An accountant will be liable for damages under Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 only if the plaintiff proves that:
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1 .Which of the following ratios is appropriate for the evaluation of accounts receivable?
A Current ratio. B Days sales outstanding. C Collection to debt ratio. D Return on total assets.
2 .In a common law action against an accountant, lack of privity is a viable defense if the plaintiff:
A Is the accountant's client. B Bases the action upon fraud. C Can prove the presence of gross negligence that amounts to a reckless disregard for the truth. D Is the client's creditor who sues the accountant for negligence.
3 .During Year 2, Mason Company's current assets increased by USD120,000, current liabilities decreased by USD50,000 and net working capital:
A Decreased by USD170,000. B Increased by USD70,000. C Increased by USD170,000. D Decreased by USD70,000.
4 .Beckler & Associates, CPAs, audited and gave an unqualified opinion on the financial statements of Queen Co. The financial statements contained misstatements that resulted in a material overstatement of Queen's net worth. Queen provided the audited financial statements to Mac Bank in connection with a loan made by Mac to Queen. Beckler knew that the financial statements would be provided to Mac. Queen defaulted on the loan. Mac sued Beckler to recover for its losses associated with Queen's default. Which of the following must Mac prove in order to recover?I. Beckler was negligent in conducting the audit.II. Mac relied on the financial statements.
A Neither I nor II. B II only. C I only. D Both I and II.
5 .The Stewart Co. uses the Economic Order Quantity (EOQ) model for inventory management. A decrease in which one of the following variables would increase the EOQ?
A Safety stock level. B Carrying costs. C Cost per order. D Quantity demanded.
7 .Which of the following assumptions is associated with the economic order quantity formula?
A The purchase cost per unit will vary based on quantity discounts. B The carrying cost per unit will vary with quantity ordered. C The cost of placing an order will vary with quantity ordered. D Periodic demand is known.
8 .A CPA in public practice may not disclose confidential client information regarding auditing services without the client's consent in response to which of the following situations?
A A letter to the client from the IRS. B An inquiry from the professional ethics division of the AICPA. C A court-ordered subpoena or summons. D A review of the CPA's professional practice by a state CPA society.
9 .Cash Co. is seeking to establish better controls over its cash receipts. As part of its strategy, the company establishes a single bank as its central depository. This technique is known as:
A Concentration banking. B Compensating balances. C Lockbox banking. D Zero balance account banking.
10 .An accountant's audit documentation, created by an accountant when performing an audit for a client, is owned by:
A The accountant only. B Neither the accountant nor the client. C The accountant and the client jointly. D The client only.
