Chap001
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Chap001

Course Number: ECON 3332, Spring 2011

College/University: Rensselaer Polytechnic...

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Chapter 01 - The Role of the Public Accountant in the American Economy Chapter 01 The Role of the Public Accountant in the American Economy True / False Questions 1. Independent audits of today place more emphasis on sampling than did the audits of the 19th century. True False 2. The American Institute of Certified Public Accountants issues CPA certificates and permits CPAs to practice. True False 3. A company...

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Chapter 01 - The Role of the Public Accountant in the American Economy Chapter 01 The Role of the Public Accountant in the American Economy True / False Questions 1. Independent audits of today place more emphasis on sampling than did the audits of the 19 th century. True False 2. The American Institute of Certified Public Accountants issues CPA certificates and permits CPAs to practice. True False 3. A company is either audited by the GAO or internal auditors, but not both. True False 4. The SEC does not pass on the merits of the securities that are registered with the agency. True False 5. The American Institute of Certified Public Accountants has the primary authority to establish accounting standards. True False 6. An annual peer review is a requirement of the AICPA. True False 7. Many small companies elect to have their financial statements reviewed by a CPA firm, rather than incur the cost of an audit. True False 1-1 Chapter 01 - The Role of the Public Accountant in the American Economy 8. Staff assistants in CPA firms generally are responsible for planning and coordinating audit engagements. True False 9. The Sarbanes-Oxley Act requires that auditors of publicly traded companies in the United States perform an integrated audit that includes providing assurance on both the financial statements and on compliance with laws and regulations. True False 10. Auditing is frequently only a small part of the practice of local CPA firms. True False Multiple Choice Questions 11. A summary of findings rather than assurance is most likely to be included in a(n): A. Agreed-upon procedures report. B. Compilation report. C. Examination report. D. Review report. 12. The Statements on Auditing Standards have been issued by the: A. Auditing Standards Board.

