DMX
Hot Dogs
Mustard
The Office
Up In Here
100
Define an asset.
an item that will provide a future economic benefit to the owner
100
What is a formal examination of an organization or individuals accounts or financial situation?
Audit
100
Define a liability.
an item that will provide a future economic obligation to the owner
100
When you are determining the service life of an asset you are making an...
estimate
100
We care that liabilities are NOT...
understated
200
What was Glenn Richards first concert?
DMX
200
is the client benefit for understating its liabilities?
Makes its financial position more attractiveWhat
200
We care that the Assets are NOT...
overstated
200
The client has all of thier financial statements and footnotes disclosed properly, what assertion does this relate to?
Presentation & Disclosure
200
you are arthur andersen and you just got caught by the SEC......BANKRUPT!!
BANKRUPT
300
You just donated to a non profit...give away 100 points
lose 100
300
When auditing liabilities the key assertion is...
Completeness
300
An audit procedure to ensure the existence of assets..
physical inventory count
300
What is the key assertion when testing allowance for doubtful accounts?
Valuation & Allocation
300
If the client buys 30 chickens in Decemeber but does not recieve them until January, what assertion does this relate to..
Cut Off
400
_____ means thats a transaction or event actually happened.
Occurence
400
Client misinterpreted their vacation policy and did not record a liability for vacation benefits. What assertion relates to this common misstatement?
Completeness
400
If a client has the title to its tractor, the title gives the client...
rights to the tractor
400
If your client shows a million dollars in assets on their books but your physical inventory counts shows 800,000 what assertion does this relate to?
Existence
400
an assumption, belief, fact, etc. made by management is...
an assertion
500
What are the four requirements for a capital lease vs operating lease? BONUS: sing the roger CPA song!
TT!! BPO!! 75...90...
500
Accounts are based on management estimates relates to the assertion of..
valuation
500
Your client failed to record a transaction in the correct period. This indicates that a _____________ error occurred.
Cutoff
500
For accounts payable what is the key objective? BONUS: second key objective
Completeness
500
A lease deposit is classified as a current asset when the lease runs through a year beyond 2013. What assertion is this a common mistatement of?
Accuracy & Classification
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