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CPA Exam
Sample CPA Exam Questions
CPA Exam Quiz - Week 1
CPA Exam Quiz - Week 1
Opening text, if any...........
<section data-block="SingleChoice"><h3>A CPA has been requested by a former audit client to reissue the auditor's report for the prior period. Before reissuing the report, the CPA should:</h3><ul><li>Obtain a letter of representation from the former client’s management.</li><li>Make inquiries of the former client's attorney regarding pending litigation. </li><li>Review the former client's records to verify its compliance with debt and loan agreements.</li><li>Consider whether there is substantial doubt about the former client's ability to continue as a going concern. </li></ul></section><section data-block="SingleChoice"><h3>On May 1 of the prior year, Baker purchased equipment with a five-year useful life for a cost of $10,000. Baker adopted the MACRS depreciation system and did not utilize any special depreciation deductions. On March 1 of the current year, Baker sold the equipment. The MACRS depreciation schedule for five-year property is listed below. What amount of depreciation can Baker deduct in the current year?                               </h3><p><h1><span style="font-size: 12px">1st year - 20.00% </span></h1><h1><span style="font-size: 12px">2nd year - 32.00% </span></h1><h1><span style="font-size: 12px">3rd year - 19.20%</span></h1></p><ul><li>$1,600.00</li><li>$533.00</li><li>$2,000.00</li><li>$3,200.00</li></ul></section><section data-block="SingleChoice"><h3>8 Lind Co.'s salaries expense of $10,000 is paid every other Friday for the 10 workdays then ending. Lind's employees do not work on Saturdays and Sundays. The last payroll was paid on June 18. On Wednesday, June 30, the month-end balance in the salaries expense account before accruals was $14,000. What amount should Lind report as salaries expense in its income statement for the month ended June 30?</h3><ul><li>$22,000.00</li><li>$24,000.00</li><li>$20,000.00</li><li>$18,000.00</li></ul></section><section data-block="SingleChoice"><h3>A company wants to detect and analyze attempts to access the network server by outside parties. Which of the following controls would best accomplish this? </h3><ul><li>Using an access control matrix. </li><li>Using validity checks for each login. </li><li>Using multi-factor authentication for users. </li><li>Using the system's log analysis capabilities. </li></ul></section><section data-block="SingleChoice"><h3>The Internal Revenue Code and the Regulations do not impose penalties on tax return preparers for which of the following? </h3><ul><li>Failure to notify a taxpayer about an inadvertent error on a tax return filed 10 years ago.</li><li>Failure to sign a prepared tax return as a tax preparer. </li><li>Failure to provide a copy of a prepared tax return to the taxpayer. </li><li>Failure to retain copies of prepared tax returns or a list of taxpayers for whom such returns were prepared for the last three years. </li></ul></section>
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