Accounting Test Bank

D. AICPA Audit and Accounting Guide, Not-for-Profit Organizations. All not-for-profit organizations that do not meet the definition of governments must apply A. FASB standards. Which of the following organizations has had the least – impact on the development of GAAP for state and local governments? Rank the following documents in the proper order in the governmental GAAP hierarchy: A. GASB Implementation Guide; b. The governmental GAAP hierarchy was established by A. The Governmental Accounting Standards Board (GASB). Which of the following has the highest level of authority for a government in the governmental GAAP hierarchy? Which of the following is considered a health and welfare organization? Duplicate record creates many confusion within organization. In integrated system the duplication of record is avoided. Due to statutory requirement record are to be saved for couple of year. International communication has been made easy, fast, and affordable due to computer and technology. This includes the irreversible influx of information technology (IT) processes which have greatly impacted the recording, reporting and control of financial and non-financial transactions. D. Provide information necessary to evaluate the SLG’s operating results for the period. C. Assessment whether a government raised sufficient revenues each period to cover the cost of providing services.

D. Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price. The ABV requires passing a written exam, completion of at least six business valuation projects, and 75 hours of continuing education. 7 This question requires candidates to explain the meaning of delict distinguishing a delict from a breach of contract and a crime. This is beneficial because a purchase agreement or contract can be listed on one line and the line directly below it can be left blank until payment is physically received. 2. Cash and bank items are merged in one column. Have a different bank account and credit card for your business and personal use. The integrated system less space is required as only one set of book of account is being maintained. If you are showcasing products that need over one page to be found, do not forget to add the search box. Once you have determined what you need from the accounting firm, you can start your search. And yes, I will certainly need to have to borrow money at some point and time.’ Charlie answers.

D. Businesses must acquire and convert scarce resources while governments can demand whatever they need. Back taxes can have serious repercussions if they are not dealt with, particularly for small businesses. A. Governments operate in a very small section of the economy while businesses operate globally. B. The FASB standards are authoritative for governments. A. A FASB standard on pension accounting. 14. The solution facilitates standard depreciation methods such as straight line, declining balance and accelerated depreciation and helps define required depreciation conditions well. D. Depreciation on capital assets. B. Capital asset purchases. D. AICPA Industry Audit and Accounting Guide. C. AICPA state and local government audit guide coverage of pensions. To help you better understand why they do not equal, read, Guide to Preparing a Trial Balance. Managers who guide the company. Most insurance companies define a smoker as someone who has used a tobacco product in the past 12 months.

Usually, large outsourced accounting companies have bookkeepers too. According to the rules and regulations of federal, state, or even local laws, individuals and companies are required to pay a variety of taxes. Which of the following is not a primary financial reporting objective of state and local government (SLG) reporting? The objective of this module is develop students’ conceptual understanding of advanced problems of financial reporting and their ability to apply international financial reporting standards (IFRS) to practical situations. With lots of kinds of accounting software, various features, and different module options, online guest management software can vary to a great extent. This tutorial has been designed to help beginners pursuing education in financial accounting or business management. No. Managers should ignore prior management decisions. B. Provide information necessary for investment and credit decisions. This article will mainly provide you with information on the different types of certified courses you can choose from when deciding to become an accounting or bookkeeping professional. For example, two accountants may choose two equally correct methods for recording a particular transaction based on their own professional judgement and knowledge.

Expenses and expenditures are least likely to differ in amount for which type of transaction? In rectifying entry the amount shall be transferred to machinery account from machinery repairs account, and it will increase the profits. Double set of account require a huge amount of time of finance department. If £50 is taken out of the system from the Smith account, £50 is debited from the Smith account and credited to the Cash Book. Documentation is the basis for building a system of accounting, a method of reflecting in documents the objectives of accounting. You will see that the bottom line on a cash basis income statement is probably not very reflective of reality. B. GASB Concepts Statement. C. GASB standards are authoritative for governments unless they have been overruled by the FASB. What best describes the relationship of the FASB and the GASB? C. GASB Technical Bulletin. GASB Interpretation; c. GASB Technical Bulletin; d.