If you are required to show proof of financial responsibility for the future such proof must be kept up for?

If you are required to show proof of financial responsibility for the future such proof must be kept up for?
by

1 Answer

Answer :

Feel Free to Answer
by

Related questions

When are you required to show proof of responsibility?

Description : When are you required to show proof of responsibility?

Last Answer : You are required to to show proof of financial responsibility for the death, injury, or property damage they may cause while operating a motor vehicle.

Which of the following is required if the professional accountant uses experts who are not professional accountants? a. The professional accountant is discouraged to engage the services of experts who are not a professional accountant. b. The ultimate responsibility for the professional service is assumed by the expert who is not a professional accountant. c. The professional accountant must take steps to see that such experts are aware of the ethical requirements of the profession. d. Experts who are not professional accountants need not be informed of ethical requirements because they are not members of the Accountancy profession

Description : Which of the following is required if the professional accountant uses experts who are not professional accountants? a. The professional accountant is discouraged to engage the services of experts ... not be informed of ethical requirements because they are not members of the Accountancy profession

Last Answer : The professional accountant must take steps to see that such experts are aware of the ethical requirements of the profession.

The purpose of an audit of financial statements is to a. Obtain an absolute level of assurance that the financial statements as a whole are free from material misstatement. b. Relieve management or those charged with governance of the responsibility for the preparation and presentation of the financial statements in accordance with the applicable financial reporting framework. c. Enhance the degree of confidence of intended users in the financial statements. d. Assure the future viability of the entity by expressing an opinion on the entity's financial statements.

Description : The purpose of an audit of financial statements is to a. Obtain an absolute level of assurance that the financial statements as a whole are free from material misstatement. b. Relieve management ... the future viability of the entity by expressing an opinion on the entity's financial statements.

Last Answer : Enhance the degree of confidence of intended users in the financial statements.

Which of the following statements is true? a. An independent auditor must be a CPA. b. Compliance audits are conducted to determine adherence to rules and regulations set by the auditor. c. An audit, if properly conducted, ensures that fraud is prevented. d. After conducting an audit and release of the auditor’s report, the primary responsibility on the fairness of the financial statements is shifted to the auditor

Description : Which of the following statements is true? a. An independent auditor must be a CPA. b. Compliance audits are conducted to determine adherence to rules and regulations set by the auditor. c. ... s report, the primary responsibility on the fairness of the financial statements is shifted to the auditor

Last Answer : An independent auditor must be a CPA.

Which of the following statements reflects an auditor's responsibility for detecting fraud and error? a. An auditor is responsible for detecting employee errors and simple fraud, but not for discovering fraud involving employee collusion or management overrideAn auditor should design the auditto provide reasonable assurance ofdetecting errors and fraud that arematerial to the financial statements.c. An auditor should plan the audit to detecterrors and fraud that are caused bydepartures from the applicable FRF.d. An auditor is not responsible fordetecting errors and fraud unless theapplication of PSAs and PAPs would resultin such detection

Description : Which of the following statements reflects an auditor's responsibility for detecting fraud and error? a. An auditor is responsible for detecting employee errors and simple fraud, but not for ... detecting errors and fraud unless the application of PSAs and PAPs would result in such detection

Last Answer : An auditor should design the audit to provide reasonable assurance of detecting errors and fraud that are material to the financial statements.

Which of the following statements about independent financial statement audit is correct? a. The audit of financial statements relieves management of its responsibilities for die financial statements. b. An audit is designed to provide limited assurance that the financial statements taken as a whole are free from material misstatement. c. The auditor's opinion is not an assurance as to the future viability of the entity as well as the effectiveness and efficiency withwhich management has conductedthe affairs of the entity.d. The procedures required to conduct anaudit in accordance with PSAs shouldbe determined by the client whoengaged the services of the auditor

Description : Which of the following statements about independent financial statement audit is correct? a. The audit of financial statements relieves management of its responsibilities for die financial statements. b. An ... with PSAs should be determined by the client who engaged the services of the auditor

Last Answer : The auditor's opinion is not an assurance as to the future viability of the entity as well as the effectiveness and efficiency withwhich management has conducted the affairs of the entity.

