Wgu d215 Study guides, Class notes & Summaries

Ability of cash flow from operations to cover current debt and dividends - ANSWER Measures ability to cover current debt maturities and dividends with operating cash flow. Accounting estimate - ANSWER An approximation of a monetary amount when a precise means of measurement is not available. Accounting records - ANSWER Client's records of the initial accounting entry and supporting documents. Acid-test (quick) ratio - ANSWER Measures ability to meet short-term obligations with liquid a...

What services are defined as independent professional services that improve the quality of information, or its context, for decision makers? - ANSWER assurance services The purpose of audit services is to provide ________. - ANSWER financial statement users with an opinion as to the fair presentation of the financial reporting Public companies, or issuers, in the U.S. are ________. - ANSWER required by the federal government to have annual financial statement audits Which of the followi...

What is the objective of a financial statement audit? - ANSWER Provide financial statement users with an opinion by the auditor on whether the financial statements are presented fairly in accordance with an applicable financial reporting framework Who are intended users of assurance services? - ANSWER Decision makers ie Investors Creditors Regulators What does "independent" mean in the context of assurance services? - ANSWER The person performing the service is not involved with the ...

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WGU D215 Auditing, Pre-test With Correct Solutions.

Which type of threat to ethical decision-making is demonstrated by this practice? Self-review Self-interest Adverse interest Undue influence - ANSWER Undue influence 8. A CPA has prepared a couple's joint tax returns for 10 years, but the couple is now experiencing a complicated divorce where both parties wish to claim the same child as a dependent. The CPA agrees to work with both clients on their tax returns. Which standard of the AICPA Code of Professional Conduct is being vi...