REG模拟练习四12401.pdf

财经网络教育领导品牌_高顿网校 All Rights Reserved版权所有 复制必究1AICPA考试REG模拟练习四1.Cox engaged Datz as her agent.It was mutually agreed that Datz would not disclose thathe was acting as Coxs agent.Instead he was to deal with prospective customers as if he werea principal acting on his own behalf.This he did,and he made several contracts for Cox.Assuming Cox,Datz,or the customer seeks to avoid liability on one of the contracts involved,which of the following statements is correct?A.Cox must ratify the Datz contracts in order to be held liable.B.Datz has no liability once he discloses that Cox was the real principal.C.The third party can avoid liability because he believed he was dealing with Datz as theprincipal.D.The third party may choose to hold either Datz or Cox liable.【答案】D【解析】D is correct.When the principals identity is not disclosed,the agent is liable for thecontract to the third party.Once the principals identity is discovered by the third party,shemay choose to hold either the principal or agent liable.A is incorrect.There is no requirement that the undisclosed principal must ratify theauthorized acts of the agent to be held liable.The undisclosed principal will be liable for allauthorized acts of the agent.B in incorrect.An agent who enters into a contract for an undisclosed principal(i.e.,onewhose existence and identity are not revealed at the time the contract is made)is personallyliable on the contract he makes with a third party,because as far as the third party knows,hewas dealing only with the agent.Once the principal is disclosed,the third party has the optionof choosing to hold liable either the principal or the agent.C is incorrect.This is sometimes true,but only if the nondisclosure was equivalent to fraud(e.g.,if the third party had already indicated he would not deal with the principal).Here wehave no facts making the nondisclosure of the principals identity equivalent to fraud.2.If a manufacturer assigns 90%of its accounts receivable to a factor,perfection may beaccomplished by:Filing afinancingPossession Attachmentstatement财经网络教育领导品牌_高顿网校 All Rights Reserved版权所有 复制必究2A.Yes Yes NoB.Yes No NoC.No No yesD.no yes No【答案】B【解析】B is correct.A security interest in accounts may be perfected by filing.it may not beperfected through possession because an account is an intangible that cannot be possessed.Neitheris a security interest in an account perfected automatically upon attachment unless theassignment is a small scale assignment.Here,90%of the manufacturers accounts wereassigned.This would not be considered a small scale assignment.3.Which of the following defenses will release a gratuitous surety from liability to a creditor?A.Fraud by the debtor which induced the surety to enter into the contract and the creditor wasunaware of the fraud.B.Release of the principal debtors obligation by the creditor but with the reservation of thecreditors rights against the surety.C.Filing of an involuntary petition in bankruptcy against the principal debtor.D.the creditor and debtor enter into a binding agreement to extend the debtors time forpayment without the suretys consent.【答案】D【解析】D is correct.A gratuitous surety will be released when the creditor commits fraud,whenthere is duress or breach,when the surety lacks capacity or goes bankrupt,or when there is amaterial change(e.g.,an extension of time)without the suretys consent.(Note:acompensated surety would be released only to the extent harmed.)A is incorrect.The creditor does not trust the debtor(for whatever reason)to pay back theloan.That is the creditors reason for requiring the surety.In this case,the debtor wasdishonest.It is the responsibility of the surety to know the character of who they are signingon with.The surety will remain liable to the creditor and will have to bring an action againstthe debtor for the fraud.B is incorrect.Release of the debtor does not release a gratuitous surety if the creditorreserves the right to pursue the surety.The surety will have recourse against the debtordirectly for reimbursement.C is incorrect.The creditor understands that the debtor may be a bad credit risk,including thepossibility of a bankruptcy by the debtor.Hence the reason for the surety.The debtors财经网络教育领导品牌_高顿网校 All Rights Reserved版权所有 复制必究3bankruptcy,whether voluntary or involuntary,does not release the surety from theobligation.4.Shelley celebrates her eighteenth birthday and decides that she no longer wishes to keepa car that she bought when she was seventeen.Her right to disaffirm will depend on whether:A.She has destroyed the car.B.The car salesman cancels the contract.C.She acts within a reasonable period time after reaching the age of majority.D.None of the above.【答案】C【解析】C is correct.A minor can effectively disaffirm a contract up until the time of her 18thbirthday and shortly thereafter.Up until that time.a minor is without capacity for contracts notinvolving necessities.A is incorrect.A minor may disaffirm a contract even if the subject matter of the contract hasbeen destroyed.B is incorrect.Except in the case of contracts for the necessities of life,a minor has the optionto disaffirm the contract before reaching the age of majority(18 in most states)and for ashort time thereafter.The right to cancel is with the minor and does not depend on the otherpartys consent.D is incorrect because a minor can effectively disaffirm a contract up until the time of her 18thbirthday and shortly thereafter.5.Burns Corp.has been a calendar-year S corporation since its inception on January 2,Year1.On January 1,Year 5,Bob and Larry each owned 50%of the Burns stock,in which theirrespective tax bases were$15,000 and$12,000.For the year ended December 31,Year 5,Burns had$78,000 in ordinary business income and$8,000 in tax-exempt income.Burnsmade a$47,000 cash distribution to each shareholder on December 31,Year 5.What wasBobs tax basis in Burns after the distribution?A.$19,000B.$7,000C.$15,000D.$11,000【答案】D【解析】D is correct.Bobs basis is calculated as follows:财经网络教育领导品牌_高顿网校 All Rights Reserved版权所有 复制必究4Beginning Basis$15,000Add:Share of ordinary income 39,000Share of tax-exempt income 4,000Subtotal 58,000Less:Distribution Ending Basis$11,000Note:The basis of S corporation stock is adjusted for undistributed earnings,includingtax-exempt income,and for any distributions,just as it would in a partnership.A is incorrect.The S corporations ordinary income and distributions affect the shareholders basis in an S corporation.This answer would result by only taking into account theshareholders share of the tax-exempt income.B is incorrect.This option would be the result if Bobs share of the tax-exempt income had notbeen included.C is incorrect.Bobs basis must be adjusted for the yearly activity in the S corporation,including any distributions made to him.参与AICPA的考生可按照复习计划有效进行，另外高顿网校官网考试辅导高清课程已经开通，还可索取证券考试通关宝典，针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升备考效果。更多详情可登录高顿网校官网进行咨询，也欢迎您关注我们的官方微信（微信号：gaodunaicpa）。