Kompre 2

A weak internal control system allows a department supervisor to "clock in" for a
fictitious employee and then approve the employee's time card at the end of the pay
period. This fraud would be detected if other controls were in place, such as having
an independent party:
A.
distribute paychecks

B.
foot the payroll journal and trace postings to the general ledger and the
payroll master file.

C.
recompute hours worked from time cards

D.
compare the date of the recorded check in the payroll journal with the date on
the canceled checks and time cards

Only three management assertions are associated with transaction-related audit

objectives. Which one of the following is not?
A.
Presentation and disclosure

B.
Completeness

C.
Valuation or allocation

D.
Existence or occurrence

Narratives, flowcharts, and internal control questionnaires are three common

methods of?
A.
documenting the auditor’s understanding of internal controls

B.
testing the internal controls

C.
documenting the auditor’s understanding of a client’s organizational structure

D.
designing the audit manual and procedures.
The primary audit objectives to focus on when auditing debt are:
A.
accuracy and completeness

B.
accuracy and valuation

C.
accuracy and existence

D.
completeness and valuation

The auditor's primary concern relative to presentation and disclosure-related

objectives is:
A.
completeness.

B.
accuracy.

C.
existence.

D.
occurrence.

In 2010, Orear Manufacturing signed a contract with a supplier to purchase raw

materials in 2011 for $700,000. Before the December 31, 2010 statement of financial
position date, the market price for these materials dropped to $510,000. The journal
entry to record this situation at December 31, 2010 will result in a credit that should
be reported
A.
as an appropriation of retained earnings

B.
as a valuation account to Inventory on the statement of financial position

C.
on the income statement

D.
as a current liability

During periods of rising prices, a perpetual inventory system would result in the
same dollar amount of ending inventory as a periodic inventory system under which
of the following inventory cost flow methods?
A.
FIFO: No Average: No

B.
FIFO: No Average: Yes

C.
FIFO: Yes Average: Yes

D.
FIFO: Yes Average: No

On May 5, 2011, MacDougal Corp. exchanged 2,000 shares of its $25 par value
treasury ordinary shares for a patent owned by Masset Co. The treasury shares
were acquired in 2010 for $45,000. At May 5, 2011, MacDougal's ordinary shares
was quoted at $34 per share, and the patent had a carrying value of $55,000 on
Masset's books. MacDougal should record the patent at
A.
$45,000

B.
$68,000

C.
$55,000

D.
$50,000

If inventory levels are stable or increasing, an argument which is not an advantage of

the LIFO method as compared to FIFO is
A.
cost of goods sold tends to be stated at approximately current cost on the
income statement

B.
income tends to be smoothed as prices change over time

C.
income taxes tend to be reduced in periods of rising prices

D.
cost assignments typically parallel the physical flow of goods

Of the following costs related to the development of mineral resources, which one is
not a part of depletion cost?
A.
Intangible development costs such as drilling costs, tunnels, and shafts

B.
Exploration costs

C.
Tangible equipment costs associated with machinery used to extract the mineral
resource

D.
Acquisition cost of the mineral resource deposit

Henke Co. uses the retail inventory method to estimate its inventory for interim
statement purposes. Data relating to the computation of the inventory at July 31,
2010, are as follows: Inventory, 2/1/10 Cost: $ 200,000 Retail: $ 250,000 Purchases
Cost: $ 1,000,000 Retail: $ 1,575,000 Markups, net Retail: $ 175,000 Sales Retail: $
1,750,000 Estimated normal shoplifting losses Retail: $ 20,000 Markdowns, net
Retail: $ 110,000 Under the lower-of-cost-or-net realizable value method, Henke's
estimated inventory at July 31, 2010 is
A.
$96,000.00

B.
$120,000.00

C.
$84,000.00

D.
$72,000.00

A plant asset with a five-year estimated useful life and no residual value is sold at the
end of the second year of its useful life. How would using the sum-of-the-years'-digits
method of depreciation instead of the double-declining balance method of
depreciation affect a gain or loss on the sale of the plant asset?
A.
Gain: Decrease Loss: Increase

B.
Gain: Increase Loss: Increase

C.
Gain: Increase Loss: Decrease

D.
Gain: Decrease Loss: Decrease
On January 1, 2007, Russell Company purchased a copyright for $1,000,000, having
an estimated useful life of 16 years. In January 2011, Russell paid $150,000 for legal
fees in a successful defense of the copyright. Copyright amortization expense for the
year ended December 31, 2011, should be
A.
$62,500

B.
$71,875

C.
$0

D.
$75,000

On January 1, 2010, Solis Co. issued its 10% bonds in the face amount of
$3,000,000, which mature on January 1, 2020. The bonds were issued for
$3,405,000 to yield 8%, resulting in bond premium of $405,000. Solis uses the
effective-interest method of amortizing bond premium. Interest is payable annually
on December 31. At December 31, 2010, the carrying value of the bonds should be
A.
$3,377,400.00

B.
$3,405,000

C.
$3,364,500.00

D.
$3,304,500.00

The following information is available for Naab Company for 2010: Freight-in : $
30,000 Purchase returns : $ 75,000 Selling expenses : $ 150,000 Ending inventory :
$ 260,000 The cost of goods sold is equal to 400% of selling expenses. What is the
cost of goods available for sale?
A.
$600,000

B.
$890,000

C.
$860,000

D.
$815,000
Below are list of non taxable service according to VAT Law, except for:
A.
Educational service

B.
Construction service

C.
Finance and banking service

D.
Catering service

Listed below are list of non income tax object (bukan objek pajak) of Income tax
article 23, except for:
A.
Land and/or building rental income

B.
Interest payment received by bank from its loan customer

C.
Dividend received from investment in cooperation.

D.
Machine rental income

Below are list of expenses. Choose which one is non deductible expenses:
A.
Interest expense, after deducting with interest income received (if any)

B.
Promotion expense, with complete nominative list

C.
Depreciation expense, calculated according to Art 10 of Income Tax Law

D.
Charity expense, given to a local community near the office/factory

According to Law, notice of underpayment tax assessment should be paid within 1

months since its issuance. If taxpayer failed to pay within the time given, he/she may
get... immediately
A.
Reprimand letter

B.
Seizure

C.
Notice of additional underpayment tax assessment
D.
Coercive warrant

According to the law, taxpayer may amend the tax return, and if the amandment
resulted in underpayment of tax, then the taxpayer must pay the underpayment
amount, and taxpayer will pay 2% interest per month calculated from ....................
until the date of amandment
A.
The deadline of tax return submission

B.
The end of taxable year

C.
The end of taxable period

D.
The latest between end of taxable year or deadline of tax return submission

One of steps on system approach is analyze systems parts in a certain sequence.

The sequence are based on general system model of the firm. The sequence is:
A.
Analyze the standard, Outputs, Management, Information Processor, Inputs and
resources, Transformation Processes, Output Resources

B.
Analyze the Management, standard, Inputs and resources, Outputs, Information
Processor, Transformation Processes, Output Resources

C.
Analyze the Information Processor, Inputs and resources, Transformation
Processes, Management, standard, Outputs, Output Resources

D.
Analyze the Inputs and resources, Transformation Processes, Management,
standard, Outputs, Information Processor, Output Resources

Different stakeholders have different perspective or views of an information system .

System owner system users tend to focus on three common business goals of any
information system. These goal-oriented perspectives of an information system,
except:
A.
The goal to improve business knowledge

B.
The goals to improve business process

C.
The goals to improve business control

D.
The goals to improve business Communication

Which of the following statement about the control environment is false?

A.
Management’s attitude towards internal control and ethical behavior have
little impact on employee beliefs or action

B.
An overly complex or unclear organizational structure may be indicative of
problems that are more serious

C.
A written policy and procedures manual is an important tools for assigning
authority and responsibility

D.
Supervision is especially important in organization that cannot afford
elaborate responsibility reporting are too small to have an adequate
separation of duties

Method of maintaining customer accounts that generates payments for each

individual sales transaction is called
A.
CRM System

B.
FEDI

C.
Cycle Billing

D.
Open Invoice Method

A document that specifies how much of a finished good is to be produced during a

specific time period is called:
A.
Job order document

B.
Lean manufacturing

C.
Job time ticket

D.
Production order

Application rates for factory overhead best reflect anticipated fluctuations in sales
over a cycle of years when they are computed under the concept of:
A.
normal capacity
B.
expected actual capacity

C.
maximum capacity

D.
practical capacity

Production of a special order will increase the contribution margin when the
additional revenue from the special order is greater than:
A.
the nonvariable costs incurred in producing the order

B.
the marginal cost in producing the order

C.
the indirect costs of producing the order

D.
the direct materials and labor costs in producing the order

At the end of the year, Paola Company had the following account balances after
applied factory overhead had been closed to Factory Overhead Control: Factory
Overhead Control $ 1,000 CR Cost of Goods Sold 980,000 DR Work in Process
38,000 DR Finished Goods 82,000 DR The most common treatment of the balance
in Factory Overhead Control would be to:
A.
credit it to Cost of Goods Sold

B.
report it as miscellaneous operating revenue on the income statement

C.
prorate it between Work in Process and Finished Goods

D.
carry it as a deferred credit on the balance sheet

The first-in, first-out method of process costing will produce the same cost of goods
manufactured amount as the average cost method when:
A.
there is no beginning inventory

B.
there is no ending inventory

C.
beginning inventories are 100% complete as to materials
D.
beginning and ending inventories are each 50% complete

In a process costing system, how is the unit cost affected in a production cost report
when materials are added in a department subsequent to the first department and
the added materials result in additional units?
A.
The first department's unit cost is not affected

B.
The first department's unit cost is decreased, which necessitates an
adjustment of the transferred-in unit cost.

C.
The first department's unit cost is decreased, but it does not necessitate an
adjustment of the transferred-in unit cost

D.
The first department's unit cost is increased, but it does not necessitate an
adjustment of the transferred-in unit cost.