The uniform law, issued in 1984 by the Committee on Corporate Laws of the American Bar
1)
The uniform law, issued in 1984 by the Committee on Corporate Laws of the
American Bar Association, that regulates the formation, operation, and
termination of corporations is
A. The Model Business Corporation Act
B. The Uniform Commercial Code
C. The Revised Model Business Commercial Code
D. The Standard Incorporation Act
2) Which of the following statements is true?
A. The exchange of stock for services rendered is not a taxable transaction.
B. The repeal of Sec. 351 would result in more existing businesses being incorporated.
C. Section 351 was enacted to allow taxpayers to incorporate without incurring adverse tax consequences.
D. Section 351 is an example of a negative aspect of the corporate form of business organization.
3) Which of the following statements is true?
A. Formation of a partnership requires legal documentation.
B. An individual engaged in the active conduct of a business must elect not to be taxed as a partnership.
C. If two people (or business entities) work together to carry on any business or financial operation with the intention of making a profit and sharing that profit as co-owners, a partnership exists for federal income tax purposes.
D. The partnership form of business creates double-taxation because individual partners are taxed, and the partnership is also taxed as a separate legal entity.
4) What effect would a decrease in interest rates by the Federal Reserve most likely have in the nation’s manufacturing sector, all other factors remaining constant?
A. An increase in both production and employment
B. A decrease in both production and employment
C. An increase in production but a decrease in employment
D. A decrease in production, but an increase in employment
5) A table that shows the relationship between the price of a good and the quantity demanded of that good is called
A. a price-quantity table
B. a complementary table
C. a demand schedule
D. an equilibrium schedule
6) If policymakers increase aggregate demand, the price level
A. falls, but unemployment rises
B. and unemployment fall
C. and unemployment rise
D. rises, but unemployment falls
7) Which table would show the largest factor for an interest rate of 8% for five periods?
A. Future value of an ordinary annuity of 1
B. Present value of an ordinary annuity of 1
C. Future value of an annuity due of 1
D. Present value of an annuity due of 1
8) Financial service
A. is concerned with the duties of the financial manager
B. involves the design and delivery of advice and financial products
C. provides guidelines for the efficient operation of the business
D. handles accounting activities related to data processing
9) As the interest rate increases for any given period, the future value interest factor will
A. decrease
B. increase
C. remain unchanged
D. move toward 1
10) The specific cost of each source of long-term financing is based on ________ and ________ costs.
A. before-tax; historical
B. after-tax; historical
C. before-tax; book value
D. after-tax; current
11) At the operating break-even point, ________ equals zero.
A. sales revenue
B. fixed operating costs
C. variable operating costs
D. earnings before interest and taxes
12) Justifying expenditures for new technologies is especially difficult because
A. you do not know how many jobs will be affected
B. expenses are often recurring and are difficult to estimate
C. many benefits are intangible and are not easily known or measured
D. justifying a new technology is no different from any other capital budgeting problem
13) The hardware of a computer system includes the computer itself and other devices that help the computer perform its tasks. These other devices are commonly also called
A. helper equipment
B. peripheral equipment
C. secondary equipment
D. accessory equipment
14) Software that enables businesses and government agencies to transmit and manipulate financial data on an organization-wide basis best describes
A. communication software
B. CAD software
C. enterprise resource planning (ERP) software
D. programming software
15) A simple diagram that shows estimated completion times versus actual completion times for the various activities in a systems implementation project
A. an E-R diagram
B. a PERT chart
C. a Gantt chart
D. a Data flow diagram
A. The Model Business Corporation Act
B. The Uniform Commercial Code
C. The Revised Model Business Commercial Code
D. The Standard Incorporation Act
2) Which of the following statements is true?
A. The exchange of stock for services rendered is not a taxable transaction.
B. The repeal of Sec. 351 would result in more existing businesses being incorporated.
C. Section 351 was enacted to allow taxpayers to incorporate without incurring adverse tax consequences.
D. Section 351 is an example of a negative aspect of the corporate form of business organization.
3) Which of the following statements is true?
