1. The predecessor Board to IASB:
International Accounting Standards Committee (IASC)
It issued 41 International Accounting Standards
2. Due Process Procedures of the IASB
1) Agenda Decision-IASB considers the potential agenda items relevance,
1. Critical Thinking is a rational response to questions that may lack definite
answers or may be missing some relevant information. Its purpose is to explore
situations to arrive at justifiable conclusions and optimal solution.
2. The highest leve
THE ENVIRONMENT OF ACCOUNTING RESEARCH
1. The development of accounting standards is influenced by such environmental considerations
as the requirements of federal, state, and local government, and other regulatory bodies;
1. Commercial databases advantage compared to free Internet Sources
CD provide more comprehensive document retrieval system
CD has better search capabilities and seeks out reliable sources of information
CD become essential in the accounting pro
1. The three themes of the text are operating systems, e-business, and internal
The three themes of the text are enterprise systems, e-business, and internal
2. In an assurance service the accountant will provide the ori
1. Define the term research
In the accounting profession, research points to what the accounting
practitioner does as a normal, everyday part of his or her job.
Varying views and interpretation exist as to the term Research.
A systematic method
1. What is included in the accounting research manager?
Insightful interpretation on GAAP, GAAS, and SEC rulings
Major U.S. and international accounting standards
AICPA technical practice aids
AICPA auditing and accounting guides for various indust
1. the requirements of the federal government and other regulatory bodies.
The influence of various tax laws on the financial reporting process
The practices of certain specialized industries
Inconsistencies in practice
Disagreements among accou
264. E-Business is the application of electronic networks (including the Internet) to
exchange information and link business processes among organizations and
265. Standing data is relatively permanent portions of master data
1113. Specifying control goals is the first step in preparing a control
1114. In the control matrix M-1 stands for missing process number one.
1115. A control matrix is a tool that assists in evaluating the
123. One of the primary goals of implementing an ERP system is to standardize
systems across multiple locations and multiple divisions.
124. Large multilocation and multidivision companies are challenged to see the
greatest benefits from
Chapter 10 Homework
1. Describe four examples of fraud engagements.
a. Helping the audit team in evaluating the risk of fraud
b. Helping the audit team in the investigation of possible frauds
c. Managing forensic accounting studies of suspected fraud incl
Chapter 8 Homework
1. What is an assurance service engagement?
a. Independent professional services that improve the quality of information, or its
context, for decision makers
2. Define an attest engagement. Is an audit engagement an attest service?
To: Dr. Richard Ot
Date: 16 February 2016
Re: Case 3 George Daley
In George Daley vs the United States, there is a conflict of the definition of material
participation. Mr. Daley owns farmland and is in a sharecropping
Chapter 9 Homework
1. What is the focus of accounting, auditing, and tax research?
a. The focus of accounting, auditing, and tax research is to improve the expertise and
knowledge of professional accountants in their particular field of work
2. What is th
Chapter 5 Homework
1. What is the predecessor Board/committee to the IASB? How many standards did the
predecessor issue? What are the standards called?
a. International Accounting Standards Committee (IASC)
c. International Accounting Standards (IAS
To: Resort Co., CFO, Company
Date: March 31st, 2016
Subject: Trouble at the Resort
Statement of Relevant Facts:
Resort Co. has two outstanding debts with Bank A and Bank B ($129.6 million
and $302.4 million, respectively).
To: Bust-a-Knee, Inc., CFO
Date: April 26th, 2016
Subject: In-process Research & Development
Statement of Relevant Facts:
Bust-a-Knee is in the industry of medical equipment, but more specifically knee
Social Konnections Inc. (SKI or the Company) is a global Internet company that
runs Social Konnections, a large social media networking Web site. SKI has experienced
steep growth since its launch in 2005, and the Company went
1. The focus of the research will determine what appropriate alternative principles exist
and what potential administrative support exists for those alternatives.
2. 1) identify the preliminary problem
2) analyze the problem
3) refine the proble
1. 1) Providing assistance to the audit team in assessing the risk of fraud and other
2) providing assistance to the audit team in investigating potential fraud or other
3) conducting due diligence studies that could
CH. 7 Cash and Accounts Receivable
At the end of 2008, Comet Company has accounts receivable of $500,000 and an
Allowance for Bad Debt of $25,000 (credit). On January 24, 2009, it is learned that the
companys receivable from Crusade
Chapter 6 Notes
Time Value of Money
Time Value of Money and Interest people prefer a payment now rather
than in the future because of interest
Interest = the cost of borrowing
A. Simple Interest interest accrued over time on principal only
CHAPTER 7 NOTES
Cash and Receivables
I. Cash and Cash Equivalents
= Cash on hand + Cash in banks + undelivered checks
Cash appears on balance sheet and statement of cash flows
b. Cash Equivalents
= Short-term (original maturity of less than 3 mont
36. The three themes of the text book include all of the following
a. enterprise systems
*b. risk assessment
d. internal control
37. Efficiency and effectiveness of operations are goals of:
a. enterprise systems
b. risk assessment
515. Business processes, such as hiring employees, purchasing
inventory, and collecting cash from customers, are called events.
516. The traditional applications approach to business event processing
concentrates on the process being perf
793. Organizational governance is a process by which organizations
select objectives, establish processes to achieve objectives, and
794. Fraud is the possibility that an event or action will cause an
SAS #1, Section 560-Subsequent
The definition of the
subsequent of events.
Two different types of
subsequent events, and
separately introduces two
subsequent events require
Background and objective of AU section 5
Body of AU