STRAYER ACC499/ ACC499 FINAL EXAM PART 2 (SCORE 100%) - 94167

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Question 1 A CPA firm is considered independent when it performs which of the following services for a publicly traded audit client? Question 2 Which of the following is not an aspect of Rule 201 of the General Standards of the Code of Professional Conduct? 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 one of the following is an example of a conflict of interest for a CPA? Question 5 Which of the following represents a situation in which the auditors may disclose client information to outside parties? Question 6 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 7 In determining the types of activities, engagements and interactions an auditor should have with a client, the CPA and the audit firm must do which of the following? Question 8 Independence is not required for which of the following types of services? Question 9 Which of the following suggests a weakness in the internal control environment? Question 10 The importance to the accounting profession of the Sarbanes-Oxely Act is that Question 11 Control activities under SAS 109/COSO include Question 12 Control risk is Question 13 Which of the following is a preventive control? A. credit check before approving a sale on account B. bank reconciliation C. physical inventory count D. comparing the accounts receivable subsidiary ledger to the control account Question 14 The fundamental difference between internal and external auditing is that 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 Tests of controls include Question 17 An accounting system that maintains an adequate audit trail is implementing which internal control procedure? Question 18 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 19 Which of the following taxes are included in the total income tax expense of a corporation reported on its Federal tax return? Question 20 Which of the following represent temporary book-tax differences? Question 21 Which of the following items are not included in the income tax note for a publicly traded company? Question 22 How are deferred tax liabilities and assets categorized on the balance sheet? Question 23 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? Question 24 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 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?
Solution Description

Question 1

A CPA firm is considered independent when it performs which of the following services for a publicly traded audit client?

Question 2

Which of the following is not an aspect of Rule 201 of the General Standards of the Code of Professional Conduct?

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 one of the following is an example of a conflict of interest for a CPA?

Question 5

Which of the following represents a situation in which the auditors may disclose client information to outside parties?

Question 6

Rule 201, dealing with General Standards that are app

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