2010 Auditing Released MC Questions

2010 Auditing Released MC Questions - 2010 AICPA Newly...

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2010 AICPA Newly Released Questions – Auditing 1 © 2010 DeVry/Becker Educational Development Corp. All rights reserved. Following are multiple choice questions recently released by the AICPA. These questions were released by the AICPA with letter answers only. Our editorial board is currently working on providing detailed explanations for these questions, so please check back to the Becker Knowledgebase soon for the updated file. Please note that the AICPA generally releases questions that it does NOT intend to use again. These questions and content may or may not be representative of questions you may see on any upcoming exams.
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2010 AICPA Newly Released Questions – Auditing 2 © 2010 DeVry/Becker Educational Development Corp. All rights reserved. 1. CPA- Which of the following would be an appropriate title for a statement of revenue and expenses prepared using an other comprehensive basis of accounting (OCBOA)? a. Statement of operations. b. Statement of income-regulatory basis. c. Income statement. d. Statement of activities. Explanation Choice "b" is correct.
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2010 AICPA Newly Released Questions – Auditing 3 © 2010 DeVry/Becker Educational Development Corp. All rights reserved. 2. CPA- An accountant has been engaged to review a nonissuer's financial statements that contain several departures from GAAP. Management is unwilling to revise the financial statements, and the accountant believes that modification of the standard review report is inadequate to communicate the deficiencies. Under these circumstances, the accountant should: a. Determine the effects of the departures from GAAP and issue a special report on the financial statements. b. Express a disclaimer of opinion on the financial statements and advise the board of directors that the financial statements should not be relied on. c. Inform management that a review of the financial statements cannot be completed and request a change from a review to a compilation engagement. d. Withdraw from the engagement and provide no further services concerning these financial statements. Explanation Choice "d" is correct.
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2010 AICPA Newly Released Questions – Auditing 4 © 2010 DeVry/Becker Educational Development Corp. All rights reserved. 3. CPA- An independent auditor must have which of the following? a. A pre-existing and well-informed point of view with respect to the audit. b. Technical training that is adequate to meet the requirements of a professional. c. A background in many different disciplines. d. Experience in taxation that is sufficient to comply with generally accepted auditing standards. Explanation Choice "b" is correct.
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2010 AICPA Newly Released Questions – Auditing 5 © 2010 DeVry/Becker Educational Development Corp. All rights reserved. 4.
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This note was uploaded on 10/28/2010 for the course ACCT 1234 taught by Professor Beth during the Spring '10 term at Northwestern OSU.

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2010 Auditing Released MC Questions - 2010 AICPA Newly...

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