[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

Which of the following is the most important internal control activity over acquisitions of property, plant, and equipment?

A. Establishing a written company policy distinguishing between capital and revenue expenditures.

B. Using a budget to forecast and control acquisitions and retirements.

C. Analyzing monthly variances between authorized expenditures and actual costs.

D. Requiring acquisitions to be made by user departments.

[Iggy1985]

B?

FAR - 89 (8/19/14) Wiley TB, Wiley Book, Books from School, Ninja Audio/Notes
AUD - 92 (10/14/14) Wiley TB, Wiley Book, Ninja Audio
BEC - 82 (5/8/15) Mostly Ninja MCQ, sprinkles of Becker lectures and Ninja Audio
REG - (8/14/15)

[Anonymous]

So took my exam today;

First testlet seemed ok, second more difficult, third a little more. Took me about an hour and a halfish for the Mcqs.

Sims were alright.. Nothing crazy but not super easy either.. Here's to 3 weeks

[Anonymous]

In which of the following circumstances would an auditor expect to find that an entity implemented automated controls to reduce risks of misstatement?

A.

When errors are difficult to predict

B.

When misstatements are difficult to define

C.

When large, unusual, or nonrecurring transactions require judgment

D.

When transactions are high-volume and recurring

[Anonymous]

@CPAHOPEFUL

Which of the following is the most important internal control activity over acquisitions of property, plant, and equipment?

A. Establishing a written company policy distinguishing between capital and revenue expenditures.

B. Using a budget to forecast and control acquisitions and retirements.

C. Analyzing monthly variances between authorized expenditures and actual costs.

D. Requiring acquisitions to be made by user departments.

Answer: A?

[Anonymous]

Second question.

D.

When transactions are high-volume and recurring

[Anonymous]

Accepting an engagement to compile an entity’s financial projection most likely would be inappropriate if the projection is to be included in a(n)

A. Offering statement of the entity’s initial public offering of common stock.

B. Mortgage application for the purpose of expanding the entity’s facilities.

C. Report to the audit committee that is not sent to the stockholders.

D. Comprehensive document to be used in negotiating a new labor contract.

[Anonymous]

Feedback, feedforward, and preventive controls are important types of control systems and procedures for an accounting information system. Which of the following is in the correct order of feedback, feedforward, and preventive control systems?

Select an answer:

A.

Inventory control, capital budgeting, and cash budgeting

B.

Cash budgeting, cost accounting variances, and separation of duties

C.

Cost accounting variances, separation of duties, and cash planning

D.

Cost accounting variances, cash budgeting, and organizational independence

[Anonymous]

Correct on the 2nd one, the first one was actually B. To your question is it A since a projection is limited use?

Feedback, feedforward, and preventive controls are important types of control systems and procedures for an accounting information system. Which of the following is in the correct order of feedback, feedforward, and preventive control systems?

Select an answer:

A.

Inventory control, capital budgeting, and cash budgeting

B.

Cash budgeting, cost accounting variances, and separation of duties

C.

Cost accounting variances, separation of duties, and cash planning

D.

Cost accounting variances, cash budgeting, and organizational independence

[Anonymous]

Yes. Answer is A.

On your last question. Is it B Cash budgeting, cost accounting variances, and separation of duties?

[Anonymous]

When a practitioner examines a financial forecast that fails to disclose several significant assumptions used to prepare the forecast, the practitioner should describe the assumptions in the practitioner’s report and express

A. An adverse opinion.

B. An “except for” qualified opinion.

C. A “subject to” qualified opinion.

D. An unmodified opinion with a separate explanatory paragraph.

[LilEngineThatCan]

why is the first one B?

[LilEngineThatCan]

last one D?

[LilEngineThatCan]

sorry A

[Anonymous]

@LilEngine which question are you answering? I think you should include the actual answer not just the letter to identify it.

[Author]

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