Test Your Might: AUD MCQ – Accounting & Review Services

  • Creator
    Topic
  • #175692
    jeff
    Keymaster

    Let’s see what you got, NINJAs:

    An accountant has been asked to compile the financial statements of a nonpublic company on a prescribed form that omits substantially all the disclosures required generally accepted accounting principles. If the prescribed form is a standard pre-printed form adopted by the company’s industry trade association, and is to be transmitted only to such association, the accountant

    a. Need not advise the industry trade association of the omission of all disclosures.

    b. Is precluded from issuing a compilation report when all disclosures are omitted.

    c. Should express limited assurance that the financial statements are free of material misstatements.

    d. Should disclose the details of the omissions in separate paragraphs of the compilation report

    Source: Wiley Test Bank

    Link: https://www.another71.com/products-page/wiley-software/

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
Viewing 15 replies - 1 through 15 (of 16 total)
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  • #392947

    Answer is D

    EDIT: According to Facebook I'm way wrong…. I'll wait and see!

    CA CPA - All because of the journey listed below
    -----------------------------------------------------------------------
    FAR - 53('10), 8/25/12 79 PASSED!
    REG - 66('11), 69('12), 12/06/12 77 PASSED!!
    BEC - 58('10), 74('12), 01/05/13 77 PASSED!!!
    AUD - 43('11), 66('12), 69('13), 74('13) 7/29/13 85 PASSED!!!!!

    (Combinations of Roger, Yaeger, Wiley Book, Wiley TB, & NINJA Notes)

    Ethics 90%

    #392948
    jsblamer
    Participant

    The answer is A. There is an assumption the template used meets the needs of the organization and they don't need to be notified of departures from GAAP.

    B -
    A - passed
    R - passed
    F - passed

    #392949

    Agh! those assumptions in Audit are going to kick my booty come 2/23. Thanks jsblamer.

    CA CPA - All because of the journey listed below
    -----------------------------------------------------------------------
    FAR - 53('10), 8/25/12 79 PASSED!
    REG - 66('11), 69('12), 12/06/12 77 PASSED!!
    BEC - 58('10), 74('12), 01/05/13 77 PASSED!!!
    AUD - 43('11), 66('12), 69('13), 74('13) 7/29/13 85 PASSED!!!!!

    (Combinations of Roger, Yaeger, Wiley Book, Wiley TB, & NINJA Notes)

    Ethics 90%

    #392950
    Noct
    Participant

    I'm going with D.

    FAR - 79 - 07/2012
    AUD - 65, 78 - 11/2012
    BEC - 76 - 11/2012
    REG - 78 - 01/2013
    ETH - 98 - 01/2013

    Material: Wiley books

    #392951

    a.

    #392952
    jeff
    Keymaster

    a. This answer is correct because the professional standards state that there is a presumption that the information required by a prescribed form is sufficient to meet the needs of the body that designed or adopted it; accordingly, there is no need for that body to be advised of departures from GAAP.

    b. This answer is incorrect because a compilation report may be issued in such circumstances.

    c. This answer is incorrect because compilation reports provide no assurance that the financial statements are free of material misstatement.

    d. This answer is incorrect because details of the omissions need not be provided.

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
    #392953
    Noct
    Participant

    Wow… learn something new every day. I guess there's a reason I failed AUD on my first try.

    FAR - 79 - 07/2012
    AUD - 65, 78 - 11/2012
    BEC - 76 - 11/2012
    REG - 78 - 01/2013
    ETH - 98 - 01/2013

    Material: Wiley books

    #392954
    jeff
    Keymaster

    You're doing well on your exams…work more MCQs and you'll be fine.

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
    #392955
    Anonymous
    Inactive

    Great question.

    #392956
    JessB
    Member

    Ok, this post has me panicked! I sit for aud on Thursday and I have been just nailing away at cpaexcel and the Whitley tet bank, but I haven't come across ANYTHING on per-printed forms!!! I'm worried cpaexcel hasn't prepared me enough! And I was feeling so darn good because I'm sorting in the high 80s on practice tests…..

    AUD - 85
    BEC - 75
    FAR - 74, 74 (really?!), 79!!!!!!!!
    REG - 79

    #392957
    jeff
    Keymaster

    Don't be worried – when you feel prepared but then see something you didn't know…just remember it and be thankful you saw it before exam day.

    You can't prepare for every little nuance so consider this a “bonus” to add to your exam day arsenal.

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
    #392958
    supervisor
    Participant

    A.

    BEC 10/13 PASSED 77
    AUD 04/12 PASSED 83
    FAR 08/12 PASSED 76
    REG 02/13 PASSED 76

    Licensed in PA on 12/23/13. Yea boy!!

    #392959
    Jen Azim
    Participant

    Gosh… I had to read this question multiple times before I understood what was being asked. Thanks for making me think.

    AUD: 75 Expired 12/11 - Retesting in 2/13
    BEC: 79 Expired 12/11
    FAR: 70, 10/24/11

    #392960
    supervisor
    Participant

    For the record, I didnt realize the answer was posted before my post. good to know I picked the right answer. =)

    BEC 10/13 PASSED 77
    AUD 04/12 PASSED 83
    FAR 08/12 PASSED 76
    REG 02/13 PASSED 76

    Licensed in PA on 12/23/13. Yea boy!!

    #392961
    Anonymous
    Inactive

    a

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