A. Formation of a partnership requires legal documentation.
B. An individual engaged in the active conduct of a business must elect not to be taxed as a partnership.
C. If two people (or business entities) work together to carry on any business or financial operation with the intention of making a profit and sharing that profit as co-owners, a partnership exists for federal income tax purposes.
D. The partnership form of business creates double-taxation because individual partners are taxed, and the partnership is also taxed as a separate legal entity.
4) What effect would a decrease in interest rates by the Federal Reserve most likely have in the nation’s manufacturing sector, all other factors remaining constant?
A. An increase in both production and employment
B. A decrease in both production and employment
C. An increase in production but a decrease in employment
D. A decrease in production, but an increase in employment
5) A table that shows the relationship between the price of a good and the quantity demanded of that good is called
A. a price-quantity table
B. a complementary table
C. a demand schedule
D. an equilibrium schedule
6) If policymakers increase aggregate demand, the price level
A. falls, but unemployment rises
B. and unemployment fall
C. and unemployment rise
D. rises, but unemployment falls
7) Which table would show the largest factor for an interest rate of 8% for five periods?
A. Future value of an ordinary annuity of 1
B. Present value of an ordinary annuity of 1
C. Future value of an annuity due of 1
D. Present value of an annuity due of 1
8) Financial service
A. is concerned with the duties of the financial manager
B. involves the design and delivery of advice and financial products
C. provides guidelines for the efficient operation of the business
D. handles accounting activities related to data processing
9) As the interest rate increases for any given period, the future value interest factor will
A. decrease
B. increase
C. remain unchanged
D. move toward 1
10) The specific cost of each source of long-term financing is based on ________ and ________ costs.
A. before-tax; historical
B. after-tax; historical
C. before-tax; book value
D. after-tax; current
11) At the operating break-even point, ________ equals zero.
A. sales revenue
B. fixed operating costs
C. variable operating costs
D. earnings before interest and taxes
12) Justifying expenditures for new technologies is especially difficult because
A. you do not know how many jobs will be affected
B. expenses are often recurring and are difficult to estimate
C. many benefits are intangible and are not easily known or measured
D. justifying a new technology is no different from any other capital budgeting problem
13) The hardware of a computer system includes the computer itself and other devices that help the computer perform its tasks. These other devices are commonly also called
A. helper equipment
B. peripheral equipment
C. secondary equipment
D. accessory equipment
14) Software that enables businesses and government agencies to transmit and manipulate financial data on an organization-wide basis best describes
A. communication software
B. CAD software
C. enterprise resource planning (ERP) software
D. programming software
15) A simple diagram that shows estimated completion times versus actual completion times for the various activities in a systems implementation project
A. an E-R diagram
B. a PERT chart
C. a Gantt chart
D. a Data flow diagram
16)
What would be the best explanation for the absence of complete information on
computer crime?
a Abuse is handled as an internal matter
b Hesitant disclosure of abuse due to embarrassment
c Documentation of abuses hasn't caught up with actual abuses
d Most computer crime is not caught
17) Which of the following processes would be accounted for using a job order cost system?
A.
Milk pasteurization
B.
Town home production
C.
Textbook production
D.
Canned spinach production
18) In traditional costing systems, overhead is generally applied based on
A.
direct labor
B.
machine hours
C.
direct material dollars
D.
units of production
19) If standard costs are incorporated into the accounting system
A.
it may simplify the costing of inventories and reduce clerical costs
B.
it can eliminate the need for the budgeting process
C.
the accounting system will produce information which is less relevant than the historical cost accounting system
D.
approval of the stockholders is required
20) Generally accepted accounting principles are
A.
income tax regulations of the Internal Revenue Service.
B.
standards that indicate how to report economic events.
C.
theories that are based on physical laws of the universe.
D.
principles that have been proven correct by academic researchers.
21) Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material?
