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Kaplan Schweser CPA Review

Are you prepared for the CPA exam? Test your knowledge and keep your skills sharp by taking the weekly CPA Exam Quiz, brought to you by Kaplan Schweser CPA Review and AccountingWEB Student Zone. New questions will be posted for each section weekly.

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AUD - Auditing and Attestation

Which of the following computer-assisted auditing techniques allows fictitious and real transactions to be processed together without client operating personnel being aware of the testing process?

	A. Test data approach
	B. Parallel simulation
	C. Integrated test facility
	D. GAS packages

BEC - Business Environment and Concepts

Which of the three methods used to evaluate a capital budgeting project, net present value (NPV), internal rate of return (IRR) or payback period (PBP) do NOT take risk into account during the evaluation process?

	A. Neither NPV, IRR nor PBP take risk into account
	B. IRR
	C. PBP
	D. NPV

FAR - Financial Accounting and Reporting

Norina Co. (Norina) has a portfolio of marketable equity securities that it does not intend to sell in the near term. How should Norina classify these securities and how should it report unrealized gains and losses from these securities?

Classification / Reporting of unrealized gains and losses

	A. Trading securities / Component of income from continuing operations
	B. Available-for-sale / Separate component of other comprehensive income securities
	C. Trading securities / Separate component of other comprehensive income
	D. Available-for-sale / Component of income from continuing operations securities

REG - Regulation Tax

On January 2, 20X8, Black acquired a 50% interest in New Partnership by contributing property with an adjusted basis of $7,000 and a fair market value of $9,000, subject to a mortgage of $3,000, which was assumed by New Partnership. What was Black's basis in his partnership interest in New Partnership at January 2, 20X8?

	A. $3,500
	B. $4,000
	C. $5,500
	D. $7,500

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