Accountancy Department College of Business and Accountancy Notre Dame University Cotabato City‚ Philippines CPA – MOCK BOARD EXAMINATION AUDITING PROBLEMS MR. RONALD GERMO MAMARIL INSTRUCTION: Select the correct answer for each of the following questions. Mark only one answer for each item by shading the box corresponding to the letter of your choice on the sheet provided. STRICLY NO ERASURES ALLOWED. Use pencil no. 1 only. CASE 1: STOCK INVESTMENT IN SAN
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The Carlton Polish Company Duisenberg School of Finance 04-03-2013 1. Comparable Economic Laboratory (EL) is like Carlton a leading manufacturer in chemical supplies. However this company is much bigger‚ internationally operating and directly supplying to end-users‚ mainly institutions. The product range being offered is most in line with the products offered by Carlton Polish. Another comparison is the compounded growth rate of sales: EL has a growth rate of 13% and Carlton of 14.59%
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Generally Accepted Accounting Principles Amy Santus RN BSN HCS/571 October 3‚ 2011 Debra Vaughn Increasing pressures of cutting costs and improving the quality of care in health care services influences the management of the health care organization to implement the generally accepted accounting principles (GAAP) within their daily routines. Generally accepted accounting principles (GAAP) are a set of uniform accounting guidelines health care organizations follow
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• Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit‚ the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles‚” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report
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QUICK QUIZ Here is a short quiz to determine what gives you the anxiety. Rate yourself according to the following scale. 1- Strongly disagree 2- Disagree 3- Neutral 4- Agree 5- Strongly agree 1) ___ The night before a presentation‚ I can’t sleep. 2) ___ I frequently contribute to discussions at work or in class. 3) ___ I like to help others learn things by teaching or instructing them. 4) ___ I avoid situations in which I might have to give an impromptu speech. 5) ___ When talking
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The accounting practices at Carlton normally permit revenue recognition after the shipment of the computer systems. Peale‚ Gower and Quill‚ Carlton’s auditors‚ are worried about the accounting practices regarding revenue recognition of certain transactions during the last quarter of 20X1. They are also worried about the adverse effects of such accounting on the company’s quality of earnings and thereby on its planned public stock offering in February 20X2. The present US GAAP (Generally Accepted
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E1-3. The Long Run Golf & Country Club details the following accounts in its financial statements. Accounts payable and accrued liabilities a) liability (L) b) operating activity (O) Accounts receivable a) asset (A) b) operating activity (O) Property‚ plant‚ and equipment a) asset (A) b) investing activity (I) Food and beverage operations revenue a) revenue (R) b) operating activity (O) Golf course operations revenue a) revenue (R) b) operating
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statements are: a. statements recapping the performance of a firm for the past five years. b. accounting statements filed with the Securities and Exchange Commission. c. accounting statements filed with the Internal Revenue Service. d. projected accounting statements based on a sales forecast. e. the most-recently compiled accounting statements of a firm. PLUG VARIABLE e 4. The designated source of external financing required to make a pro forma balance sheet balance is called the: a.
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fall-out of Accounting Period concept. This concept requires that expenses incurred for a particular accounting period should be reckoned in the same period‚ irrespective of the fact whether these expenses have been paid in cash or not in that year. The same holds true for revenues‚ i.e.‚ revenues earned in a specific accounting period are construed as incomes of the same period‚ irrespective of their receipts. This concept is also known as the accrual theory of accounting or accrual accounting. This
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UNIVERSITY OF THE EAST College of Business Administration-Manila UESONs’ PRE-MIDTERM EXAM -FUNDAMENTALS OF ACCOUNTING 1&2- NAME: ___________________________ SECTION: ___________ CELL LEADER: ______________________ WS: ___ CG: ___ SS: ___ DIRECTION: Write your FINAL ANSWERS on the ANSWER SHEET provided. USE CAPITAL LETTERS. NO ERASURES! NO CHEATING! 1. | 26. | 51. | 76. | 2. | 27. | 52. | 77. | 3. | 28. | 53. | 78. | 4. | 29. | 54. | 79. | 5. | 30. | 55. |
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