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The interview is essential for allowing the interviewer to get to know your personality and approach to your job. In many cases, the results of an interview clinch the deal. Just as you would prepare for a sporting event, it is important to put...
- For a special purpose government audit, the main focus is to comply with set guidelines. I have a sharp eye for detail and spot inconsistencies and ensure that everything on the records complies with current tax laws. What are some "red flags" you look for prior to a decision to audit? I take a systematic approach to looking at tax and financial records, which requires organization and attention to detail. Because of a consistent way of doing my work, I am able to spot things that don't make sense. An obvious reason to audit involves mathematical errors. This doesn't necessarily signal a desire to conceal, but if there are several, I take note.
- In addition, if a business or individual doesn't seem to be able to function on the amount of income reported or if there are generous deductions, I take a closer look. In addition, smaller and newer businesses are likely to make mistakes and require attention if some numbers don't match. What is your approach to advising public agencies on the use of funds?
- Public agencies are entrusted by the public and use public funds for their operations. There is a sense of responsibility that goes along with dealing with documents and playing an advisory role to public organizations. Private sector businesses can generally do what they like with the money they earn after taxes, but it is a completely different matter with public funds. It is incumbent on a government accountant that they keep accurate records of transactions and ways funds are used.
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In case there is in investigation on the use of funds, all of the information has to be available, current and intact, and I take this responsibility seriously. Build My Resume 4. As an accountant, you know that mistakes can be costly. How do you keep track of details? Checking and double checking is essential to make sure that data is accurate. I also keep abreast of current tax laws to encourage implementation and compliance. Running records through several rounds of checking and having efficient software are important for accurate accounting. When there are difficulties, it is essential to clear them up right away and make sure that all information is up-to-date. What are your long-term career goals? I envision spending the next few years continuing to hone my skills and add to my expertise as a government accountant. With that extra experience, I can be useful in serving in an advisory role to companies and individuals and contribute my knowledge to the development of software that makes accurate record keeping easier.- Question Define Fifo And Lifo. Answer : FIFO is the inventory cost flow assumption that treats the first goods in as the first goods sold. LIFO is the inventory cost flow assumption that treats the last goods in as the first goods sold. In a period of rising prices, FIFO values inventory at current costs. However, LIFO would value inventory at costs that the company could have incurred years ago. The analyst should take the LIFO cost flow assumption into account and consider adjusting the inventory of a company using LIFO upward to account for inflation.
- What Are Marketable Securities? Answer : Marketable securities are cash substitutes. Marketable securities are investments with short-term maturities with little risk due to interest rate fluctuations. Answer : Deferred tax assets and liabilities should be distinguished from assets and liabilities representing current tax for the period. Deferred tax assets and liabilities should be disclosed under a separate heading in the balance sheet of the enterprise, separately from current assets and current liabilities. The break-up of deferred tax assets and deferred tax liabilities into major components of the respective balances should be disclosed in the notes to accounts.
- Answer : Incentive for amalgamation extended to hotels and certain banks - Sec. The benefit of carry forward and set off of accumulated losses and unabsorbed depreciation would be extended in the case of amalgamation of a company owning a hotel with another company or an amalgamation of a banking company with the State Bank of India or its subsidiary or other specified banks. Two additional conditions for amalgamating a company will have to be fulfilled, viz. Answer : Under the accrual basis of accounting, revenues are reported on the income statement when they are earned. Under the cash basis of accounting, revenues are reported on the income statement when the cash is received. The result of accrual accounting is an income statement that better measures the profitability of a company during a specific time period.
Financial Accounting In Practice: Practical Questions And Answers For Students
Answer : Financial accounting: has its focus on the financial statements which are distributed to stockholders, lenders, financial analysts, and others outside of the company. Courses in financial accounting cover the generally accepted accounting principles which must be followed when reporting the results of a corporation's past transactions on its balance sheet, income statement, statement of cash flows, and statement of changes in stockholders' equity. Managerial accounting: has its focus on providing information within the company so that its management can operate the company more effectively.- Managerial accounting and cost accounting also provide instructions on computing the cost of products at a manufacturing enterprise. These costs will then be used in the external financial statements. In addition to cost systems for manufacturers, courses in managerial accounting will include topics such as cost behavior, break-even point, profit planning, operational budgeting, capital budgeting, relevant costs for decision making, activity based costing, and standard costing.
- Answer : I would use the liability account Accounts Payable for suppliers' invoices that have been received and must be paid. As a result, the balance in Accounts Payable is likely to be a precise amount that agrees with supporting documents such as invoices, agreements, etc. I would use the liability account Accrued Expenses Payable for the accrual type adjusting entries made at the end of the accounting period for items such as utilities, interest, wages, and so on. The balance in the Accrued Expenses Payable should be the total of the expenses that were incurred as of the date of the balance sheet, but were not entered into the accounts because an invoice has not been received or the payroll for the hourly wages has not yet been processed, etc.
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The amounts recorded in Accrued Expenses Payable will often be estimated amounts supported by logical calculations. Financial Accounting Related Tutorials.- Monitoring Control Environment The control environment is established on the basis of the attitude of management toward internal control. It is the basis for all other elements of the system of internal control. It is the foundation for all other components of internal control, providing discipline and structure. The collective effort of various factors affects the control environment, including the following: Integrity and ethical values Governing board or audit committee participation Management's philosophy and operating style Organizational structure Assignment of authority and responsibility Human resource policies and practices The substance of internal controls is more important than the form because of the risk that controls may not be effectively implemented or maintained.
