LSU ACCT 3222 Wiley TEST 1 Questions
And Answers
unmodified breport b- bcorrect banswers✔✔the bname bof ba bclean breport bfor bprivate
bcompanies
unqualified breport b- bcorrect banswers✔✔the bname bof ba bclean breport bfor bpublic
bcompanies
clean breport b- bcorrect banswers✔✔means bthat bin bthe bauditors' bopinion bif bthe
bcompany bfollows bGAAP
end bof bfield bwork b- bcorrect banswers✔✔the bdate bat bthe bbottom bof bthe baudit breport,
bstating b45 bdays bafter byear bend, bwhen bauditors bstop bgathering bevidence, bno bhard
bdeadline bfrom bthe bgovernment
management's bresponsibilities b- bcorrect banswers✔✔-designing, bimplementing, band
bmaintaining binternal bcontrols
-creating bfinancial bstatements
-following bGAAP
-estimates bfor bfinancial bstatements bstems b
-gives bauditors baccess bto brecords, bdocumentation, band bpersonnel
NASBA b- bcorrect banswers✔✔-who byou bapply bwith bto btake bthe bCPA bexam; bonly
bhandles bthe bapplications bto btake bthe bCPA bexam, bnot bdealt bwith bby beach
bparticular bstate b
-every bstate bhas btheir bown bstate bboard; bdetermines bthe beducation brequirements
bfor bthe bstate
-licensing bis bcontrolled bat bthe bstate blevel b
-make bhigh blevel bdecisions, bappointed bby bthe bgovernor
AICPA b- bcorrect banswers✔✔-professional borganization, blike bexclusive bclub
-makes band bgrades bthe bCPA bexam
-issues bthe bAU-C b(auditing baccounting bestimates)
-created bSAS b(Statements bon bAuditing bStandards)
state b- bcorrect banswers✔✔issues byour bCPA blicense
, ASB b- bcorrect banswers✔✔-audit bstandards bfor bprivate band bnon-profit borganizations
-made bup bof bmembers bfrom bthe bAICPA bthat bare bfull btime bauditors band
bvolunteering bto bbe bpart bof bthe bthis band bmembers brotate
-make bdetailed bguidance bfor bother bstandards
FASB b- bcorrect banswers✔✔-establishes bfinancial baccounting band breporting
bstandards bfor bpublic bcompanies b
-deals bwith bGAAP
PCAOB b- bcorrect banswers✔✔-created bduring bthe bSOX blegislation b
-oversees bauditing
-imposes bpunishments bon bthose bthat bdo bnot badhere bto baudit bregulations
SEC b- bcorrect banswers✔✔-appointed bby bthe bpresident b
-protects binvestors, bmaintains bfair bmarkets, bfacilitates bcapital bformation
-enforces band binterprets bsecurities blaws
-uniformity band bquality b
-requirement bfor bpublic bcompanies band bbeing baudited bin bthe bsame bway b
-stock bmarkets bwould bnot bfunction
-standards bare bguidelines bto bmeasure bquality bof baudit bwork
-government binspections bhappen bfrom bPCAOB b- bcorrect banswers✔✔reasons bfor
bhaving bstandards
public bcompany b- bcorrect banswers✔✔issuer
private bcompany b- bcorrect banswers✔✔non-issuer
audit bservices b- bcorrect banswers✔✔most bspecific band bnarrow, bservices bby ban
bindependent bCPA bthat bprovide bfinancial bstatement busers bwith ban bopinion bon
bwhether bthe bfinancials bare bpresented bfairly bin bmaterial baspects bin baccordance
bwith bGAAP
auditor b- bcorrect banswers✔✔need bto blicensed bto blead ban baudit bindependent bCPA
bqualified bto bperform bthe bauditing bservices
attestation bservices b- bcorrect banswers✔✔performed bwhen ban bindependent
bpractitioner breports bon bsubject bmatter bprepared bby bsomeone belse, bfocuses bon
bfinancial binformation
an baudit bis ba btype bof battestation bservice; bhowever, ban battestation bservice bis bNOT
ban baudit b- bcorrect banswers✔✔how bis baudit brelated bto ban battestation bservice?
