Gasb statistical sec Study guides, Class notes & Summaries

CGFM Part 2 - Comprehensive Review | 137 Complete Questions and Answers 100% Correct | Updated 2024

TRUE/FALSE 1. The accounting profession has been regulated by Congress since the 1880s when it became clear that accounting was an important instrument in America for conducting business. ANSWER: F 2. The SEC was created by Congress to replace the AICPA’s standard-setting group. ANSWER: F 3. The SEC is legally empowered to regulate accounting principles. ANSWER: T 4. Most of the responsibility for establishing accounting principles has remained with the private sector ...

When a CPA examines a client's projected financial statements, the CPA's report should: state that the CPA performed procedures to evaluate management's assumptions. Davis, CPA, accepted an engagement to audit the financial statements of Tech Resources, a nonpublic entity. Before the completion of the audit, Tech requested Davis to change the engagement to a compilation of financial statements. Before Davis agrees to change the engagement, Davis is required to consider the: additional au...

Gleim's CPA Test Prep Auditing [1] Which of the following is required documentation in an audit in accordance with generally accepted auditing standards? A. A flowchart or narrative of the accounting system describing the recording and classification of transactions for financial reporting. B. An audit program setting forth in detail the procedures necessary to accomplish the engagement's objectives. C. A planning memorandum establishing the timing of the audit procedures and coordinating the ...

Accounting for Governmental and Nonprofit Entities, 18e (Reck) Chapter 9 Financial Reporting of State and Local Governments 1) In accordance with GASB standards, both a general purpose government and a special purpose government can be considered primary governments if certain criteria are met. 2) State and local governments should prepare only those financial reports required by law—generally year-end financial statements. 3) A financial reporting entity is defined as a primary go...