A.
An increase to finished goods
B.
A decrease to applied overhead
C.
A decrease to work in process inventory
D.
An increase to cost of goods sold
22) The cost to produce Part A was $10 per unit in 2005. During 2006, it has increased to $11 per unit. In 2006, Supplier Company has offered to supply Part A for $9 per unit. For the make-or-buy decision,
A.
incremental revenues are $2 per unit
B.
incremental costs are $1 per unit
C.
net relevant costs are $1 per unit
D.
differential costs are $2 per unit
23) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?
A.
$18,000
B.
$28,000
C.
$12,000
D.
$6,000
24)
Kershaw Bookstore had 600 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follows:
Date Purchases Sales
Jan. 14 450 @ $28
17 300 @ $20
25 300 @ $22
29 300 @ $32
Kershaw does not maintain perpetual inventory records. According to a physical count, 450 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is:
A.
$1,200.
B.
$8,100.
C.
$9,300.
D.
$9,600.
25) The process of formally recording or incorporating an item in the financial statements of an entity is
A.
allocation
B.
articulation.
C.
realization.
D.
recognition.
26) The primary purpose of the statement of cash flows is to provide information
A.
about the operating, investing, and financing activities of an entity during a period.
B.
that is useful in assessing cash flow prospects.
C.
about the cash receipts and cash payments of an entity during a period.
D.
about the entity's ability to meet its obligations, its ability to pay dividends, and its needs for external financing.
27) Which of the following is considered cash?
A.
Travel Advances
B.
Money market checking accounts
C.
Money market savings certificates
D.
Postdated checks
28) A company offers a cash rebate of $1 on each $4 package of batteries sold during 2007. Historically, 10% of customers mail in the rebate form. During 2007, 6,000,000 packages of batteries are sold, and 210,000 $1 rebates are mailed to customers. Assuming there is no beginning liability balance, what is the rebate expense and liability, respectively, shown on the 2007 financial statements dated December 31?
A.
$600,000; $600,000
B.
$600,000; $390,000
C.
$390,000; $390,000
D.
$210,000; $390,000
29) Which of the following is a debt security?
A.
Convertible bonds
B.
Certificate of deposit
C.
Loans receivable
D.
US treasury bill
a Abuse is handled as an internal matter
b Hesitant disclosure of abuse due to embarrassment
c Documentation of abuses hasn't caught up with actual abuses
d Most computer crime is not caught
17) Which of the following processes would be accounted for using a job order cost system?
A.
Milk pasteurization
B.
Town home production
C.
Textbook production
D.
Canned spinach production
18) In traditional costing systems, overhead is generally applied based on
A.
direct labor
B.
machine hours
C.
direct material dollars
D.
units of production
19) If standard costs are incorporated into the accounting system
A.
it may simplify the costing of inventories and reduce clerical costs
B.
it can eliminate the need for the budgeting process
C.
the accounting system will produce information which is less relevant than the historical cost accounting system
D.
approval of the stockholders is required
20) Generally accepted accounting principles are
A.
income tax regulations of the Internal Revenue Service.
B.
standards that indicate how to report economic events.
C.
theories that are based on physical laws of the universe.
D.
principles that have been proven correct by academic researchers.
21) Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material?
A.
An increase to finished goods
B.
A decrease to applied overhead
C.
A decrease to work in process inventory
D.
An increase to cost of goods sold
22) The cost to produce Part A was $10 per unit in 2005. During 2006, it has increased to $11 per unit. In 2006, Supplier Company has offered to supply Part A for $9 per unit. For the make-or-buy decision,
A.
incremental revenues are $2 per unit
B.
incremental costs are $1 per unit
C.
net relevant costs are $1 per unit
D.
differential costs are $2 per unit
23) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?
A.
$18,000
B.
$28,000
C.
$12,000
D.
