...Management's attitude toward aggressive financial reporting and its emphasis on meeting projected profit goals most likely would significantly influence an entity's control environment when [pic][pic] A. The audit committee is active in overseeing the entity’s financial reporting policies. Answer A is incorrect. An active audit committee tends to temper management's aggressive stance. [pic] B. External policies established by parties outside the entity affect its accounting practices. Answer B is incorrect. External policies tend to moderate such management tendencies. [pic] C. Management is dominated by one individual who is also a shareholder. Answer C is correct because these noted factors tend to have an especially significant influence on the control environment when management is dominated by one or a few individuals. Such a circumstance allows management to effectively implement aggressive financial reporting and emphasize meeting profit goals. [pic] D. Internal auditors have direct access to the board of directors and entity management. Answer D is incorrect. Internal auditors tend to mitigate management's aggressive attitude. close Control environment. The control environment factors set the tone of an organization, influencing the control consciousness of its people. The seven control environment factors, which you may remember using the mnemonic IC HAMBO, are |I |- |Integrity and ethical values ...
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...Act Answer to Question No. 1 As the conclusion of where I will join college next year rapidly advanced, I decided to enquire the foremost I have selected, Accounting. Because my aim is to become a declared Public Accountant (CPA), I would like to understand more of what it entails. considering with figures, and notes and projecting the profits of a business, accountants are put with the blame of keeping track of the moneys of a business. God has blessed me with abilities in the areas of numbers and association, which initiated me to gaze for an occupation that utilizes both. Accounting appeared a logical alternative since they largely work with numbers and coordinate their clients' money. In alignment to become a CPA, one must obtain a bachelor's degree and work for a prescribed number of hours for a peak accounting firm. Covering a broad spectrum of enterprise associated specialization, accountants and those who proceed as auditors must be adept to determine whether or not a company is utilising their assets efficiently and if they are rightly recording the moneys they come in communicate with. I am cognizant that accountants work with cash and the documenting of it but would like to ascertain exactly what additional the job of a CPA comprises of. Answer to Question No. 2 Since the latest worsening of the American finances and job market, I began to ponder how very simple it would be to attain a job as an accountant. According to Steve French, an accountant for...
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...ShaSha Lei How Psychology Affect My Career Decisions Our career choices are shaped by the personal interest and environment in our lives. This research paper will discuss how interest and environment influenced my career decisions throughout the years. Become a Magician, Veterinarian, Psychologist and Accountant are some of various my career selections in the past 18 years. My early childhood career selection was to become a Magician. Why would I want to become a Magician? Because I read a book called “Charlie and the Chocolate Factory” and I was attracted by those fancy events. In the book, Mr. Wonka has the biggest candy factory in the world, and he can turn impossible things into possible situations. I always thought it would be great if I can have the same ability as him. My career decisions became more realistic while in Middle School and the High School. When I was in Middle School, I wanted to become a Veterinarian after I got my first puppy. I love dogs, and I want to make Veterinarian profession my future career. I found some information about Veterinarians in “Wiki Answers”, which indicates that “Veterinarian are required to study a Biology related major and must graduate with a Doctor of Veterinary Medicine degree from a 6 year program at an accredited college (http://wiki.answers.com). After I saw this reference website; I choose to abandon this career choice because Science is not my favor subject. After Middle School, in High...
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...a Multiple Choice—CPA Adapted Chapter 14 – Long Term Liabilities 1. On July 1, 2010, Spear Co. issued 1,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2010 and mature on April 1, 2020. Interest is payable semiannually on April 1 and October 1. What amount did Spear receive from the bond issuance? a. $1,015,000 b. $1,000,000 c. $990,000 d. $965,000 2. On January 1, 2010, Solis Co. issued its 10% bonds in the face amount of $3,000,000, which mature on January 1, 2020. The bonds were issued for $3,405,000 to yield 8%, resulting in bond premium of $405,000. Solis uses the effective-interest method of amortizing bond premium. Interest is payable annually on December 31. At December 31, 2010, Solis's adjusted unamortized bond premium should be a. $405,000. b. $377,400. c. $364,500. d. $304,500. 3. On July 1, 2009, Noble, Inc. issued 9% bonds in the face amount of $5,000,000, which mature on July 1, 2015. The bonds were issued for $4,695,000 to yield 10%, resulting in a bond discount of $305,000. Noble uses the effective-interest method of amortizing bond discount. Interest is payable annually on June 30. At June 30, 2011, Noble's unamortized bond discount should be a. $264,050. b. $255,000. c. $244,000. d. $215,000. 4. On January 1, 2010, Huff Co. sold $1,000,000 of its 10% bonds for $885,296 to yield 12%. Interest is payable...
