2015年美国注册会计师《审计与鉴证》冲刺题(6)

　　1.An auditor uses the knowledge provided by the understanding of internal control and the final assessed risk of material misstatement primarily to determine the nature, timing, and extent of the:

　　a. Tests of controls.

　　b. Attribute tests.

　　c. Substantive tests.

　　d. Compliance tests.

　　Explanation

　　Choice "c" is correct. An auditor uses the knowledge provided by the understanding of internal control and the final assessed risk of material misstatement primarily to determine the nature, timing, and extent of the substantive tests to be performed.

　　Choices "b", "d", and "a" are incorrect. Attribute tests, compliance tests, and tests of controls are all tests that assist the auditor in assessing control risk and determining the final assessed risk of material misstatement, not the other way around.

　　2.Which one of the following types of organizations qualifies as an organization exempt from income tax?

　　a. An "action" organization established for the purpose of influencing legislation pertaining to protection of animal rights.

　　b. An organization whose purpose is to foster national or international amateur sports competition by providing athletic facilities and equipment.

　　c. A social club organized and operated exclusively for the pleasure and recreation of its members, supported solely by membership fees, dues, and assessments.

　　d. All "feeder" organizations, primarily conducting business for profit, but distributing 100% of their profits to organizations exempt from income tax.

　　答案：C

　　Explanation

　　Choice "c" is correct. A social club organized and operated exclusively for the pleasure and recreation of its members, supported "solely" by membership fees, dues, and assessments is exempt from income tax.

　　Choice "a" is incorrect. An "action" organization may lose its exempt status due to excessive lobbying. "Excess lobbying expenditures" are defined as the greater of the excess of lobbying expenditures over the lobbying nontaxable amount, or the excess of grass roots expenditures over 25% of the lobbying nontaxable amount.

　　Choice "d" is incorrect. An organization operated primarily for the purpose of carrying out a trade or business for profit cannot claim tax exemption on the ground that all its profits are payable to exempt organizations. It must rely on its own activities of an exempt nature to gain tax exemption. A feeder organization is taxable on its entire income, not just the portion it designates as its unrelated business income.

　　Choice "b" is incorrect. An organization whose purpose is to foster national or international amateur sports competition may qualify as an exempt organization only if none of its activities involve the providing of athletic facilities or equipment.

　　3.With regard to unrelated business income of an exempt organization, which one of the following statements is correct?

　　a. An exempt organization is not taxed on unrelated business income of less than $1,000.

　　b. 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.

　　c. An unrelated trade or business activity that results in a loss is excluded from the definition of unrelated business.

　　d. The tax on unrelated business income can be imposed even if the unrelated business activity is intermittent and is carried on once a year.

　　答案：A

　　Explanation

　　Choice "a" is correct. An exempt organization is not taxed on unrelated business income of less than $1,000.

　　Choice "c" is incorrect. Unrelated business taxable income is the gross income from any unrelated trade or business "regularly" carried on, minus business deductions directly connected therewith. If expenses exceed income, a net operating loss occurs, which is subject to the carryback and carryover provisions of net operating losses.

　　Choice "d" is incorrect. The tax on unrelated business income is not imposed if the unrelated business activity is intermittent and is carried on once a year. Unrelated business taxable income must be derived from an activity that constitutes a trade or business that is regularly carried on and is not substantially related to the organization\'s tax-exempt purpose.

　　Choice "b" is incorrect. No such $100,000 rule exists.

　　4.Salud Welfare Associates is an exempt organization that operates under a corporate charter granted by the state in which Salud\'s principal office is located. Salud\'s tax on unrelated business taxable income is:

　　a. Computed at rates applicable to trusts.

　　b. Credited against the tax on recognized gains.

　　c. Computed at corporate income tax rates.

　　d. Abated.

　　答案：A

　　Explanation

　　Rule: Unless the organization is taxable as a trust, its unrelated business taxable income is subject to regular corporate taxes.

　　Choice "c" is correct. Salud\'s tax on unrelated business taxable income is computed at corporate income tax rates.

　　Choices "d", "b", and "a" are incorrect, per the above explanation.