$6,000
24)
Kershaw Bookstore had 600 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follows:
Date Purchases Sales
Jan. 14 450 @ $28
17 300 @ $20
25 300 @ $22
29 300 @ $32
Kershaw does not maintain perpetual inventory records. According to a physical count, 450 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is:
A.
$1,200.
B.
$8,100.
C.
$9,300.
D.
$9,600.
25) The process of formally recording or incorporating an item in the financial statements of an entity is
A.
allocation
B.
articulation.
C.
realization.
D.
recognition.
26) The primary purpose of the statement of cash flows is to provide information
A.
about the operating, investing, and financing activities of an entity during a period.
B.
that is useful in assessing cash flow prospects.
C.
about the cash receipts and cash payments of an entity during a period.
D.
about the entity's ability to meet its obligations, its ability to pay dividends, and its needs for external financing.
27) Which of the following is considered cash?
A.
Travel Advances
B.
Money market checking accounts
C.
Money market savings certificates
D.
Postdated checks
28) A company offers a cash rebate of $1 on each $4 package of batteries sold during 2007. Historically, 10% of customers mail in the rebate form. During 2007, 6,000,000 packages of batteries are sold, and 210,000 $1 rebates are mailed to customers. Assuming there is no beginning liability balance, what is the rebate expense and liability, respectively, shown on the 2007 financial statements dated December 31?
A.
$600,000; $600,000
B.
$600,000; $390,000
C.
$390,000; $390,000
D.
$210,000; $390,000
29) Which of the following is a debt security?
A.
Convertible bonds
B.
Certificate of deposit
C.
Loans receivable
D.
US treasury bill
30)
The balance
in Newsprint Corp.'s foreign exchange loss account was $10,000 on December
31, 2008, before any necessary year-end adjustment relating to the following:
(1) Newsprint
had a $15,000 debit resulting from the restatement in dollars of the accounts
of its wholly owned foreign subsidiary for the year ended December 31, 2008.
(2) Newsprint
had an account payable to an unrelated foreign supplier, payable in the
supplier's local currency unit (LCU) on January 15, 2009. The U.S.
dollar–equivalent of the payable was $50,000 on the December 1, 2008, invoice
date and $53,000 on December 31, 2008.
In Newsprint's
2008 consolidated income statement, what amount should be included as foreign
exchange loss in computing net income, if the LCU is the functional currency
and the translation method is appropriate?
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31) Costs
incurred internally to create intangibles are
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32) The
amount to be recorded as the cost of an asset under capital lease is equal to
the
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33) In
computations of weighted average of shares outstanding, when a stock dividend
or stock split occurs, the additional shares are
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34) Debt
securities that are accounted for at amortized cost, NOT fair value, are
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35) Elvis
Company purchases inventory for $70,000 on March 19, 2008, and sells it to
Graceland Corporation for $95,000 on May 14, 2008. Graceland still holds the
inventory on December 31, 2008, and determines that its market value
(replacement cost) is $82,000 at that time. Graceland writes the inventory
down from $95,000 to its lower market value of $82,000 at the end of the
year. Elvis owns 75% of Graceland. Based on this information, what amount of
inventory should be eliminated in the consolidation workpaper for 2008?
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36) Which of
the following objectives is considered the cornerstone of financial reporting
by a governmental entity?
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37)
Expenditures should be budgeted by character. An example of a character
classification is
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38) Which of
the following funds is accounted for on the modified accrual basis of
accounting?
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39) Several
years ago, Durham City issued $1 million in zero coupon bonds due and payable
in 2010. The bonds were sold at an amount to yield investors 6% over the life
of the bonds. During the current year, how much interest expenditures would
Durham City recognize related to these bonds?
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40) As used
in governmental accounting, interperiod equity refers to a concept of
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41) The state
has a legally separate State Building Authority, which has a board appointed
by the Governor. The authority issues debt in its name, holds title to
buildings in its name, and leases its building exclusively to the state. The
authority would be considered a(n)
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42) Revenues
of a not-for-profit organization should be reported as
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43) Financial
statements for a church-supported college should be prepared according to
standards set by the
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44) For a
not-for-profit hospital, which of the following financial statements is
required?
