Accounting 2.0 Review

Lucy is applying for a position in a small insurance agency. The company wants to ire an individual that can convert its manual accounting system to a computerized system. She listed on her application that she has an accounting degree as well as an emphasis in computerized systems. These qualifications represent which type of skills?

• basic skills

• workplace skills

• foundation skills

• communication skills

Henry's Hog BBQ owns and operates several barbecue restaurants. In 2023, Henry, the owner, took out a loan for his business in the amount of $100,000. The loan will be completely paid off within 6 months. When preparing the financial statements of the business, Henry opted not to list the loan because it was so close to maturity. Which principle did Henry's Hog BBQ violate?

• cost principle

• full disclosure principle

• revenue recognition principle

• matching principle

Joe, a CPA, recently learned that a new set of principle-based standards, interpretations, and frameworks have been adopted by the United States and other countries. To better prepare himself, Joe should learn about what?

• FASB

• GAAP

• GASB

• IFRS

Maggie has applied for a position as an accounting clerk for a local company. Shelisted as her qualification that she is a problem-solver and needs little direction to complete assigned tasks. These are classified as which type of skills?

• 21st Century skills

• workplace skills

• foundation skills

• communication skills

James has applied for a position as chief financial officer for a Fortune 500 company. He listed as his qualifications that he is a problem-solver, has the ability to plan, and can resolve issues. These are classified as which skills?

• 21st Century skills

• workplace skills

• foundation skills

• communication skills

Jackson demonstrates accuracy and truthfulness when he works with his accounting clients. This is an example of which key principle for ethics in accounting?

• competence

• confidentiality

• independence

• integrity

Judy is an accountant. She knows that she is expected to produce accurate financial reports from her audit. She knows when she submits her report to her superiors, her friend will sufer consequences for misappropriation of funds. Judy submits an accurate report and follows which key principle for ethics in accounting?

• competence

• confidentiality

• materiality

• objectivity

Bryce is an accountant in a local firm. He submits an accounting report to his manager that suggests an action that will ultimately benefit him monetarily. Which key principle for ethics in accounting has Bryce violated?

• competence

• confidentiality

• independence

• materiality

David Daniels, CPA, only prepares tax returns in his business. He is asked to prepare an audit for Granville Medical Center. Daniels refuses to accept the engagement based on his past experience. Which general standard is being followed?

• Due Professional Care

• Sufficient Relevant Data

• Professional Competence

• Planning and Supervision

Robert Martino, CPA, delivers training workshops for CPA exam candidates. In acquiring resources for his workshops, he offers each candidate $100 to provide him information on questions from the exam. Which specific rule of conduct is Martino violating?

• Advertising and Other Forms of Solicitation

• Acts Discreditable

• Contingent Fees

• Independence