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Home Q & A Board Other Fields Homework Help Business Accounting (Moderators: inthe80s, victrox, charleshardt)
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Prior to accepting an engagement to examine a financial forecast or projection included in a ...
Prior to accepting an engagement to examine a financial forecast or projection included in a ...
Prior to accepting an engagement to examine a financial forecast or projection included in a prospectus or other public offering document, the public accountant should
A) obtain an understanding of the controls over preparation of internal forec
Cadish   28   1 Reply
A week ago
With respect to working on an engagement to examine a financial forecast or projection included in a ...
With respect to working on an engagement to examine a financial forecast or projection included in a ...
With respect to working on an engagement to examine a financial forecast or projection included in a prospectus or other public offering document, the public accountant and the client should agree upon
A) allocation of the responsibility of crea
eFishie   14   1 Reply
A week ago
Special use prospective financial statements are intended forA) internal management only.B) any ...
Special use prospective financial statements are intended forA) internal management only.B) any ...
Special use prospective financial statements are intended for
A) internal management only.
B) any third party.
C) third parties with whom negotiations are being conducted directly by the responsible party.
D) the relevant provinci
npeelman   8   1 Reply
A week ago
ABC Company is considering three different alternatives with respect to expansion. To assist with ...
ABC Company is considering three different alternatives with respect to expansion. To assist with ...
ABC Company is considering three different alternatives with respect to expansion. To assist with the decision process, the company has requested PA to perform simulations and prepare prospective financial information using several sets of assumption
Cadish   6   1 Reply
A week ago
Financial information prepared using one or more assumptions (hypotheses) that do not necessarily ...
Financial information prepared using one or more assumptions (hypotheses) that do not necessarily ...
Financial information prepared using one or more assumptions (hypotheses) that do not necessarily reflect the most likely course of action in management's judgment is called a(n)
A) forecast.
B) projection.
C) prospective financia
npeelman   9   1 Reply
A week ago
ABC Company has requested PA to prepare prospective financial information to assist with the ...
ABC Company has requested PA to prepare prospective financial information to assist with the ...
ABC Company has requested PA to prepare prospective financial information to assist with the acquisition of a bank loan. The prospective financial information is being prepared using management's best estimate of future sales and expenses. The t
npeelman   8   1 Reply
A week ago
Prospective financial information prepared using assumptions reflecting management's judgment as to ...
Prospective financial information prepared using assumptions reflecting management's judgment as to ...
Prospective financial information prepared using assumptions reflecting management's judgment as to the most probable courses of action for the entity is called a(n)
A) forecast.
B) projection.
C) prospective financial statement.
Cadish   9   1 Reply
A week ago
What is the title of a compilation report?A) OpinionB) Criteria ScheduleC) Engagement ReportD) ...
What is the title of a compilation report?A) OpinionB) Criteria ScheduleC) Engagement ReportD) ...
What is the title of a compilation report?
A) Opinion
B) Criteria Schedule
C) Engagement Report
D) Notice to Reader
eFishie   5   1 Reply
A week ago
Always Quick Manufacturing Limited is a small business that manufactures metal and plastic ...
Always Quick Manufacturing Limited is a small business that manufactures metal and plastic ...
Always Quick Manufacturing Limited is a small business that manufactures metal and plastic components for a variety of industries. The bulk of the business is in the computing industry, although the occasional contract is for the automotive industry.
Cadish   5   1 Reply
A week ago
Identify the reporting standards for compilation engagements.
Identify the reporting standards for compilation engagements.
Identify the reporting standards for compilation engagements.
eFishie   5   1 Reply
A week ago
Describe the professional standards that must be followed when undertaking a compilation engagement ...
Describe the professional standards that must be followed when undertaking a compilation engagement ...
Describe the professional standards that must be followed when undertaking a compilation engagement as specified by the CICA Handbook.
eFishie   3   1 Reply
A week ago
Yvan is preparing the audit plan for Share the Wealth, a non-profit organization. Share the Wealth ...
Yvan is preparing the audit plan for Share the Wealth, a non-profit organization. Share the Wealth ...
Yvan is preparing the audit plan for Share the Wealth, a non-profit organization.  Share the Wealth is a large Montreal based organization and receives corporate donations and also has many stores that collect and re-sell costume jewelry and clo
eFishie   5   1 Reply
A week ago
A financial statement review emphasizes four broad areas, one of which is to "Perform ...
A financial statement review emphasizes four broad areas, one of which is to "Perform ...
A financial statement review emphasizes four broad areas, one of which is to "Perform analytical procedures." State the other three areas emphasized.
npeelman   7   1 Reply
A week ago
Which one of the following is a professional standard that must be followed by an accountant when ...
Which one of the following is a professional standard that must be followed by an accountant when ...
Which one of the following is a professional standard that must be followed by an accountant when conducting a compilation engagement?
