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1.AUD
Which of the following information that comes to an auditor's attention most likely would raise a question about the occurrence of noncompliance with laws and regulations?
A. The failure to develop adequate procedures that detect unauthorized purchases.
B. The exchange of property for similar property in a nonmonetary transaction.
C. The presence of several difficult-to-audit transactions affecting expense accounts.
D. The discovery of unexplained payments made to government employees.
2.BEC
Three suppliers offer Gaodun Finance different credit terms. Bandy Co. offers terms of 1.5/15, net 30. Carryl Co. offers terms of 1/10, net 30. Platt Co. offers terms of 2/10, net 60. Gaodun Finance would have to borrow from a bank at an annual rate of 10% to take any cash discounts. Based on a 360-day year, which of the following options would be most attractive for Gaodun Finance?
A. Purchase from Platt Co., pay in 60 days, and do not borrow from the bank.
B. Purchase from Bandy Co., pay in 15 days, and borrow from the bank.
C. Purchase from Carryl Co., pay in 10 days, and borrow from the bank.
D. Purchase from Bandy Co., pay in 30 days, and do not borrow from the bank.
3.REG
Ada, an individual, is a partner in AD Partnership with an adjusted basis of $30,000 for Ada's partnership interest. Ada received a nonliquidating distribution of $25,000 cash and property with an adjusted basis of $7,000, and a fair market value of $10,000. What amount of gain should Ada recognize?
A. $0
B. $2,000
C. $5,000
D. $12,000
4.FAR
Which of the following assets of a nongovernmental not-for-profit charitable organization must be depreciated?
A. Land valued at $1 million being used as the site of the new senior citizen home.
B. Building costs of $500,000 for construction in progress for senior citizen housing.
C. A freezer costing $150,000 for storing food for the soup kitchen.
D. A bulk purchase of $20,000 of linens for its nursing home.
Answer:
1.D
Choice "D" is correct. The discovery of unexplained payments made to government employees would raise a question about the occurrence of an act of noncompliance with laws and regulations.
Choice "B" is incorrect. Exchange of property for similar property in a nonmonetary transaction might be indicative of a related party transaction, not noncompliance with laws and regulations.
Choice "C" is incorrect. The presence of several difficult-to-audit transactions affecting expense accounts is not indicative of noncompliance with laws and regulations.
Choice "A" is incorrect. The failure to develop adequate procedures that detect unauthorized purchases is an internal control weakness, not an act of noncompliance with laws and regulations.
2.B
B is correct. The most attractive option would be to purchase from Brandy, pay in 15 days, and borrow from the bank. The nominal annual benefit of taking Brandy's terms is equal to 36.5% (1.5%/(100% - 1.5%) × 360 days/(30 days - 15 days)).
A is incorrect. The nominal annual cost of not taking Platt's terms is equal to 14.7% (2%/(100% - 2%)) × (360 days - (60 days - 10 days)), which is less than the benefit from taking Brandy's terms.
C. The nominal annual cost of not taking Carryl's terms is equal to 18.2% (1%/(100% - 1%) × （360 days - (30 days - 10 days)) which is less than the benefit from taking Brandy's terms.
D. The company would benefit from taking Brandy’s discount terms.
3.A
A is correct. Generally, gain is recognized on a distribution only if the amount of cash received exceeds the basis for the partner's partnership interest. If both cash and noncash property are received, the basis for the partner's partnership interest is first reduced by the cash, before the noncash property. Here, since the $25,000 of cash received does not exceed the $30,000 basis for Ada's partnership interest, no gain is recognized.
4.C
This answer is correct because like for-profit organizations not-for-profit organizations must depreciate exhaustible fixed assets.
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