This software is used to create audit programs for use in our non-core practice.
What is PPC Smart.
100
MAAP stands for this.
What is the Reznick Methodology of Audit and Assurance Procedures.
100
Ownership interest generally represent a greater than 20% state in an investee, but less than majority interest
What is an equity method investment.
100
Lynne went to church with this prominent political figure this past Sunday.
What is Paul Ryan, the VP for the Republican party (or a hung over TJ).
100
Auditing standards require the auditor to gain an understanding of a client’s internal controls by performing this.
What is a walkthrough?
200
This contract, used by C-Corps, S-Corps, and LLCs, sets the terms and conditions of a relationship including; ownership interest, and powers and duties,
What is an operating agreement?
200
Auditing technique in which testing is reduced by testing debits for overstatement and credits for understatement.
What is directional testing? We will also accept what is direct test or Primary Test.
200
The four characteristics of the auditor’s standard report.
What is an introductory (opening) paragraph, scope paragraph, opinion paragraph, and audit report date?
200
Common stock, preferred stock, corporate bonds, and commercial paper:
What are types of debt and equity securities?
200
Foreign currency gain/loss is presented here on the Statement of Cash Flows.
What is on its own line.
300
Cash paid for interest can be calculated using this formula.
What is PY accrued interest + CY interest expense (and capitalized interest if applicable) - CY accrued interest = Cash Paid For Interest
300
The testing of manufacturing sales via shipping invoices, commercial lease revenue via lease agreements, service provider revenue via billing registers:
What is directional testing of revenue for understatement?
300
Testing from a recorded amount back to the supporting evidence.
What is vouching?
300
Investment is measured at amortized cost; dividends, interest income, and amortization premium/discount are included as a component of earnings:
What is the accounting for held-to-maturity securities?
300
This systematic sampling is done by determining a uniform dollar interval.
What is Monetarty Unit Sampling (MUS).
400
ASU 2011-05, issued June 16, 2011, affects the presentation of this, moving it from the equity statement to a single continuous statement with net income or two separate but consecutive statement.
What is OCI (other comprehensive income)?
400
The three primary financial statement assertions of equity.
What is Completeness, Cutoff, Accuracy and Classification?
400
These are the 4 sections of the cash flow statement prepared under the indirect method and the classes of transactions included in each.
What are Operating (current assets/liabilities, Investing (long-term assets), Financing (long-term liabilities) and Other Supplemental Information (cash paid for interest and non-cash investing and financing activities).
400
Whether or not there is substantial doubt for an entity to continue as a going concern should be evaluated through this period.
What is 1 year from the balance sheet date.
400
A walkthrough is performed to determine that a control is ________________ and not necessarily that it is ________________.
What is “implemented” and “effective”?
500
The impairment loss is measured as the fair value less this.
What is its carrying value or recoverable amount?
500
For assets that are classified as held and used, the three parts of the impairment assessment are?
What are triggering events, recoverability, and fair value.
500
These are the 4 basic elements of revenue recognition of SEC Staff Accounting Bulletin 104.
What are persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the seller’s price to the buyer is fixed or determinable, and collectability is reasonably assured?
500
Except for the omission of the information discussed in the preceding paragraph, the financial statements referred to above present fairly, in all material respects, the financial position of ABC Company as of 12/31/11, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America is this type of opinion.
What is a qualified opinion?
500
These are the 5 going concern procedures.
Obtain an understanding of management's plan, review financial budgets or projection, review budget to actual for the subsequent period, document results, obtain concurring review.