This Tutorial contains 4 Sets (All Question Listed Below)\t\u00a0\tACC 499 Final Exam Part 2 (Set 1)\tQuestion 1\tA 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:\tQuestion 2\tIndependence is not required for which of the following types of services?\tQuestion 3\tIn which of the following situations would a CPA not be considered independent?\tQuestion 4\tMark 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?\tQuestion 5\tWhich one of the following is an example of a conflict of interest for a CPA?\tQuestion 6\tWilliam Tyler, CPA, may not accept a commission for recommending a product or service to which type of client?\tQuestion 7\tThe ethical framework derived from utilitarianism and rights theories indicates all of the following steps except\tQuestion 8\tNormally 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?\tQuestion 9\tWhich of the following indicates a strong internal control environment?\tQuestion 10\tWhen duties cannot be segregated, the most important internal control procedure is\tQuestion 11\tThe fundamental difference between internal and external auditing is that\tQuestion 12\tThe importance to the accounting profession of the Sarbanes-Oxely Act is that\tQuestion 13\tControl activities under SAS 109\/COSO include\tQuestion 14\tControl risk is\tQuestion 15\tThe most cost-effective type of internal control is\tQuestion 16\tWhich of the following suggests a weakness in the internal control environment?\tQuestion 17\tTests of controls include\tQuestion 18\tWhich of the following taxes are included in the total income tax expense of a corporation reported on its Federal tax return?\tQuestion 19\tWhich of the following items are not included in the financial statement income tax note effective tax rate reconciliation?\tQuestion 20\tPaint, 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?\tQuestion 21\tHot, 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?\tQuestion 22\tMusic, 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?\tQuestion 23\tWhich of the following items are not included in the income tax note for a publicly traded company?\tQuestion 24\tWhich of the following represent temporary book-tax differences?\tQuestion 25\tNorth, 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?\tACC 499 Final Exam Part 2 (Set 2)\tFinal Part 2 ACC 499 Capstone\tQuestion 1\tThe AICPA Principles of Professional Conduct include which of the following?\tQuestion 2\tWhich one of the following is an example of a conflict of interest for a CPA?\t\u00a0\u00a0Question 3\tWhich of the following represents a situation in which an auditor is independent of the client?\tQuestion 4\tIn which of the following situations would a CPA not be considered independent?\tQuestion 5\tThe ethical framework derived from utilitarianism and rights theories indicates all of the following steps except\tQuestion 6\tWhich of the following is included in the AICPA Code of Professional Conduct?\t\u00a0Question 7\tNormally 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?\tQuestion 8\tA 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:\tQuestion 9\tWhich of the following is a preventive control?\tQuestion 10\tAn accounting system that maintains an adequate audit trail is implementing which internal control procedure?\tQuestion 11\tWhen duties cannot be segregated, the most important internal control procedure is\tQuestion 12\tThe concept of reasonable assurance suggests that\tQuestion 13\tThe most cost-effective type of internal control is\tQuestion 14\tThe fundamental difference between internal and external auditing is that\tQuestion 15\tSubstantive tests include\tQuestion 16\tThe decision to extend credit beyond the normal credit limit is an example of\tQuestion 17\tControl risk is\tQuestion 18\tWhich of the following represent temporary book-tax differences?\tQuestion 19\tNorth, 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?\tQuestion 20\tHow are deferred tax liabilities and assets categorized on the balance sheet?\tQuestion 21\tHot, 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?\tQuestion 22\tPaint, 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?\tQuestion 23\tNocera, 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?\tQuestion 24\tWhich of the following items are not included in the income tax note for a publicly traded company?\tQuestion 25\tLarson, 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?\tACC 499 Final Exam Part 2 (Set 3)\tReview Test Submission: Final Exam Part 2\tQuestion 1\tThe ethical framework derived from utilitarianism and rights theories indicates all of the following steps except\tQuestion 2\tMark 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?\tQuestion 3\tA 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:\tQuestion 4\tWhich of the following is not an aspect of Rule 201 of the General Standards of the Code of Professional Conduct?