accounting standard: Securities and Exchange Commission (SEC), American Institute of Certified Public Accountants (AICPA), Financial Accounting Standards Board (FASB), and Government Accounting Standards Board (GASB). SEC The SEC is a federal organization that helps develop standards for financial information presented to stockholders. SEC requirements are based on FASB and AICPA standard. The SEC believes that the best method of establishing accounting information in through private organizations
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Chapter 01 - Intercorporate Acquisitions and Investments in Other Entities Chapter 01 Intercorporate Acquisitions and Investments in Other Entities Multiple Choice Questions In order to reduce the risk associated with a new line of business, Conservative Corporation established Spin Company as a wholly owned subsidiary. It transferred assets and accounts payable to Spin in exchange for its common stock. Spin recorded the following entry when the transaction occurred: 1. Based on the preceding
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Payal Mehta ACC416 October 1, 2013 Auditing Research Paper The profession of auditing plays a very important role in our economy especially after Congress passed the Sarbanes-Oxley Act its role in the economy was greatly solidified. Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria. Auditing should be done by a competent, independent
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role of each of the following in the Formation of Accounting Principles? * AICPA * FASB * SEC Ans: * AICPA: American Institute of Certified Public Accountant: The American Institute of Certified Public Accountants (AICPA) is the national professional organization for Certified Public Accountants (CPAs) in the United States. Founded in 1887, the American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs)
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are many important factors, steps, issues, knowledge, just to name a few that go into an audit but this paper will focus on the issue of independence. One of the principles listed in the AICPA Professional Code of Conduct states that an auditor in public practice must be independent in appearance and fact (AICPA Standards). As stated previously, the initial step in the audit process is to perform overall audit planning. Within this first step the Firm and its associates have to decide if they are
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Ethics in Accountancy Case Analysis Case 2-5: Eating Time 1. Frame the ethical issue: Should Kevin Lowe “eat time” by taking work home and not record the time? 2. Gathering all the facts: * Kevin Lowe is a new staff accountant at Stooges LLP * Kevin took 50% longer to complete audit work than his predecessor. * Stooges LLP is on a fixed budget for these audits. * Bo Chambers and Moe Chambers are partners supervising Kevin. * Bo and Mo explicitly say that they do not
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acts that the auditor performs during the course of an audit to comply with auditing standards. Auditing Standards 2. The general, field work, and reporting standards (the 10 standards) approved and adopted by the membership of the AICPA, as amended by the AICPA Auditing Standards Board (ASB), are as follows: General Standards 1. The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor. 2. In all matters relating to the assignment
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Professional Knowledge and Abilities Laurie Mack GEN200 October 11, 2010 Adam Rhein Professional Knowledge and Abilities Professional Knowledge and Abilities Impact Career Success In this paper I will point out how an association to an organization can impact an Individual’s career. This essay will go as far as to explain my interest in a professional organization; it will also demonstrate how that organization can enhance one’s professional knowledge and abilities, and how the association
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corporation for the current year. | POINTS: | 1 | DIFFICULTY: | Easy | LEARNING OBJECTIVES: | SCPE.HRMY.15.LO: 17-01 - LO: 17-01 | NATIONAL STANDARDS: | United States - BUSPORG: Analytic | STATE STANDARDS: | United States - AK - AICPA: FN-Reporting | KEYWORDS: | Bloom's: Application | OTHER: | Time: 2 min. | | 2. Carol and Candace are equal partners in Peach Partnership. In the current year, Peach had a net profit of $75,000 ($250,000 gross income – $175,000 operating
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Question #1 (AICPA.080977REG-1C) | | | (NOTE: This is a CPAexcel simulated Exam Question, not AICPA licensed Material) Tax preparer Margie is wondering: Why should CPAs make reasonable efforts to obtain and provide for the client appropriate answers to all questions on a tax return? | A. The question may be important in determining taxable income or loss, so its omission may detract from the quality of the return. | | B. The CPA is obligated to sign the preparer's declaration, which
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