答题卡 1 2 3
1、According to the AICPA Code of Professional Conduct, which of the following actions will impair independence?a. Preparing client financial statements based on information in a trial balance.
b. Processing payroll for a client’s signature based on client record keeping.
c. Participating in the hiring or termination of a client's employees.
d. Assisting a client in drafting a stock-offering document or memorandum.
b. Processing payroll for a client’s signature based on client record keeping.
c. Participating in the hiring or termination of a client's employees.
d. Assisting a client in drafting a stock-offering document or memorandum.
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Answer：(c)Choice c” is correct. Participating in the hiring or termination of a client’s employees impairs independence because the CPA is performing a management function* Choice “a，is incorrect. Preparing client financial statements based on information in a trial balance represents a preparation engagement, which would not impair the CPA，s independence. Management is still responsible for taking responsibility and approving the financial statements. Choice “b” is incorrect. Processing payroll for a client's signature based on client record keeping would not impair independence and is considered a non-attest service. The CPA is merely processing information that is the client's and is not making policy decisions. Choice “d” is incorrect. Merely assisting a client in drafting a stock-offering document or memorandum does not impair independence and is considered a non-attest service. However, acting as the underwriter or promoter of the offering documents would impair independence.
2、Which of the following best describes the effect of a contingent fee arrangement on the auditor’s independence?a. The contingent fee arrangement does not impair independence if it is consistent with the registered public accounting firm’s quality control policies.
b.The contingent fee arrangement impairs independence.
c.The contingent fee arrangement does not impair independence unless more than half of the fee is subject to contingencies.
d.The contingent fee arrangement impairs independence unless approved by the clients audit committee.
b.The contingent fee arrangement impairs independence.
c.The contingent fee arrangement does not impair independence unless more than half of the fee is subject to contingencies.
d.The contingent fee arrangement impairs independence unless approved by the clients audit committee.
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Answer：(b) Choice “b” is correct. Contingent fee arrangements impair the auditor's independence. Choice “a” is incorrect. Contingent fee arrangements impair the auditor's independence. In addition, a contingent fee arrangement related to audit fees most likely would be prohibited in the registered public accounting firm’s quality control policies. Choice “c” is incorrect. Contingent fee arrangements impair the auditor's independence even if the amount is immaterial. A contingent fee is viewed as a direct financial interest. Choice “d” is incorrect. Contingent fee arrangements are specifically prohibited for audits, regardless of whether or not the contingent fees are approved by the client's audit committee.
3、According to the AICPA Code of Professional Conduct, which of the following activities results in an act discreditable to the profession?a. A CPA solicits recent Uniform CPA Examination questions without written authorization from the AICPA.
b.A CPA signs a document containing immaterial false and misleading information, or permits or directs another CPA to do so.
c.A CPA who is engaged to perform a government audit neglects to follow certain government auditing requirements and discloses in the audit report the fact that such requirements were not followed and the reasons for it.
d.A CPA fails to give a client copies of the CPA's workpapers related to a completed and issued work product upon the client's request because the client has not paid fees payable to the CPA for the work product.
b.A CPA signs a document containing immaterial false and misleading information, or permits or directs another CPA to do so.
c.A CPA who is engaged to perform a government audit neglects to follow certain government auditing requirements and discloses in the audit report the fact that such requirements were not followed and the reasons for it.
d.A CPA fails to give a client copies of the CPA's workpapers related to a completed and issued work product upon the client's request because the client has not paid fees payable to the CPA for the work product.
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Answer：(a) Choice “a，is correct. An act that is considered discreditable to the professions is when a CPA solicits recent Uniform CPA Examination questions without written authorization from the AICPA. Choice "b” is incorrect. A CPA that signs a document containing immaterial false and misleading information, or permits or directs another CPA to do so, has failed to follow the Integrity and Objectivity Rule. Choice “c” is incorrect. The Compliance with Standards Rule, not Acts Discreditable Rule, describes that a CPA should comply with the appropriate standards. Note: The CPA may not necessarily have failed to follow the Compliance with Standards Rule because in extremely rare circumstances, a CPA may depart from certain government auditing requirements. Choice “d” is incorrect. A CPA is not required to give a client copies of the CPA's workpapers. However, a CPA is required to return the client's records even if the client has not paid the fees to the CPA. Failure to return client records would result in an act discreditable to the profession.
答题卡 1 2 3
1、Youngsten Electric is contemplating new projects for the next year that will require $30,000,000 of new
financing. In keeping with its capital structure, Youngsten plans to use debt & equity financing as follows:
• Issue $10,000,000 of 20-year bonds at a price of 101.5, with a coupon of 10%, and flotation costs of 2.5% of par value.