\tQuestion 5\tA CPA may only practice public accounting in which of the following forms?\tQuestion 6\tWhich one of the following is an example of a conflict of interest for a CPA?\tQuestion 7\tRule 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?\tQuestion 8\tIndependence is not required for which of the following types of services?\tQuestion 9\tSubstantive tests include\tQuestion 10\tA physical inventory count is an example of a\tQuestion 11\tThe importance to the accounting profession of the Sarbanes-Oxely Act is that\tQuestion 12\tThe board of directors consists entirely of personal friends of the chief executive officer. This indicates a weakness in\tQuestion 13\tThe decision to extend credit beyond the normal credit limit is an example of\tQuestion 14\tControl risk is\tQuestion 15\tThe office manager forgot to record in the accounting records the daily bank deposit. Which control procedure would most likely prevent or detect this error?\tQuestion 16\tThe concept of reasonable assurance suggests that\tQuestion 17\tWhich of the following suggests a weakness in the internal control environment?\tQuestion 18\tWhich of the following items are not included in the income tax note for a publicly traded company?\tQuestion 19\tNorth, 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?\tQuestion 20\tMusic, 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?\tQuestion 21\tNocera, 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?\tQuestion 22\tWhich of the following represent temporary book-tax differences?\tQuestion 23\tWhich of the following items are not included in the financial statement income tax note effective tax rate reconciliation?\tQuestion 24\tHow are deferred tax liabilities and assets categorized on the balance sheet?\tQuestion 25\tPaint, 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?\tACC 499 Final Exam Part 2 (Set 4)\tQuestion 1\tA CPA may only practice public accounting in which of the following forms?\tQuestion 2\tA CPA firm is considered independent when it performs which of the following services for a publicly traded audit client?\tQuestion 3\tThe AICPA Principles of Professional Conduct include which of the following?\tQuestion 4\tWhich of the following is not an aspect of Rule 201 of the General Standards of the Code of Professional Conduct?\tQuestion 5\tIn which of the following situations would a CPA not be considered independent?\tQuestion 6\tWhich of the following is included in the AICPA Code of Professional Conduct?\tQuestion 7\tMark 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?\tQuestion 8\tWhich one of the following is an example of a conflict of interest for a CPA?\tQuestion 9\tAn accounting system that maintains an adequate audit trail is implementing which internal control procedure?\tQuestion 10\tWhich of the following suggests a weakness in the internal control environment?\tQuestion 11\tThe most cost-effective type of internal control is\tQuestion 12\tWhen duties cannot be segregated, the most important internal control procedure is\tQuestion 13\tSubstantive tests include\tQuestion 14\tWhich of the following is a preventive control?\tQuestion 15\tThe concept of reasonable assurance suggests that\tQuestion 16\tInherent risk\tQuestion 17\tThe office manager forgot to record in the accounting records the daily bank deposit. Which control procedure would most likely prevent or detect this error?\tQuestion 18\tNorth, 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?\tQuestion 19\tWhich of the following items are not included in the financial statement income tax note effective tax rate reconciliation?\tQuestion 20\tWhich of the following represent temporary book-tax differences?\tQuestion 21\tHot, 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?\tQuestion 22\tNocera, 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?\tQuestion 23\tWhich of the following items are not included in the income tax note for a publicly traded company?\tQuestion 24\tWhich of the following taxes are included in the total income tax expense of a corporation reported on its Federal tax return?\tQuestion 25\tHow are deferred tax liabilities and assets categorized on the balance sheet?<\/p>\n","protected":false},"excerpt":{"rendered":"
This Tutorial contains 4 Sets (All Question Listed Below) \u00a0 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 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-199700","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/199700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=199700"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/199700\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=199700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=199700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=199700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}