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45) What
agency has the ultimate authority in defining independence for publicly
traded companies?
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46) A report
on internal control effectiveness by management of public companies is
required by which of the following:
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47) Once
sufficient predication has been established, what is the first step a fraud
examiner following the fraud theory approach should take?
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|
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48) Which of
the following best describes the objective of a fraud examination?
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|
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49) Damages
intended to punish a defendant and deter the defendant and others from
engaging in the same tortious conduct in the future are called
|
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|
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50) Where a
contract calls for action that violates a statute, in a breach of contract
case the court will
|
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|
51) Ted’s
Gifts and Sweets enters into a written contract with Bannon Candies to supply
Ted’s with 60 boxes containing a dozen coconut clusters each month for sale
to the public. The agreement contained an integration clause. Before the
first delivery under the contract, Ted and his warehouse manager called
Debbie, the Bannon’s account representative, to request that the candies be
delivered in special Valentine’s Day boxes. Debbie told Ted, “Don’t worry,
I’ll tell the shipping department to take care of that.” When the candies
were delivered, they were in standard cardboard boxes. Ted called Bannon and
threatened to sue for breach of contract. Will Ted prevail in his suit?
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52) Jane and
Bill are married. They purchase a house and lot as tenants by the entirety.
Then Jane is killed in a car accident. Her will leaves everything to her
sister, Ruth. What will happen to Jane’s interest in the property?
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53) Which of
the following is a correct statement of the requirements for a bona fide
occupational qualification?
|
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|
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54) Which of
the following statements accurately describes the workers’ compensation
rules?
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55) When a
company holds between 20% and 50% of the outstanding stock of an investee,
which of the following statements applies?
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56) On
December 31, 2008, Kean Company changed its method of accounting for
inventory from weighted-average cost method to the FIFO method. This change
caused the 2008 beginning inventory to increase by $420,000. The cumulative
effect of this accounting change to be reported for the year ended December
31, 2008, assuming a 40% tax rate, is
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57) Which of
the following serves as the highest authority for tax research, planning, and
compliance activities?
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|
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58) The
retail inventory method is based on the assumption that the
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|
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59) When an
item of expense is paid and recorded in advance, it is normally called
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|
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60) Antonio
owns land held for investment with a basis of $28,000. The city of Lafayette
exercises the right of eminent domain and Antonio receives a payment of
$48,000. What is Antonio's realized gain?
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61) In April
2009 of this year, Emma acquired a machine for $50,000 for use in her
business. The machine is classified as 7-year property. Emma elects out of
bonus depreciation and does not expense the asset under Sec. 179. Emma's
depreciation on the machine this year is
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62) During
the current year, a corporation sells equipment for $300,000 that it had
purchased and placed in service in 2007. The equipment cost $270,000, and
$60,000 of depreciation deductions was allowed. The results of the sale are
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63) Susie
owns a ranch in Wyoming, which Pat offers to purchase. Susie is not willing
to sell the ranch but is willing to exchange the ranch for an apartment
complex in Louisiana. The complex is available for sale. Pat purchases the
apartment complex in Louisiana from Jody and transfers it to Susie in
exchange for Susie's ranch. The ranch and the complex each have a $1,000,000
fair market value. Which of the following is true?
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64) A married
person who files a separate return can claim a personal exemption for his or
her spouse if the spouse is not the dependent of another and has
|
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|
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65) Ricky has
rented a house from Sarah since last year. The rent is usually $800 per
month, but Sarah reduced the monthly rent down to $600 for all 12 months this
year in exchange for Ricky constructing an addition to the house. The
addition has a fair market value of $3,500. How much total rental income must
Sarah report this year?
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66) Alex is a
calendar-year sole proprietor. He began business on December 1 of this year.
