ACC 430

Under the hierarchy of GAAP for a state and local government, which of the following has the highest level of authority? - Answer AICPA Practice Bulletins if specifically made applicable to state and local governments by the AICPA (and cleared by the GASB). GASB Technical Bulletins. GASB Implementation Guides. (ALL OF THESE ARE CORRECT) The scope of an auditing engagement is described in: - Answer An engagement letter. Ramon Fuentes is the new head of the State Department of Motor...

company risks - Answer operational competitive macro-economic regulatory legal global piracy/crime who are the stakeholders/users of financial information - Answer management shareholders banks/bondholders auditors regulators customers suppliers what are controls? - Answer Set of activities used to guide, manage, and regulate toward a directive What is COSO? - Answer Committee of Sponsoring Organizations of the Treadway Commission What does COSO do? - Answer ...

which of the following is not explicitly included in an audit report for a nonpublic company? - Answer A statement that the auditor believes that all key audit matters have been properly disclosed in the audit report A basis for opinion section in the audit of the financial statements of a public company - Answer Is included in all public company audit matters When an auditor does not confirm material accounts receivable, but is satisfied by the application of alternative auditing pr...

Accrual - Answer Which basis of accounting is required for a city's government-wide financial statements? $5,000 - Answer Elm City issued a purchase order for supplies with an estimated cost of $5,000. When the supplies were received, the accompanying invoice indicated an actual price of $4,950. What amount should Elm debit (credit) to Budgetary Fund Balance - Reserved for Encumbrances after the supplies and invoice were received? Non-operating revenues - Answer How should stat...

Trading Securities - Answer -A security that is acquired with the intent of selling it within hours or days. -Items held longer than short-term could also be trading securities (Ex: Debt, Equity, Stock/Bond) Available-for-Sale Securities - Answer -Investments in debt/equity securities that have readily determinable FV's not classified as trading securities or as held-to-maturity securities -Can be Debt or Equity Investments Held-to-Maturity Securities - Answer -Securities in ...

capital losses - Answer only offset capital gains ordinary losses - Answer fully deductible against any type of income section 1231 - Answer controls ultimate character of gains/losses of business assets sold owner's amount realized in sale/exchange - Answer any cash received plus the fair market value of any prop received (debt relief is included as amount realized) seller-financed sale - Answer A sale transaction in which the seller accepts the purchaser's debt...

1. The Financial Accounting Standards Board has the responsibility for setting accounting and financial reporting standards for A. All not-for-profit organizations that are nongovernmental and business entities. B. All not-for-profit organizations and business entities. C. All not-for-profit organizations. D. Special purpose governments with a business purpose. - Answer A 2. You are trying to decide if an entity you are reviewing is a government or a not-for-profit. Which of the ...