Tightly knit metal braid wire can be used with a printed circuit board when ___________. A. conductor flexibility is required B. desoldering components in the circuit C. electrically produced magnetic fluxes would cause inaccuracies in adjacent components D. reactance in the circuit must be kept to a minimum

Description : Tightly knit metal braid wire can be used with a printed circuit board when ___________. A. conductor flexibility is required B. desoldering components in the circuit C. electrically produced magnetic ... cause inaccuracies in adjacent components D. reactance in the circuit must be kept to a minimum

Last Answer : Answer: B

Mark the correct option relating to Village postman book a) Village postman book is form 86 should be kept by each village postman b) Before proceeding on his beat, the village postman must enter in it the date and day of the week on which he leaves the post office and the names of all villages that he required to visit. c) As each village is visited, the village postman should obtain the signature of the Headman or other responsible person with date and time.. d) All the above

Description : Mark the correct option relating to Village postman book a) Village postman book is form 86 should be kept by each village postman b) Before proceeding on his beat, the village postman must enter in ... the signature of the Headman or other responsible person with date and time.. d) All the above

Last Answer : d) All the above

How to future Proof your relationship according?

Description : How to future Proof your relationship according?

Last Answer : How to Future-Proof Your Relationship, According to A Couple's Therapisto, you've met the love of your life and want to spend forever with them. Congratulations, love is a beautiful, amazing thing, ... being able to tell each other how you are feeling. The ability to have mature, valuable convers

What reasoning could be provided in the future when an ultra life-like robot kills a human, and does not wish to take any responsibility for those actions?

Description : What reasoning could be provided in the future when an ultra life-like robot kills a human, and does not wish to take any responsibility for those actions?

Last Answer : Termination

With the Industrial Policy Resolution of 1956, the future development of key industries became the exclusive responsibility of the State. A. 18 B. 17 C. 16 D. 15

Description : With the Industrial Policy Resolution of 1956, the future development of key industries became the exclusive responsibility of the State. A. 18 B. 17 C. 16 D. 15

Last Answer : B. 17

The best statement of the responsibility of the auditor with respect to audited financial statement is: a. The auditor's responsibility on fair presentation of financial statements is limited only up to the date of the audit report. b. The auditor's responsibility is confined to the expression of opinion on the financial statements audited. c. The responsibility over the financial statements rests with the management and the auditor assumes responsibility with respect to the notes of financial statements. d. The auditor is responsible only to his qualified opinion but not for any other type of opinion.

Description : The best statement of the responsibility of the auditor with respect to audited financial statement is: a. The auditor's responsibility on fair presentation of financial statements is limited only up to ... auditor is responsible only to his qualified opinion but not for any other type of opinion.

Last Answer : The auditor's responsibility is confined to the expression of opinion on the financial statements audited

Which of the following has the primary responsibility for the fairness of the representations made in the financial statements? a. Audit committee b. Client's management c. Independent auditor d. Board of Accountancy

Description : Which of the following has the primary responsibility for the fairness of the representations made in the financial statements? a. Audit committee b. Client's management c. Independent auditor d. Board of Accountancy

Last Answer : Client's management

A practitioner should accept an assurance engagement only if a. The practitioner's conclusion is to be contained in a written report. b. The subject matter is the responsibility of either the intended users or the practitioner. c. The subject matter is in the form of financial information. d. The criteria to be used are not available to the intended users

Description : A practitioner should accept an assurance engagement only if a. The practitioner's conclusion is to be contained in a written report. b. The subject matter is the responsibility of either the intended ... of financial information. d. The criteria to be used are not available to the intended users

Last Answer : The practitioner's conclusion is to be contained in a written report.

An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert witness in accounting, auditing or tax matters, given certain stipulated facts. b. assurance. c. Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party. d. Provide tax advice or prepare a tax return based on financial information the CPA has not audited or reviewed.

Description : An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert ... or prepare a tax return based on financial information the CPA has not audited or reviewed.

