PROFESSIONAL PROGRAM – Page 16

BCL – L1 – SA – Q27 – Contract Law

Which contracts fall under the statute of frauds?

Question

In most states the following types of contracts are within the statute of frauds:
A Contracts for the sale of an interest in personal property.
B Contracts that can be performed within a year from the date of their formation.
C Contracts for the sale of goods.
D Contracts for the sale of goods for a price of $500 or more.

Answer

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Tags: Contract Law, Sale of Goods, Statute of Frauds, UCC
Level: Level 1

Topic: Contract Law

AA – L2 – SA – Q3.5 – Audit Documentation Reasons

True/false on reasons for audit documentation.

Question

Regarding the reasons for preparing audit documentation, select whether each of the following statements are true or false.

To retain a record of matters of continuing significance to future audits
A True
B False
To provide evidence of audit work carried out in the event of a legal dispute
C True
D False
To enable an experienced auditor to carry out engagement quality reviews
E True
F False

Answer

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Tags: Audit Documentation, Evidence, ICAG, Quality Review
Level: Level 2

Topic: Audit and Assurance Evidence

AA – L2 – SA – Q3.4 – Audit Risk Definition

Best description of audit risk.

Question

Which of the following best describes audit risk?

A That the audit will not be completed in time

B That the client will wish to propose the removal of the auditor

C That the auditor will not have sufficient senior staff available

D That the auditor will give the wrong opinion in his report

Answer

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Tags: Audit Documentation, Evidence, ICAG, Quality Review
Level: Level 2

Topic: Audit and Assurance Evidence

BCL – L1 – SA – Q25 – Sources of Law

What is the body of law establishing rights between persons and providing redress?

Question

The body of law which establishes rights between persons and provides for redress for violation of those rights is known as:

A Criminal Law.

B Civil Law.

C The Uniform Commercial Code.

D Stare decisis

Answer

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Tags: Civil Law, Redress, Rights, Sources of Law
Level: Level 1

Topic: Sources of Law

BCL – L1 – SA – Q24 – Contract Law

Back-Talk offers to sell servers to Gatekeeper, who requests faster delivery. Is there a contract?

Question

On May 1, Back-Talk Computer Store offered to sell five (5) computer servers to Gatekeeper Company for $5,000.00 each, delivery to be on May 30. Later that day (May 1), Gatekeeper responded that it would buy the computers only if they were delivered within three business days. Back-Talk notified Gatekeeper the next day, May 2, that it would not be able to deliver the goods within the time requested by Gatekeeper. Which of the following is true regarding Back-Talk’s offer?

A There is no contract between Back-Talk and Gatekeeper.

B Gatekeeper’s additional term became part of the contract, so Back-Talk is obligated to deliver the goods within three business days.

C Back-Talk’s offer was accepted by Gatekeeper.

D Gatekeeper may later accept Back-Talk’s May 1 offer if it is then willing to accept delivery in four weeks.

Answer

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Tags: Acceptance, Contract Law, Counteroffer, Offer, UCC
Level: Level 1

Topic: Contract Law

BCL – L1 – SA – Q23 – Tort

When does strict product liability apply to defective and dangerous products?

Question

Under which of the following situations does strict product liability apply?

A Sale of a defective and unreasonably dangerous product.

B Manufacture of a defective and unreasonably dangerous product.

C Both (a) and (b) are correct.

D Neither (a) nor (b) are correct.

Answer

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Tags: Defective Product, Manufacture, Sale, Strict Product Liability, Tort
Level: Level 1

Topic: Tort

AA – L2 – SA – Q3.3 – IESBA Ethical Principles

Non-fundamental principle in IESBA Code of Ethics.

Question

Which of the following is not one of the stated fundamental principles of the IESBA International Code of Ethics for Professional Accountants?

A Professional care

B Confidentiality

C Integrity

D Objectivity

Answer

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Tags: Ethical Principles, ICAG, IESBA, Professional Ethics
Level: Level 2

Topic: Professional and Ethical Considerations

BCL – L1 – SA – Q22 – Tort

Bill sues Ajax Minimart for dead insects in a Sipep can. What must he prove in strict product liability?

Question

Bill purchased a can of Sipep from the Ajax Minimart. After he finished drinking the Sipep, Bill noticed that the can contained dead insects stuck on the inside bottom of the can. In a strict product liability tort action against Ajax, Bill must prove, among other things, that:

A Ajax is a merchant selling Sipep.

B Ajax knew or should have known of the defective condition.

C Ajax had prior notice of other similar problems with Sipep products.

D Ajax placed the dead insects into the can.

Answer

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Tags: Defective Product, Merchant, Strict Product Liability, Tort
Level: Level 1

Topic: Tort

BCL – L1 – SA – Q21 – Contract Law

Sammy sues Larry for non-payment of $400 for a car after 8 years. Is the contract enforceable?

Question

Sammy agreed to sell, and Larry agreed to buy Sammy’s car for $400, payable upon delivery. Sammy delivered and left the car with Larry. However, Larry failed to pay Sammy the $400. After eight years had passed following the delivery and acceptance of the car by Larry, Sammy sued Larry in state court for failure to pay him the $400. Based only on the above stated facts, which of the following statement is most accurate? Assume the UCC applies and the statute of limitations for oral contracts is two years and for written contracts is four years.

A No contract was ever created between Sammy and Larry.

B A contract was created but likely not enforceable because the statute of limitations has expired.

C A contract was created, but it is only enforceable if it is in writing.

D A contract was created and is enforceable.

Answer

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Tags: Breach of Contract, Contract Law, Enforceability, Statute of Limitations, UCC
Level: Level 1

Topic: Contract Law

AA – L2 – SA – Q3.2 – ISSAI Issuer

Organization that issues ISSAIs.

Question

ISSAIs are issued by the:

A PEFA

B International Public Sector Accounting Standards Board

C International Organization of Supreme Audit Institutions

D Westland Audit Service

Answer

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Tags: ICAG, ISSAI, Public Sector Auditing, Standard-Setting
Level: Level 2

Topic: Institutional Regulation and Standard-Setting

Program (SQ): PROFESSIONAL PROGRAM

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BCL – L1 – SA – Q27 – Contract Law

Which contracts fall under the statute of frauds?

AA – L2 – SA – Q3.5 – Audit Documentation Reasons

True/false on reasons for audit documentation.

AA – L2 – SA – Q3.4 – Audit Risk Definition

Best description of audit risk.

BCL – L1 – SA – Q25 – Sources of Law

What is the body of law establishing rights between persons and providing redress?

BCL – L1 – SA – Q24 – Contract Law

Back-Talk offers to sell servers to Gatekeeper, who requests faster delivery. Is there a contract?

BCL – L1 – SA – Q23 – Tort

When does strict product liability apply to defective and dangerous products?

AA – L2 – SA – Q3.3 – IESBA Ethical Principles

Non-fundamental principle in IESBA Code of Ethics.

BCL – L1 – SA – Q22 – Tort

Bill sues Ajax Minimart for dead insects in a Sipep can. What must he prove in strict product liability?

BCL – L1 – SA – Q21 – Contract Law

Sammy sues Larry for non-payment of $400 for a car after 8 years. Is the contract enforceable?

AA – L2 – SA – Q3.2 – ISSAI Issuer

Organization that issues ISSAIs.

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