Which of the following pairs of elements must a client prove to hold an accountant liable for common law negligence?
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1 .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.
2 .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.
3 .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.
4 .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.
5 .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.
7 .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
8 .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....
9 .Avon Corporation has a management information system. From the management information system, several different reports are available, including reports that are monthly budget vs. actual reports, reports that highlight where sales representatives have not met their assigned sales quotas, account analysis reports that can be requested by accountants as needed as a part of the closing process, and reports that are created by end users to obtain information as needed at any time during the month. The 4 types of reports are best described as:
A Scheduled reports, ad hoc reports, exception reports, and demand reports. B Exception reports, scheduled reports, demand reports, and ad hoc reports. C Demand reports, scheduled reports, exception reports, and ad hoc reports. D Scheduled reports, exception reports, demand reports, and ad hoc repor...
10 .Under the liability provisions of Section 11 of the Securities Act of 1933, an auditor may help to establish the defense of due diligence if:I. The auditor performed an additional review of the audited statements to ensure that the statements were accurate as of the effective date of a registration statement.II. The auditor complied with GAAS.
A Both I and II. B Neither I nor II. C I only. D II only.
