Stan Stanley, a stockholder of Hubble Corporation, has just received a set of financials. Although he took Accounting 1 in high school, he really did not pay much attention to his studies. While looking at these financials, he sees the words Operating Activities, Investing Activities, and Financing Activities on a sheet. Which financial statement is Stan viewing?

Stan Stanley, a stockholder of Hubble Corporation, has just received a set of financials. Although he took Accounting 1 in high school, he really did not pay much attention to his studies. While looking at these financials, he sees the words Assets, Liabilities, and Stockholders Equity on a sheet. Which financial statement is Stan viewing?

Susan Sorry has just started her company. She sells sea shells by the sea shore. Since this is her first year of operations, she wants to show as large of a profit as she can to impress her stockholders. When she is preparing her year-end financials, Susan decides to wait and list some expenses of her business until next year, when her profit will be higher. Which principle keeps Susan from inadequately accounting for these costs?

Harley's Hog BBQ owns and operates several Barbecue Restaurants. In 2004, Harley, 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, Harley opted not to list the loan, since it was so close to maturity. Which principle did Harley's Hog violate?

Shelby Sue decided to open a booth at the NC State Fair to make money to finance her Senior Beach Trip. She offered handmade items, and homemade foodstuffs for sale. When the fair was over, Shelby Sue determined she had made more than enough money for the trip. She plans to account for her money separately on her tax return; however, she is unsure about selling at the fair in the future. Which assumption should be disclosed if she were to prepare financial statements?

Joe Blake is the president and primary stockholder of Blake Enterprises. Joe attended Harvard University and holds an MBA from Yale. He recently met with his company's CPA to ask that he be considered a long term asset on the balance sheet of his company. Which assumption did the accountants use to help Joe realize he could not be listed on the balance sheet?

The Furniture Company prepares its financial statements four times per year. Which assumption is the Furniture Company following?

Joe Blake is the president and primary stockholder of Blake Enterprises. He just found out that his major supplier has filed bankruptcy. Joe is worried because he cannot purchase his inventory from any other supplier. When preparing the company's financial statements, Joe withholds this information from the accountants. Which of the following assumptions is he violating?

The Jonas Music Store received inventory for the new school year from a company in Great Britain. The invoice was stated in terms of British pounds. The accountant is unsure how to account for this transaction.

Tasty Bakery, Inc. offers bakery items and performs catering services to customers. Tasty entered into a contract with a local high school prom committee to provide catering services during the prom. The contract was dated October 15, 20xx; however the prom would not be held until the following April. Tasty requires a deposit of $700 to be included with the contract. The accountant for Tasty is unsure how to handle this transaction. What concept should he look to for guidance?

Hardwick Corporation is based in the United States. When preparing its financial statements, the corporation failed to include a large credit sale to a customer in the general ledger, which was made on December 31st. What concept is Hardwick Corporation violating?

When the accountant has to choose between two acceptable alternatives, the accountant should select the alternative that will report less profit, less asset amount, or a greater liability amount. This is based upon which principle/guideline?

During the preparation of the Furniture Company's financials statement, one of the accountants has to decide between two alternative methods of valuing Uncollectible Account. He decides to choose the method that reports the highest amount. Which constraint did the accountant follow?

Peter is a shareholder of Peppers Corporation. While preparing the year-end financial statements, Peppers Corporation failed to disclose a substantial, pending lawsuit against the corporation. Which quality of accounting information was violated?

Jackson Corporation has just published its annual financial report. The corporation reported transactions using the same accounting treatment as in the previous year. Which of the qualities did they follow?

Todd Jones, CPA, is preparing the financial statements of XYZ Corporation. Todd makes sure that information capable of making a difference in a user's decision making is included in the financial statements. Which quality of accounting information has been followed?

John has been a Certified Public Accountant for 15 years. While auditing a publicly traded company, John finds fraudulent information that is intended for the company's shareholders. Which governing body should John advise of the finding?

John has been a Certified Public Accountant for 15 years. Recently, he has learned that a new set of principles based standards, interpretations, and framework has been adopted by the US and other Global Countries. To better prepare himself, John should learn about the?

Grace & Associates, a CPA firm, is preparing an audit for GWM Corporation. Grace discovers that the financial statements have been intentionally altered to reflect a higher net income. To complete the audit quickly, Grace decides to leave this matter out of the audit report. Which specific rule of conduct does Grace violate?

Joseph Miller, CPA is preparing an audit for LRK Merchandising. During the audit year, the finance officer for LRK was terminated and charged with embezzlement. Because the case has not yet gone to court and the finance officer is a close friend of Miller, he chooses not to include information regarding the case in the audit report. Which specific rule of conduct does Miller violate?

Bob Martin, CPA delivers training workshops for CPA exam candidates. In acquiring resources for his workshops, he offers each candidate $100 for copies of their CPA exam booklets. Which specific rule of conduct is Martin violating?

Bill Carpenter, a CPA, is the Western region board member for NC FBLA. Bill 's firm, Carpenter & Associates, has been asked to prepare the audit for NC FBLA, and has asked that Bill be the lead auditor for the job. What specific rule of conduct will prevent Bill from accepting the offer?

Michael's & Company, a CPA firm, has created a website in hopes of acquiring new clients. The website states "With Michael's & Company, your refunds will ALWAYS be bigger." Which specific rule of conduct is being violated?

Buck Dollar recently completed his CPA certification and is opening an office. He wants the business to be known as $AV-U-BUCK$. Which specific rule of conduct does this violate?

Vanilla CPA Firm is preparing an audit for Western Regional Library Association. Vanilla does not have access to the bank statements for the association, so they use estimates to complete the audit. Which general standard has been violated?

Slim Stanley, CPA has not completed his personal income tax returns for the past five years. Which specific rule of conduct has Slim violated?

Johnson & Associates, a CPA firm, has received an order from a judge to provide copies of Mark Tate's tax return. Johnson sends the copies to the court without contacting Mr. Tate for permission to release the information. Which specific rule of conduct is Johnson & Associate following?

Russell & Associates, a CPA Firm has received a request from Sally Thompson for her client records. Sally owes Russell $500 from previous years' tax preparation. Russell refuses to releases the records until Sally pays the balance due. Which specific rule of conduct is Russell & Associates violating?

Smith CPA Firm has accepted Tough Tire Company as an audit client. Tom Smith, owner of Smith CPA Firm, is the son of Michael Smith, owner of Tough Tire Company. Which specific rule of conduct has Smith CPA Firm MOST LIKELY violated?