The purpose of segregating the duties of hiring personnel and distributing payroll checks is to separate the:
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1 .In equipment-replacement decisions, which one of the following does not affect the decision-making process?
A Original fair market value of the old equipment. B Operating costs of the new equipment. C Current disposal price of the old equipment. D Cost of the new equipment.
2 .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...
3 .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
4 .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...
5 .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.
7 .A multiperiod project has a positive net present value. Which of the following statements is correct regarding its required rate of return?
A Greater than the project's internal rate of return. B Greater than the company's weighted average cost of capital. C Less than the company's weighted average cost of capital. D Less than the project's internal rate of return.
8 .When a client company does not maintain its own stock records, the auditor should obtain written confirmation from the transfer agent and registrar concerning:
A Guarantees of preferred stock liquidation value. B The number of shares issued and outstanding. C Restrictions on the payment of dividends. D The number of shares subject to agreements to repurchase.
9 .Which of the following methods should be used if capital rationing needs to be considered when comparing capital projects?
A Profitability index. B Net present value. C Internal rate of return. D Return on investment.
10 .Which of the following is true about an auditor's responsibility with respect to accounting estimates?
A The auditor is responsible for evaluating the reasonableness of accounting estimates. B The auditor is responsible for preparing accounting estimates in accordance with generally accepted auditing standards. C The auditor is responsible for both preparing accounting estimates and evaluating their ...