A) work being adequately planned and properly executed
B) having adequate technical training and proficie
eFishie   6   1 Reply
A week ago
You are a public accountant retained by the manager of a cooperative retirement village to do ...
You are a public accountant retained by the manager of a cooperative retirement village to do ...
You are a public accountant retained by the manager of a cooperative retirement village to do "write-up work." You are expected to prepare unaudited financial statements with each page marked "unaudited" and accompanied by a discl
Cadish   5   1 Reply
A week ago
A public accounting firm can issue a compilation reportA) only if the partners are independent.B) ...
A public accounting firm can issue a compilation reportA) only if the partners are independent.B) ...
A public accounting firm can issue a compilation report
A) only if the partners are independent.
B) only if all the partners and the staff in the office performing the engagement are independent.
C) if the partners have no material or
Cadish   6   1 Reply
A week ago
Which of the following items includes criteria for accepting a compilation engagement?A) evaluation ...
Which of the following items includes criteria for accepting a compilation engagement?A) evaluation ...
Which of the following items includes criteria for accepting a compilation engagement?
A) evaluation of whether the financial statements are in accordance with ASPE
B) no reason to believe that the financial statements are false or misleadi
Cadish   4   1 Reply
A week ago
The accountant is working on an engagement with respect to the client's financial statements. Which ...
The accountant is working on an engagement with respect to the client's financial statements. Which ...
The accountant is working on an engagement with respect to the client's financial statements. Which of the following engagements would omit an assessment of the client's accounting policies' compliance with GAAP?
A) Review
B)
Cadish   4   1 Reply
A week ago
Which one of the following procedures would most likely be conducted by an accountant during a ...
Which one of the following procedures would most likely be conducted by an accountant during a ...
Which one of the following procedures would most likely be conducted by an accountant during a compilation engagement?
A) Enquire of management with respect to the purpose of new capital assets.
B) Compare gross profit on a year-by-year bas
npeelman   5   1 Reply
A week ago
Which one of the following engagements would most likely be a compilation engagement? An engagement ...
Which one of the following engagements would most likely be a compilation engagement? An engagement ...
Which one of the following engagements would most likely be a compilation engagement? An engagement with respect to financial statements
A) attached to a personal tax return.
B) for a large public company.
C) for a company that has a l
Cadish   5   1 Reply
A week ago
A compilation presents information, in the form of financial statements, that is the representation ...
A compilation presents information, in the form of financial statements, that is the representation ...
A compilation presents information, in the form of financial statements, that is the representation of management. The public accountant who prepares the compilation undertakes to express
A) limited assurance on the statements.
B) minimal a
Cadish   5   1 Reply
A week ago
Richard is performing a compilation engagement. Richard is concerned that the information isA) ...
Richard is performing a compilation engagement. Richard is concerned that the information isA) ...
Richard is performing a compilation engagement.  Richard is concerned that the information is
A) arithmetically correct.
B) accurate.
C) complete.
D) in accordance with ASPE.
eFishie   5   1 Reply
A week ago
Which of the following techniques would be conducted by a practitioner when conducting a review of ...
Which of the following techniques would be conducted by a practitioner when conducting a review of ...
Which of the following techniques would be conducted by a practitioner when conducting a review of compliance with agreements and regulations?
A) use of a specialist to ensure that the terms of the agreement are complied with
B) inquire abo
Cadish   7   1 Reply
A week ago
The fact that a client has a material accounting departure for failure to follow ASPE would require ...
The fact that a client has a material accounting departure for failure to follow ASPE would require ...
The fact that a client has a material accounting departure for failure to follow ASPE would require the accountant to disclose that fact in a separate reservation paragraph, when the accountant is performing
A) a compilation.
B) a review an
eFishie   6   1 Reply
A week ago
The statement that "nothing came to our attention which would indicate that these statements ...
The statement that "nothing came to our attention which would indicate that these statements ...
The statement that "nothing came to our attention which would indicate that these statements are not fairly presented" expresses which of the following?
A) disclaimer of an opinion
B) negative assurance
C) negative confirmati
npeelman   4   1 Reply
A week ago
Why is it important for the review engagement report to state that the review is not an audit?A) to ...
Why is it important for the review engagement report to state that the review is not an audit?A) to ...
Why is it important for the review engagement report to state that the review is not an audit?
A) to make sure that the public accountant is not sued
B) to clarify that only review engagement procedures were used during the engagement
npeelman   4   1 Reply
A week ago
When is negative assurance used during a review engagement?A) when the standards applicable to a ...
When is negative assurance used during a review engagement?A) when the standards applicable to a ...
When is negative assurance used during a review engagement?
A) when the standards applicable to a review engagement have been met
B) if a qualification is required during the review engagement
C) when the criteria associated with a rev
npeelman   6   1 Reply
A week ago
When conducting a review engagement, how is materiality calculated?A) materiality is not calculated ...