Last Answer : Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party

A principal purpose of a letter of representation from management is to a. Remind management of its primary responsibility for financial statements. b. Serve as an introduction to company personnel and an authorization to examine the records. c. Discharge the auditor from legal liability for his examination. d. Confirm in writing management's approval of limitations on the scope of the audit

Description : A principal purpose of a letter of representation from management is to a. Remind management of its primary responsibility for financial statements. b. Serve as an introduction to company personnel and ... . d. Confirm in writing management's approval of limitations on the scope of the audit

Last Answer : Remind management of its primary responsibility for financial statements.

Which of the following is correct concerning requirements about auditor's communications about fraud? a. Fraud that involves senior management should be reported directly to the audit committee regardless of the amounts involved. b. All fraud with a material effect on the financial statements should be reported directly by the auditor to the SEC c. Fraud with a material effect on the financial statements should ordinarily be disclosed by the auditor through the use of an emphasis of a matter paragraph added to the audit report. d. The auditor has no responsibility to disclose fraud outside the entity under any circumstances

Description : Which of the following is correct concerning requirements about auditor's communications about fraud? a. Fraud that involves senior management should be reported directly to the audit committee ... . The auditor has no responsibility to disclose fraud outside the entity under any circumstances

Last Answer : Fraud that involves senior management should be reported directly to the audit committee regardless of the amounts involved

The auditor has considerable responsibility for notifying users as to whether or not the statements are properly stated. This imposes upon the auditor a duty to a. Provide reasonable assurance that material misstatements will be detected. b. Be an insurer of the fairness in the statements. c. Be a guarantor of the fairness in the statements. d. Be equally responsible with management for the preparation of the financial statements

Description : The auditor has considerable responsibility for notifying users as to whether or not the statements are properly stated. This imposes upon the auditor a duty to a. Provide reasonable assurance ... statements. d. Be equally responsible with management for the preparation of the financial statements

Last Answer : Provide reasonable assurance that material misstatements will be detected.

The responsibility for the fairness of the financial assertions that are embodied in the financial statements and in the notes to the financial statements rests: a. With the audit committee. b. With management. c. With Securities and Exchange Commission. d. Equally with management and the stockholders

Description : The responsibility for the fairness of the financial assertions that are embodied in the financial statements and in the notes to the financial statements rests: a. With the audit committee. ... management. c. With Securities and Exchange Commission. d. Equally with management and the stockholders

Last Answer : With management

A principal purpose of a letter of representation from management is to a. Serve as an introduction to company personnel and an authorization to examine the records. b. Discharge the auditor from legal liability for his examination. c. Confirm in writing management's approval of limitations on the scope of the audit. d. Remind management of its primary responsibility for financial statements.

Description : A principal purpose of a letter of representation from management is to a. Serve as an introduction to company personnel and an authorization to examine the records. b. Discharge the auditor ... the scope of the audit. d. Remind management of its primary responsibility for financial statements.

Last Answer : Remind management of its primary responsibility for financial statements.

The responsibility for adopting sound accounting policies, maintaining adequate internal control, and making fair representations in the financial statements rests a. With the management. b. With the independent auditor. c. Equally with management and the auditor. d. With the internal audit department.

Description : The responsibility for adopting sound accounting policies, maintaining adequate internal control, and making fair representations in the financial statements rests a. With the management. b. With the independent ... c. Equally with management and the auditor. d. With the internal audit department.

Last Answer : With the management

Auditor’s responsibility for detecting noncompliance is limited to those: a. Direct-effect noncompliance. b. Material direct-effect noncompliance. c. Material indirect-effect noncompliance. d. All noncompliance since they affect the financial statements directly or indirectly

Description : Auditor’s responsibility for detecting noncompliance is limited to those: a. Direct-effect noncompliance. b. Material direct-effect noncompliance. c. Material indirect-effect noncompliance. d. All noncompliance since they affect the financial statements directly or indirectly

Last Answer : Material direct-effect noncompliance

Which of the following is incorrect about responsibility for financial statements? a. Management is responsible for fair presentation of the financial statements. b. Auditor is responsible for expressing an opinion on the financial statements. c. Audit of financial statements does not reduce management's responsibility. d. Fair presentation of financial statements is an implicit part of the auditor's responsibility

Description : Which of the following is incorrect about responsibility for financial statements? a. Management is responsible for fair presentation of the financial statements. b. Auditor is responsible for ... . Fair presentation of financial statements is an implicit part of the auditor's responsibility

