With respect to the penalty for aiding and abetting understatements of tax liability on a tax return:
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1 .In evaluating costs for decision-making, a company would always consider each of the following as relevant,except:
A Variable costs. B Avoidable costs. C Incremental costs. D Differential costs.
2 .A CPA is permitted to disclose confidential client information without the consent of the client to:I. Another CPA who has purchased the CPA's tax practice.II. Another CPA firm if the information concerns suspected tax return irregularities.III. A state CPA society voluntary quality control review board.
A I and III only. B II only. C III only. D II and III only.
3 .Which of the following changes would result in the highest present value for a series of cash flows?
A A USD100 increase in disposal value at the end of four years. B A USD100 decrease in taxes each year for four years. C A USD100 increase in cash inflow each year for three years. D A USD100 decrease in the cash outflow each year for three years.
4 .Morgan, a sole practitioner CPA, prepares individual and corporate income tax returns. What documentation is Morgan required to retain concerning each return prepared?
A A power of attorney. B An unrelated party compliance statement. C Taxpayer's name and identification number or a copy of the tax return. D Workpapers associated with the preparation of each tax return.
5 .What is the formula for calculating the profitability index of a project?
A Multiply net profit margin by asset turnover. B Divide the present value of the annual after-tax cash flows by the original cash invested in the project. C Divide the initial investment for the project by the net annual cash inflow. D Subtract actual after-tax net income from the minimum required ...
7 .A company has a required rate of return of15% for five potential projects. The company has a maximum of USD500,000available for investment and cannot raise any capital. Details about the fiveprojects are as follows: Project Initial outlay Net present value at 15% Internal rate of return 1 USD500,000 USD125,000 23% 2 250,000 75,000 17% 3 150,000 25,000 35% 4 100,000 50,000 25% 5 150,000 50,000 25% The company should choose which of the following projects?
A Projects 3, 4, and 5 only. B Project 1 only. C Projects 2, 4, and 5 only. D Projects 2, 3, and 4 only.
8 .A civil fraud penalty can be imposed on a corporation that underpays tax by:
A Filing an incomplete return with an appended statement, making clear that the return is incomplete. B Omitting income as a result of inadequate recordkeeping. C Maintaining false records and reporting fictitious transactions to minimize corporate tax liability. D Failing to report income it errone...
9 .A firm that designs its cost structure to include a higher degree of operating fixed costs than variable costs by electing to pay salaries instead of commissions, is magnifying the impact of each additional sales dollar using the concept of:
A Operating leverage. B Fixed leverage. C Financial leverage. D Combined leverage.
10 .Which of the following statements is correct for disciplinary action by the AICPA and state CPA societies?
A The AICPA and state CPA societies can sanction their members and, in addition, can suspend or permanently revoke a CPA's license. B The Joint Trial Board of the AICPA can expel a member by majority vote. C The AICPA cannot suspend or terminate membership for failure to pay dues but can suspend or ...
