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model based testing for embedded systems

Wiley CPA Exam Review Problems And Solutions Vol 2 2011-2012 38th Edition O. Ray Whittington, Patrick R. Delaney - Solutions

User acceptance testing is more important in an objectoriented development process than in a traditional environment because of the implications of thea. Absence of traditional design documents.b. Lack of a tracking system for changes.c. Potential for continuous monitoring.d. Inheritance of
Users making database queries often need to combine several tables to get the information they want. One approach to combining tables is known asa. Joining.b. Merging.c. Projecting.d. Pointing.
Several language interfaces exist in a database management system. These typically include a data definition language(DDL), a data control language (DCL), a data manipulation language (DML), and a database query language(DQL). What language interface would a database administrator use to establish
A current day instruction to a computer such as “Extract all Customers where ‘Name’ is Smith” would most likely relate to aa. First generation programming language.b. Fourth generation programming language.c. Seventh generation programming language.d. Ninth generation programming language.
Most current computers process data using which of the following formats?a. Analog.b. Digital.c. Memory enhanced.d. Organic.
Which of the following is least likely to be considered an advantage of a database?a. Easy to store large quantities of information.b. Easy to retrieve information quickly.c. Easy to organize and reorganize information.d. Easy to distribute information to every possible user.
In a spreadsheet, which of the following is correct concerning rows and columns?Rows Columnsa. Numbered Numberedb. Numbered Letteredc. Lettered Numberedd. Lettered Lettered
In a spreadsheet, each specific cell may be identified by a specifica. Address.b. Column.c. Row.d. Diagonal.
Unix is a(n)a. Operating system.b. Singular disk drive.c. Central processing unit.d. Logic unit.
GUI is the abbreviation fora. Grandfather, Uncle, Individual.b. Graphical User Interface.c. Graphics Utilization Institutes.d. Grand Union Internet.
Which of the following compiles a complete translation of a program in a high-level computer language before the program is run for the first time?a. Visual Basic.b. Java.c. Algorithm.d. Compiler.
A set of step-by-step procedures used to accomplish a task is a(n)a. Algorithm.b. Compilation Master.c. Linux.d. Transitor.
The most common type of primary storage in a computer is referred to asa. CMAN.b. RAM.c. ROM.d. Flash memory.
Analysis of data in a database using tools which look for trends or anomalies without knowledge in advance of the meaning of the data is referred to asa. Artificial intelligence.b. Data mining.c. Virtual reality.d. Transitory analysis.
Which computer application is most frequently used to analyze numbers and financial information?a. Computer graphics programs.b. WAN applications.c. Spreadsheets.d. Word processing programs.
Which computer application is most frequently used on mainframe computers?a. Databases.b. Graphics.c. Spreadsheets.d. Word processing.
Which of the following system implementation models has the advantage of achieving a full operational test of the new system before it is implemented?a. Parallel implementation.b. Plunge implementation.c. Pilot implementation.d. Phased implementation.
Samco Inc. is in the process of designing a new customer relations system. In which phase of the development life-cycle would a needs assessment most likely be performed?a. Analysis.b. Design.c. Development.d. Testing.
Which of the following characteristics distinguishes computer processing from manual processing?a. Computer processing virtually eliminates the occurrence of computational error normally associated with manual processing.b. Errors or fraud in computer processing will be detected soon after their
Which of the following represents a type of applications software that a large client is most likely to use?a. Enterprise resource planning.b. Operating system.c. Central processing unit.d. Value-added network.
MIPS stands fora. Memory in protocol standards.b. Millions of instructions per second.c. Mitigating individualistic personnel standards.d. Multiple input physical savings.
Which of the following is not a part of the central processing unit?a. Control unit.b. Arithmetic unit.c. Logic unit.d. Printer unit.
Software that performs a variety of general technical computer-controlling operations is a(n)a. Integrated “suite.”b. Shareware.c. Database.d. Operating system.
