ACC 460 Final Exam 100% Correct Answers

Posted by admin on January 27, 2018 in Articles

ACC 460 Final Exam 100% Correct Answers
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1. A primary characteristic that distinguishes governmental entities from business entities is
a) the need to generate revenues equal to or in excess of expenditures/expenses.
b) the importance of the budget in the governing process.
c) the need to provide goods or services.
d) the correlation between revenues generated and demand for goods or services.

1. Which of the following is NOT a purpose of external financial reporting by governments? External financial reports should allow users to
a) Assess financial condition.
b) Compare actual results with the budget.
c) Assess the ability of elected officials to effectively manage people.
d) Evaluate efficiency and effectiveness.

1. Basis of accounting determines which of the followinga) When transactions and events are recognized.
b) What transactions and events will be reported.
c) Where transactions and events will be reported.
d) Why transactions and events will be reported.

1. A fund is
a) A separate legal entity.
b) A separate fiscal and accounting entity.
c) A separate self-balancing set of accounts for inventory purposes.
d) None of the above.

1. __________ is governments’ responsibility to report the extent to which they have met their operating objectives efficiently and effectively, using all resources available for that purpose, and whether they can continue to meet their objectives for the foreseeable future.
a) Fund accountability.
b) Fiscal accountability.
c) Operational accountability.
d) Government accountability.

1. In addition to government-wide statements, GASB…

ACC 460 Final Exam 100% Correct Answers

Posted by admin on November 19, 2017 in Articles

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1) Determining whether amounts are in conformity with generally accepted accounting principles addresses the proper measurement of assets, liabilities, revenues, and expenses, which includes all of the following EXCEPT the
A. consistency in applying accounting principles.
B. reasonableness of management’s accounting estimates.
C. proper application of valuation principles, such as cost, net reliable value, market value, and present value.
D. reasonableness of management’s accounting policies.
2) The completeness assertion would be violated if
A. unbilled shipments occurred during the period.
B. fictitious sales transactions were included in accounts receivable.
C. the allowance for doubtful accounts was understated.
D. disclosure in the statements of pledged receivables was inadequate.
3) The concept of materiality is defined by the Financial Accounting Standards Board (FASB) in terms of the judgment of the
A. FASB members.
B. auditor.
C. preparer.
D. users.
4) Section 11 of the Securities Act of 1933 uses the term material fact to limit the amount of information required. Under the Act, the standard used to determine an item’s materiality
A. may be found in FASB pronouncements.
B. is the auditor’s professional judgment.
C. has been established by the SEC as a percent of net income or of total assets.
D. is the average prudent investor.
5) Anyone identified to the auditor by name prior to the audit who is the principal recipient of the auditor’s report is a
A. primary beneficiary.
B. third party.
C. foreseen beneficiary.
D. foreseeable party.
6) Individuals or entities the auditor knew or should have known and would rely on the audit report in making business and…