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...Abstract This paper is on the based on ethical issues in financial accounting, I picked this subject because I believe that having good morals and ethics is the mainstay of life in general, But in finance and accounting it is very important to have this to be successful in business, which is based on personal, professional and corporate issues that will arise in day to day operation. Introduction Accounting is the profession of Analyzing, collection, recording and posting financial transactions in a manner to provide useful information essential to making financial decisions by leaders in a business or organization. Accounting is also called the language of business. The financial statements are used to communicate the effects of the operation and financial strength of a business or organization. By making comparisons of statements from a company from year to year, a professional could be able to predict the profitability, direction and financial condition of a business or organization (Juan, 2007). It is important that the accounting practice is immune to greed and selfishness, and should be a free emotional reporting function which requires a skillset to handle complex technical skills but have no moral involvement. People think on most financial issues or scandals are problems of disloyalty and distrust (Senaratne, 2011). Can we trust those who run the finances in today’s world? Can Accountants, auditors, bankers can be trusted? Yet when an issue is not...
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...Time estimates for the questions are based on a three-hour examination. Candidates are responsible for managing the time allocation between the objective-format portion and the case portion as it will not be controlled as part of the examination. Until otherwise advised, for the Elective examinations, candidates can expect two cases for a total of 150 minutes, where the maximum time for any one case is 90 minutes and the minimum is 60 minutes. Candidates will be advised if and when the cases begin to exceed 90 minutes. Chartered Professional Accountants of Canada, CPA Canada, CPA are trademarks and/or certification marks of the Chartered Professional Accountants of Canada. © 2015, Chartered Professional Accountants of Canada. All Rights Reserved. Elective Modules Blueprint – Jan 2015 update FOR THE OBJECTIVE-FORMAT PORTION: ASSURANCE ELECTIVE COMPETENCY AREA WEIGHTINGS CPA Competency Range 1. Financial Reporting 20-40% 2. Strategy & Governance 0-10% 4. Assurance 50-70% 5. Finance 0-10% The objective-format questions will...
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...ACCOUNTING 320B INTERMEDIATE ACCOUNTING II SYLLABUS - Fall 2014 Instructor: Dr. N.J. Kim, CPA Office: ST 612 Office Hours: TR 8:35 – 9:40 am & R 4:00 – 6:00 pm Phone: (323) 343-2840 Email: nkim2@calstatela.edu Instructional Web site: http://instructional1.calstatela.edu/nkim2/ Connect URL: http://connect.mcgraw-hill.com/class/sec-3 Textbook: Intermediate Accounting, 7th Edition, Spiceland, Sepe and Nelson, McGraw-Hill, ISBN-9780078025327 (Hard copy, Volume II, or e-book with CONNECT available) Course Objectives and Description: Intermediate Accounting is designed to acquaint the student with current accounting theories and practices. In this second part of intermediate accounting, we will learn accounting for fixed assets, intangibles, long-term liabilities, investments, and stockholders’ equity. Statement of cash flows and accounting issues related with accounting changes and error correction are also covered in this class. Prerequisite: ACCT 320A or equivalent with a grade C or better Grading: Points are distributed as follows. Accounting majors must earn a grade of “C” or better in each accounting class taken to graduate. Midterms 100 250-300 A Final 130 210-249 B Participation & Attendance 10 180-209 C Comprehensive test 20 150-179 D Homework 40 Below 150 F Total 300 points A modified curve may be applied at the end of the quarter if necessary. Withdrawal...
