Question: Question 1: It is sometimes said that performance audits are not true audits in that they are conceptually different from traditional financial audits. Would you

Question 1:

It is sometimes said that performance audits are not "true" audits in that they are conceptually different from traditional financial audits.

Would you agree or disagree with this statement? Be sure to explain how they are conceptually different.

Question 2:

Refer to the March of Dimes Foundation financial statements found in your textbook. A note to the financial statements indicates that the foundation recognized $1,270 of contributed services in the statements. The note also states that many other volunteers contributed services, but that these services are not recognized in the financial statements.

Discuss why some volunteer services, in this case, would be recognized while others would not.

Question 3:

There are three types of endowments. Identify the three types and compare how they are presented on the financial statements of public institutions as opposed to a private college or university.

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