For This and Any Other Courses,Assignments,
Disscussions,Quizes,FinalExams,Test Banks And Solution Manauals
1. The AICPA Principles of Professional Conduct include which of
the following?
2. Which one of the following is an example of a conflict of
interest for a CPA?
3. Which of the following represents a situation in which an
auditor is independent of the client?
4. In which of the following situations would a CPA not be
considered independent?
5. The ethical framework derived from utilitarianism and rights
theories indicates all of the following steps except
6. Which of the following is included in the AICPA Code of
Professional Conduct?
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?
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:
9. Which of the following is a preventive control?
10. An accounting system that maintains an adequate audit trail is implementing
which internal control procedure?
11. When duties cannot be segregated, the most important internal
control procedure is
12. The concept of reasonable assurance suggests that
13. The most cost-effective type of internal control is
14. The fundamental difference between internal and external
auditing is that
15. Substantive tests include
16. The decision to extend credit beyond the normal credit limit is
an example of
17. Control risk is
18. Which of the following represent temporary book-tax
differences?
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?
20. How are deferred tax liabilities and assets categorized on the
balance sheet?
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?
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?
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?
24. Which of the following items are not included in the income tax
note for a publicly traded company?
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?
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