Accounting 101
This occurs to inventory when it is stolen, damaged, or lost.
What is shrink?
Compilations, reviews, and audits, are all considered to be this kind of engagement.
What are attest engagements?
Before accepting an engagement, a CPA should assess their relationship with the client and to other related parties to avoid these.
What are conflicts of interest?
This kind of tax is levied on income earned outside of an employee relationship
What is self-employment tax?
Carr, Riggs & Ingram LLC was founded in what city?
What is Mobile, Alabama?
This kind of bond pays out its principal periodically.
What is a serial bond?
This kind of risk occurs when test results are misinterpreted due to human error.
What is nonsampling risk?
This kind of threat arises when a CPA's prior experiences and judgments influences their current engagements
This kind of tax is levied when individuals and corporations have too little taxable income vs actual economic income
What is alternative minimum tax?
This team almost reverse swept the Miami Heat on Memorial Day 2023.
Who are the Boston Celtics?
These kind of journal entries must be made for transactions between commonly-held entities for consolidated financial reporting
What are eliminating / consolidating journal entries?
When control risk is high, auditors will avoid doing these kinds of tests.
What are internal control tests?
The Sarbanes-Oxley Act established this entity to oversee the audits of publicly-traded companies
What is the Public Company Accounting Oversight Board?
This kind of trust is utilized to pay charitable organizations fixed donation payments, with the trust's residual assets gifted to its actual beneficiaries after a certain period
What is a Charitable Lead Annuity Trust (CLAT)?
Home costs and mortgage rates are currently prohibitively expensive for prospective homeowners here.
Where is anywhere in the United States?
These are the three classifications of investment securities.
What are i) Held-to-Maturity securities, ii) Trading securities, and iii) Available-for-Sale securities?
Zero-interest loans, sales far above or below FMV, and loan guarantees are all indicative of these kinds of reportable transactions.
What are related-party transactions?
This entity establishes the ethical requirements required for auditing state / local governments
What is the Government Accountability Office?
The IRS will provide this payment structure to a taxpayer when it determines the taxpayer cannot pay its full tax liability
What is an offer in compromise?
What is a Certified Public Accountant?
This is the kind of account used for treasury stock.
What is a contra-equity account?
These matters in the audit of a publicly-traded company are especially difficult / subjective, and are to be conveyed to the client's audit committee.
What are critical audit matters?
These matters in the audit of a publicly-traded company are especially difficult / subjective, and are to be conveyed to the client's audit committee.
What are critical audit matters?
Individuals and corporations are able to take this percentage of net operating losses from prior years against their current taxable income
What is 80%?
This computer coding structure is used internationally to relay consistent, machine-readable financial reporting information across all languages.
What is eXtensible Business Reporting Language (XBRL)?