- Risk Assessment Risk assessment is the entity's identification and analysis of risks relevant to the achievement of its objectives and forms a basis for determining how the risks should be managed. Risks can arise or change as a result of the following factors: Changes in operating environment New or revamped information systems Rapid growth New grant programs, building projects, or other activities Organizational restructuring Federal regulations Finance-related statutes Given the dynamic nature of governmental operating environments, the ability to anticipate and mitigate risks from these changes is a key factor in measuring the strength of internal controls. To the extent that the design of controls for new operations is an important aspect of planning efforts, an entity's level of internal control may be enhanced.
- Control Activities Control activities are the policies and procedures that help ensure that management directives are carried out. Control activities can be divided into four categories: Performance reviews Physical controls Segregation of duties The application of controls, such as the segregation of duties, is affected to some degree by the size of the organization. In small entities, procedures will be less formal than in large entities. Additionally, certain types of control activities may not be relevant in small entities. Information and Communication Information and communication represent the identification, capture, and exchange of information in a form and time frame that enable people to carry out their responsibilities. Information systems encompass procedures and documents that do the following: Identify and record all valid transactions Describe, on a timely basis, transactions in sufficient detail to permit proper classification for financial reporting Measure the value of transactions in a manner that permits their proper recording in the financial statements Permit the recording of transactions in the proper accounting period Present properly the transactions and related disclosures in the financial statements Senior management should deliver a clear message to employees about their responsibilities and role in the internal control system.
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Employees should also have a means for communicating the effectiveness and efficiency of these systems to upper levels of management. Monitoring Monitoring is a process that assesses the quality of internal control performance over time. Ongoing monitoring activities include regular management and supervisory activities and other actions taken during the normal performance of management's responsibilities. Further, periodic reviews of internal controls and related activities, performed with internal personnel or external resources, may be undertaken.JAMB Government Past Questions And Answers PDF Download [FREE] » Your Informant
The nature and timing of these evaluations depend on the effectiveness of ongoing activities and the risk that internal controls are not performing as intended by management. Deficiencies in the system of internal controls should be reported to the appropriate level of management. Management should clearly assign responsibility and delegate authority with sufficient care to ensure that persons who perform control procedures are held accountable for their performance by those who monitor these activities, and persons who monitor the performance of control procedures are held accountable by senior management, the governing board, or the audit committee. If accounting information is routinely used in making operating decisions, management is likely to establish effective controls and hold lower-level managers and employees accountable for performance. In addition, if management routinely uses accounting information in measuring progress and operating results, significant variances between planned and actual results are likely to be investigated.Government Accountant Interview Questions & Answers | MyPerfectResume
This review may detect the causes of the variances and affect the steps necessary to correct procedures that failed to prevent misstatements. Common Types of Control Procedures Numerous control procedures and monitoring activities are performed by individuals in governmental entities to accomplish particular objectives. All these controls, however, can be classified within one of the basic categories of controls described below.- Detailed control procedures or monitoring activities may be included in each of these categories, depending on the size of the entity and the sophistication of the particular control environment. Access Controls Certain controls prevent access to assets by unauthorized persons. Often these controls are physical in nature. For example, an organization might store inventories of supplies and commodities in locked storage areas, store currency in a vault or a locked drawer, and use alarm systems to restrict access by unauthorized individuals.
- If controls to prevent unauthorized access to assets are not effective, assets may be lost or stolen. If detective control procedures such as physical inventory counts are appropriately performed, shortages should be discovered in a timely manner. In some cases, unauthorized access to assets may be gained through vulnerable accounting records-especially records maintained on computer systems.
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For example, if warehouse requisitions can be issued through a computer terminal, access to inventory may be gained through the system. Controls over unauthorized access to assets through computer records may be physical e. Monitoring the control procedures that address unauthorized access includes observing physical control procedures, reviewing established access privileges with the manager of information systems, or reviewing reports of attempted computer access violations. Internal auditors often perform such activities. Access controls, however, do not prevent individuals who have authorized access to assets from misappropriating them. Individuals who have authorized access to both assets and related accounting records may be in a position to conceal shortages of assets in the records.- However, if duties are properly segregated, persons with access to assets will not have access to related accounting records, which may be altered to conceal shortages. Controls over authorized access to assets are important to an organization, not only to prevent thefts, but also to ensure that assets are committed only after proper consideration by individuals who are knowledgeable and experienced.
- Authorization and approval are types of controls designed to prevent invalid or inappropriate transactions from occurring. An example is a procedure designed to ensure that disbursements are made only when authorized orders for goods and services have been received. In many systems, access to computerized records e. Reconciliation and Comparison of Assets with Records Reconciling and comparing assets with accounting records establish a system of independent verification, either through preparing an independent control document used to reconcile accounting records and assets or by directly comparing accounting records with related assets.
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Examples of these procedures include the reconciliation of physical inventory to accounting records and the preparation of a bank reconciliation. Analytical Reviews The purpose of analytical reviews is to evaluate summarized information by comparing it with expected results. Management personnel often perform analytical reviews to determine whether the entity is performing as planned. For example, a common analytical review procedure is the comparison of budgeted to actual performance, with investigation of any significant or material variances as determined by the analyst. Often, analytical reviews may be used to monitor other underlying control procedures. Authorization and Approval Authorization and approval procedures prevent invalid transactions from occurring. Thus, this type of control typically involves authorization or approval of transactions at specific dollar thresholds and manual e.Quiz: Best Practices In Government Accounting And Auditing - Journal Of Accountancy
The effectiveness of these procedures often depends on general computer controls over information security. Reviews of Output Reviews of output should be performed by district personnel who have the knowledge and experience to identify errors. Such reviews could be performed in both computer and manual systems. These reviews check the validity and accuracy of output by comparing it in detail with expected results.
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