An “office suite” of software is least likely to include a(n)a. Databases.b. Operating system.c. Spreadsheet.d. Word processing.
The part of the computer that does most of the data processing is referred to as thea. Analyter.b. Compiler.c. CPU.d. Printer.
The most common output device is a(n)a. Mouse.b. Printer.c. Expert system.d. Keyboard.
Computer memory which is used to store programs that must be accessed immediately by the central processing unit isa. Primary storage.b. Secondary storage.c. Tertiary storage.d. Tape storage.
A software package that is used with a large set of organized data that presents the computer as an expert on a particular topic is referred to as a(n)a. Data mining.b. Expert system.c. Artificial intelligence.d. Virtual reality.
Kelly, Inc. is considering establishing an enterprise risk management system. Which of the following is not a limitation of such a system?a. Business objectives are not usually articulated.b. The system may break down.c. Collusion among two or more individuals can result in system failure.d.
Which of the following is not an advantage of establishing an enterprise risk management system within an organization?a. Reduces operational surprises.b. Provides integrated responses to multiple risks.c. Eliminates all risks.d. Identifies opportunities.
Devon Company is using an enterprise risk management system. Management of the company has set the company’s objectives, identified events, and assessed risks.What is the next step in the enterprise risk management process?a. Establish control activities to manage the risks.b. Monitor the
Which of the following is not a technique for identifying events in an enterprise risk management program?a. Process flow analysis.b. Facilitated workshops.c. Probabilistic models.d. Loss event data methodologies.
Management of Warren Company has decided to respond to a particular risk by hedging the risk with futures contracts. This is an example of riska. Avoidance.b. Acceptance.c. Reduction.d. Sharing.
In the COSO enterprise risk management framework, the term risk tolerance refers toa. The level of risk an organization is willing to accept.b. The acceptable variation with respect to a particular objective.c. The amount of risk of an event after considering management’s response.d. Events that
Jarrett Corporation is considering establishing an enterprise risk management system. Which of the following is not a benefit of enterprise risk management?a. Helps the organization seize opportunities.b. Enhances risk response decisions.c. Improves the deployment of capital.d. Insures that the
Which of the following is not required to be included in management’s report on internal control required under Section 404 of the Sarbanes-Oxley Act?a. A statement of management’s responsibility for establishing and maintaining adequate internal control over financial reporting.b. A statement
Which of the following is not a limitation of internal control?a. Human judgment in decision-making may be faulty.b. External forces may attack the system.c. Management may override internal control.d. Controls may be circumvented by collusion.
Management of Johnson Company is considering implementing technology to improve the monitoring component of internal control. Which of the following best describes how technology may be effective at improving monitoring?a. Technology can identify conditions and circumstances that indicate that
Which of the following is not a component in the COSO framework for internal control?a. Control environment.b. Segregation of duties.c. Risk assessment.d. Monitoring.
Which of the following components of internal control would encompass the routine controls over business processes and transactions?a. The control environment.b. Information and communication.c. Control activities.d. Risk assessment.
Which of the following is not a control environment factor?a. Integrity and ethical values.b. Board of directors or audit committee.c. Human resources policies and procedures.d. Control monitoring.
According to COSO, which of the following components of enterprise risk management addresses an entity’s integrity and ethical values?a. Information and communication.b. Internal environment.c. Risk assessment.d. Control activities.
Which of the following is not a type of control under the control activity component of the COSO framework for internal control?a. Performance reviews.b. Physical controls.c. Monitoring controls.d. Segregation of duties.
To be effective, the information and communication component of COSO must accomplish all of the following goals for transactions, except:a. Identify and record all valid transactions.b. Measure the value of the transactions properly.c. Revalue the transactions.d. Properly present and disclose
From the COSO Risk Assessment component standpoint, the implementation of a new information technology system would be considered a(n):a. Planned risk.b. Internal risk.c. External risk.d. Software risk.
Under the COSO framework of internal control, application controls consist of the following three types of controls:a. Segregation of duties, policies, and procedures.b. Input controls, processing controls, and output controls.c. Physical controls, segregation of duties, and accounting
Which of the following components is considered the foundation of the internal controls established by an organization?a. Control activities.b. Monitoring.c. The control environment.d. The audit committee.
A corporate stockholder is entitled to which of the following rights?a. Elect officers.b. Receive annual dividends.c. Approve dissolution.d. Prevent corporate borrowing.
Which of the following is correct pertaining to the rights of stockholders in a corporation?a. Stockholders have no right to manage their corporation unless they are also directors or officers.b. Stockholders have a right to receive dividends.c. Stockholders have no right to inspect the books and
To which of the following rights is a stockholder of a public corporation entitled?a. The right to have annual dividends declared and paid.b. The right to vote for the election of officers.c. The right to a reasonable inspection of corporate records.d. The right to have the corporation issue a new
According to the Sarbanes-Oxley Act of 2002, which of the following statements is correct regarding an issuer’s audit committee financial expert?a. The issuer’s current outside CPA firm’s audit partner must be the audit committee financial expert.b. If an issuer does not have an audit
Which of the following divisions of the SEC reviews corporate filings?a. The Office of the Chief Accountant.b. The Division of Enforcement.c. The Division of Corporate Disclosure.d. The Division of Corporate Finance.
Securities analysts act as one form of monitoring device from a corporate governance standpoint. What is a limitation that is often identified when considering the effectiveness of securities analysts in this regard?a. Conflicts of interest.b. Lack of competence.c. Use of only nonfinancial
An important corporate governance mechanism is the internal audit function. For good corporate governance, the chief internal audit executive should have direct communication to the audit committee and report toa. The chief financial officer.b. The chief executive officer.c. The controller.d. The
Which of the following is most effective as an external monitoring device for a publicly held corporation than the others?a. Internal auditors.b. External auditors.c. The SEC.d. Attorneys.
Which of the following is not a requirement of the Wall Street Reform and Consumer Protection (Dodd-Frank) Act for publicly held corporations registered with the SEC?a. If it is decided that the CEO should also be appointed chairman of the board, the corporation must disclose why this decision was
Which of the following is not a statutory requirement regarding the committees of the board of directors of publicly held corporations registered with the SEC?a. All members of the compensation committee must be independent.b. At least one member of the compensation committee must be a
The Sarbanes-Oxley Act provides that at least one member of the audit committee should bea. Independent.b. The chief financial officer of the company.c. A financial expert.d. A CPA.
Which of the following does not act as an external corporate governance mechanism?a. External auditors.b. The SEC.c. Credit analysts.d. Independent boards of directors.
Which of the following is not a requirement of the New York Stock Exchange regarding corporate governance of companies listed on the exchange?a. Have a majority of independent directors of the corporate board.b. Adopt and make publicly available a code of conduct.c. Prohibit the chief financial
Which of the following is a legal rule that prevents directors from being held liable for making bad decisions if they act with good faith, loyalty, and due care?a. The good faith rule.b. The business judgment rule.c. The due care rule.d. The director liability rule.
Which of the following is not a duty that is typically reserved for the board of directors of a corporation?a. Selection and removal of the chief executive officer.b. Determining executive compensation.c. Amending the articles of incorporation.d. Decisions regarding declaration of dividends.
Which of the following forms of compensation would encourage management to take on excessive risk?a. A fixed salary.b. A salary and bonuses based on current period net income.c. A salary plus stock options that cannot be exercised for 10 years.d. A salary plus restricted stock.
Which of the following forms of compensation would most likely align management’s behavior with the interests of the shareholders?a. A fixed salary.b. A salary plus a bonus based on current period net income.c. A salary plus stock options that cannot be exercised for 10 years.d. A salary plus
The articles of incorporation and bylaws of a corporation serve as a basis for the governance structure of a corporation. Which of the following items are normally included in the bylaws of the corporation as opposed to the articles of incorporation?a. Purpose of the corporation.b. Number of
Which of the following best identifies the reason that effective corporate governance is important?a. The separation of ownership from management.b. The goal of profit maximization.c. Excess management compensation.d. Lack of oversight by boards of directors.
With regard to unrelated business income of an exempt organization, which one of the following statements is true?a. If an exempt organization has any unrelated business income, such organization automatically forfeits its exempt status for the particular year in which such income was earned.b.
If an exempt organization is a charitable trust, then unrelated business income isa. Not subject to tax.b. Taxed at rates applicable to corporations.c. Subject to tax even if such income is less than$1,000.d. Subject to tax only for the amount of such income in excess of $1,000.
An incorporated exempt organization subject to tax on its 2010 unrelated business incomea. Must make estimated tax payments if its tax can reasonably be expected to be $100 or more.b. Must comply with the Code provisions regarding installment payments of estimated income tax by corporations.c. Must
Which of the following statements is correct regarding the unrelated business income of exempt organizations?a. If an exempt organization has any unrelated business income, it may result in the loss of the organization’s exempt status.b. Unrelated business income relates to the performance of
During 2010, Help, Inc., an exempt organization, derived income of $15,000 from conducting bingo games.Conducting bingo games is legal in Help’s locality and is confined to exempt organizations in Help’s state. Which of the following statements is true regarding this income?a. The entire
If an exempt organization is a corporation, the tax on unrelated business taxable income isa. Computed at corporate income tax rates.b. Computed at rates applicable to trusts.c. Credited against the tax on recognized capital gains.d. Abated.
Which of the following activities regularly carried out by an exempt organization will not result in unrelated business income?a. The sale of laundry services by an exempt hospital to other hospitals.b. The sale of heavy-duty appliances to senior citizens by an exempt senior citizen’s center.c.
Which one of the following statements is correct with regard to unrelated business income of an exempt organization?a. An exempt organization that earns any unrelated business income in excess of $100,000 during a particular year will lose its exempt status for that particular year.b. An exempt
An organization that operates for the prevention of cruelty to animals will fail to meet the operational test to qualify as an exempt organization if The organization engages in insubstantial nonexempt activities The organization directly participates in any political campaigna. Yes Yesb. Yes Noc.
Which of the following activities regularly conducted by a tax-exempt organization will result in unrelated business income?I. Selling articles made by handicapped persons as part of their rehabilitation, when the organization is involved exclusively in their rehabilitation.II. Operating a grocery
The organizational test to qualify a public service charitable entity as tax-exempt requires the articles of organization to I. Limit the purpose of the entity to the charitable purpose.II. State that an information return should be filed annually with the Internal Revenue Service.a. I only.b. II
Hope is a tax-exempt religious organization. Which of the following activities is(are) consistent with Hope’s taxexempt status?I. Conducting weekend retreats for business organizations.II. Providing traditional burial services that maintain the religious beliefs of its members.a. I only.b. II
To qualify as an exempt organization,a. A written application need not be filed if no applicable official form is provided.b. No employee of the organization is permitted to receive compensation in excess of $100,000 per year.c. The applicant must be of a type specifically identified as one of the
To qualify as an exempt organization, the applicanta. Must fall into one of the specific classes upon which exemption is conferred by the Internal Revenue Code.b. Cannot, under any circumstances, be a foreign corporation.c. Cannot, under any circumstances, engage in lobbying activities.d. Cannot be
Which one of the following statements is correct with regard to exempt organizations?a. An organization is automatically exempt from tax merely by meeting the statutory requirements for exemptions.b. Exempt organizations that are required to file annual information returns must disclose the
An organization wishing to qualify as an exempt organizationa. Is prohibited from issuing capital stock.b. Is limited to three prohibited transactions a year.c. Must not have non-US citizens on its governing board.d. Must be of a type specifically identified as one of the classes on which exemption
A condominium management association wishing to be treated as a homeowners association and to qualify as an exempt organization for a particular yeara. Need not file a formal election.b. Must file an election as of the date the association was organized.c. Must file an election at the beginning of
