1.AUD
A scope limitation sufficient to preclude an unmodified opinion always will result when management:
a. Engages the auditor after the year-end physical inventory is completed.
b. Prevents the auditor from reviewing the audit documentation of the predecessor auditor.
c. Refuses to acknowledge its responsibility for the fair presentation of the financial statements in conformity with GAAP.
d. Requests that certain material accounts receivable not be confirmed.
2.BEC
Which of the following statements is (are) incorrect for firewalls?
I.A firewall is a system of user identification and authentication that prevents unauthorized users from gaining access to network resources.
II.Firewall methodologies can be divided into packet filtering, circuit level gateways, and application level gateways. Packet filtering examines packets of data as they pass through the firewall according to rules that have been established.
III.Application firewall is another name for network firewall. They perform the same function.
IV.No statement above is correct.
a.II only is correct.
b.I only is correct.
c.III only is correct.
d.IV only is correct.
3.REG
Pine has a security interest in certain goods purchased by Byron on an installment contract. Byron has defaulted on the payments, resulting in Pine’s taking possession of the collateral. Which of the following is correct?
A. The collateral may be sold by Pine at a private sale and, if the collateral is consumer goods, without notice to other secured parties.
B. Pine must sell the collateral if Byron has paid more than 60% of the cash price on a purchase money security interest in business equipment.
C. Unless otherwise agreed, Pine must pay Byron for any increase in value of the collateral while the collateral is in Pine’s possession.
D. Byron may waive his right of redemption at the time he executes the security agreement.
4.FAR
Which internal account should Spring Township credit when it issues a purchase order for supplies?
a. Appropriations control
b. Vouchers payable
c. Encumbrance control
d. Budgetary contro
Answer:
1.C
Choice "c" is correct. The introductory paragraph of the standard unmodified report includes a statement that the financial statements are the responsibility of the company's management. Management's refusal to accept responsibility for the fair presentation of the financial statements therefore precludes issuance of this standard report.
Choices "b" is incorrect. Preventing the review of documentation of the predecessor auditor would be a reason not to accept the engagement.
Choices "a", and "d" are incorrect, as there are generally alternative procedures the auditor can perform to accomplish his or her goals.
2.C
Choice "C" is correct. An application firewall, as opposed to a network firewall, is designed to protect specific application services from attack.
3.A
A is corrent. If the collateral is consumer goods, Pine may sell the collateral at a private sale without notice to other secured parties. However, Pine must notify the debtor before the sale unless the collateral is perishable or threatens to decline in value.
B is incorrect. Pine only has the option of selling the collateral if the debtor has paid 60% of the cash price on a purchase money security interest in consumer goods, not business equipment. Since the collateral is equipment, Pine would still have the option of keeping the collateral as full payment of the obligation if, after giving written notice to Byron of this desire, Byron did not object within 21 days.
C is incorrect. Pine may keep the increase in value of the collateral as additional security unless actual money is received by Pine, in which case the secured party must give it to the debtor or apply the amount to the obligation.
D is incorrect. The debtor may not waive his right of redemption at the time the debtor executes the security agreement. The debtor has the right to reclaim the collateral if the debtor tenders payment of the entire debt and the secured party’s reasonable expenses.
4.D
Choice “d” is correct. A purchase order is a binding document and thus is recorded when issued. The journal entry made for internal accounting when a purchase order is issued is:
Encumbrances xxx
Budgetary contro xxx
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