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...Case 1-1 A Student’s Dilemma 1. a) Helen bears the responsibility and obligation of following the rules and doing the best she can. I’m pretty sure cheating wouldn’t be considered following the rules. She also has a responsibility to earn her grade point status the right way. b) Helen stealing the exam is really setting an unfair advantage against her fellow students. Everyone should be even the same rights and opportunity to achieve the same grade on the exam. c) Helen has a responsibility to her future employer to give them what they are asking for; a CPA with integrity and knowledge. Cheating shows a lack of strength and ability in both areas. What if a serious problem came up and she didn’t have the correct knowledge on how to handle it and her company ended up being sued? d) She has a responsibility to live up to the standards and rules the professor laid out in their class. e) Helen should encourage her friend to not lie, cheat or steal. She has a responsibility to help her friend become a better person and anyone who doesn’t do that shouldn’t be considered a real friend. f) She is really just cheating herself out of the opportunity to learn, grow and achieve the status on her own. She had a chance to prove to herself that through hard work and discipline she could of accomplished the same grade the right way. Once that line gets blurry, it’s hard to tell when you cross it. 2. Fairness is the first one that comes to mind. It really isn’t fair to the professor...
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...Research Question: How is the impact of the international accounting standards in the CPA test? Miller, W., & Becker, D. (2010). Why Are Accounting Professors Hesitant to Implement IFRS? The CPA Journal, 80(8), 63-67. This article summarizes the movement in different countries towards the implementation of the International Accounting Standards, and more importantly, how professor need to start teaching this new standards. Why? Because then the accounting graduates will be tested in that field, and if they are not properly taught what will happen is that they will fail in the CPA test. There are some exhibits and research chart that show the proper evidence and the survey findings. I think this is a very relevant article, because the same situation applies to me. I studied accounting, and back in school they barely teach us the International Accounting Standards. Now if we want to take the CPA test, we would be tested in that subject. William Miller, CPA, is an assistant professor of accounting and D'Arcy A. Becker, CPA, is a professor of accounting and chair of the department of accounting and finance, both at the University of Wisconsin-Eau Claire. This document was found in ABI/Inform Complete. Booker, Q., & Blum, J. (1999). The International Uniform CPA Qualification Examination. CPA Journal, 69(12), 40. This document was retrieved from Business Source Complete. Doran, D.T. & Brown, C.A. (2001). The future of the accounting profession. Journal...
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...as one of the recent “innovative” approaches to assessments most pursued by states. CBT is lauded as the answer to having cheaper and speedier test delivery for state and district-wide assessments. It is also seen by some as an avenue toward greater accessibility for students with disabilities. In this report we explore the context of CBT, current state computer-based tests, and considerations for students with disabilities, in part as follow-up to a similar exploration that occurred in the early 2000s when just a few states were beginning to develop and implement CBT for their state assessments. Nine considerations for states and districts are presented: • Consider the assumptions and beliefs of various stakeholders about computer-based instruction and assessments. • Consider the system as a whole, from the computer infrastructure to classroom and instructional experiences with computers before deciding whether and how to use CBT. • Consider the computer or online platform first, with input from individuals who know students with disabilities and their accessibility needs. • Consider a process for bringing in the needed expertise to delineate the specific accessibility features of CBT, and to determine what specific accommodations may still be needed by students with disabilities, as well as to determine whether a computer-based test may create new accessibility issues. • Determine the policies for which accessibility features will be available to all students and which are...
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...acquired abilities (skills) or attitude. The innate nature of aptitude is in contrast to achievement, which represents knowledge or ability that is gained.[1] Contents [hide] 1 Intelligence 2 Combined aptitude and knowledge tests 3 See also 4 References Intelligence[edit] Aptitude and intelligence quotient are related, and in some ways opposite views of human mental ability. Whereas intelligence quotient sees intelligence as being a single measurable characteristic affecting all mental ability, aptitude refers to one of many different characteristics which can be independent of each other, such as aptitude for military flight, air traffic control, or computer programming.[2] This is more similar to the theory of multiple intelligences. Concerning a single measurable characteristic affecting all mental ability, analysis of any group of intelligence test scores will nearly always show them to be highly correlated. The U.S. Department of Labor's General Learning Ability, for instance, is determined by combining Verbal, Numerical and Spatial aptitude subtests. In a given person some are low and others high. In the context of an aptitude test the "high" and "low" scores are usually not far apart, because all ability test scores tend to be correlated. Aptitude is better applied intra-individually to determine what tasks a given individual is more skilled at performing. Inter-individual aptitude differences are typically not very significant due to IQ differences...
