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Test Bank for Essentials of Accounting for Governmental_11

Tham khảo tài liệu 'test bank for essentials of accounting for governmental_11', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Chapter Thirteen Auditing Tax-Exempt Organizations and Evaluating Performance If the confidence of the public in the integrity of accountants reports is shaken their value is gone. Arthur Andersen 1885-1947 founder of what was once the world s largest professional services firm. In 2002 the firm lost its auditing license in the United States as a result of involvement in the Enron collapse. The hardest thing in the world to understand is the income tax. Albert Einstein 1879-Ap5ago PDF Enhancer Learning Objectives Describe the unique characteristics of audits of governmental and not-for-profit entities. Describe the major requirements of the Single Audit Act. Describe the process of applying for tax-exempt status and the reporting requirements of the Form 990. Identify when a not-for-profit organization is subject to the unrelated business income tax and describe how the tax is determined. Identify financial ratios commonly used to evaluate governmental and not-for-profit entities and describe how they are calculated and interpreted. Identify the elements of service efforts and accomplishments reporting and explain why governments and not-for-profits report nonfinancial performance measures. Chapters 2 through 12 present accounting and financial reporting requirements of state and local governments and not-for-profit organizations. This chapter describes 1 the unique aspects of auditing governments and not-for-profit organizations 2 the taxation and tax filing requirements of not-for-profit organizations Auditing Tax-Exempt Organizations and Evaluating Performance 387 and 3 the use of financial and nonfinancial measures to evaluate the performance and financial position of government and not-for-profit organizations. GOVERNMENTAL AUDITING Auditing of governmental and not-for-profit entities has much in common with auditing of business enterprises including making judgments about internal controls selectively testing transactions assessing the fairness of financial .