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[15] An auditor's analysical procedures indicate a lower than expected retum on an equity method investment. This situation most likely could have been caused by A. An error in recording amortization of the excess of the investor's cost over the investments underlying carrying amount B. The investee's decision to reduce cash dividends declared per share of its common stock C. An unrealized loss from an increase in the fair value of available for sale debt securities was recorded by Crediting equity securities and debiting carmings. D. A substantial fluctuation in the price of the investee's common stock on a national stock exchange [16) in establishing the existence and ownership of an investment held by a corporation in the form of publicly traded stock, an auditor should inspect the securities or A. Obtain written representations from management confirming that the securities are properly classified as trading securities B. Inspect the audited financial statements of the investee company. C. Confirm the number of shares owned that are held by an independent custodian. D. Determine that the investment is carried at the lower of cost or market. [17] A client is holding securities as collateral for an outstanding account receivable. During the course of the audit engagement, the CPA should A. Verity that stle to the securities rests with the client. B. Determine that the amount recorded in the investment account is equal to the fair market value of the securities at the date of receipt C. Examine the securities and determine their fair value. D. Refer to independent sources to determine that recorded dividend income is proper. (18) in connection with an audit of the prepaid insurance account, which of the following procedures is usually not performed by the auditor? A. Recompute the portion of the premium that expired during the year. B. Prepare excerpts of insurance policies for audit documentation C. Confirm premium rates with an independent insurance broker. D. Examine support for premium payments [19] When auditing prepaid insurance, an auditor discovers that the original insurance policy on plant equipment is not available for inspection. The policy's absence most likely indicates the possibility of an) A. Insurance premium due but not recorded B. Deficiency in the coinsurance provision C. Lien on the plant equipment D. Understatement of insurance expense. A9 2020 Gleim Publications Inc. Chapter 10 part 3 4 [20] An auditor would most likely verify the interest eamed on bond investments by A. Verifying the receipt and deposit of interest checks. B. Confirming the bond interest rate with the issuer of the bonds. C. Recomputing the interesteamed on the basis of face amount interest rate, and period held. D. Testing internal controls relevant to cash receipts. [21] A company owns a 30% voting interest in another entity. Assuming the investor did not elect the fair value option, which of the following provides the best form of audit evidence pertaining to the annual measurement of the investment? A. Market quotations of the investee's stock. B. Current fair value of the investee's assets. C. Historical cost of the investee's assets. D. Audited financial statements of the investee. [22] in veritying the amount of goodwill recorded by a client in the current period, the most convincing evidence an auditor can obtain is by comparing the recorded amounts of assets acquired and liabilities assumed with the A Assessed values as evid [15] An auditor's analytical procedures indicate a lower than expected retum on an equity method investment. This situation most likely could have been caused by A. An error in recording amortization of the excess of the investor's cost over the investment's underlying carrying amount B. The investee's decision to reduce cash dividends declared per share of its common stock C. An unrealized loss from an increase in the fair value of available for sale debt securities was recorded by Crediting equity securities and debiting earnings D. A substantial fluctuation in the price of the investee's common stock on a national stock exchange [16] In establishing the existence and ownership of an investment held by a corporation in the form of publicly traded stock, an auditor should inspect the securities or A. Obtain written representations from management confirming that the securities are property classified as trading securities B. Inspect the audited financial statements of the investee company. C. Confirm the number of shares owned that are held by an independent custodian, D. Determine that the investment is carried at the lower of cost or market [17] A client is holding securities as collateral for an outstanding account receivable. During the course of the audit engagement, the CPA should A. Verity that life to the securities rests with the client B. Determine that the amount recorded in the investment account is equal to the fair market value of the securities at the date of receipt C. Examine the securities and determine their fair value. D. Refer to independent sources to determine that recorded dividend income is proper. [18] In connection with an audit of the prepaid insurance account, which of the following procedures is usually not performed by the auditor? A. Recompute the portion of the premium that expired during the year. B. Prepare excerpts of insurance policies for audit documentation C. Confirm premium rates with an independent insurance broker D. Examine support for premium payments [19When auditing prepaid insurance, an auditor discovers that the original insurance policy on plant equipment is not available for inspection. The policy's absence most likely indicates the possibility of an A Insurance premium due but not recorded B. Deficiency in the coinsurance provision C. Lien on the plant equipment D. Understatement of insurance expense 2020 Gleim Publications Inc. Chapter 10 part 3 4 [20] An auditor would most likely verify the interesteamed on bond investments by A. Verifying the receipt and deposit of interest checks B. Confirming the bond interest rate with the issue of the bonds. C. Recomputing the interest eared on the basis of face amount, interest rate and period held D. Testing internal controls relevant to cash receipts. [21] A company owns a 30% voting interest in another entity. Assuming the investor did not elect the fair value option, which of the following provides the best form of audit evidence pertaining to the annual measurement of the investment? A. Market quotations of the investee's stock. B. Current fair value of the investee's assets C. Historical cost of the investee's assets. D. Audied financial statements of the investee [22] In verifying the amount of goodwill recorded by a client in the current period. The most convincing evidence an auditor can obtain is by comparing the recorded amounts of assets acquired and abilities assumed with the A Assessed values as evidence