Governmental and Nonprofit Accounting March 2014 - CPA EXAM Quiz – Answers and Explanations [1] Net assets is an element of the financial statements of not-for-profit entities (NFPs). It A. Net assets equal the residual interest in the assets of an entity that remains after subtracting its liabilities. For a business enterprise‚ equity (the ownership interest) is the analogue of net assets. In an NFP‚ which has no ownership interest in the same sense as a business enterprise‚ the net assets
Premium Revenue Income statement Financial statements
M 2 Professional ethics Service Ideal The wellbeing of society The pursuit of excellence Community service Code of Ethics for Professional Accountants (APESB 2010) Ensure high-quality service consistent with the reputation of the profession. It provides guidance in conflict situations. Conceptual framework approach The code provides a conceptual framework approach to the application of the fundamental principles of professional conduct: 1. integrity Honest and trust. Accountants
Premium Board of directors Corporate governance Executive director
Adjusting Entries Step 5 of the accounting process involves the preparation of adjusting entries. Adjusting entries are made to update the accounts and bring them to their correct balances. The preparation of adjusting entries is an application of the accrual concept of accounting and the matching principle. The accrual concept states that revenues (or income) are recognized when earned regardless of when collected and expenses are recognized when incurred regardless of when paid. The matching
Premium Generally Accepted Accounting Principles Depreciation Expense
Case 33 o Thomas J. Lipton‚ Inc. In early September 1980‚ Don Logan was contemplating the poor reception given to the latest changes in product line profit statements and the measures by which product line financial performance was evaluated. As associate director of financial analysis for Thomas J. Lipton‚ Inc.‚ Mr. Logan had been the main advocate for the changes. Now he was responsible for insuring a smooth transition to the new system. Mr. Logan’s involvement in revising the financial
Premium United States Corporation Finance
Roll of Successful Examinees in the C. P. A. LICENSURE EXAMINATION Held on OCTOBER 8‚ 2011 & FF. DAYS Released on OCTOBER 17‚ 2011 Page: 2 of 84 Seq. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 N a m e ABAD‚ FERDINAND JR MAGO ABAD‚ RAQUEL CATANEO ABALA‚ DOMENIC TAGONGTONG ABALOS‚ MARK LESTER BULLAS ABALOS‚ SHAYNE CATUNGAL ABANA‚ VANESSA TAGLE ABAPO‚ DONALD IAN BRASILEÑO ABARETA‚ RICK
Premium
A & A U standards setting C C O U N T I N G D I T I N G Disclosure of the Engagement Partner in the Audit Report An International Perspective on the PCAOB Proposal By Jason Bergner and Ling Lin O n December 4‚ 2013‚ the PCAOB conducted an open meeting to reconsider its proposal to require the disclosure of the engagement partner (and certain other participants) in the audit report‚ as part of its efforts to improve transparency. The PCAOB is carefully considering the likely costs and benefits
Premium Audit Auditor's report
statement on the sexual harassment hearings‚ Anita Hill recounts the details of how Judge Clarence Thomas took advantage of working relationship between them and conducted inappropriate sexually offensive behaviors toward her. Although Hill does not feel comfortable to reveal her vulnerability‚ she keeps a very formal and constraining tone while she illustrates in details of the process in which Judge Thomas intentionally ignored her refusal on his innumerable invitations to social outings. Admitting
Premium Woman Gender Sexual intercourse
1. Work style and personality of Thomas Green – When it comes to his work in approaching clients for his ideas‚ he would prefer talking to his client directly or talk about things face to face. He doesn’t favor presentations and memos as a part of his work style. In addition‚ his lack of communication further weakened the situation between Davis and Green. Despite Green’s relationship with Davis as a subordinate‚ they were less connected with each other for their job progress and they didn’t communicate
Premium Vice President of the United States Employment Hierarchy
Channel (Reliance BP sites) Overseas markets: US market‚ Asia market Value chain: PFL doesn ’t sell directly to consumers. 2.What is the current life cycle position of the industry? (industry life cycle‚ and demonstrate why?) Maturity stage : The case mentioned that PFL has already achieved leadership in serveral markets. Besides‚ serveral other markets are very competitive. In addition‚ PFL is continuing to pursue conversion cost reduction‚ which is another character of maturity stage. So we conclude
Premium Marketing Strategic management New product development
Supreme Court Justice: Clarence Thomas Clarence Thomas was sworn in to office on Wednesday‚ October 23‚ 1991 after he was accused by a woman named Anita Hill for sexual misconduct. After exploring the charges from Hill‚ the Judiciary Committee of the Legislature found no convincing evidence of proof in the allegations against Thomas. The Committee gave him no recommendation when reporting his nomination to Senate. The Senate voted 52 to 48 to the appointment of Thomas into the High Court. Since
Premium Supreme Court of the United States