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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)

(A)Qualified opinion

(B)Disclaimer of opinion.

(C)Unmodified opinion.

(D)Unmodified opinion with an other-matter paragraph.

The Correct Answer
Explanation

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.

(A)Relativity

(B)Compression

(C)Contention

(D)Collaboration

(E)Comparability

Correct Answer: E

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