Which of the following actions should a CPA firm take to comply with the AICPA's quality control standards?
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1 .In Year 1, Fogg, Inc. issued USD10 par value common stock for USD25 per share. No other common stock transactions occurred until March 31, Year 3, when Fogg acquired some of the issued shares for USD20 per share and retired them. Which of the following statements correctly states an effect of this acquisition and retirement?
A Retained earnings is increased. B Additional paid-in capital is decreased. C Year 3 net income is decreased. D Year 3 net income is increased.
2 .The stockholders of Meadow Corp. approved a stock-option plan that grants the company's top three executives options to purchase a maximum of 1,000 shares each of Meadow's USD2 par common stock for USD19 per share. The options were granted on January 1 when the fair value of the stock was USD20 per share. Meadow determined that the fair value of the compensation is USD300,000 and the vesting period is three years. What amount of compensation expense from the options should Meadow record in the year the options were granted?
A USD300,000 B USD60,000 C USD20,000 D USD100,000
3 .Earnings per share disclosure is required for which of the following:
A Non-public companies. B Companies who have made a filing with the SEC in preparation for a sale of public securities. C Investment companies. D Wholly-owned subsidiaries of public companies.
4 .Ute Co. had the following capital structureduring Year 1 and Year 2: Preferred stock, USD10 par, 4% cumulative, 25,000 shares issued and outstanding USD250,000 Common stock, USD5 par, 200,000 shares issued and outstanding 1,000,000 Ute reported net income of USD500,000 for the year ended December 31, Year 2. Ute paid no preferred dividends during Year 1 and paid USD16,000 in preferred dividends during Year 2. In its December 31, Year 2, income statement, what amount should Ute report as basic earnings per share?
A USD2.50 B USD2.45 C USD2.48 D USD2.42
5 .A firm has basic earnings per share of USD1.29. If the tax rate is 30%, which of the following securities would be dilutive?
A Cumulative 8%, USD50 par preferred stock. B Ten percent convertible bonds, issued at par, with each USD1,000 bond convertible into 20 shares of common stock. C Six percent, USD100 par cumulative convertible preferred stock, issued at par, with each preferred share convertible into four shares of c...
7 .Which paragraphs of an auditor's report on financial statements under U.S. auditing standards should refer to generally accepted auditing standards (GAAS) and generally accepted accounting principles (GAAP)?GAASGAAP
A Auditor's Responsibility；Introductory B Introductory；.................Introductory C Introductory；.................Auditor's Responsibility D Auditor's Responsibility；Opinion
8 .A group engagement partner decides not to refer to the audit of a component auditor. After making inquiries about the component auditor's professional reputation and independence, the group engagement partner most likely would:
A Add an emphasis-of-matter paragraph to the auditor's report indicating that the component's financial statements are not material to the consolidated financial statements. B Obtain written permission from the component auditor to omit the reference in the group engagement auditor's report. C Conta...
9 .Kane, CPA, concludes that there is substantial doubt about Lima Co.'s ability to continue as a going concern for a reasonable period of time. If Lima's financial statements adequately disclose its financial difficulties, Kane's auditor's report is required to include an emphasis-of-matter paragraph that specifically uses the phrase(s):"Possiblediscontinuanceof operations""Reasonable periodof time, not toexceed one year"
A Yes；Yes B No；.No C Yes；No D No；.Yes
10 .An auditor includes a separate paragraph in an otherwise unmodified report to emphasize that the entity being reported on had significant transactions with related parties. The inclusion of this separate paragraph:
A Necessitates a revision of the opinion paragraph to include the phrase "with the foregoing explanation." B Violates generally accepted auditing standards if this information is already disclosed in footnotes to the financial statements. C Is appropriate and would not negate the unmodified opinion....
