruptcy under the liquidation provisions of the Bankruptcy Code. Dart ...
2015-10-26 10:10For financial statement purposes, the installment method of accounting can be used if the A. Collection period extends over more than 12 mon ...
2015-10-26 10:10The Enterprise Risk Management Integrated Framework states that an organization must identify events, both positive and negative, as part of ...
2015-10-26 09:10When communicating internal control related matters noted in an audit of a nonissuer, an auditors report issued on significant deficiencies ...
2015-10-26 09:10Dartmouth Inc., a closely held corporation, was petitioned involuntarily into bankruptcy under the liquidation provisions of Chapter 7 of th ...
2015-10-23 10:10Har entered into a contract with Rex on behalf of Gold. By doing so, Har acted outside the scope of his authority as Golds agent. Gold may b ...
2015-10-23 10:10Marcus is an agent for Fashion Frocks, Ltd. As such, Marcus made a contract for and on behalf of Fashion Frocks with Sowinski Fabrics which ...
2015-10-23 10:10During year 3, Fleet Co.s trademark was licensed to Hitch Corp. for royalties of 10% of net sales of the trademarked items. Returns were est ...
2015-10-23 10:10Which of the following describes a change in reporting entity? A. A company presents consolidated financial statements in place of individua ...
2015-10-23 10:10On January 1, year 2, an intangible asset with a 35-year estimated useful life was acquired. On January 1, year 6, a review was made of the ...
2015-10-23 10:10The Hartman Conglomerate completed its annual retreat of board members and senior management and produced a document that links the organiza ...
2015-10-23 10:10Which of the following types of costs are prime costs? a.Direct materials and overhead. b.Direct materials and direct labor. c.Direct materi ...
2015-10-23 10:10Which of the following is assigned to goods that were either purchased or manufactured for resale? A. Opportunity cost. B. Period cost. C. P ...
2015-10-23 10:10Which of the following statements is correct concerning materiality for purpose of a review of a nonpublic companys financial statements? A. ...
2015-10-23 10:10Gail is auditing the financial statements of Hoefener Home Improvements, a publicly held company. Gail notes several deficiencies in interna ...
2015-10-23 09:10When communicating internal control related matters noted in an audit of a nonissuer, an auditors report issued on significant deficiencies ...
2015-10-23 09:10
