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1.AUD
Which of the following procedures most likely would assist an auditor in determining whether management has identified all accounting estimates that could be material to the financial statements?
a.Determine whether accounting estimates deviate from historical patterns.
b.Review the lawyer's letter for information about litigation.
c.Inquire about the existence of related party transactions.
d.Confirm inventories at locations outside the entity.
2.BEC
Which of the following is most likely to cause an increase in the amount of frictional unemployment in an economy?
a.An invention that renders an industry obsolete.
b.A downturn in aggregate business activity.
c.A reduction in the average age of the work force.
d.An increase in the average age of the work force.
3.REG
The main difference between Subchapter S corporations and Subchapter C corporations is
a. Their tax treatment.
b. That the federal Subchapter S Revision Act covers Sub chapter S corporations but does not cover Subchapter C corporations.
c. Their limited liability of their shareholders.
d. Their structure of their corporate management.
4.FAR
On January 2, Year 1, Reed Co. purchased a machine for $800,000 and established an annual depreciation charge of $100,000 over an eight-year life. During Year 4, after issuing its Year 3 financial statements, Reed concluded that: (1) the machine suffered permanent impairment of its operational value, and (2) $200,000 is a reasonable estimate of the amount expected to be recovered through use of the machine for the period January 1, Year 4, through December 31, Year 8. In Reed's December 31, Year 4 balance sheet, the machine should be reported at a carrying amount of:
a. $0
b. $100,000
c. $400,000
d. $160,000
Answer:
1.B
Choice "B" is correct. The auditor should inquire of management concerning pending or threatened litigation, and should obtain a letter from the client's lawyer to corroborate this information. Included in this letter is either an identification of the omission of any pending or threatened litigation, claims, and assessments, or a statement that the list of such matters (as provided by management) is complete.
Choice "c" is incorrect. Accounting estimates generally are not associated with the existence of related party transactions.
Choice "a" is incorrect. Evaluating deviations from historical patterns assists an auditor in determining if a recorded estimate is reasonable, but it does not provide assurance that management has identified all material accounting estimates.
Choice "d" is incorrect. Accounting estimates generally are not associated with the existence of inventories at locations outside the entity.
2.C
Choice "C" is correct. Younger workers tend to move between jobs more frequently.
Choice "a" is incorrect. This would lead to structural unemployment.
Choice "b" is incorrect. This would lead to cyclical unemployment.
Choice "d" is incorrect. Older workers tend to be voluntarily between jobs less frequently than younger workers.
3.A
Tax treatment is the main reason why Subchapter S corporations are formed instead of Subchapter C corporations. Answer (b) is incorrect because this federal Act covers both types of corporations. Answers (c) and (d) are incorrect because the provisions on the limited liability of shareholders and the provisions for the structure of corporate management are some of the ways that Subchapter C and Subchapter S corporations are generally similar.
4.D
Choice "d" is correct. When a permanent impairment has occurred, the book value is reduced with a credit to accumulated depreciation. Depreciation of the remaining balance is taken over the remaining life. The $200,000 is depreciated over 5 years, or $40,000 for Year 4. The carrying amount on December 31, Year 4 is $200,000 - $40,000 = $160,000.
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