An accountant's audit documentation, created by an accountant when performing an audit for a client, is owned by:
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1 .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.
2 .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:
A The accountant was negligent. B The security involved was registered. C The security was part of an original issuance. D There was a material omission.
3 .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.
4 .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.
5 .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.
7 .Which of the following transactions would increase the current ratio and decrease net profit?
A A long-term bond is retired before maturity at a discount. B A federal income tax payment due from the previous year is paid. C A dividend is paid. D Vacant land is sold for less than the net book value.
8 .Which of the following pairs of elements must a client prove to hold an accountant liable for common law negligence?
A Scienter and a violation of GAAP. B Breach of the accountant's duty of care and loss. C Freedom from contributory negligence and privity. D Willful misrepresentation and breach of the accountant's duty of care.
9 .A company has equity of USD9,000. Long-term debt is USD1,900. Net working capital, other than cash, is USD2,500. Fixed assets are USD2,200. What amount of cash does the company have?
A USD6,200 B USD6,800 C USD7,400 D USD2,400
10 .Tork purchased restricted securities that were issued pursuant to Regulation D of the Securities Act of 1933. Which of the following statements is correct regarding Tork's ability to resell the securities?
A Tork may resell the securities so long as the sale does involve interstate commerce. B Tork may not resell the securities if the certificates contain a legend indicating that they are unregistered securities. C Tork may resell the securities as part of another transaction exempt from registration....
