Cpa exam review test - Study guides, Class notes & Summaries

Auditing Exam 1|359 Questions with Verified Answers 1. Which of the following would be considered an assurance engagement? a. Giving an opinion on a prize promoter's claims about the amount of sweepstakes prizes awarded in the past. b. Giving an opinion on the conformity of the financial statements of a university with generally accepted accounting principles. c. Giving an opinion on the fair presentation of a newspaper's circulation data. d. Giving assurance about the average drive len...

Auditing Practice Exam 98 Questions with Verified Answers 1) An accountant: A) must possess expertise in the accumulation of audit evidence. B) must decide the number and types of items to test. C) must have an understanding of the principles and rules that provide the basis for preparing the accounting information. D) must be a CPA. - CORRECT ANSWER C The two major factors affecting acceptable audit risk are: A) inherent risk and the intended uses of the financial statements B) co...

NEIEP 600 Final Exam Review Updated Version Questions With Complete 100% Verified Solutions Compere the latest available interim financial statements with the statements being audited Which of the following procedures would an auditor generally perform regarding subsequent events? a. Inspect inventory items that were ordered before the year end but arrived after the year end. b. Test internal control activities that were previously reported to management as inadequate. c. Review the c...

CPA exam questions & answers 2023/2024 Which of the following procedures is ordinarily performed by an accountant in a compilation engagement of a nonissuer? Reading the financial statements to consider whether they are free of obvious mistakes in the application of accounting principles. Obtaining written representations from management indicating that the compiled financial statements will not be used to obtain credit. Making inquiries of management concerning actions taken at me...

Audit exam 1 practice questions | latest with complete solution full testbank graded A+ 1) In the auditing process A) the types and amounts of evidence remain constant from audit to audit. B) the criteria for evaluating information will not vary depending on the information being audited. C) the audit report communicates the auditor's findings to users. D) records are gathered by the auditor to determine whether the audited information is stated in accordance with SEC standards. - C) th...

CLFP-CLASS REVIEW STUDY GUIDE ACTUAL EXAM TEST BANK 200 QUESTIONS AND CORRECT DETAILED ANSWERS | GRADED A+ Common methods of lessor financing?ANSWERSelf funded Broker Discounting Debt/equity Securitization Influencers that could introduce prospects?ANSWERAttorneys Vendors CPA Banks/Associations Different ways a financial statement can be prepared?ANSWERCompilation Reviewed Audited

Purchasing - ANSWER-The act, function and responsibility for the purchase of equipment, materials, services, and construction required by an organization to satisfy the needs of the requestor at the best value for the state while conforming to ethical business practices. IMPORTANT: NEED TO SATISFY NEEDS Trends in Purchasing Profession - ANSWER-Multiple parties in planning process Reducing overall costs Obtaining best value Performance driven process Certified purchasers Basic Public Pur...

TEST BANK FOR FEDERAL TAX RESEARCH 11th EDITION By ROBY SAWYERS, STEVEN GILL COMPLETE GUIDE CHAPTER 1-19 | 2023-2024. In an open tax planning situation, the transaction is not yet complete, therefore, the tax practitioner maintains some degree of control over the potential tax liability, and the transaction may be modified to achieve a more favorable tax treatment. In a closed transaction however, all of the pertinent actions have been completed, and tax planning activities may be limited to...

Audit 2 Exam 148 Questions with Verified Answers What are the characteristics professions are distinguished by? - CORRECT ANSWER mastery of certain skill, or education/training; adherence to a common code of values and conducts; and acceptance of a duty to society as a whole utilitarisism - CORRECT ANSWER the greatest happiness should be achieved for the greatest number of people golden rule - CORRECT ANSWER treating others as you want to be treated (reciprocity) theory of rights - C...