Which of these persons generally does not participate in writing the management letter?a. Client’s outside attorneys.b. Client’s accounting and production managers.c. Public accounting firm’s audit team on the engagement.d. Public accounting firm’s consulting and tax experts.
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Which of these persons generally does not participate in writing the management letter?
a. Client’s outside attorneys.
b. Client’s
c. Public accounting firm’s audit team on the engagement.
d. Public accounting firm’s consulting and tax experts.
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- When an accountant serves the needs of internal users, generally works for one organization, and prepares specialized reports to assist in decision making, that accountant is engaged in: Select one: a. financial accounting b. managerial accounting c. consulting d. none of the choicesThe person MOST likely to use management accounting information is a: Select one: O a. banker evaluating a credit application. Ob. shareholder evaluating a stock investment. Oc assembly department supervisor. Od. governmental taxing authority.Which of the following is a mechanical aspect of accounting? Select one: a. Analyzing the transactions preparatory to the recording process b. Designing the accounting system c. Reviewing the effectiveness of the internal control procedures d. Preparation of the financial budget Which of the following statement is not true? Select one: a. A non-accounting graduate may work as a bookkeeper or accountant of a business enterprise. b. A non-CPA may be engaged in public accounting. c. To be a good accountant, one must have mastery of mathematics. d. A non-CPA may be the chief accountant of a business enterprise. The area of accounting that relates to providing audit, tax, and consulting services to clients. Select one: a. General managers b. Public accounting c. Incorporators d. Private accounting
- Which of the following statements is incorrect? Select one: a. Reports produced using management accounting must follow GAAP. b. The information gathered from management accounting is not required by law. c. The practice of management accounting is fairly flexible. d. Management accounting focuses mainly on the internal user.Economics (a) Which would you choose as the priority for ethical behaviour in the accounting profession: “protect the public interest” or “protect the credibility of the profession?” Explain, providing an example. (b) Explain the affiliation between the fiduciary relationship and conflict of duties when a professional accountant provides a service to a client. Provide an exampleQuestions 1. What responsibility or role does the accountant have in this process? 2. Should information provided by management and other non-accounting personnel be assumed accurate or is it the accountant’s responsibility to investigate each item submitted for legitimacy? 3. In the situation that follows, does Jane have any responsibility to find out the legitimacy of the expenses she is processing or is her job to just pay the bill? Below is an example of a situation where this would come into play. Jane is the accounts payable clerk for ABC Corporation. One of her job duties is to process the travel expenses of the chief financial officer and pay the associated business credit card bill. Jane has noticed lately that the CEO’s expense reports are steadily increasing in amount and frequency. From receipts and other documentation that Jane processes, she suspects the CEO is running personal expenses through the company; however, she is not 100% sure.
- The objectivity standards of management accountants state that they must communicate information fairly and objectively. This means essentially that accountants must perform each task A as professionals, possessing the degree of skill of those management accountants who held the position before them. B so as to provide relevant information, both positive and negative, to the recipients of their reports. C to the satisfaction of government regulators. D in conformity with generally accepted accounting principles. ↓yWhich of the following statements is incorrect? a.Management accounting focuses mainly on the internal user. b.The information gathered from management accounting is not required by law. c.The practice of management accounting is fairly flexible. d.Reports produced using management accounting must follow GAAP.The area of the accounting profession that deals with providing information to meet the needs of the internal decision-makers. Select one: a. Auditing b. No correct answer c. Financial Accounting d. Management Accounting Which of the following statements are true? Select one: a. Both II & III b. Statement I: External analysis depends entirely on issued financial.Statement II: Interpretation and analysis both are different.Statement III: Financial analysis covers interpretation. c. Both I and III d. Both I & II e. I, II, III Which of the following statement is not true? Select one: a. A non-CPA may be the chief accountant of a business enterprise. b. A non-CPA may be engaged in Public accounting. c. To be a good accountant, one must have mastery of mathematics. d. A non-accounting graduate may work as a bookkeeper or accountant or accountant of a business enterprise.
- Which of the following statements is incorrect?A. The practice of management accounting is fairly flexible.B. The information gathered from management accounting is not required by law.C. Management accounting focuses mainly on the internal user.D. Reports produced using management accounting must follow GAAP.When accountants agree to perform a compilation or review of unaudited financial statements, the best way to avoid clients’ misunderstanding the nature of the work is to describeit completely ina. An engagement letter.b. The auditors’ opinion.c. A report to the clients’ board of directors at the close of the engagement.d. A management letter to the board of directors’ audit committee.Which of the following is NOT an application of Accounting Research? O a. Deciding and implementing new accounting or auditing standards. Ob. Presenting usual economic transactions in the financial statements. O c. Learning how new tax laws impact clients and employers. O d. Discerning how the accounting profession affects the capital markets.
