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1.AUD An internal control narrative indicates that an approved voucher is required to support every check request for payment of merchandise. Which of the following procedures provides the greatest assurance that this control is operating effectively?
A. Select and examine canceled checks and ascertain that the related vouchers are dated no later than the checks.
B. Select and examine canceled checks and ascertain that the related vouchers are dated no earlier than the checks.
C. Select and examine vouchers and ascertain that the related canceled checks are dated no later than the vouchers.
D. Select and examine vouchers and ascertain that the related canceled checks are dated no earlier than the vouchers.
2.BEC
The required rate of return is generally computed as the risk-free rate of return plus a number of risk premium adjustments. All of the following risk adjustments are used to compute the required rate of return, except:
a.Maturity risk premium.
b.Credit risk premium.
c.Purchasing power risk premium.
d.Default risk premium.
3.REG
Which of the following is not an adjustment or preference to arrive at alternative minimum taxable income?
a.Deductible medical expenses.
b.Deductible contributions to individual retirement accounts.
c.Passive activity losses.
d.Individual taxpayer net operating losses.
4.FAR
The expenditure element "salaries and wages" is an example of which type of classification?
a.Activity.
b.Program.
c.Object.
d.Function.
Answer:
1.A
A is corrent because vouchers should have been prepared and approved prior to issuance of the check (otherwise the voucher was not present when the check was issued). In addition, the auditor must begin his/her test with the canceled checks to determine whether all checks are supported by an approved voucher.
B is incorrect because the vouchers should be dated prior to the checks.
C is incorrect because the checks must be issued after the approved voucher has been prepared.
D is incorrect since the direction of the test (i.e., from vouchers to canceled checks) would not detect any checks which had been prepared without the support of an approved voucher.
2.B
Choice "B" is correct. Credit risk relates to the ability of a firm to obtain, not grant, credit. Require rate of return adjustments do not include a credit risk adjustment.
Choice "d" is incorrect. Default risk premium (DRP) is an appropriate risk adjustment to the risk-free rate of return and is the additional compensation demanded by lenders for bearing the risk that the issuer of the security will fail to pay interest or fail to repay the principal.
Choice "c" is incorrect. Purchasing power risk premium, or inflation premium (IP), is an appropriate risk adjustment to the risk free-rate of return and is the compensation investors require to bear the risk that price levels may change and affect asset values or the purchasing power of invested dollars (e.g., real estate).
Choice "a" is incorrect. Maturity risk premium (MRP), or interest rate risk, is an appropriate risk adjustment to the risk-free rate of return and is the compensation investors demand for bearing risk. This risk increases with the term to maturity.
3.B
Choice "B" is correct. Deductible contributions to individual retirement accounts are not an adjustment or preference in calculating a taxpayer's alternative minimum taxable income. They are an adjustment in calculating adjusted gross income for regular (not alternative minimum) tax purposes.
Choices "d", "c", and "a" are incorrect. Adjustments to arrive at AMTI include individual net operating losses, passive activity losses, and medical expenses (to the extent they do not exceed 10% of AGI).
4.C
Choice "C" is correct. Wages and salaries is an example of an object classification. This is the most specific classification in the hierarchy and represents the chart of accounts title. Expenditures of governmental resources should be classified by object classes, according to the type of items purchased or services obtained.Choice "b" is incorrect. Program classification groups activities, operations, or organizational units that are directed to the attainment of specific purposes or objectives.Choice "d" is incorrect. Function classification groups related activities that are aimed at accomplishing a major service or regulatory responsibility.Choice "a" is incorrect. Activity classification provides data for calculating expenditures per unit of activity. An activity is a specific and distinguishable line of work performed by an organizational unit.
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