CPA Public Accountant Study guides, Revision notes & Summaries

The primary purpose of accounting is to report on an organization's? - Answer- money and valuable property. When does accounting for a business begin? - Answer- Before the business opens The best definition of an accountant is a person who - Answer- is skilled in the recording and reporting of financial transactions. Which governmental entity establishes standards, and then awards qualified individuals the Certified Public Accountant (CPA) designation? - Answer- State Which branch o...

CFE - Fraud Risk Assessment Section Questions and Answers 100% Correct Under the ACFE Code of Professional Ethics, fraud examiners are strictly prohibited from accepting assignments to uncover fraud in a company in which they have a major interest. A. True B. False B (Article II of the ACFE Code of Professional Ethics states: "An ACFE Member shall not engage in any illegal or unethical conduct, or any activity which would constitute a conflict of interest that has not been properly disc...

C213 Accounting WGUAccounting - correct answer a system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions" AICPA - correct answer American Institute of Certified Public Accountants-the professional organization of certified public accountants in the united states Balance Sheet - correct answer document which reports the resources of a company (assets), the company's obligations ...

WGU C928 - WGU IT Finance Rated A+ account payable The liability created by a purchase on account. account receivable A claim against the customer created by selling merchandise or services on credit. This item is shown on the Balance Sheet. accounting An information system that provides reports to users about the economic activities and condition of a business. accounting assumptions Assumptions that provide the framework upon which accounting standards are constructed. accounting equation ...

Accounting Information System correct answersa system consisting of interrelated manual and computer parts that uses processes such as collecting, recording, summarizing, analyzing (using decision models), and managing data to provide output information to users. Activity-Based Management correct answersan advanced control system that focuses management's attention on activities with the objective of improving the value received by the customer and the profit received by providing this value...

Unit 2: International Accounting Standards Board (IASB) - correct answerA committee formed to develop international accounting standards. Unit 2: American Institute of Certified Public Accountants (AICPA) - correct answerA professional organization for CPAs in which membership is voluntary. *Professional Sanctions* Unit 2: Certified public accountant (CPA) - correct answerAn accountant who has met specified professional requirements established by the AICPA and local and state societies. A...

1. Which of the following statements best describes why the CPA profession has deemed it essential to promulgate a code of professional ethics and to establish a mechanism for enforcing observation of the Code? a. A distinguishing mark of profession is its acceptance of responsibility to the public. b. A pre-requisite to success is the establishment of an ethical code that primarily defines the professional's responsibility to clients and colleagues. c. A requirement of most state laws...

C213 WGU OA PrepThe ability a company has to pay its debts in the short run is its Liquidity 3 multiple choice options Which of the following is a measure of the liquid position of a corporation? Debt ratio 3 multiple choice options Which of the following ratios is used to measure a firm's leverage? Debt Ratio 3 multiple choice options Which of the following ratios is used to measure the profit earned on each dollar invested in a firm? Return on Equity 2 multiple choice...

Accounting - ANSWER A system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions." American Institute of Certified Public Accountants (AICPA) - ANSWER The professional organization of certified public accountants in the United States. Balance Sheet - ANSWER Document which reports the resources of a company (the assets), the company's obligations (the liabilities), and the owners' equit...

Which is the primary concern of financial accounting? - Answer- Recording financial transactions Which is a question that could NOT be best answered strictly on the basis of accounting data? - Answer- Which current bartender should we promote to Head Bartender? Which governmental entity establishes standards, and then awards qualified individuals the Certified Public Accountant (CPA) designation? - Answer- State The primary purpose of accounting is to report on an organization?s - Answe...