Question 24 Dana Solomon is a partner in a Santa Monica firm, Seidner & Wilner, CPAs. The firm has 25 professional staff. The firm prepared the audited financial statements of Hamilton, Inc., a publicly traded corporation, for the year ended December 31, 20X1 and issued its report on February 18, 20X2. Solomon was the lead partner in charge of the Hamilton audit for the year ended December 31, 20X1. Solomon has been offered a position as the CFO of Hamilton. Under the California Accountancy Act, what is the earliest date that Solomon may accept this position? January 1, 20X2 February 19, 20X3 January 1, 20X3 February 19, 20X2 Question 25 Rollins, a member, is a partner in the firm Lee & Hamels, CPAs. For many years, the firm has specialized in providing attest services to local municipalities and candidate campaign organizations. Rollins is considered by many an expert in this specialization. Utley, a member of the Citizen Party, is a client of the firm and wants to run for mayor of Philly City. Utley has asked Rollins to serve as treasurer of his campaign organization. Lee & Hamels also provides attest services to Philly City and the Citizen Party. Which of the following would possibly or definitely impair the firm's independence? I. Utley running for mayor of Philly City II. Rollins serving as treasurer of Utley's campaign organization III. Lee & Hamels providing attest services to The Citizen Party I only I and II II and III I, II, and III Question 26 Mal, a member, works part-time as a professional staff member for Alpha CPAs. Mal is also a part-time employee acting as the CFO of Dash, Inc. Which parts of the Code should Mal consult for guidance on ethics issues? I. Part 1 II. Part 2 III. Part 3 0000 I only II only I and II I and III
Question 24 Dana Solomon is a partner in a Santa Monica firm, Seidner & Wilner, CPAs. The firm has 25 professional staff. The firm prepared the audited financial statements of Hamilton, Inc., a publicly traded corporation, for the year ended December 31, 20X1 and issued its report on February 18, 20X2. Solomon was the lead partner in charge of the Hamilton audit for the year ended December 31, 20X1. Solomon has been offered a position as the CFO of Hamilton. Under the California Accountancy Act, what is the earliest date that Solomon may accept this position? January 1, 20X2 February 19, 20X3 January 1, 20X3 February 19, 20X2 Question 25 Rollins, a member, is a partner in the firm Lee & Hamels, CPAs. For many years, the firm has specialized in providing attest services to local municipalities and candidate campaign organizations. Rollins is considered by many an expert in this specialization. Utley, a member of the Citizen Party, is a client of the firm and wants to run for mayor of Philly City. Utley has asked Rollins to serve as treasurer of his campaign organization. Lee & Hamels also provides attest services to Philly City and the Citizen Party. Which of the following would possibly or definitely impair the firm's independence? I. Utley running for mayor of Philly City II. Rollins serving as treasurer of Utley's campaign organization III. Lee & Hamels providing attest services to The Citizen Party I only I and II II and III I, II, and III Question 26 Mal, a member, works part-time as a professional staff member for Alpha CPAs. Mal is also a part-time employee acting as the CFO of Dash, Inc. Which parts of the Code should Mal consult for guidance on ethics issues? I. Part 1 II. Part 2 III. Part 3 0000 I only II only I and II I and III
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question 24
Dana Solomon is a partner in a Santa Monica firm, Seidner & Wilner, CPAs. The firm
has 25 professional staff. The firm prepared the audited financial statements of
Hamilton, Inc., a publicly traded corporation, for the year ended December 31,
20X1 and issued its report on February 18, 20X2. Solomon was the lead partner in
charge of the Hamilton audit for the year ended December 31, 20X1. Solomon has
been offered a position as the CFO of Hamilton.
Under the California Accountancy Act, what is the earliest date that Solomon may
accept this position?
January 1, 20X2
February 19, 20X3
January 1, 20X3
February 19, 20X2
Question 25
Rollins, a member, is a partner in the firm Lee & Hamels, CPAs. For many years, the
firm has specialized in providing attest services to local municipalities and
candidate campaign organizations. Rollins is considered by many an expert in this
specialization. Utley, a member of the Citizen Party, is a client of the firm and wants
to run for mayor of Philly City. Utley has asked Rollins to serve as treasurer of his
campaign organization. Lee & Hamels also provides attest services to Philly City
and the Citizen Party.
Which of the following would possibly or definitely impair the firm's
independence?
I. Utley running for mayor of Philly City
II. Rollins serving as treasurer of Utley's campaign organization
III. Lee & Hamels providing attest services to The Citizen Party
I only
I and II
II and III
I, II, and III
Question 26
Mal, a member, works part-time as a professional staff member for Alpha CPAs. Mal
is also a part-time employee acting as the CFO of Dash, Inc.
Which parts of the Code should Mal consult for guidance on ethics issues?
I. Part 1
II. Part 2
III. Part 3
0000
I only
II only
I and II
I and III
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