The AICPA Health Care Guide prescribes a separate Statement of Operations and Statement of Changes in Net Assets rather than a Statement of Activities.
Answer the following statement true (T) or false (F)
True
Activities (revenues, expenses and reclassifications) are divided between two financial statements; a Statement of Operations and a Statement of Changes in Net Assets.
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The accountant for Frieda Company did not record a purchase of merchandise on credit or include the items in the ending inventory. Assuming a periodic inventory system, the balance sheet effects of these omissions on assets, liabilities, and retained earnings would be Set Assets Liabilities Retained Earnings I. Understate Understate Understate II. Understate Understate No effect III. No effect
Understate No effect IV. Understate No effect Understate ? A) Set I B) Set II C) Set III D) Set IV
In assessing risk relating to fraud, auditors brainstorm about potential fraud risks
a. True b. False Indicate whether the statement is true or false
Buzz works best when companies put paid consumers in charge of creating their own messages
Indicate whether the statement is true or false
An indication that the work sheet columns are in balance and the work sheet is completed is
A) the word "Total" is written at the bottom of each pair of columns B) each pair of columns is double underlined C) each pair of columns has the totals circled D) the final figures are written in ink