Questions from Accounting for Government and Non-Profit

Q: Five college seniors with majors in accounting are discussing alternative career plans

Five college seniors with majors in accounting are discussing alternative career plans. The first senior plans to become an internal revenue agent because his primary interest is income taxes. He beli...

Q: Define client business risk and describe several sources of client business risk

Define client business risk and describe several sources of client business risk. What is the auditor's primary concern when evaluating client business risk?

Q: Describe top management controls and their relation to client business risk.

Describe top management controls and their relation to client business risk. Give examples of effective management and governance controls.

Q: What are the purposes of preliminary analytical procedures? What types of

What are the purposes of preliminary analytical procedures? What types of comparisons are useful when performing preliminary analytical procedures?

Q: When are analytical procedures required on an audit? What is the

When are analytical procedures required on an audit? What is the primary purpose of analytical procedures during the completion phase of the audit?

Q: Gale Gordon, CPA, has found ratio and trend analysis relatively

Gale Gordon, CPA, has found ratio and trend analysis relatively useless as a tool in conducting audits. For several engagements, he computed the industry ratios included in publications by Standard an...

Q: At the completion of every audit, Roger Morris, CPA,

At the completion of every audit, Roger Morris, CPA, calculates a large number of ratios and trends for comparison with industry averages and prior-year calculations. He believes the calculations are...

Q: Name the four categories of financial ratios and give an example of

Name the four categories of financial ratios and give an example of a ratio in each category. What is the primary information provided by each financial ratio category?

Q: When a CPA has accepted an engagement from a new client who

When a CPA has accepted an engagement from a new client who is a manufacturer, it is customary for the CPA to tour the client's plant facilities. Discuss the ways in which the CPA's observations made...

Q: The following questions concern the planning of the engagement. Select the

The following questions concern the planning of the engagement. Select the best response. a. Which of the following is an effective audit planning procedure that helps prevent misunderstandings and in...