What is the revenue recognition criteria used in government entities? What
are some examples of government sources of revenue? How are these
sources accounted for?
Government entities recognize revenue, when the revenue is both measurable and available. I
How does a corporation compute earnings and profits (E&P)? What income is
deferred to a later year when computing taxable income but is included in E&P in the
current year? What deductions are allowed for taxable income purposes but denied
What are value-added processes?
How do you determine if a process adds value?
How does identifying value-added processes help a company run more efficiently and
In tracking overhead costs, cost drivers can help allocate overhead costs to cost
April 1, 2013
University of Phoenix
C:2-3 Black LLC
Bruce and Bob organized a Black LLC, the only classification for the LLC is to be taxed as a partnership. This is because the LLC has two owners, the
Ordinary Dividends, is considered to be tax distributions by a corporation in whcih a share of the
companies profits are divided among the shareholders. The corporation will need to recognize the gain
but not the loss when distributing non cash pro
What are some examples of government and not-for-profit organizations? How do proprietary
businesses measure success? How do government organizations measure success?
Some examples of government and not for profit organizations include that American red c
The city of Carson, California operates under a council-manager type of government.
Policymaking and legislative authority are vested within the council which consists of an elected
mayor and four councilmembers. The city council is n
How do audits of governmental agencies differ from those of not-for-profit
entities? How are these audits different from those of organizations that
operate for profit? Who are the stakeholders for the various audits?
An audit is considered as a check of
What financial statements are required of not-for-profit organizations? How
are they different or comparable to those provided by organizations that
operate for profit? How does the retained earnings section of for-profit
organizations differ from that of
Integrated Accounting Cycle
Alex Bergschneider, Glenda Malone-Hack, and
Daisy Nunez, Eric Shin, Gerald Stewart
March 17, 2013
Riordan Manufacturing is a billion dollar company in revenue, with a just above 4% net
Generally Accepted Auditing Standards
An audit is a process performed by an independent individual in which an examination of
entities financial statements are evaluated as true and fair view of following all
Generally Accepted Auditing Standards
1. License individuals to Practice as CPAs
State Boards of Accountancy
2. Promulgate GAAP
Both GASB and FASB
3. Issue Statements on Auditing Standards
4. Regulate t
a. What is the purpose of an audit program?
The purpose of an audit program is to document and review an entities financial
statements, in order for an auditor to ensure that all reasonable assurance that the financial
statements are presented fairly from
Assurance Services are defined as an independent professional services that improve the
quality of information, or its context, for decision makers. (Boyton and Johnson, 2006 pg. 11).
There are several standards that relate to the quali
The American Institute of Certified Public Accountants (AICPA) and the Institute of Internal
Auditors (IIA) have positioned the auditing professions to become assurance professions. What
is the difference between assurance services, attestation services,
What are management assertions? How do they affect the financial statements? How does the auditor
formulate audit objectives based on management assertions?
Management assertations are those used to guide the auditor through financial statements.
What are the two types of audit tests? What are some examples of each of these two types of tests? How
will the auditor use the data gathered from these tests?
There are two types of audit testing these are substantive and analytical testing. They are bot
Chapter 9; Continuing Problems 1-6
1. The city of carson maintains an internal service funds that maintains its capital
projects management, employee benefits, information systems, support services, and
workers compensation. Enterprise funds would include
Lets focus on Partnerships. Discuss the tax law requirements to form a
partnership. Include in your discussion the difference in income items,
specifically; highlight which items are separately stated. Finally, either
in your original post or in a separat
Date: Thu, 17 JAN 2008 7:42:53 +0000
From: "Darlene Wardlaw" <[email protected]>
Subject: Understanding the Revenue Cycle
Ive attached a Sales internal control questionnaire from another engagement that I think you can
use for Apollo
Textbook 10 & 11 Problems
Chapter 10: Comprehensive Questions: Components of internal Control
a. Management has established a code of conduct that includes rules regarding 1
conflicts of int
What is needed for an auditor to understand clients business processes and accounting systems? What
type of computer information system is used at your employers organization? What controls are present
in the system at your organization?
As an auditor, th
Ch.11 Learning Check 11-6.
a. Briefly describe three strategies for testing internal controls when information
technology is used for significant accounting processing.
1. Assessing Control
Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How
might these risks affect the audit conclusion?
Auditors find it necessary to use sampling during an audit because at times it is difficult to audit to an
Sales Bonus Expense
Both the Income Statement and the Balance Sheet will be affected by the entry that was improperly recorded. In the income statement the
Sales Bonus expense will be understated and the income ta
What different types of decisions must users of financial accounting information make?
What different types of decisions must users of managerial accounting information make?
Accounting is a set of concepts and techniques that are used to measure an entit
What is activity-based costing?
What are some main elements of activity-based costing?
How does this method differ from a more traditional costing method?
What are cost drivers?
How do cost drivers relate to cost pools?
What are some cost pools?
For what is cost-volume-profit (CVP) analysis used?
What are some main underlying assumptions that make CVP analysis useful for
Why might decision makers use CVP analysis?
According to Weygandt, Kimmel, & Kieso (2010) a cost-volume profit
What are the differences between variable and absorption costing?
Why is variable costing not allowed for GAAP reporting?
Which method is more useful for internal decision making? Why?
As a manager, which would you prefer? Why?
Variable and absorption cos