As a result of tests of controls, an auditor assessed control risk too low and decreased substantive testing. This assessment occurred because the true deviation rate in the population was:
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1 .A corporation is considering purchasing a machine that costs USD100,000 and has a USD20,000 salvage value. The machine will provide net annual cash inflows of USD25,000 per year and has a six-year life. The corporation uses a discount rate of 10%. The discount factor for the present value of a single sum six years in the future is 0.564. The discount factor for the present value of an annuity for six years is 4.355. What is the net present value of the machine?
A USD28,875 B (USD2,405) C USD20,155 D USD8,875
2 .The accounts receivable turnover ratio increased significantly over a two-year period. This trend could indicate that:
A Customer sales have substantially decreased. B The company has eliminated its discount policy. C The accounts receivable aging has deteriorated. D The company is more aggressively collecting customer accounts.
3 .Which of the following metrics equates the present value of a project's expected cash inflows to the present value of the project's expected cash outflows?
A Economic value-added. B Internal rate of return. C Return on assets. D Net present value.
4 .For which of the following audit tests would an auditor most likely use attribute sampling?
A Selecting accounts receivable for confirmation of account balances. B Inspecting purchase orders for proper approval by supervisors. C Determining that all payables are recorded at year end. D Making an independent estimate of recorded payroll expense.
5 .ABC Co. had debt with a market value of USD1 million and an after-tax cost of financing of 8%. ABC also had equity with a market value of USD2 million and a cost of equity capital of 9%. ABC's weighted-average cost of capital would be:
A 8.7% B 8.0% C 9.0% D 8.5%
7 .The optimal capitalization for an organization usually can be determined by the:
A Maximum degree of financial leverage (DFL). B Maximum degree of total leverage (DTL). C Intersection of the marginal cost of capital and the marginal efficiency of investment. D Lowest total weighted-average cost of capital (WACC).
8 .An audit partner is developing an office training program to familiarize his professional staff with statistical decision models applicable to the audit of dollar value balances. He wishes to demonstrate the relationship of sample sizes to population size and variability and the auditor's specifications as to tolerable misstatement and risk of incorrect acceptance. The partner prepared the following table to show comparative population characteristics and audit specifications of two populations.Characteristics ofPopulation 1 Relativeto Population 2Audit Specifications as to a Samplefrom Population 1 Relative to aSample from Population 2SizeVariabilitySpecifiedTolerableMisstatementSpecified Riskof IncorrectAcceptanceCase 1EqualEqualEqualLowerCase 2EqualLargerLargerEqualCase 3LargerEqualSmallerHigherCase 4SmallerSmallerEqualHigherCase 5LargerEqualEqualLowerYou are to indicate for the specified case from the above table the required sample size to be selected from population 1 relative to the sample from population 2.In case 5 the required sample size from population 1 is:
A Indeterminate relative to the required sample size from population 2. B Equal to the required sample size from population 2. C Larger than the required sample size from population 2. D Smaller than the required sample size from population 2.
9 .Which one of a firm's sources of new capital usually has the lowest after tax cost?
A Common stock. B Preferred stock. C Bonds. D Retained earnings.
10 .Which of the following sample planning factors would influence the sample size for a substantive test of details for a specific account?Expectedamount ofmisstatementsMeasure oftolerablemisstatement
A Yes........No B No.........No C No.........Yes D Yes........Yes