• Use internal funds generated from earnings of $20,000,000.
The equity market is expected to earn 15%. U.S. treasury bonds currently are yielding 9%.
The beta coefficient for Youngsten's common stock is estimated to be .8.
Youngsten is subject to a 40% corporate income tax rate.
Youngsten has a price/eamings ratio of 10, a constant dividend payout ratio of 40%,
and an expected growth rate of 12%.
Assume Youngsten has an after-tax cost of debt of 9% and an after-tax cost of equity of 15%.
Youngsten's weighted average cost of capital is:
a. 11.0%
b. 13.0%
c. 12.0%
d. 11.8%
a. 11.0%
b. 13.0%
c. 12.0%
d. 11.8%
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Answer: bChoice "b"is correct. The WACC is computed by multiplying the required returns on equity and debt by the percentage of equity and debt used to finance that particular project. Youngsten will use 33% debt ($10 million of $30 million total project cost) and 67% equity ($20 million of $30 million total project cost). Therefore: WACC = 9% (33%) + 15% (67%) =2.97% + 10.05% =13.02% or 13.0% (rounded) Choices "a", "c"and "c" are incorrect, per the above calculation.
2、A company evaluating the advantages and disadvantages of short-term and long-term financing options would note which of the following two characteristics to be true?a. Decreased interest rate risk Decreased credit risk
b. Increased interest rate risk Increased credit risk
c. Decreased interest rate risk Increased credit risk
d. Increased interest rate risk Decreased credit risk
b. Increased interest rate risk Increased credit risk
c. Decreased interest rate risk Increased credit risk
d. Increased interest rate risk Decreased credit risk
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Answer: aChoice"d" is correct. Short-term financing options result in lower interest rates but higher interest rate risks because rates will fluctuate more dramatically for short-term issues than long-term issues. On the other hand, with long-term financing, credit risk will decrease because the company will seek refinancing less frequently and thereby have less credit risk or opportunity that the rates associated with debt will be changed unfaADrably or that financing will be denied altogether. Choice "a"is incorrect. Although long-term financing results in decreased credit risk, short-term financing yields increase, not decrease, interest rate risk. Choice "b" is incorrect. Although short-term financing options result in increased interest rate risk, long-term financing will result in decreased, not increased, credit risk. Choice "c" is incorrect. Interest rate risk increases, not decreases, for short-term financing and credit risk decreases, not increases, for long-term financing.
3、Datacomp Industries, which has no debt, has a beta of .95 for its common stock.
Management is considering a change in the capital structureto 30% debt and 70% equity.
This change would increase the beta on the stock to 1.05, and the after-tax cost of debt will be 7.5%. The expected return on equity is 16%, and the risk-free rate is 6%.
Should Datacomp's management proceed with the capital structure change?
a. No, because the cost of equity capital will increase.
b. Yes, because the cost of equity capital will decrease.
c. Yes, because the weighted average cost of capital will decrease.
d. No. because the weighted average cost of capital will increase.
b. Yes, because the cost of equity capital will decrease.
c. Yes, because the weighted average cost of capital will decrease.
d. No. because the weighted average cost of capital will increase.
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Answer: cChoice"c"is correct. First, compute Datacomp's current weighted-average cost of capital by using the capital asset pricing model (CAPM): R = RF + B ( RM - RF ) Substituting: R = .06 + .95(.16 - .06) = 15.5% Because there is no debt, the WACC is calculated by first using the CAPM formula for equity or 15.5%. When debt is introduced, the WACC is calculated by first using the CAPM to determine the required return on equity : R = .06 + 1.05 (.16- .06) = 16.5% Assming an after-tax cost of debt is equal to 7.5%, the WACC becomes: (.165 x (.70)) + (.075 x (.3)) = 13.8% Therefore, Datacomp should change its capital structure because its WACC will decrease (choice 'C'). Choices "a"，"b" and "d" are incorrect, per above
答题卡 1 2 3
1、Golden is a limited partner in a limited partnership in which Strasburg and Hua are the general partners. Which of the following may Golden do without losing limited liability protection?
I. Golden acts as an agent of the limited partnership.
II. Golden votes to remove Strasburg as a general partner.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
I. Golden acts as an agent of the limited partnership.
II. Golden votes to remove Strasburg as a general partner.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
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Answer: cA limited partner is allowed, without losing the protection of limited liability, to act as an agent of the limited partnership. The limited partner may also vote on the removal of a general partner.
