ACC 230
First budget in the Master Budget order.
What is Sales (revenue) budget?
Type(s) of accounting changes
What is changes in accounting principles?
What is changes in accounting estimates?
What is changes in reporting entity?
An Excel tool that makes it easy to highlight certain values or make particular cells easy to identify based on rules.
What is Conditional formatting?
"We disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulation whose effects should be considered when preparing financial statements." The foregoing passage is most likely from a:
What is Management representation letter?
The process of combining financial data from several subsidiaries or business entities within an organization.
What is Consolidation?
Flexible budget formula.
What is budgeted input quantity allowed for actual output x budgeted rate = flexible budget?
Type(s) of accounting errors
What is a change from accounting principles that is NOT accepted to one that is?
What is a mathematical mistake?
What is a change in estimate that occurs because the estimate was not prepared in good faith?
What is failure to accrue or defer certain expenses or revenues?
What is misuse of facts?
What is incorrect classification of a cost as an expense instead of as assets, etc.?
Difference between the Excel functions 'Xlookup' and 'Vlookup'.
What is location of value search?
Xlookup can look for values to the left and right of the lookup array while Vlookup is limited only to looking for values to the right of the lookup value column.
A purpose of a management representation letter is to reduce...
What is The possibility of a misunderstanding concerning management's responsibility for the financial statements?
A financial vehicle that is not a substantive operating entity, usually one created for a single, specified purpose.
What is a Special-Purpose Entity (SPE)?
Difference in manufacturing costs between the Variable and Absorption Costing.
What is fixed overhead costs?
Type(s) of changes in accounting estimates.
What is uncollectible receivables?
What is inventory obsolescence?
What is change in depreciation methods?
What is useful lives and salvage values?
What is periods benefitted by deferred costs?
What is liabilities for warranty costs and income taxes?
What is recoverable mineral reserves?
An excel tool used to calculate, summarize, and analyze data by looking at comparison, patterns, and trends in the data.
What is a PivotTable?
An auditor issued an audit report that was dual dated for a subsequent event occurring after the original date of the auditor's report but before issuance of the related financial statements. The auditor's responsibility for events occurring subsequent to the original report date.
What is Limited to the specific event referenced?
Occurs when the ownership of a newly created or existing subsidiary is distributed to the parent's stockholders without the stockholders surrendering any of their stock in the parent company.
What is a Spin-Off?
Type of cost that describes the following; avoidable cost, imputed cost, opportunity cost.
What is relevant cost?
Motivation(s) for changes of an accounting method.
What is political costs?
What is capital structure?
What is bonus payments?
What is smooth earnings?
An Excel tool that checks for validity of data entered.
What is Data Validation?
Reporting on financial projections made by a client is an example of this auditing concept.
What is an Attestation Engagement?
The purchase of a less-than-majority interest in another corporation does not usually result in a business combination or controlling situation.
What is Noncontrolling Ownership?
Method(s) of capital budgeting to analyze financial information.
What is Net Present Value?
What is Internal Rate of Return?
What is Paybe and Discounted Payback?
What is Accrual Accounting Rate of Return?
How a company should disclose for changes in accounting estimates if it affects several periods.
What is disclose the effect of income from continuing operations and related per-share amounts of the current period?
A tool accountants can use in Excel that enables the user to automate repetitive tasks associated with data manipulation and data reporting.
What is Macros?
Assurance, insight and objectivity are components of this:
What is 3 values of internal auditing?
The difference between the acquisition price and the book value of the investor's proportionate share of the investee's net assets.
What is Differential?