Which of the following statements correctly defines the term reasonable assurance?
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1 .On November 2, Year 1, Platt Co. entered into a 90-day futures contract to purchase 50,000 Swiss francs when the contract quote was US70. The purchase was for speculation in price movement. The following exchange rates existed during the contract period:30-day futuresSpot rateNovember 2, Year 1USD.62USD.63December 31, Year 1.65.64January 30, Year 2.65.68What amount should Platt report as foreign currency exchange loss in its income statement for the year ended December 31, Year 1?
A USD3,000 B USD3,500 C USD4,000 D USD2,500
2 .Big Brown Corporation's derivative investments had the following fair values at December 31, Year 1 and December 31, Year 2:12/31/Year 112/31/Year 2Speculative derivativesUSD280,000USD310,000Derivatives used as fair value hedgesUSD600,000USD745,000Derivatives used as cash flow hedgesUSD430,000USD510,000The derivatives used as fair value hedges and cash flow hedges were both considered highly effective in Year 2.What amount of gain from these derivative investments should Big Brown report in its Year 2 net income and other comprehensive income?Net IncomeOCI
A USD255,000 USD0 B USD80,000 USD175,000 C USD175,000 USD80,000 D USD0 USD255,000
3 .In an exchange of dissimilar assets under IFRS, an entity received equipment with a fair value equal to the carrying amount of the other assets given up. The entity also paid cash. As a result of the exchange, the entity recognized:
A A loss determined by the proportion of cash paid to the total transaction value. B A loss equal to the cash given up. C A gain determined by the proportion of cash paid to the total transaction value. D Neither a gain nor a loss.
4 .Under IFRS, interest paid during a period is reported on the statement of cash flows in:
A Operating or investing cash flow. B Financing cash flow only. C Operating cash flow only. D Operating or financing cash flow.
5 .On December 31, an entity tested its goodwill for impairment and determined the following for one of its cash-generating units:Carrying valueUSD1,015,000Fair value less costs to sell955,000The entity also determined that the present value of the future cash flows expected from the cash generating unit is USD940,000. The cash generating unit reports goodwill of USD130,000. What is the goodwill impairment loss that will be reported on the December 31 income statement under IFRS?
A USD70,000 B USD0 C USD75,000 D USD60,000
7 .An auditor of a nonissuer must conduct the audit in accordance with:I. ASB standards.II. PCAOB standards.
A II B Either I or II, but not both C Both I and II D I
8 .Because of the risk of material misstatement, an audit of financial statements in accordance with generally accepted auditing standards should be planned and performed with an attitude of:
A Professional skepticism. B Objective judgment. C Impartial conservatism. D Independent integrity.
9 .An auditor's responsibility to express an opinion on the financial statements under U.S. auditing standards is:
A Implicitly represented in the auditor's report. B Explicitly represented in the Auditor's Responsibility paragraph. C Explicitly represented in the Introductory paragraph of the auditor's report. D Explicitly represented in an emphasis-of-matter paragraph of the auditor's report.
10 .Pell, CPA, decides to serve as group engagement partner in the audit of the financial statements of Tech Consolidated, In Smith, CPA, audits one of Tech's subsidiaries. In which situation(s) should Pell make reference to Smith's audit under U.S. GAAS?I. Pell reviews Smith's audit documentation and assumes responsibility for Smith's work, but expresses a qualified opinion on Tech's financial statements.II. Pell is unable to review Smith's audit documentation; however, Pell's inquiries indicate that Smith has an excellent reputation for professional competence and integrity.
A Neither I nor II. B II only. C Both I and II. D I only.
