Question $44($Mandatory$)(2$ points$)$

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How should the fresh start reorganization value normally be determined?

Question $44$ options:

As the sum of current replacement cost of the company's assets.

As the sum of the net realizable value of identifiable assets.

As the sum of the historical cost of net assets.

By discounting future cash flows for the entity that will emerge.

Question $46($Mandatory$)(2$ points$)$

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Management's Discussion and Analysis $($MD&A$),$ in the annual report to the SEC, addresses all of the following except: A$.$Ability of the company to generate cash necessary to meet its needs. B$.$Sources of long$-$term funding. C$.$Major commitments for capital expenditures. D$.$Major lines of business engaged in by the company.

Question $46$ options:

$1.$A

$3.$C

$4.$D

$2.$B

Question $47($Mandatory$)(1$ point$)$

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Which statement is true concerning unrealized gains in inventory transfers using the equity method?

Question $47$ options:

A The investee must defer upstream ending inventory profits.

B The investee must defer upstream beginning inventory profits

C The investor must defer downstream ending inventory profits.

E Both A and C is correct.

Question $48($Mandatory$)(2$ points$)$

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Requires each annual report of an issuer to contain an "internal control report", which shall:

$(1)$ state the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and

$(2)$ contain an assessment, as of the end of the issuer's fiscal year, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting. Each issuer's auditor shall attest to$,$ and report on$,$ the assessment made by the management of the issuer. An attestation made under this section shall be in accordance with standards for attestation engagements issued or adopted by the Board. An attestation engagement shall not be the subject of a separate engagement:

This is rule $202$ as it relates to Summary of Sarbanes$-$Oxley Act of $2002($ T or F$)???$

Question $48$ options:

F

T