assurance bservice b- bcorrect banswers✔✔independent bservice bimproving bthe bquality
bof binformation bof bfinancial band bnon bfinancial binformation, bincludes bany bservice
And Answers
unmodified breport b- bcorrect banswers✔✔the bname bof ba bclean breport bfor bprivate
bcompanies
unqualified breport b- bcorrect banswers✔✔the bname bof ba bclean breport bfor bpublic
bcompanies
clean breport b- bcorrect banswers✔✔means bthat bin bthe bauditors' bopinion bif bthe
bcompany bfollows bGAAP
end bof bfield bwork b- bcorrect banswers✔✔the bdate bat bthe bbottom bof bthe baudit breport,
bstating b45 bdays bafter byear bend, bwhen bauditors bstop bgathering bevidence, bno bhard
bdeadline bfrom bthe bgovernment
management's bresponsibilities b- bcorrect banswers✔✔-designing, bimplementing, band
bmaintaining binternal bcontrols
-creating bfinancial bstatements
-following bGAAP
-estimates bfor bfinancial bstatements bstems b
-gives bauditors baccess bto brecords, bdocumentation, band bpersonnel
NASBA b- bcorrect banswers✔✔-who byou bapply bwith bto btake bthe bCPA bexam; bonly
bhandles bthe bapplications bto btake bthe bCPA bexam, bnot bdealt bwith bby beach
bparticular bstate b
-every bstate bhas btheir bown bstate bboard; bdetermines bthe beducation brequirements
bfor bthe bstate
-licensing bis bcontrolled bat bthe bstate blevel b
-make bhigh blevel bdecisions, bappointed bby bthe bgovernor
AICPA b- bcorrect banswers✔✔-professional borganization, blike bexclusive bclub
-makes band bgrades bthe bCPA bexam
-issues bthe bAU-C b(auditing baccounting bestimates)
-created bSAS b(Statements bon bAuditing bStandards)
state b- bcorrect banswers✔✔issues byour bCPA blicense
, ASB b- bcorrect banswers✔✔-audit bstandards bfor bprivate band bnon-profit borganizations
-made bup bof bmembers bfrom bthe bAICPA bthat bare bfull btime bauditors band
bvolunteering bto bbe bpart bof bthe bthis band bmembers brotate
-make bdetailed bguidance bfor bother bstandards
FASB b- bcorrect banswers✔✔-establishes bfinancial baccounting band breporting
bstandards bfor bpublic bcompanies b
-deals bwith bGAAP
PCAOB b- bcorrect banswers✔✔-created bduring bthe bSOX blegislation b
-oversees bauditing
-imposes bpunishments bon bthose bthat bdo bnot badhere bto baudit bregulations
SEC b- bcorrect banswers✔✔-appointed bby bthe bpresident b
-protects binvestors, bmaintains bfair bmarkets, bfacilitates bcapital bformation
-enforces band binterprets bsecurities blaws
-uniformity band bquality b
-requirement bfor bpublic bcompanies band bbeing baudited bin bthe bsame bway b
-stock bmarkets bwould bnot bfunction
-standards bare bguidelines bto bmeasure bquality bof baudit bwork
-government binspections bhappen bfrom bPCAOB b- bcorrect banswers✔✔reasons bfor
bhaving bstandards
public bcompany b- bcorrect banswers✔✔issuer
private bcompany b- bcorrect banswers✔✔non-issuer
audit bservices b- bcorrect banswers✔✔most bspecific band bnarrow, bservices bby ban
bindependent bCPA bthat bprovide bfinancial bstatement busers bwith ban bopinion bon
bwhether bthe bfinancials bare bpresented bfairly bin bmaterial baspects bin baccordance
bwith bGAAP
auditor b- bcorrect banswers✔✔need bto blicensed bto blead ban baudit bindependent bCPA
bqualified bto bperform bthe bauditing bservices
attestation bservices b- bcorrect banswers✔✔performed bwhen ban bindependent
bpractitioner breports bon bsubject bmatter bprepared bby bsomeone belse, bfocuses bon
bfinancial binformation
an baudit bis ba btype bof battestation bservice; bhowever, ban battestation bservice bis bNOT
ban baudit b- bcorrect banswers✔✔how bis baudit brelated bto ban battestation bservice?
assurance bservice b- bcorrect banswers✔✔independent bservice bimproving bthe bquality
bof binformation bof bfinancial band bnon bfinancial binformation, bincludes bany bservice