When conducting a review engagement, how is materiality calculated?A) materiality is not calculated ...
When conducting a review engagement, how is materiality calculated?
A) materiality is not calculated as a lower level of assurance is being provided
B) the concept of significance is used, rather than the concept of materiality
C) alwa
Cadish   5   1 Reply
A week ago
When would the public accountant conduct audit procedures during a review engagement? WhenA) junior ...
When would the public accountant conduct audit procedures during a review engagement? WhenA) junior ...
When would the public accountant conduct audit procedures during a review engagement? When
A) junior staff are assigned to the engagement.
B) required to assess plausibility.
C) it is a first time review engagement.
D) a higher le
eFishie   4   1 Reply
A week ago
An accountant who reviews the financial statements of an entity should issue a report stating that a ...
An accountant who reviews the financial statements of an entity should issue a report stating that a ...
An accountant who reviews the financial statements of an entity should issue a report stating that a review
A) does not constitute an audit.
B) provides negative assurance that the internal control structure is functioning as designed.
eFishie   4   1 Reply
A week ago
When assessing the plausibility of the financial statements for a review engagement, the auditor ...
When assessing the plausibility of the financial statements for a review engagement, the auditor ...
When assessing the plausibility of the financial statements for a review engagement, the auditor will use which of the following criteria for auditing a small, privately held company?
A) standards of efficiency and effectiveness
B) the audi
Cadish   3   1 Reply
A week ago
You have just recently become a member of your local non-profit housing co-op by moving into the ...
You have just recently become a member of your local non-profit housing co-op by moving into the ...
You have just recently become a member of your local non-profit housing co-op by moving into the largest unit. The Board of Directors has asked that you handle the review engagement, but you are concerned about independence. What is a practical way f
eFishie   5   1 Reply
A week ago
As part of the conduct of a review engagement, which of the following procedures would be ...
As part of the conduct of a review engagement, which of the following procedures would be ...
As part of the conduct of a review engagement, which of the following procedures would be appropriate for assessing the ending value of accounts payable?
A) sending zero balance confirmations to frequently used suppliers
B) use of negative
npeelman   4   1 Reply
A week ago
As part of the conduct of a review engagement, which of the following procedures would be ...
As part of the conduct of a review engagement, which of the following procedures would be ...
As part of the conduct of a review engagement, which of the following procedures would be appropriate for assessing the ending value of inventory?
A) discussion with management with respect to the costing method used
B) observation of the i
npeelman   4   1 Reply
A week ago
As part of the conduct of a review engagement, which of the following would be a typical procedure ...
As part of the conduct of a review engagement, which of the following would be a typical procedure ...
As part of the conduct of a review engagement, which of the following would be a typical procedure used for the assessment of the ending accounts receivable balance?
A) circularization of positive confirmations to all balances exceeding material
npeelman   3   1 Reply
A week ago
As part of the review engagement for a small manufacturing company, which of the following would be ...
As part of the review engagement for a small manufacturing company, which of the following would be ...
As part of the review engagement for a small manufacturing company, which of the following would be a typical review procedure for the sales cycle?
A) review of internal controls over the granting of credit
B) examination of sales documents
eFishie   5   1 Reply
A week ago
Before performing a review of an entity's financial statements, an accountant shouldA) complete a ...
Before performing a review of an entity's financial statements, an accountant shouldA) complete a ...
Before performing a review of an entity's financial statements, an accountant should
A) complete a series of inquiries concerning the entity's procedures for recording, classifying, and summarizing transactions.
B) apply analytica
Cadish   5   1 Reply
A week ago
A review engagement includesA) obtaining an understanding of the internal controls.B) tests of ...
A review engagement includesA) obtaining an understanding of the internal controls.B) tests of ...
A review engagement includes
A) obtaining an understanding of the internal controls.
B) tests of controls or transactions.
C) inquiry, analytical procedures and discussion.
D) independent confirmation or physical examination.
npeelman   5   1 Reply
A week ago
Performing inquiry, analytical procedures and discussion with the limited objective of assessing ...
Performing inquiry, analytical procedures and discussion with the limited objective of assessing ...
Performing inquiry, analytical procedures and discussion with the limited objective of assessing whether the information being reported on is plausible within the framework of appropriate criteria, is the definition of a(n)
A) compilation.
Cadish   4   1 Reply
A week ago
Which of the following components of an engagement letter would apply to both a review engagement ...
Which of the following components of an engagement letter would apply to both a review engagement ...
Which of the following components of an engagement letter would apply to both a review engagement and a compilation engagement?
A) negative assurance will be provided, so there is no assurance that fraud will be detected
B) no assurance wil
npeelman   5   1 Reply
A week ago
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Home Q & A Board Other Fields Homework Help Business Accounting (Moderators: inthe80s, victrox, charleshardt)