Last Answer : Fair presentation of financial statements is an implicit part of the auditor's responsibility

What is the responsibility of an auditor who is engaged to audit the financial statements of a government entity? a. Assess control risk with respect to each component of internal control. b. Assume responsibility for assuring that the entity complies with applicable laws and regulations. c. Obtain an understanding of the possible financial statement effects of laws and regulations having direct and material effects on amounts reported. d. Design the audit to provide reasonable assurance that the statements are free of material misstatements resulting from illegal acts having direct or indirect effects

Description : What is the responsibility of an auditor who is engaged to audit the financial statements of a government entity? a. Assess control risk with respect to each component of internal ... the statements are free of material misstatements resulting from illegal acts having direct or indirect effects

Last Answer : Obtain an understanding of the possible financial statement effects of laws and regulations having direct and material effects on amounts reported.

Which of the following is considered a primary reason for creating an internal audit department? a. To safeguard resources entrusted to the organization. b. To evaluate and improve the effectiveness of control processes. c. To ensure the accuracy, reliability, and timeliness of financial and operating data used in management's decision making. d. To relieve management of the responsibility for establishing effective controls

Description : Which of the following is considered a primary reason for creating an internal audit department? a. To safeguard resources entrusted to the organization. b. To evaluate and improve the ... 's decision making. d. To relieve management of the responsibility for establishing effective controls

Last Answer : To evaluate and improve the effectiveness of control processes.

How did the Code of Ethics define public interest? a. A distinguishing mark of a profession is the acceptance of its responsibility to the public. b. The accountancy profession's public consists of clients, credit grantors, governments, employers, employees, investors, the business and financial community, and others who rely on the objectivity and integrity of professional accountants. c. The collective well-being of the community of people and institutions the professional accountant serves. d. The standards of the accountancy profession are heavily determined by the public interest

Description : How did the Code of Ethics define public interest? a. A distinguishing mark of a profession is the acceptance of its responsibility to the public. b. The accountancy profession's public ... serves. d. The standards of the accountancy profession are heavily determined by the public interest

Last Answer : The collective well-being of the community of people and institutions the professional accountant serves.

Which statement is correct regarding the relationship between internal auditing and the external auditor? a. Some judgments relating to the audit of the financial statements are those of the internal auditor. b. The external audit function's objectives vary according to management's requirements. c. Certain aspects of internal auditing may be useful in determining the nature, timing and extent of external audit procedures. d. The external auditor is responsible for the audit opinion expressed, however that responsibility may be reduced by any use made of internal auditing

Description : Which statement is correct regarding the relationship between internal auditing and the external auditor? a. Some judgments relating to the audit of the financial statements are those of the ... opinion expressed, however that responsibility may be reduced by any use made of internal auditing

Last Answer : Certain aspects of internal auditing may be useful in determining the nature, timing and extent of external audit procedures.

The management responsibility to detect and prevent fraud and error is accomplished by a. Having an annual audit of financial statements. b. Implementing adequate quality control system. c. Implementing adequate accounting and internal control system. d. Issuing a representation letter to the auditor.

Description : The management responsibility to detect and prevent fraud and error is accomplished by a. Having an annual audit of financial statements. b. Implementing adequate quality control system. c. ... adequate accounting and internal control system. d. Issuing a representation letter to the auditor.

Last Answer : Implementing adequate accounting and internal control system

The adequacy of disclosures in the financial statements and footnotes is the primary responsibility of the: a. Client b. Auditor in charge of field work c. Partner assigned to engagement d. Staff member who drafted the statements

Description : The adequacy of disclosures in the financial statements and footnotes is the primary responsibility of the: a. Client b. Auditor in charge of field work c. Partner assigned to engagement d. Staff member who drafted the statements

Last Answer : Client

The auditor's best defense when material misstatements in the financial statements are not uncovered in the audit is that a. The financial statements are client's responsibility. b. The audit was conducted in accordance with PSAs c. Client is guilty of contributory negligence. d. The audit was conducted in accordance with generally accepted accounting principles.

Description : The auditor's best defense when material misstatements in the financial statements are not uncovered in the audit is that a. The financial statements are client's responsibility. b. ... contributory negligence. d. The audit was conducted in accordance with generally accepted accounting principles.

