This Tutorial contains 4 Sets (All Question Listed Below) ACC 499 Final Exam Part 2 (Set 1) Question 1 A member of the AICPA must safeguard the confidentiality of client information. Auditors, however, must disclose information to non-clients for the following reasons except to: Question 2 Independence is not required for which of the following types of services? Question 3 In which of the following situations would a CPA not be considered independent? Question 4 Mark Pulley is an auditor at Pulley and Hurst, LLC. If Pulley’s five-year-old daughter owns shares of stock in McBurgers Corporation, then Pulley is considered to have what type of interest in McBurgers Corporation? Question 5 Which one of the following is an example of a conflict of interest for a CPA? Question 6 William Tyler, CPA, may not accept a commission for recommending a product or service to which type of client? Question 7 The ethical framework derived from utilitarianism and rights theories indicates all of the following steps except Question 8 Normally the auditor is not permitted to divulge confidential information obtained from a client. Which of the following situations would be a violation of this requirement? Question 9 Which of the following indicates a strong internal control environment? Question 10 When duties cannot be segregated, the most important internal control procedure is Question 11 The fundamental difference between internal and external auditing is that Question 12 The importance to the accounting profession of the Sarbanes-Oxely Act is that Question 13 Control activities under SAS 109/COSO include Question 14 Control risk is Question 15 The most cost-effective type of internal control is Question 16 Which of the following suggests a weakness in the internal control environment? Question 17 Tests of controls include Question 18 Which of the following taxes are included in the total income tax expense of a corporation reported on its Federal tax return? Question 19 Which of the following items are not included in the financial statement income tax note effective tax rate reconciliation? Question 20 Paint, Inc., a domestic corporation, owns 100% of Blue, Ltd., a foreign corporation and Yellow, Inc., a domestic corporation. Paint also owns 40% of Green, Inc., a domestic corporation. Paint receives no distributions from any of these corporations. Which of these entities’ net income are included in Paint’s income statement for current year financial reporting purposes? Question 21 Hot, Inc.’s primary competitor is Cold, Inc. When comparing relative deferred tax asset and liability accounts with Cold, which of the following should Hot do? Question 22 Music, Inc., a domestic corporation, owns 100% of Vinyl, Ltd., a foreign corporation and Digital, Inc., a domestic corporation. Music also owns 12% of Record, Inc., a domestic corporation. Music receives no distributions from any of these corporations. Which of these entities’ net income are included in Music’s income statement for current year financial reporting purposes? Question 23 Which of the following items are not included in the income tax note for a publicly traded company? Question 24 Which of the following represent temporary book-tax differences? Question 25 North, Inc., earns book net income before tax of $500,000 in 2010. In computing its book income, North deducts $50,000 more in warranty expense for book purposes than allowed for tax purposes. North has no other temporary or permanent differences. Assuming the U.S. tax rate is 35% and no valuation allowance is required, what is North’s deferred income tax asset reported on its financial statements for 2010? ACC 499 Final Exam Part 2 (Set 2) Final Part 2 ACC 499 Capstone Question 1 The AICPA Principles of Professional Conduct include which of the following? Question 2 Which one of the following is an example of a conflict of interest for a CPA? Question 3 Which of the following represents a situation in which an auditor is independent of the client? Question 4 In which of the following situations would a CPA not be considered independent? Question 5 The ethical framework derived from utilitarianism and rights theories indicates all of the following steps except Question 6 Which of the following is included in the AICPA Code of Professional Conduct? Question 7 Normally the auditor is not permitted to divulge confidential information obtained from a client. Which of the following situations would be a violation of this requirement? Question 8 A member of the AICPA must safeguard the confidentiality of client information. Auditors, however, must disclose information to non-clients for the following reasons except to: Question 9 Which of the following is a preventive control? Question 10 An accounting system that maintains an adequate audit trail is implementing which