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　　1.AUD
　　A report includes the following language, "This report is intended solely for the information and use of the board of directors and management of X Company, and is not intended to be and should not be used by anyone other than the specified parties." This report would most likely relate to which of the following engagements?
　　a.A report on financial statements prepared on the cash basis of accounting.
　　b.A report on a specified element in a financial statement, where that element is prepared in accordance with an other comprehensive basis of accounting.
　　c.A report on an examination of a financial forecast.
　　d.A report on a client's compliance with a regulatory requirement, assuming the report is prepared based on a financial statement audit of the complete financial statements.
　　2.BEC
　　Which of the following would illustrate vertical financial statement analysis?
　　A. Gross profit compared to industry averages.
　　B. Net sales over time.
　　C. Interest expense as a percentage of net sales.
　　D. Earnings per share as compared to the prior year.
　　3.REG
　　Leker exchanged a van that was used exclusively for business and had an adjusted tax basis of $20,000 for a new van. The new van had a fair market value of $10,000, and Leker also received $3,000 in cash. What was Leker's tax basis in the acquired van?
　　a. $13,000
　　b. $7,000
　　c. $20,000
　　d. $17,000
　　4.FAR
　　In accordance with ASC Topic 860, Transfers and Servicing, which financial assets should be measured like investments in debt securities classified as available-for-sale or trading?
　　A. Financial assets subject to prepayment
　　B. Secured borrowings
　　C. Pledges of collateral
　　D. Servicing assets
　　Answer:
　　1.D
　　Choice "D" is correct. A report on a client's compliance with a regulatory requirement, assuming the report is prepared based on a financial statement audit of the complete financial statements, would contain restricted use language.
　　Choice "b" is incorrect. A report on a specified element in a financial statement, where that element is prepared in accordance with an other comprehensive basis of accounting, would not contain restricted use language.
　　Choice "c" is incorrect. A report on an examination of a financial forecast does not require a restriction on the use of the report.
　　Choice "a" is incorrect. A report on financial statements prepared in conformity with an other comprehensive basis of accounting (such as the cash basis) does not require a restriction on the use of the report.
　　2.C
　　C is corrent. Vertical analysis involves presenting everything within a financial statement as a percentage of a base. For a common-size income statement all items would be presented as a percentage of net sales.
　　A is incorrect. This is an example of cross-sectional analysis.
　　B is incorrect. This is an example of horizontal analysis.
　　D is incorrect. This is an example of horizontal analysis.
　　3.D
　　The basis for like-kind exchanges is computed as follows:
　　Basis of old property $ 20,000
　　Less: Boot received (3,000)
　　New basis $ 17,000
　　Alternate calculation: FMV of new van $10,000 + deferred loss $7,000 = New basis $17,000.
　　The general rule is the gain is recognized to the extent boot is received. As the transaction results in a loss to Leker (he received an asset worth $10,000 plus $3,000 cash less a $20,000 tax basis equals $7,000 loss) no gain is recognized and the $3,000 received reduces his basis in the new asset. Choice "c" is incorrect. Basis must be reduced by non-like-kind assets (boot) received.
　　Choice "a" is incorrect. For non-like-kind exchanges, the basis would be the FMV of the assets received ($10,000 FMV plus $3,000 Boot). However, because both assets have similar use, this is a like-kind exchange, which follows the rule above.
　　Choice "b" is incorrect. The basis of the old property is used to calculate the basis of the new property, less any boot received.
　　4.A
　　A is corrent. Per ASC Topic 860, financial assets subject to prepayment are measured like debt securities classified as available-for-sale or trading.
　　B is incorrect. Secured borrowings are measured at fair value.
　　C is incorrect. Pledges of collateral are measured at fair value.
　　D is incorrect. Servicing assets are measured at fair value.
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