Three key words used to describe the ethical responsibilities of accountants are:
(A)CPA's, GAAP, AICPA
(B)Competence, objectivity, and confidentiality
(C)Reliability, integrity, and honesty
(D)Integrity, intelligence, and reliability
(E)Secrecy, intelligence, and reliability
Another name for an income statement is a: Mark one answer:
(A)Statement of cash flows (B)Balance sheet (C)Operating statement (D)Statement of owner’s equity (E)Profit & loss statement
Correct Answer: E
A government internal audit function is presumed to be free from organizational independence impairments for reporting internally when the head of the organization
(A)Is not accountable to those charged with governance. (B)Performs auditing procedures that are consistent with generally accepted accounting principles. (C)Is a line-manager of the unit under audit. (D)Is removed from political pressure to conduct audits objectively, without fear of political reprisal.
Correct Answer: D
During 2009, Bart's Brewskies saw a jump in accounts receivables. It went from $10,000 at year end in 2008 to $20,000 at year end in 2009. With the introduction of his newest brewskie, chocolate beer, Bart saw his sales skyrocket. In 2009, his sales were $120,000. How much cash did Bart's Brewskies take in for 2009? Mark one answer:
$105,000 $120,000 $130,000 $140,000 $110,000
Correct Answer: E
More CPA Exam Questions
- 1If 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:
- 2In 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?
- 3During 2009, Bart's Brewskies saw a jump in accounts receivables. It went from $10,000 at year end in 2008 to $20,000 at year end in 2009. With the introduction of his newest brewskie, chocolate beer, Bart saw his sales skyrocket. In 2009, his sales were $120,000. How much cash did Bart's Brewskies take in for 2009? Mark one answer:
- 4Retained earnings are revenue of a corporation that is:
- 5Three key words used to describe the ethical responsibilities of accountants are: