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Performance audits differ from financial audits in that a. The GAO's ''general standards'' do not apply to performance audits b. In conducting performance audits, the auditors do not necessarily attest to assertions of management c. The auditors need not issue a formal report setting forth their findings d. The main focus should be on activities that satisfy the criteria of Circular A-133 as ''major programs'' In discerning the objectives of a program to be audited, the auditors should give the greatest credibility to a. The legislation creating the program b. The organization's program budget c. The organization's mission statement and strategic plan d. Comments by the mid-level employees who actually implement the program In reporting the results of a performance audit, it would be inappropriate for the auditors to a. Conjecture as to the reasons for the program's failure to achieve desired results b. Include the auditors' response to management's objections to the auditors' findings c. Provide recommendations as to how the program can be improved d. Criticize management for failing to establish appropriate goals and objectives Per OMB Circular A-133, the Schedule of Expenditures of Federal Awards a. Must be explicitly tested and reported upon by the auditors b. Should serve to help auditors to determine the scope of their audit work but need not be explicitly tested c. Must be tested but need be reported upon by the auditors only if the tests reveal material errors d. Must be explicitly tested and reported upon by the auditors only if the total of federal awards is material relative to total expenditures Which of the following would not be reported upon in the Schedule of Findings and Questioned Costs? a. Significant deficiencies in internal control b. Material noncompliance with provisions of laws, regulations, contracts, or grant agreements c. Material examples of inefficiency and ineffectiveness in carrying out federally funded programs d. Federally reimbursed expenditures that are not adequately documented The requirement for a report on compliance and internal control over financial reporting is set forth in the a. AICPA's Professional Standards b. GAO's Government Auditing Standards c. Single Audit Act d. OMB Circular A-133
techno enterprises is a manufacturer of microchips its production process is complex and involves more than 100 steps
A U.S. firm has purchased, for 50,000 FCs, an electric generator from a foreign firm. The exchange rates were 1 FC = $0.80 on the delivery date and 1 FC = $0.76 when the payable was paid. What is the final recorded value if the two-transaction met..
Analyze your personal expenses on a variable and fixed basis. What are some of your personal fixed costs and variable costs? What would cause them to change?
On July 1, 2013, Leonard purchased office equipment at a cost of $12,350, which included $500 in sales tax and $200 in shipping charges.
On August 31, a 10% stock dividend was declared and distributed. What is the balance in Common Stock appearing on the statement of stockholders' equity on December 31?
Justin and Tiffany form the equal TJ Partnership, Justin contributes cash of $20,000 and land (fair market value of $80,000, adjusted basis of $65,000), and Tiffany contributes the assets of her sole proprietorship (value of $100,000, adjusted bas..
Firm X needs to net $7,800,000 from the sale of common stock. Its investment banker has informed the firm that the retail price will be $22 per share, and that the firm will receive $19 per share. Out-of-pocket costs are $100,000. How many shares ..
The overhead cost per unit of Product B under the traditional costing system is closest to:
A Corporation uses a predetermined overhead rate of $23.90 per direct labor hour. This predetermined rate was based on a cost formula that estmated $286,8000 of total manufacturing overhead for an estimated activity level of 12,000 direct labo..
Prepare the appropriate journal entry to record the acquisition of the bonds
Corresponds to CLO 2(c) Ruben Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.50 each, and the variable cost to manufacture them was $2.25 per unit.
Prepare the journal entries to record the sale, purchase, and adjusting entries related to the trading securities in the last quarter of 2010. How would the entries in part (a) change if the securities were classified as available-for-sale?
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