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Rensselaer Polytechnic Institute - ECON - 3332
Chapter 02 - Professional StandardsChapter 02 Professional StandardsTrue / False Questions1. The generally accepted auditing standards of field work include a requirement that the auditors obtain sufficient appropriate audit evidence. True False2. The
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 03 - Professional EthicsChapter 03 Professional EthicsTrue / False Questions1. The Rules portion of the AICPA Code of Professional Conduct must be followed by only those members in private practice. True False2. The AICPA Code of Professional
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 04 - Legal Liability of CPAsChapter 04 Legal Liability of CPAsTrue / False Questions1. Fraud is defined as failure to use reasonable care in the performance of services. True False2. Most of the burden of affirmative proof is on the defendant
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 05 - Audit Evidence and DocumentationChapter 05 Audit Evidence and DocumentationTrue / False Questions1. The professional standards consider calculating depreciation expense a "routine" transaction. True False2. The most reliable form of docum
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 06 - Audit Planning, Understanding the Client, Assessing Risks, and RespondingChapter 06 Audit Planning, Understanding the Client, Assessing Risks, and RespondingTrue / False Questions1. Audit committees should be made up of the most qualified
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 07 - Internal ControlChapter 07 Internal ControlTrue / False Questions1. Internal control is concerned with the reliability of financial information. True False2. The Foreign Corrupt Practices Act prohibits bribes to foreign corporate official
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 08 - Consideration of Internal Control in an Information Technology EnvironmentChapter 08 Consideration of Internal Control in an Information Technology EnvironmentTrue / False Questions1. Magnetic tape drives have the advantage of direct acces
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 09 - AppendixChapter 09 AppendixTrue / False Questions1. Increasing the expected misstatement for a probability-proportional-to-size sample increases the required sample size. True False2. Probability-proportional-to-size sampling is especiall
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 10 - Cash and Financial InvestmentsChapter 10 Cash and Financial InvestmentsTrue / False Questions1. The auditors should count small petty cash funds at year-end to make sure that balance is not understated on the financial statements. True Fal
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 11 - Accounts Receivable, Notes Receivable, and RevenueChapter 11 Accounts Receivable, Notes Receivable, and RevenueTrue / False Questions1. The department approving a sales transaction should be the shipping department. True False2. Accounts
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 12 - Inventories and Cost of Goods SoldChapter 12 Inventories and Cost of Goods SoldTrue / False Questions1. Observation of inventories is a generally accepted auditing standard. True False2. The receiving department should accept only goods f
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 13 - Property, Plant, and Equipment: Depreciation and DepletionChapter 13 Property, Plant, and Equipment: Depreciation and DepletionTrue / False Questions1. The auditors' approach to the audit of property, plant and equipment largely results fr
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 14 - Accounts Payable and Other LiabilitiesChapter 14 Accounts Payable and Other LiabilitiesTrue / False Questions1. Overstatement of financial results can involve failure to record a transaction. True False2. Confirmation of accounts payable
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 15 - Debt and Equity CapitalChapter 15 Debt and Equity CapitalTrue / False Questions1. The formal documentation creating bond indebtedness is called the indenture. True False2. Registered bondholders receive periodic interest payments without
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 16 - Auditing Operations and Completing the AuditChapter 16 Auditing Operations and Completing the AuditTrue / False Questions1. Analytical procedures are often used for verification of income statement accounts. True False2. The Miscellaneous
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 17 - Auditors' ReportsChapter 17 Auditors' ReportsTrue / False Questions1. Audit reports should be dated the date on which the financial statements are issued. True False2. When the auditors are unable to comply with generally accepted auditin
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 18 - Integrated Audits of Public CompaniesChapter 18 Integrated Audits of Public CompaniesTrue / False Questions1. Section 404 of the Sarbanes-Oxley Act of 2002 includes internal control reporting requirements for both management and auditors.
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 19 - Additional Assurance Services: Historical Financial InformationChapter 19 Additional Assurance Services: Historical Financial InformationTrue / False Questions1. An audit opinion on cash basis financial statements is an example of a specia
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 20 - Additional Assurance Services: Other InformationChapter 20 Additional Assurance Services: Other InformationTrue / False Questions1. Assurance services improve the quality of information or its context for decision makers. True False2. Att
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 21 - Internal, Operational, and Compliance AuditingChapter 21 Internal, Operational, and Compliance AuditingTrue / False Questions1. The work of internal auditors is primarily for the benefit of management and the board of directors. True False
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 01 - IntroductionPart I. PreliminariesChapter 1: IntroductionMain Concepts and Learning Objectives This chapter provides an overview of the purpose of this textbook: to help students develop a solid understanding of microeconomics, including bo
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 02 - Supply and DemandChapter 2: Supply and DemandMain Concepts and Learning Objectives This chapter provides a quick review of introductory microeconomic information about shifting and moving along supply and demand curves. It builds on this in
