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Eric M.
Eric M., Tutor
Category: Homework
Satisfied Customers: 2198
Experience:  9 years of tutoring experience, Bachelor's and Master's in Computing, pursuing PhD
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hi Eric M, I have some questions that I need to answer now,

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hi Eric M, I have some questions that I need to answer now, can you help me with them?
Submitted: 4 years ago.
Category: Homework
Expert:  Eric M. replied 4 years ago.
Hey! Accounting isn't one of my strong suits, but I'll be happy to take a look and see if I can help with the particular things you're working on.
Customer: replied 4 years ago.
ok, I will pay $20, its multiple choice and its not totally accounting but about ethics. will start after you say
Expert:  Eric M. replied 4 years ago.
K! Ready when you are.
Customer: replied 4 years ago.
1) Janice is a staff accountant in the accounting firm of Adam and Smith. She is assigned to the audit of HealthCare Associates. On the first day, Janice noticed that the accounting manager of the client took money out of the petty cash fund and put it in his pocket. The best action for Janice to take is
A.ignore the situation because Janice does not know why the manager pocketed the money
B.inform her immediate supervisor of what she observed
C.tell another staff accountant who is a friend and ask for her advice
D.tell Adam or Smith
2) Which of the following is considered the Basis of Accounting?
D.Attention to detail
3) The main purpose of the Code of Professional Conduct of the American Institute of Certified Public Accountants is to
A.encourage integrity within the profession
B.protect the public
C.establish a high level of service to clients
D.ensure the highest level of professionalism in CPA services
4) The Independence Principle in the AICPA code applies to
A.all accountants and auditors
B.all CPAs regardless of professional services
C.all CPAs who render attestation services
D.all members of the audit committee
5) Under the rules of the Sarbanes-Oxley Act of 2002, who must certify the public reports filed with the SEC?
A.The independent auditor
C.The CEO and CFO
D.The CEO and controller
6) Under section 801 of the Sarbanes-Oxley Act of 2002, anyone who "knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the investigation" is subject to certain penalties. How long after the end of the fiscal period in which the audit or review was concluded are auditors required to retain work papers?
A.1 year
B.7 years
D.5 years
7) The Sarbanes-Oxley Act of 2002 created a new legal requirement for all public companies to have external auditors perform audits and provide a report on
A.all four of the basic financial statements annually
B.internal controls over financial reporting expanded and more detailed report of cash flows
D.the integrity and oversight of corporate governance
8) Which statement is correct in regards XXXXX XXXXX accounting standards for materiality?
A.Financial issues of any size are material to fair presentation of financial statements.
B.Materiality thresholds are set by consistent and firm formulae provided by the AICPA.
C.Materiality should be predictable from audit to audit so that the readers of financial statements know what constitutes materiality.
D.An auditor's consideration of materiality is influenced by the auditor's perception of the need of the readers of the financial statements.
9) The auditors' determination of whether the financial statements present fairly is based on
A.whether the users are able to assess the reliability of the financial statements
B.whether the statements have been prepared in accordance with the same GAAP used from one year to another
C.whether the auditor has been able to gather sufficient evidence to warrant the statement that the financial statements present fairly
D.whether the accounting principles used are appropriate in the circumstances
10) The IASB Framework for the Preparation and Presentation of Financial Statements
A.dictates the standards to be followed in preparing financial statements under IFRS
B.requires an entity to use its judgment in developing and applying and accounting policy that results in information that is relevant and reliable
C.serves as a guide to resolving accounting issues that are not addressed directly in a standard a new and important provision of the Sarbanes-Oxley Act of 2002
Expert:  Eric M. replied 4 years ago.

You need to spend $3 to view this post. Add Funds to your account and buy credits.
Eric M., Tutor
Category: Homework
Satisfied Customers: 2198
Experience: 9 years of tutoring experience, Bachelor's and Master's in Computing, pursuing PhD
Eric M. and 4 other Homework Specialists are ready to help you
Customer: replied 4 years ago.
Hi Eric M, I wont be asking the others because I have them in my book. but thanks again

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