The filing of a return covering unrelated business incomea. Is required of all exempt organizations having at least $1,000 of unrelated business taxable income for the year.b. Relieves the organization of having to file a separate annual information return.c. Is not necessary if all of the
Carita Fund, organized and operated exclusively for charitable purposes, provides insurance coverage, at amounts substantially below cost, to exempt organizations involved in the prevention of cruelty to children. Carita’s insurance activities area. Exempt from tax.b. Treated as unrelated
To qualify as an exempt organization, the applicanta. May be organized and operated for the primary purpose of carrying on a business for profit, provided that all of the organization’s net earnings are turned over to one or more tax exempt organizations.b. Need not be specifically identified as
To qualify as an exempt organization other than a church or an employees’ qualified pension or profit-sharing trust, the applicanta. Cannot operate under the “lodge system” under which payments are made to its members for sick benefits.b. Need not be specifically identified as one of the
Which of the following exempt organizations would be eligible to satisfy its annual filing requirement by filing Form 990-N (e-Postcard)?a. Church.b. Private foundation.c. An exempt organization with $20,000 of gross receipts.d. An exempt organization with $3,500 of gross income from an unrelated
The private foundation status of an exempt organization will terminate if ita. Becomes a public charity.b. Is a foreign corporation.c. Does not distribute all of its net assets to one or more public charities.d. Is governed by a charter that limits the organization’s exempt purposes.
For income tax purposes, the estate’s initial taxable period for a decedent who died on October 24a. May be either a calendar year, or a fiscal year beginning on the date of the decedent’s death.b. Must be a fiscal year beginning on the date of the decedent’s death.c. May be either a calendar
Astor, a cash-basis taxpayer, died on February 3. During the year, the estate’s executor made a distribution of$12,000 from estate income to Astor’s sole heir and adopted a calendar year to determine the estate’s taxable income.The following additional information pertains to the estate’s
On January 1, 2011, Carlt created a $300,000 trust that provided his mother with a lifetime income interest starting on January 1, 2011, with the remainder interest to go to his son. Carlt expressly retained the power to revoke both the income interest and the remainder interest at any time. Who
The charitable contribution deduction on an estate’s fiduciary income tax return is allowablea. If the decedent died intestate.b. To the extent of the same adjusted gross income limitation as that on an individual income tax return.c. Only if the decedent’s will specifically provides for the
An executor of a decedent’s estate that has only US citizens as beneficiaries is required to file a fiduciary income tax return, if the estate’s gross income for the year is at leasta. $ 400b. $ 500c. $ 600d. $1,000
Ordinary and necessary administration expenses paid by the fiduciary of an estate are deductiblea. Only on the fiduciary income tax return(Form 1041) and never on the federal estate tax return (Form 706).b. Only on the federal estate tax return and never on the fiduciary income tax return.c. On the
Which of the following fiduciary entities are required to use the calendar year as their taxable period for income tax purposes?Estates Trusts (except those that are tax exempt)a. Yes Yesb. No Noc. Yes Nod. No Yes
The 2011 standard deduction for a trust or an estate in the fiduciary income tax return isa. $0b. $650c. $750d. $800
A complex trust is a trust thata. Must distribute income currently, but is prohibited from distributing principal during the taxable year.b. Invests only in corporate securities and is prohibited from engaging in short-term transactions.c. Permits accumulation of current income, provides for
With regard to estimated income tax, estatesa. Must make quarterly estimated tax payments starting no later than the second quarter following the one in which the estate was established.b. Are exempt from paying estimated tax during the estate’s first two taxable years.c. Must make quarterly
A distribution to an estate’s sole beneficiary for the 2010 calendar year equaled $15,000, the amount currently required to be distributed by the will. The estate’s 2010 records were as follows:Estate income$40,000 Taxable interest Estate disbursements$34,000 Expenses attributable to taxable

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