He uses the accrual method of accounting. Alex had the following collections
in the same month: He collected $7,000 in December from clients who paid cash
for services to be performed next year. He collected $5,000 in December for
services performed during December, which he deposited in an operating
account on December 31 of this year. He collected $9,000 in December on
accounts receivable for services performed in December, which he deposited in
an operating account on January 2 of next year. What is the amount Alex must
include in his income for December?
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67) Bianca is
beneficiary of an $80,000 insurance policy on her father's life. Upon his
death, she may elect to receive the proceeds in 5 yearly installments of
$17,500 or may take the $80,000 lump sum. She elects to take the lump sum
payment. What are the tax consequences in year one?
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68)
Nonrefundable tax credits
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|
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69) Paul makes
the following property transfers in the current year: $22,000 cash to his
wife, $34,000 cash to a qualified charity, $120,000 house to his son, and
$3,000 computer to an unrelated friend. The total of Paul's taxable gifts,
assuming he does not elect gift splitting with his spouse, subject to the
unified transfer tax, is
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70) Which of
the following best describes the weight of a revenue ruling?
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|
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71) Which of
the following statements is true?
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72) One
consequence of a property distribution by a corporation to a shareholder is
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73) Joshua
owns 100% of Steeler Corporation's stock. Joshua's basis in the stock is
$8,000. Steeler Corporation has E&P of $40,000. If Steeler Corporation
redeems 60% of Joshua's stock for $50,000, Joshua must report dividend income
of
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74) In
computing the ordinary income of a partnership, a deduction is allowed for
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75) Which of
the following would terminate a Subchapter S election?
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|
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76) The
function of auditing is
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77) Auditing
is based on the assumption that financial data are verifiable. Data are
verifiable when two or more qualified individuals,
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78) Statement
on Quality Control Standards No. 2 identifies certain quality control elements
that should be considered when performing which types of services?
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|
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79) Internal
auditors are primarily involved with
|
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|
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80) The
statement that the reviewer “is not aware of any material modifications that
should be made to the statements in order for them to be in conformity with
GAAP” is known as
|
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|
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81) The
assessment of inherent risk requires considering matters that have a
pervasive effect on assertions for all or many accounts and matters that may
pertain only to assertions for specific accounts. Which of the following is an
example of a pervasive effects matter?
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|
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82) Specific
audit objectives are normally
|
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|
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83) The
Committee of Sponsoring Organizations (COSO) report identified five
interrelated components of internal control. Since then, a sixth category has
been identified, which is
|
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|
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84) Which of
the following necessary controls would address a potential misstatement
arising from a voucher being paid twice?
|
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|
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85) An
effective accounting system should identify and record only the valid
transaction of the entity that occurred in the current period, which relates
to the
|
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|
86) One of
the six steps involved in performing analytical procedures includes the
following:
|
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|
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87) In a
normal audit, the relationship between the level of materiality used to plan
the engagement and the level of materiality used to evaluate evidence is that
|
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|
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88) Use of
auditor judgment or of a risk matrix is necessary in revising planned
detection risk whenever
|
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|
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89) In the
audit risk model, audit sampling applies to
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90) Audit
sampling is involved whenever an auditor
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91) How can
long-term assets best be tested for ownership?
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92) How can
long-term assets best be tested for current present value?
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93) Because
of the effects of circulation, some audit evidence is more reliable than
other evidence. Which of the following is generally considered to be most
reliable?
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94) Which of
the following accounts in a merchandising company is affected by both the
revenue cycle and another cycle?
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95) The
auditor’s strategy in performing test counts during the inventory observation
is to
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96) Which one
of the following analytical procedures may indicate possible inventory
obsolescence problems when ratios are large?
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97) The
control of all funds during the count of cash on hand is meant primarily to
prevent
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98) Whether
the entity maintains effective controls to provide reasonable assurance that
private customer information obtained because of e-commerce is protected is
defined as
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99) A
lawyer’s refusal to respond to a letter of audit inquiry normally requires
the auditor to
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100) Which of
the following is a tort?
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