1.AUD
Which of the following is not a specialist upon whose work an auditor may rely?
A. Actuaries.
B. Appraisers.
C. Internal auditors.
D. Engineers.
2.BEC
Which of the following best defines electronic data interchange (EDI) transaction?
A. Electronic business information is exchanged between two or more businesses.
B. Customers’ funds-related transactions are electronically transmitted and processed.
C. Entered sales data are electronically transmitted via a centralized network to a central processor.
D. Products sold on central Web servers can be accessed by users anytime.
3.REG
Which of the following is correct concerning the LIFO method (as compared to the FIFO method) in a period when price is rising?
A. Deferred tax and cost of goods sold are lower.
B. Current tax liability and ending inventory are higher.
C. Current tax liability is lower and ending inventory is higher.
D. Current tax liability is lower and cost of goods sold is higher.?
4.FAR
Golden, a nongovernmental not-for-profit organization, received a contribution in December, year 1. The donor restricted use of the contribution until March, year 2. How should Whitestone record the contribution?
A. Footnote the contribution in year 1 and record as income when it becomes available in year 2.
B. No entry required in year 1 and record as income in year 2 when it becomes available.
C. Report as income in year 1.
D. Report as deferred income in year 1.
Answer:
1.C
This answer is correct because the professional standards relating to the work of a specialist do not apply to the work of an internal auditor. (专家不包括内审人员)
2.A
A is correct. Electronic data interchange involves the electronic exchange of business transaction data in a standard format from one entity’s computer to another entity’s computer.
B is incorrect. It is electronic funds transfer.
C is incorrect. It is a computer network.
D is incorrect. It defines an Internet electronic commerce system.
3.D
LIFO (last-in, first out) benefits a taxpayer in periods of rising prices because recently incurred high costs flow through cost of goods sold while previously incurred low costs remain in ending inventory. Compared to FIFO, LIFO increases the cost of goods sold and decreases ending inventory, thereby decreasing gross profit, taxable income, and current tax liability.
4.C
This answer is correct. Contributions are accounted for on the accrual basis. Therefore, the contribution would be recorded in year 1. If the time restriction was significantly into the future, the contribution would be recorded at its present value.
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