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What are the five assertions in financial statements - ANSWERSExistence Completeness Valuation Rights & Obligations Presentation & Disclosure Existence - ANSWERSAre there items included in the financial statements included in the financial statements that should not be there -occurrence is a form of existence Completeness - ANSWERSIs there anything missing from the F/S that should be there? -cut-off is a form of completeness What are the three communications in an auditor's rep...

ACCY 405 Final Exam Review (updated) questions & answers

Accy 405 – Tax Exam Questions With Correct Answers Tax - answerInvoluntary contribution required by law to finance the function of goverment 4 Characteristics of Tax - answer1. Payment required by law 2. Pursuant to legislative power to tax 3. Payment to provide revenue for public/governmental purposes 4. No specific benefits received as a result of payment. Payment is not a fine or a penalty Adam Smith identifies 4 Basic Requirements for a "Good Tax System"? - answer1. Equality ...

Tax - answersInvoluntary contribution required by law to finance the function of goverment 4 Characteristics of Tax - answers1. Payment required by law 2. Pursuant to legislative power to tax 3. Payment to provide revenue for public/governmental purposes 4. No specific benefits received as a result of payment. Payment is not a fine or a penalty Adam Smith identifies 4 Basic Requirements for a "Good Tax System"? - answers1. Equality 2. Certainty 3. Convenience 4. Economy Adam...