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 03 - Balancing Benefits and CostsChapter 3: Balancing Benefits and CostsMain Concepts and Learning Objectives This chapter focuses on analytical skills that will be used in future chapters. These skills are useful for making decisions that maxim
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 04 - Principles and PreferencesPart II: Consumption DecisionsChapter 4: Principles and PreferencesMain Concepts and Learning Objectives This chapter focuses on four fundamental consumer demand concepts: Decision-making, Consumer preferences, Su
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 05 - Constraints, Choices and Demand!Unexpected End of FormulaChapter 5: Constraints, Choices and DemandMain Concepts and Learning Objectives This chapter focuses on consumer decisions. Consumers maximize utility by considering the affordable op
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 06 - From Demand to WelfareChapter 6: From Demand to WelfareMain Concepts and Learning Objectives This chapter focuses on the impacts of price changes on consumer decisions and consumer utility. This includes income and substitution effects of a
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 07 - Technology and ProductionPart III: Production DecisionsChapter 7: Technology and ProductionMain Concepts and Learning Objectives This chapter focuses on production. The chapter begins with analysis of short-run production functions with on
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 08 - CostChapter 8: CostMain Concepts and Learning Objectives This chapter uses the production function analysis presented in the previous chapter to analyze cost. The chapter explains the concepts of fixed and variable costs, avoidable cost, su
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 09 - Profit MaximizationChapter 9: Profit MaximizationMain Concepts and Learning Objectives This chapter focuses on the profit maximizing output quantity and price for a firm facing any type of demand curve. It then analyzes the special case of
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 10 - Choices Involving TimeModeling Decisions: four issuesChapter 10: Choices Involving TimeMain Concepts and Learning Objectives This chapter focuses on the time value of money and decisions by firms and households to shift resources between t
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 11 - Choices Involving RiskChapter 11: Choices Involving RiskMain Concepts and Learning Objectives This chapter focuses on risk. Two fundamental concepts, expected value and standard deviation, are explained in-detail. The chapter uses the Guara
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 12 - Choices Involving StrategyChapter 12: Choices Involving StrategyMain Concepts and Learning Objectives This chapter focuses on strategic analysis. The chapter begins with an explanation of the basic elements of strategic interaction: the rul
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 13 - Behavioral EconomicsChapter 13: Behavioral EconomicsMain Concepts and Learning Objectives This chapter focuses on behavioral economics. This includes discussion of empirical strategies employed by behavioral economists, analysis of departur
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 14 - Equilibrium and EfficiencyPart V: MarketsChapter 14: Equilibrium and EfficiencyMain Concepts and Learning Objectives This chapter focuses on equilibrium and efficiency. The equilibrium discussion includes short-run and long-run equilibrium
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 15 - Market InterventionsChapter 15: Market InterventionsMain Concepts and Learning Objectives This chapter focuses on three types of market interventions: taxes and subsidies, policies designed to impact the market price, and import tariffs and
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 16 - General Equilibrium, Efficiency and EquityCh 16: General Equilibrium, Efficiency and EquityMain Concepts and Learning Objectives This chapter focuses on general equilibrium. The chapter begins with a clear exposition of the difference betwe
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 17 - MonopolyChapter 17: MonopolyMain Concepts and Learning Objectives This chapter focuses on market power. The chapter initially focuses on a monopolist's pricing decision, and the impact of monopoly power on consumer surplus and aggregate sur
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 18 - Pricing StrategiesChapter 18: Pricing StrategiesMain Concepts and Learning Objectives This chapter explores pricing strategies to maximize profit when firms have market power. Because consumer surplus constitutes a useful measure of consume
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 19 - OligopolyChapter 19: OligopolyMain Concepts and Learning Objectives This chapter focuses on strategic interaction among oligopolists. The chapter begins with analysis of reaction functions among duopolists, and then broadens that discussion
Rensselaer Polytechnic Institute - ECON - 3332
Chapter 20 - Externalities and Public GoodsChapter 20: Externalities and Public GoodsMain Concepts and Learning Objectives This chapter focuses on situations when individual incentives differ from public incentives. In these situations, the market resul
Rensselaer Polytechnic Institute - ECON - 3332
Instructor's ManualInstructor's Manual Multiple choice questions to provide incentives for students to read each of the chapters Additional sources Homework assignment worksheets to address potential student learning issues Case study problems to stren
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Many slaveholders practiced paternalism as a means to make themselves feel better about the practice of slavery. Paternalism implies that the slaveholder acted as a parent to the slaves, treating them as children who were incapable of making their own dec
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39 Lossy lines Lossless TL's we have been studying so far are idealizations of real TL's which are invariably lossy. Here, we are making reference to Ohmic energy losses in the conducting wires of the TL, as well as to losses in the imperfect dielectric
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Theresa A. CarpenterAlternatives Build large factory Build small factory Small factory10,000 -300,000 -100,00020,000 -200,000 050,000 100,000 300000100,000 600,000 300000(10000*10) -200000 = -$100000 (20000*10) -200000 = 0 (50000*10) -200000 = $3000
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