STRAYER ACC 499 Final Exam Part 2 (4 Sets) Updated
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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?