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1.AUD
Which of the following procedures would be most appropriate for testing the completeness assertion as it applies to inventory?
A. Tracing inventory items from the tag listing back to the physical inventory quantities.
B. Scanning perpetual inventory, production, and purchasing records.
C. Performing cutoff procedures for shipping and receiving.
D. Examining paid vendor invoices.
2.BEC
Newt Corporation, headquartered in Los Angeles, is a nationwide provider of educational services to post-graduate students. Due to stringent federal guidelines for the protection of student information, Newt utilizes various firewalls to protect its network from access by outsiders. Which of the following statements with respect to firewalls is/are correct?
a.Circuit level gateways only allow data into a network that result from requests from computers inside the network.
b.Application level gateways examine data coming into the gateway. They can be used to control which computers in a network can access the Internet but cannot be used to control which Internet websites or pages can be viewed once access is allowed.
c.Packet filtering examines packets of data as they pass through the firewall. Packet filtering is the most complex type of firewall configuration.
d.All of the statements are correct.
3.REG
Conner purchased 300 shares of Zinco stock for $30,000, 20 years ago. On May 23 of the current year, Conner sold all the stock to his daughter Alice for $20,000, its then fair market value. Conner realized no other gain or loss during the year. On July 26 of the current year, Alice sold the 300 shares of Zinco for $25,000. What was Alice's recognized gain or loss on her sale?
a. $5,000 long-term gain.
b. $5,000 long-term loss.
c. $0
d. $5,000 short-term loss.
4.FAR
The term chief operating decision maker
A. Must be disclosed by title in the financial reporting for segments.
B. Refers to a function.
C. Refers to a manager with a specific title.
D. Must be described in the disclosures for the financial reporting for segments.
Answer:
1.C
C is correct because cutoff procedures applied to transactions recorded subsequent to year-end for shipping and receiving will address completeness-that is whether transactions that should have been recorded prior to year-end were so recorded.
A is incorrect because tracing items from tag listing to physical inventory quantities addresses existence more directly than it addresses completeness.
B is incorrect because scanning perpetual inventory, production, and purchasing records are likely to address assertions other than completeness since with completeness one is addressing whether inventory transactions that should have been recorded were not.
D is incorrect because only paid vendor invoices recorded after year-end are likely to address completeness.
2.A
Choice "A" is correct. Circuit level gateways, not packet filtering, only allow data into a network that result from requests from computers inside the network by keeping track of requests that are sent out of the network and only allowing data in that is in response to those requests. Choice "c" is incorrect. Packet filtering examines packets of data as they pass through the firewall. Packet filtering is the simplest, not the most complex, type of firewall configuration.Choice "b" is incorrect. Application level gateways examine data coming into the gateway. They can be used to control which computers in a network can access the Internet and can be used to control which Internet websites or pages can be viewed once access is allowed.Choice "d" is incorrect. Choice "A" is the best answer.
3.C
Choice "c" is correct. Alice has a realized gain of $5,000 on the transaction: $25,000 sales price less $20,000 purchase price. However, she can reduce the gain, but not below zero, by the amount of loss her father could not deduct on the sale to her. Thus, Alice can reduce her gain by up to $10,000, but not below zero. Here, the gain is $5,000, so it is reduced to zero. Conner should have sold the stock in the open market so that he could deduct the entire loss. Alice could then have purchased the stock in the open market.
Choice "a" is incorrect. $5,000 is Alice's realized long-term gain on the sale. However, she can reduce the gain, but not below zero, by the amount of loss her father could not deduct on the sale to her.
Choice "d" is incorrect. Alice has a realized gain of $5,000 on the sale. However, since she is related to Conner, her holding period includes his holding period. Therefore, her realized gain is long-term. In addition, she can reduce the gain, but not below zero, by the amount of loss her father could not deduct on the sale to her.
Choice "b" is incorrect. Alice can reduce the gain by the amount of loss her father could not deduct on the sale to her. However, she cannot reduce the gain below zero.
4.B
B is corrent. ASC Topic 280 does not require disclosures about the term chief operating decision maker, and specifically states that this term identifies a function, not necessarily a manager with a specific title.
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