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1.AUD
The integrated audit of a public company resulted in the CPA’s issuance of an adverse opinion on internal control. Which of the following statements is correct when management believes that the material weakness is eliminated and the auditors, after performing appropriate procedures, agree?
A. No action can be taken until the next year’s audit, at which time an unqualified report may be issued if appropriate.
B. The adverse opinion may be recalled, and an unqualified report issued.
C. The adverse opinion may not be reissued as unqualified, but a footnote to that report may be added indicating that the material weakness was subsequently eliminated.
D. The auditors may issue another report, this one indicating that the material weakness no longer exists.
2.BEC
Assuming that the real rate of interest is the same in both countries, if country A has a higher nominal interest rate than country B, then the currency of country A will likely be selling at a
A. Forward discount relative to the currency of country B.
B. Forward premium relative to the currency of country B.
C. Spot discount relative to the currency of country B.
D. Spot premium relative to the currency of country B.
3.REG
Golden Corporation (a C corporation) had a deficit of $160,000 at December 31, 2014. Its net income per books was $80,000 for 2015. Cash dividends on common stock totaling $40,000 were paid in December 2015. Golden should report the distribution to its shareholders as
A. Return of capital 100%.
B. Ordinary dividends 25%; return of capital 75%.
C. Ordinary dividends 50%; return of capital 50%.
D. Ordinary dividends 100%.
4.FAR
The board of trustees of Blue College, a private not-for-profit college, established a $500,000 quasi endowment on September 1, year 1 . On the college’s statement of financial position at December 31, year 1 , the assets in this quasi endowment should be included in which of the following classifications?
A. Unrestricted net assets.
B. Either temporarily or permanently restricted net assets, depending on the expected term of the quasi endowment.
C. Permanently restricted net assets.
D. Temporarily restricted net assets.
Answer:
1.D
D is corrent because the auditors may issue a report indicating that the material weakness no longer exists.
A is incorrect because auditors may issue a report indicating that the material weakness has been eliminated.
B is incorrect because the adverse opinion is not recalled and an unqualified report is not issued.
C is incorrect because no footnote is added to the report.
2.A
A is corrent. If the real rates of interest are the same, the country with the higher nominal interest rate is expected to experience a higher rate of inflation. A higher rate of inflation is associated with a devaluing currency so the currency of the country with the higher nominal interest rate will likely be selling at a forward discount.
B is incorrect. The currency of country A will be selling at a forward discount, not a forward premium.
C is incorrect. The spot relationship between two currencies cannot be identified from the information given.
D is incorrect. The spot relationship between two currencies cannot be identified from the information given.
3.A
This answer is correct. Corporate distributions to shareholders on their stock are taxed as dividends to the extent of current and/or accumulated earnings and profits. Since Golden Corporation had current earnings of $80,000 for 2015, the cash of $40,000 paid in December 2015 is treated as ordinary dividends 100%.
4.A
A is corrent. Quasi endowment funds are established by the governing board of an organization using unrestricted net assets. The governing board decides to set funds aside as permanent investments, never to be spent. Therefore, the assets in the quasi endowment would be included in the unrestricted net assets category.
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