2、Which of the following is (are) true of a limited partnership?
I. Limited partnerships must have at least one general partner.
II. The death of a limited partner terminates the partnership. a. I only.
b. II only.
c. Neither I nor II.
d. Both I and II.
I. Limited partnerships must have at least one general partner.
II. The death of a limited partner terminates the partnership. a. I only.
b. II only.
c. Neither I nor II.
d. Both I and II.
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Answer: a(a) Limited partnerships must have at least one general partner who has the unlimited personal liability of the firm. Unlike a general partner, the death of a limited partner does not cause a dissolution or termination of a partner.
3、In which of the following situations may taxpayers file as married filing jointly?a. Taxpayers who were divorced during the year.
b. Taxpayers who were married but lived apart during the year.
c. Taxpayers who were married but lived under a legal separation agreement at the end of the year.
d. Taxpayers who were legally separated but lived together for the entire year.
b. Taxpayers who were married but lived apart during the year.
c. Taxpayers who were married but lived under a legal separation agreement at the end of the year.
d. Taxpayers who were legally separated but lived together for the entire year.
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Explanation选b RULE: In order to file a joint return, the parties must be MARRIED at the end of the year. Exception: If the parties are married but are LEGALLY SEPARATED under the laws of the state in which they reside, they cannot file a joint return (they will file either under the single or head of household filing status). Choice "b" is correct. Per the above rule, taxpayers who are married but lived apart during the year are allowed to file a joint return for the year. The fact that they did not live together during the year has no bearing on the issue. Choice "c" is incorrect. Per the above rule, taxpayers who are married but lived under a legal separation agreement at the end of the year may not file a joint return. They will generally file either under the single or head of household filing status. Choice "a" is incorrect. Per the above rule, taxpayers who were divorced during the year may not file a joint return together, as they are not married at the end of the year. [Note, however, that they may become married again in the year and file a joint return with the new spouse.] Choice "d" is incorrect. Per the above rule, taxpayers who were legally separated but lived together for the entire year may not file a joint return. They will generally file either under the single or head of household filing status.
答题卡 1 2 3
1、Income is constructively received and included in gross income if:
a. it is readily available to the taxpayer.
b.actual receipt is not subject to substantial limitations or restrictions.
c.it is readily available to the taxpayer and actual receipt is not subject to substantial limitations or restrictions.
d.None of the answer choices are necessary for the income to be included in gross income.
b.actual receipt is not subject to substantial limitations or restrictions.
c.it is readily available to the taxpayer and actual receipt is not subject to substantial limitations or restrictions.
d.None of the answer choices are necessary for the income to be included in gross income.
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Answer: cIncome that is constructively received is included in gross income. An example is interest income credited to an account by a financial institution. Income is constructively received if it is readily available to the taxpayer and actual receipt is not subject to substantial limitations or restrictions.
2、In financial statements prepared on an income-tax basis, how should the nondeductible portion of expenses, such as meals and entertainment, be reported?
a.Included in the expense category in the determination of income
b.Included in a separate category in the determination of income
c.Excluded from the determination of income, but included in the determination of retained earnings
d.Excluded from the financial statements
b.Included in a separate category in the determination of income
c.Excluded from the determination of income, but included in the determination of retained earnings
d.Excluded from the financial statements
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Answer: aTaxable income is an amount resulting from the application of tax rules governing revenues and expenses. Some revenues/expenses are specifically excluded or subjected to limitation(s). When determining net income using the income-tax basis, a fair determination necessitates using the nondeductible (for taxes) portion of expenses (such as meals and entertainment) as long as they are legitimate business expenses.
3、Young & Cheerful's modified cash-basis financial statements indicate cash paid for operating expenses of $150,000, end-of-year prepaid expenses of $15,000, and accrued liabilities of $25,000. At the beginning of the year, Young & Cheerful had prepaid expenses of $10,000, while accrued liabilities were $5,000. If cash paid for operating expenses is converted to accrual-basis operating expenses, what would be the amount of operating expenses?
a.$125,000
b.$135,000
c.$165,000
d.$175,000
b.$135,000
c.$165,000
d.$175,000
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Answer: cIn converting expenses from a cash basis to an accrual basis, a prepaid expense increase of $5,000 must be deducted because it is an expense on a cash basis and an asset on an accrual basis. An increase of $20,000 in accrued liabilities must be added because it is an expense incurred but not paid. $150,000 - $5,000 + $20,000 = $165,000
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