internal control procedure? Question 11 When duties cannot be segregated, the most important internal control procedure is Question 12 The concept of reasonable assurance suggests that Question 13 The most cost-effective type of internal control is Question 14 The fundamental difference between internal and external auditing is that Question 15 Substantive tests include Question 16 The decision to extend credit beyond the normal credit limit is an example of Question 17 Control risk is Question 18 Which of the following represent temporary book-tax differences? Question 19 North, Inc., earns book net income before tax of $500,000 in 2010. In computing its book income, North deducts $50,000 more in warranty expense for book purposes than allowed for tax purposes. North has no other temporary or permanent differences. Assuming the U.S. tax rate is 35% and no valuation allowance is required, what is North’s deferred income tax asset reported on its financial statements for 2010? Question 20 How are deferred tax liabilities and assets categorized on the balance sheet? Question 21 Hot, Inc.’s primary competitor is Cold, Inc. When comparing relative deferred tax asset and liability accounts with Cold, which of the following should Hot do? Question 22 Paint, Inc., a domestic corporation, owns 100% of Blue, Ltd., a foreign corporation and Yellow, Inc., a domestic corporation. Paint also owns 40% of Green, Inc., a domestic corporation. Paint receives no distributions from any of these corporations. Which of these entities’ net income are included in Paint’s income statement for current year financial reporting purposes? Question 23 Nocera, Inc. earns book net income before tax of $600,000 in 2010. Nocera acquires a depreciable asset in 2010 and first year tax depreciation exceeds book depreciation by $120,000. Nocera has no other temporary or permanent differences. Assuming the U.S. tax rate is 35%, what is Nocera’s total income tax expense reported on its financial statements for 2010? Question 24 Which of the following items are not included in the income tax note for a publicly traded company? Question 25 Larson, Inc., hopes to report a total book tax expense of $160,000 in the current year. This $160,000 expense consists of $240,000 in current tax expense and an $80,000 tax benefit related to the expected future use of an NOL by Larson. If the auditors determine that a valuation allowance of $30,000 must be placed against Larson’s deferred tax assets, what is Larson’s total book tax expense? ACC 499 Final Exam Part 2 (Set 3) Review Test Submission: Final Exam Part 2 Question 1 The ethical framework derived from utilitarianism and rights theories indicates all of the following steps except Question 2 Mark Pulley is an auditor at Pulley and Hurst, LLC. If Pulley’s five-year-old daughter owns shares of stock in McBurgers Corporation, then Pulley is considered to have what type of interest in McBurgers Corporation? Question 3 A member of the AICPA must safeguard the confidentiality of client information. Auditors, however, must disclose information to non-clients for the following reasons except to: Question 4 Which of the following is not an aspect of Rule 201 of the General Standards of the Code of Professional Conduct? Question 5 A CPA may only practice public accounting in which of the following forms? Question 6 Which one of the following is an example of a conflict of interest for a CPA? Question 7 Rule 201, dealing with General Standards that are applicable to all CPAs no matter the type of services that are rendered, does not include which factor? Question 8 Independence is not required for which of the following types of services? Question 9 Substantive tests include Question 10 A physical inventory count is an example of a Question 11 The importance to the accounting profession of the Sarbanes-Oxely Act is that Question 12 The board of directors consists entirely of personal friends of the chief executive officer. This indicates a weakness in Question 13 The decision to extend credit beyond the normal credit limit is an example of Question 14 Control risk is Question 15 The office manager forgot to record in the accounting records the daily bank deposit. Which control procedure would most likely prevent or detect this error? Question 16 The concept of reasonable assurance suggests that Question 17 Which of the following suggests a weakness in the internal control environment? Question 18 Which of the following items are not included in the income tax note for a publicly traded company? Question 19 North, Inc., earns book net income before tax of $500,000 in 2010. In computing its book income, North deducts $50,000 more in warranty expense for book purposes than allowed for tax purposes. North has no other temporary or permanent differences. Assuming the U.S. tax rate