Last Answer : The audit was conducted in accordance with PSAs

The management accounting can be stated an extension of (i) Cost Accounting (ii) Financial Accounting (iii) Responsibility Accounting A. Both (i) and (ii) B. Both (i) and (iii) C. Both (ii) and (iii) D. (i), (ii), (iii)

Description : The management accounting can be stated an extension of (i) Cost Accounting (ii) Financial Accounting (iii) Responsibility Accounting A. Both (i) and (ii) B. Both (i) and (iii) C. Both (ii) and (iii) D. (i), (ii), (iii)

Last Answer : D. (i), (ii), (iii)

A ___________________ is a way of measuring, understanding, reporting and ultimately improving an organization’s social and ethical performance. A. Social Audit B. Financial Audit C. Responsibility Audit D. Compulsory Audit

Description : A ___________________ is a way of measuring, understanding, reporting and ultimately improving an organization’s social and ethical performance. A. Social Audit B. Financial Audit C. Responsibility Audit D. Compulsory Audit

Last Answer : A. Social Audit

--------- is a system where persons are made responsible for control of cost a) Cost accounting b) Financial accounting c) Responsibility accounting d) None of these

Description : --------- is a system where persons are made responsible for control of cost a) Cost accounting b) Financial accounting c) Responsibility accounting d) None of these

Last Answer : c) Responsibility accounting

A control system where accountability is established with responsibility is known as -------------- a) Cost accounting b) Responsibility accounting c) Financial accounting d) None of the above

Description : A control system where accountability is established with responsibility is known as -------------- a) Cost accounting b) Responsibility accounting c) Financial accounting d) None of the above

Last Answer : b) Responsibility accounting

A system where accounting is established with responsibility a) Responsibility accounting b) Financial accounting c) Cost accounting d) Budgeting

Description : A system where accounting is established with responsibility a) Responsibility accounting b) Financial accounting c) Cost accounting d) Budgeting

Last Answer : a) Responsibility accounting

The Philippine Standards on Auditing issued by AASC a. Need to be applied on all audit related. b. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, even though such a departure may result to more effective achievement of the objective of an audit. c. Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion. d. Must not apply to other related activities of auditors

Description : The Philippine Standards on Auditing issued by AASC a. Need to be applied on all audit related. b. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, ... for the purpose of expressing an opinion. d. Must not apply to other related activities of auditors

Last Answer : Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion.

The Philippine Standards on Auditing issued by AASC: a. Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion. b. Need to be applied on all audit related. c. Must not apply to other related activities of auditors. d. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, even though such a departure may result to more effective achievement of the objective of an audit

Description : The Philippine Standards on Auditing issued by AASC: a. Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an ... though such a departure may result to more effective achievement of the objective of an audit

Last Answer : Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion

Where were the 142 Bangladeshis now kept in Italy ? I tell those who will see new or old in the future - they were released later.

Description : Where were the 142 Bangladeshis now kept in Italy ? I tell those who will see new or old in the future - they were released later.

Last Answer : They were quarantined at Ashkona Hajj Camp.

Section 60 of Indian Evidence Act is a) Proof of facts by oral evidence b) Secondary evidence c) Oral evidence must be direct d) Proof of contents of documents

Description : Section 60 of Indian Evidence Act is a) Proof of facts by oral evidence b) Secondary evidence c) Oral evidence must be direct d) Proof of contents of documents

Last Answer : c) Oral evidence must be direct

Section 59 of Indian Evidence Act is- a) Proof of facts by oral evidence b) Secondary evidence b) Oral evidence must be direct d) Proof of contents of documents

Description : Section 59 of Indian Evidence Act is- a) Proof of facts by oral evidence b) Secondary evidence b) Oral evidence must be direct d) Proof of contents of documents

Last Answer : a) Proof of facts by oral evidence

You must have both ____ and ____ to validate your evidence. a. Proof and victim b. Power and skill c. Power and proof d. Proof and skill

Description : You must have both ____ and ____ to validate your evidence. a. Proof and victim b. Power and skill c. Power and proof d. Proof and skill

Last Answer : b. Power and skill