小编导读：USCPA冲刺阶段，多看一些易错题和难题，解决自己的薄弱之处，是复习备考中的重要环节。高顿网校USCPA小编整理了相关内容，供广大考生参考。 1.AUD
The standard report issued by an accountant after reviewing the financial statements of a nonpublic entity should state that
A. A review consists of inquiries of company personnel and analytical procedures applied to financial data.
B. The accountant does not express an opinion or any other form of assurance on the financial statements.
C. A review is limited to presenting in the form of financial statements information that is the representation of management.
D. The accountant did not obtain an understanding of the entity’s internal control or assess control risk.
2.BEC
The Hartman Conglomerate completed its annual retreat of board members and senior management and produced a document that links the organization’s mission and vision with strategic and related objectives. The document includes a commitment to develop a uniform chart of accounts for all divisions of the conglomerate. That commitment would most likely be a:
a.Strategic objective.
b.Related reporting objective.
c.Related compliance objective.
d.Related operations objective.
3.REG
Marcus is an agent for Fashion Frocks, Ltd. As such, Marcus made a contract for and on behalf of Fashion Frocks with Sowinski Fabrics which was not authorized and upon which Fashion has disclaimed liability. Sowinski has sued Fashion on the contract asserting that Marcus had the apparent authority to make it. In considering the factors which will determine the scope of Marcus’ apparent authority, which of the following would not be important?
A. Previous acquiescence by the principal in similar contracts made by Marcus.
B. The custom and usages of the business.
C. The express limitations placed upon Marcus’ authority which were not known by Sowinski.
D. The status of Marcus’ position in Fashion Frocks.
4.FAR
Based on a physical inventory taken on December 31, an entity determined its inventory on a FIFO basis to be $70,000, with a replacement cost of $65,000. The entity estimated that after further processing costs of $8,000, the completed inventory could be sold for $75,000. The entity's normal profit margin is 30%. What amount should the entity report as inventory in its December 31 balance sheet under U.S. GAAP?
a.$70,000
b.$44,500
c.$67,000
d.$65,000
Answer:
1.A
A is corrent because the report does indicate that a review consists of inquiries of company personnel and analytical procedures applied to financial data.
B is incorrect because while a review report does not include an opinion, it does include limited assurance.
C is incorrect because a similar statement is included in the standard compilation report, but not the review report.
D is incorrect because a SSARS review report includes no such statement on internal control or control risk.
2.B
Choice "B" is correct. Establishment of a company-wide uniform chart of accounts would most likely be a related reporting objective. Uniform charts of accounts would promote more efficient reporting.
Choice "a" is incorrect. Strategic objectives are generally less operationally specific than the related objective contemplated by the uniform chart of accounts.
Choice "d" is incorrect. A uniform chart of accounts is a related reporting objective, not an operations objective.
Choice "c" is incorrect. A uniform chart of accounts is a related reporting objective, not a compliance objective.
3.C
C is corrent because a third person’s reasonable interpretation of a principal’s representations measures apparent authority. Express limitations on Marcross’ authority, which were not known by Sowinski, are called secret limitations. These limitations do not alter an agent’s apparent authority since the third party can assume there are no limits on the agent’s normal authority unless informed to the contrary.
A is incorrect since previous acquiescence will influence a third party’s interpretation of an agent’s authority.
B is incorrect since an agent’s normal authority is measured in relation to the custom and usages of the business.
D is incorrect because apparent authority may be inferred from the position or status of the agent.
4.D
Choice "D" is correct. Under U.S. GAAP, inventory is reported at the lower of cost or market. Under lower of cost or market, market is the middle value of replacement cost, the market ceiling (net realizable value), and the market floor (NRV - normal profit):
Ceiling, net realizable value ($75,000 - 8,000) $67,000
Replacement cost 65,000
Floor, NRV less profit [$67,000 - (30% of $75,000)] 44,500
Therefore, the inventory will be reported at the market value (replacement cost) of $65,000, which is lower than the cost of $70,000.Choice "b" is incorrect. The inventory would not be reported at the market floor of $44,500 because the market floor is less than replacement cost. Under lower of cost or market method, market is the middle value of replacement cost, the market ceiling (net realizable value), and the market floor (NRV - normal profit).
Choice "c" is incorrect. The inventory would not be reported at the market ceiling of $67,000 because the market ceiling is greater than replacement cost. Under lower of cost or market, market is the middle value of replacement cost, the market ceiling (net realizable value), and the market floor (NRV - normal profit).
Choice "a" is incorrect. The inventory would not be reported at the cost of $70,000 because cost exceeds the market value of $65,000.
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