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Describe the implications of the Sarbanes-Oxley Act of 2002 on governments and not-for-profit organizations.
Explain the essentials of a single audit, including: The purpose and scope of a single audit. Major program identification. Audit work required
What is an opinion unit and of what significance is an opinion unit to the auditor?
Define GAGAS, and describe how GAGAS differ from GAAS. What are the major types of auditor services described in the Government Accountability Office's
The auditor's responsibility for required supplementary information (RSI) is:The same as with the basic financial statements.
Explain the objectives of budgeting. Describe methods of integrating planning, budgeting, and performance measurement.
Explain how strategic planning, budgeting, and performance measurement can be integrated in a government and why this integration is desirable.
Describe the advantages of performance budgeting and program budgeting over incremental budgeting in a governmental entity.
What are the three broad categories of service efforts and accomplishments (SEA) measures? Explain the GASB's role in developing standards for SEA reporting.
Explain why conventional cost accounting systems have become less useful in both business and government settings.
A new machine will cost 517.000 and will have an estimated salvage value of $14,000 in five years.
Prepare a cost of production report for the Cutting Department assuming a weighted average method.
Prepare EUP schedules for both the Cutting and Coating Departments. Determine the cost per EUP for the Cutting Department.
Prepare the journal entry to dispose of the cost of abnormal spoilage.
A newly formed firm must decide on a plant location
Calculate the equivalent units schedule, prepare a weighted average cost of production report, and assign all costs
Calculate the following:Material price variance based on purchases . Material quantity variance. Labor rate variance
What is meant by the term standard hours? Does the term refer to inputs or outputs?
What are the three primary uses of a standard cost system? In a business that routinely manufactures the same products or performs the same services
What is management by exception? Why is a standard cost system useful when man-agers control "by exception"?
What is the material price variance for this purchase? What is the material quantity variance for each month for this material?
Compute the labor rate, labor efficiency, and total labor variance.
Compute the direct material and direct labor variances. How might the sales and production managers explain the direct material variances?
Prepare all journal entries related to overhead for Kemp Manufacturing for March2010.
Prepare the journal entries to close the variances at year-end. Round any necessary calculations to one decimal point.