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      Audit & Finance Quiz on QuizRevolution

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      Audit & Finance Quiz
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      Audit & Finance Quiz
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      A standard audit opinion is qualified or unqualified ?
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      Comments:
      1. A standard audit opinion is qualified or unqualified ?
        1. Qualified
        2. Unqualified

        1. Neil Rischall is the CPA behind the CPABookkeepers site which has a wealth of information about audited financial statements as well as all services provided by a Certified Public Accountant.

      2. What basis most GAAP financial statements be Cash or Accrual ?
        1. Accrual
        2. Cash

        1. Cash basis taxpayers include income when it is received, and claim deductions when expenses are paid. Accrual basis taxpayers include items when they are earned and claim deductions when expenses are owed.[6] An accrual basis taxpayer looks to the “all-events test” and “earlier-of test” to determine when income is earned.

      3. Recognizing expenses when inccurred and revenue when earned is also know as ______ :
        1. Cash accounting
        2. Accrual method
      4. Which of the following is not one of the three basic financial statements ?
        1. Balance Sheet
        2. Bank Statement
        3. Income Statement
        4. Cash Flow Statement

        1.  "It’s fine to rely on someone else to prepare your financial statements, but you should never rely on anyone else to understand them for you."

          www.cpabookkeepers.com

      5. If you accountant lacks independence but is a CPA can he audit your financial statements ?
        1. Yes
        2. No

        1. My name is Neil Rischall I am a CPA licensed in NY State whose accounting practice takes care of small business accounts. If there is a particular question you have for me feel free to write me a note or visit my site where you can click on that chat button and I will do my best to give you a quick answer. It may be I do not know, I am humble enough to know I do not have all the answers...http://www.cpabookkeepers.com/about-us.html

      6. The person in this video can help you with :
        1. Accounting
        2. Taxes
        3. Audited Financial Statements
        4. All of the above are true

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