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...minutes) but I’ve compressed it into two lessons (2 x 50 minutes). This was a request by my mentor explaining that I should cover as much as I possibly can for the exam. Thus, I am thinking that how could I teach this huge and important topic in the time frame given while not sacrificing student’s learning experience. A very difficult task but I’m willing to take the challenge. Most of my classes are weak classes. During my observation class with my mentor, she was doing correction on the test the students had. Only for class 9A, she explained to the students on why the answers were wrong and a short discussion before giving them the correct answer. However, for other classes she just wrote down the answer on the board and let them copy without any explanation or discussion. When I raised the issue, my mentor pointed out that weak students tend to forget what they have learnt in the class, so there is no point to even discuss their mistakes in test and assignments. I was also showed the test score of the weak students and found out that a lot of them failed biology. So, I decided to find out possible reason why the students failed this subject and request my mentor to allow me to mark their assignments. The assignments consist of structured questions. From the students’ answer, I could see that language is one of the problem. For some questions, students copied the definitions off the notes and for others that require their own answer, the words used are not suitable and difficult...
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...work for them but there are still more effective ways to help prepare you. When you know you have to write an essay that’s due the next day, take your Xbox and cellphone and give it to a friend that cares about your academic success. Tell them to hold on to it until you finish your paper. When studying its good to use old test and quizzes to look over to see your strong suites and weaknesses and it also gives you an idea on what you need to study. While looking over your test and quizzes rewrite questions you got wrong and make your own quizzes. Go back and keep quizzing yourself Intel you have a better understanding of the material. The next step to preparing for a exam is build up your class notes. Try your best to keep them organized. Get to gather with a buddy or a study group and compare notes and fill in any missing material. Make sure all your key information matches, underline any key words, formulas, themes and concepts. Ask members of the study groups to quiz and test you. After going though these steps you should have a better idea of what the material is and even better how to do it. These steps help me when I’m psyched out before for a test. I always take a deep breath and carefully go though these steps. I hope these steps for taking an exam help you as they have assisted me in the...
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...MID-TERM EXAM - 1st Semester, 2012 |Date |Time |Course Title & Code |Room No. | |29 June, 2012 |11.00 am ~ 12.30 pm |501: Accounting System & Auditing |502 | |(Friday) | | | | |30 June, 2012 |7.00 pm ~ 8.30 pm |502: Managerial Economics |402 | |(Saturday) | | | | |06 July, 2012 |3.00 pm ~ 4.30 pm |503: Business Communication |502 | |(Friday) | | | | |07 July, 2012 |7.00 pm ~ 8.30 pm |504: Advanced Management |502 | |(Saturday) | | | | |13 July, 2012 |3.00 pm ~ 4.30 pm |503: Business Communication...
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...sweating. She was fifteen minutes into her math final when she began to panic. This exam was worth most of her grade in the class. She understood math—even liked it—and usually did really well. Her constant problem was that she wasn’t a strong test-taker. Her grades never reflected her understanding of the material she studied. Now, here she was, once again stuck on one problem worth twenty-five points on the test, and she was drawing a blank. She put her head down on the desk and concentrated as hard as she could. She remembered doing a similar problem in class and explaining it to her friend Jessie, but now she was so stressed out by the test, she couldn’t even remember how to begin the problem. She lifted her head and stared at her test. She listened to the clock tick on the wall and imagined her parents’ expression when she receives her report card. Jessie was sitting right in front of her. He is always a good test taker and had already solved the problem. The teacher had his backed turned and was on the other side of the room. Georgia could look over Jessie’s shoulder, get the answer, and no one would know. Georgia needed to think quickly. She thought about how unfair it was that she regularly does badly on tests even though she works so hard in class and understands the material, too. She thought about how often she helped Jessie in class throughout the semester. What should she do? She prided herself on doing what was right. But how right is...
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