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　　1.AUD
　　Which of the following statements concerning an auditor's communication of significant deficiencies identified during the audit of a nonissuer is correct?
　　A. Suggestions concerning administration efficiencies and business strategies should not be communicated in the same report with significant deficiencies.
　　B. Any report issued on significant deficiencies should indicate that providing assurance on internal control was not the purpose of the audit.
　　C. The auditor should request a meeting with management one level above the source of the significant deficiencies to discuss suggestions for remedial action.
　　D. Significant deficiencies discovered and communicated at an interim date should be reexamined with tests of controls before completing the engagement.
　　2.BEC
　　A Chinese importer expects to pay a British supplier 500,000 British pounds in three months. Which of the following hedges is best for the importer to fix the price in dollars?
　　A. Buying British pound call options.
　　B. Buying British pound put options.
　　C. Selling British pound put options.
　　D. Selling British pound call options.
　　3.REG
　　Golden, a calendar-year S corporation, reported the following items of income and expense in the current year:
　　Revenue $44,000
　　Operating expenses 20,000
　　Long-term capital loss 6,000
　　Charitable contributions 1,000
　　Business interest expense 4,000
　　What is the amount of Golden’s ordinary income?
　　A. $13,000
　　B. $19,000
　　C. $20,000
　　D. $24,000
　　4.FAR
　　Famous, a non-governmental not-for-profit art museum, has elected not to capitalize its donated permanent collections. In Year 1, a bronze statue was stolen. The statue was not recovered and insurance proceeds of $35,000 were paid to Famous in Year 2. This transaction would be reported in:
　　I.The statement of activities as permanently restricted revenues.
　　II.The statement of cash flows as cash flows from investing activities.
　　a.Neither I nor II.
　　b.I only.
　　c.Both I and II.
　　d.II only.
　　Answer：
　　1.B
　　Choice "B" is correct. Any report issued on significant deficiencies should indicate that providing assurance on internal control was not the purpose of the audit.
　　Choice "C" is incorrect. The auditor should communicate significant deficiencies to management and those charged with governance, but is not required to request a meeting with management one level above the source of the significant deficiencies, to discuss suggestions for remedial action.
　　Choice "D" is incorrect. Significant deficiencies discovered and communicated at an interim date do not need to be reexamined with tests of controls before completing the engagement.
　　Choice "A" is incorrect. Suggestions concerning administration efficiencies and business strategies may be communicated in the same report with significant deficiencies (the significant deficiencies must be separately identified, however).
　　2.A
　　A is correct. A call option allows the importer to lock in the price of British pounds at the current exchange rate.
　　B is incorrect. Buying British pound put options allows the importer to sell British pounds at a fixed price in the future.
　　C is incorrect. Selling British pound put options allows the purchaser to sell British pounds at a fixed price in the future.
　　D is incorrect. Selling British pound call options allows the purchaser to purchase British pounds at a fixed price in the future.
　　3.C
　　The requirement is to determine an S corporation's ordinary income. The computation of an S corporation's ordinary income excludes any item that must be separately stated and separately passed through to shareholders in order to retain the item's special tax characteristics. Here, the long-term capital loss must be separately stated and passed through as long-term capital loss to shareholders in order to be included in the netting of a shareholder's capital gains and losses. Similarly, charitable contributions must be separately stated and passed through to shareholders in order to apply the appropriate percentage limitations at the shareholder level. Tap's ordinary income consists of $44,000 of revenue, reduced by its $20,000 of operating expenses and $4,000 of interest expense, resulting in ordinary income of $20,000.
　　4.D
　　Choice "D" is correct. Investing activities in the statement of cash flows should include proceeds from the sale of long lived assets or insurance proceeds associated with the loss of long lived assets. Entities that do not capitalize their permanent collections display insurance proceeds from lost, stolen or damaged items on the statement of activities in an appropriate change in net asset classification separate from revenues, expenses, gains, and losses.
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