1. This is an example of an RFID system with a very limited range (less than 8 inches): A) NFC system B) LAN system C) MICR system D) WAN system Table for Individual Question Feedback | Points Earned: | 1.0/1.0 | | 2. A POS device is usually attached to a: A) Cash register B) Keyboard C) Bank check D) Printer E) Computer mouse Table for Individual Question Feedback | Points Earned: | 1.0/1.0 | | 3. The reason why processor speeds are not important to AISs is because:
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field of accounting, and a complete set of Wiley CPA Exam Review 2013 is a good choice to begin with. There are several reasons for this recommendation including: Published annually. Based on the current standards and requirements provided by AICPA, the reference book will create or upgrade the latest information a new edition every year. It includes all the situations that happen in business and the proper way to solve these problems. Enhanced Job Performance. The content in this book is
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1. A. The standard unqualified report is comprised of the report title, audit report address, introductory paragraph, scope paragraph, opinion paragraph, name of CPA firm, and the last day of field work. Auditing standards requires the report to have a title, as well as having the word independent in the title. The requirement to have the word independent within the title explains to users that the auditor is independent of the company. In terms of the audit report address, the report is generally
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1) Which of the following (according to Charles Fombrum) is not one of the four determinants that influence a company's reputation? a. Credibility. b. Reliability. c. Profitability. d. Responsibility. 2) The 5 E's of the accounting profession in Texas are Ethics, Enthusiasm, Education, Examination and Experience. a. True b. False 3) The P in CPA stands for Public? a. True b. False 4) The difference between what the
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The Convergence of Accounting Standards The need for accounting standards and recordkeeping of financial statements became necessary as economic development became more complex and the rise capital markets became necessary to support economic growth. Financial information is the language businesses use to communicate their capabilities to potential investors, lenders and other users this information. However, for this information to be useful it needed to be reliable, relevant and comparable. These
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North Face Case Questions 1. Should auditors insist that their clients accept all proposed audit adjustments, even those that have an “immaterial” effect on the given financial statements? Defend your answer. No, clients are not required to accept all proposed audit adjustments that need to be made to the financial statements. However, the auditor is required to challenge management to justify not recording these adjustments. Regardless of the justification, the auditor needs to be aware that
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Seminar in Auditing Spring 2015 Name ________________________________________________________________ Answer the following questions (1-9) with a short answer – no more than a paragraph. 1. What was the significant of the McKesson & Robbins case? It redefined some auditing standards. Prior to this case, auditors had no responsibility to verify inventory. As a result of the McKesson & Robbins case, it was determined that auditors should extend verification beyond “the
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issue. Earnings Management/Issues with revenue recognition have been the subject of headlines in the United States and in the other parts of the world in the last few years. -Shrikant Sortur The author is a member of the Institute as well as AICPA, working with Lason Systems Inc, MI, USA. He can be reached at shrikant_ sortur@yahoo.com Revenue Recognition Under US GAAP It is estimated that Revenue Recognition related aspects appear in close to two hundred different pieces of accounting
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and reporting on management prepared statements. C. An auditor strives to achieve independence in appearance to 1) maintain public confidence in the profession. 4-19 A. In which one of the following situations would a CPA be in violation of the AICPA Code of Professtional Conduct in determining the audit
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for Leases, was established by the FASB and made effective starting January 1st, 1977. As early as 1949, leasing was recognized as an important financial tool by the accounting business when the American Institute of Certified Public Accountants (AICPA) issued Accounting Research Bulletin No. 38, “Disclosure of Long-Term Leases in the Financial Statements of Lessees.” In the 1960s, the APB recognized how important accounting for leases was when they included it in the top five topics that were to
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