is 35% and no valuation allowance is required, what is North’s deferred income tax asset reported on its financial statements for 2010? Question 20 Music, Inc., a domestic corporation, owns 100% of Vinyl, Ltd., a foreign corporation and Digital, Inc., a domestic corporation. Music also owns 12% of Record, Inc., a domestic corporation. Music receives no distributions from any of these corporations. Which of these entities’ net income are included in Music’s income statement for current year financial reporting purposes? Question 21 Nocera, Inc. earns book net income before tax of $600,000 in 2010. Nocera acquires a depreciable asset in 2010 and first year tax depreciation exceeds book depreciation by $120,000. Nocera has no other temporary or permanent differences. Assuming the U.S. tax rate is 35%, what is Nocera’s total income tax expense reported on its financial statements for 2010? Question 22 Which of the following represent temporary book-tax differences? Question 23 Which of the following items are not included in the financial statement income tax note effective tax rate reconciliation? Question 24 How are deferred tax liabilities and assets categorized on the balance sheet? Question 25 Paint, Inc., a domestic corporation, owns 100% of Blue, Ltd., a foreign corporation and Yellow, Inc., a domestic corporation. Paint also owns 40% of Green, Inc., a domestic corporation. Paint receives no distributions from any of these corporations. Which of these entities’ net income are included in Paint’s income statement for current year financial reporting purposes? ACC 499 Final Exam Part 2 (Set 4) Question 1 A CPA may only practice public accounting in which of the following forms? Question 2 A CPA firm is considered independent when it performs which of the following services for a publicly traded audit client? Question 3 The AICPA Principles of Professional Conduct include which of the following? Question 4 Which of the following is not an aspect of Rule 201 of the General Standards of the Code of Professional Conduct? Question 5 In which of the following situations would a CPA not be considered independent? Question 6 Which of the following is included in the AICPA Code of Professional Conduct? Question 7 Mark Pulley is an auditor at Pulley and Hurst, LLC. If Pulley’s five-year-old daughter owns shares of stock in McBurgers Corporation, then Pulley is considered to have what type of interest in McBurgers Corporation? Question 8 Which one of the following is an example of a conflict of interest for a CPA? Question 9 An accounting system that maintains an adequate audit trail is implementing which internal control procedure? Question 10 Which of the following suggests a weakness in the internal control environment? Question 11 The most cost-effective type of internal control is Question 12 When duties cannot be segregated, the most important internal control procedure is Question 13 Substantive tests include Question 14 Which of the following is a preventive control? Question 15 The concept of reasonable assurance suggests that Question 16 Inherent risk Question 17 The office manager forgot to record in the accounting records the daily bank deposit. Which control procedure would most likely prevent or detect this error? Question 18 North, Inc., earns book net income before tax of $500,000 in 2010. In computing its book income, North deducts $50,000 more in warranty expense for book purposes than allowed for tax purposes. North has no other temporary or permanent differences. Assuming the U.S. tax rate is 35% and no valuation allowance is required, what is North’s deferred income tax asset reported on its financial statements for 2010? Question 19 Which of the following items are not included in the financial statement income tax note effective tax rate reconciliation? Question 20 Which of the following represent temporary book-tax differences? Question 21 Hot, Inc.’s primary competitor is Cold, Inc. When comparing relative deferred tax asset and liability accounts with Cold, which of the following should Hot do? Question 22 Nocera, Inc. earns book net income before tax of $600,000 in 2010. Nocera acquires a depreciable asset in 2010 and first year tax depreciation exceeds book depreciation by $120,000. Nocera has no other temporary or permanent differences. Assuming the U.S. tax rate is 35%, what is Nocera’s total income tax expense reported on its financial statements for 2010? Question 23 Which of the following items are not included in the income tax note for a publicly traded company? Question 24 Which of the following taxes are included in the total income tax expense of a corporation reported on its Federal tax return? Question 25 How are deferred tax liabilities and assets categorized on the balance sheet?
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