In equipment-replacement decisions, which one of the following does not affect the decision-making process?
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1 .In auditing accounts payable, an auditor's procedures most likely would focus primarily on management's assertion of:
A Understandability and classification. B Completeness. C Existence. D Valuation and allocation.
2 .A favorable material price variance coupled with an unfavorable material usage variance would most likely result from:
A The purchase of lower than standard quality material. B Machine efficiency problems. C The purchase and use of higher than standard quality material. D Product mix production changes.
3 .In auditing a manufacturing entity, which of the following procedures would an auditor least likely perform to determine whether slow-moving, defective, and obsolete items included in inventory are properly identified?
A Compare inventory balances to anticipated sales volume. B Review inventory experience and trends. C Tour the manufacturing plant or production facility. D Test the computation of standard overhead rates.
4 .Which is not an example of responsibility accounting?
A Investment center. B Profit center. C Product center. D Cost center.
5 .An auditor selected items for test counts while observing a client's physical inventory. The auditor then traced the test counts to the client's inventory listing. This procedure most likely obtained evidence concerning management's assertion of:
A Valuation. B Rights and obligations. C Completeness. D Existence.
7 .An auditor's analytical procedures indicate a lower than expected return on an equity method investment. This situation most likely could have been caused by:
A The investee's decision to reduce cash dividends declared per share of its common stock. B An error in recording the unrealized gain from an increase in the fair value of available-for sale securities in the income account for trading securities. C A substantial fluctuation in the price of the inv...
8 .The Moore Corporation is considering the acquisition of a new machine. The machine can be purchased for USD90,000; it will cost USD6,000 to transport to Moore's plant and USD9,000 to install. It is estimated that the machine will last 10 years, and it is expected to have an estimated salvage value of USD5,000. Over its 10-year life, the machine is expected to produce 2,000 units per year with a selling price of USD500 and combined material and labor costs of USD450 per unit. Federal tax regulations permit machines of this type to be depreciated using the straight-line method over 5 years with no consideration for salvage value. Moore has a marginal tax rate of 40 percent.What is the net cash flow for the third year that Moore Corporation should use in a capital budgeting analysis?
A USD64,200 B USD47,400 C USD53,700 D USD68,400
9 .When there are numerous property and equipment transactions during the year, an auditor who plans to assess control risk at a low level usually performs:
A Tests of controls and extensive tests of property and equipment balances at the end of the year. B Analytical procedures for current year property and equipment transactions. C Analytical procedures for property and equipment balances at the end of the year. D Tests of controls and limited tests o...
10 .Various methodologies can be used to develop the fair value of common shares. The most objective methodologies are considered to be:
A Price Sales Ratio. B Price Earnings (P/E) methods. C Price Earnings Growth (PEG) methods. D Discounted Cash Flow (DCF) methods.
