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USCPA冲刺备考:考生常见难题易错题(22)

2015-11-18 高顿网校


  USCPA备考,一定要结合书本知识多做练习,每天巩固一点点,熟练掌握知识点。

  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
 
  In which of the following locations should a copy of the accounting system data backup of year-end information be stored?
 
  A. Data backup server in the network room.
 
  B. Locked file cabinet in the accounting department.
 
  C. Fireproof cabinet in the data network room.
 
  D. Secure off-site location.
 
  3.REG
 
  Which one of the following statements concerning the deduction for interest on qualified education loans is correct?
 
  A. The deduction is available to a married taxpayer filing separately.
 
  B. Qualified education expenses do not include room and board.
 
  C. The educational expenses must relate to a period when the student was enrolled on a full-time basis.
 
  D. The deduction is subject to reduction if adjusted gross income exceeds specified levels. Answer:
 
  4.FAR
 
  Deferred income tax expense resulting from temporary differences related to depreciation of plant assets should be presented in a statement of cash flows (using indirect approach for operating activities) as a(n)
 
  A. Noncash financing and investing activity reported in a separate schedule.
 
  B. Financing activity.
 
  C. Deduction from net income.
 
  D. Addition to net income.
 
  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 corrent because it is desirable to store the data in a separate secure location to prevent loss from fire or natural disaster.
 
  3.D
 
  D is correct. An individual is allowed to deduct up to $2,500 for interest on qualified education loans in arriving at AGI. The deduction is reduced by adjusted gross income in excess of specified levels and loan proceeds must have been used to pay for the qualified higher education expenses (e.g., tuition, fees, room, board) of the taxpayer, spouse, or a dependent (at the time the debt was incurred). The education expenses must relate to a period when the student was enrolled on at least a half-time basis. Married taxpayers must file a joint return to qualify for the deduction.
 
  4.D
 
  This answer is correct. When using the indirect approach to determine cash flows from operating activities, noncash deductions from net income should be added back to determine cash flows from operating activities. Since the deferred income tax expense did not use cash but was subtracted in determining net income, it is proper to add it back to net income in cash flows from operating activities.

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