King, CPA, was engaged to audit the financial statements of Newton Company after its fiscal year had ended. King neither observed the inventory count nor confirmed the receivables by direct communication with debtors, but was satisfied concerning both after applying alternative procedures.King’s auditor’s report most likely contained a(n)
(B)Disclaimer of opinion.
(D)Unmodified opinion with an other-matter paragraph.
What are the CPA Exam Blueprints?
The CPA Exam Blueprints cover the content eligible for testing in each Exam section. The Blueprints are published one to two times per year. They detail the minimum level of knowledge and skills you must have to qualify for initial licensure. Within the Blueprints, you will find the following information for each Exam section:
• Content organized by Area, Group and Topic along with score weighting
• Sample task statements that represent what you may be asked to do when testing
• Skill levels at which tasks are tested
• Reference materials that support the sample task statements
• Number of item types you must complete (multiple-choice questions, task-based simulations and written communication tasks)
• Score weighting of each item type
If a corporation issues a 10-year $100,000 8% bond, what is the total that the issuing corporation pays to the bondholder over the next 10 years? Mark one answer:
(A)$80,000 (B)$140,000 (C)$180,000 (D)$100,000 (E)$200,000
Correct Answer: C
One purpose of GAAP is to provide _____ between accounting periods.
Correct Answer: E
More CPA Exam Questions
- 1One purpose of GAAP is to provide _____ between accounting periods.
- 2What are the CPA Exam Blueprints?
- 3Nala Inc. reported deferred tax assets and deferred tax liabilities at the end of 20X4 and at the end of 20X5. Acording to FASB 109, for the year ended 20X5, Nala should report deferred income tax expense or benefit equal to the
- 4In the current year, Fitz, a single taxpayer, sustained a $48,000 loss on Code Sec. 1244 stock in JJJ Corp., a qualifying small business corporation, and a $20,000 loss on Code Sec. 1244 stock in MMM Corp., another qualifying small business corporation. What is the maximum amount of loss that Fitz can deduct for the current year?
- 5A government internal audit function is presumed to be free from organizational independence impairments for reporting internally when the head of the organization