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PREX-1060A Exam Dumps : Exam 4: Invigilated Theory Exam

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Exam 4: Invigilated Theory Exam Questions and Answers

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Question 1

Audited and unaudited statements provide the financial status of a business to potential buyers. What is the main difference between audited and unaudited financial statements?

Options:

A.

Unaudited financial statements are prepared by Chartered Professional Accountants; audited financial statements are prepared by senior Chartered Professional Accountants.

B.

Audited financial statements provide an accurate picture of the financial status of a business; unaudited financial statements may only contain partially reviewed information.

C.

Unaudited financial statements are prepared by accounting students; audited financial statements are completed by accountants who have received their professional designation.

D.

Audited financial statements comply with Generally Accepted Accounting Principles (GAAP); unaudited financial statements do not comply with GAAP.

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Question 2

If a property in Ontario is assessed and valued as farmland by the Municipal Property Assessment Corporation (MPAC), the farmer could receive a 75% tax reduction for municipal taxes if certain conditions are met. Which of the following describes a condition that must be met?

Options:

A.

They carry on a farming business generating a net profit of $100,000.

B.

They have a valid harmonized sales tax (HST) registration number under the Excise Tax Act.

C.

They are Canadian citizens or permanent residents of Canada.

D.

They submit the appropriate application semi-annually.

Question 3

A salesperson should know how to gather key information about a new commercial condominium, including the size of a unit. Which of the following sources of information should a salesperson rely on?

Options:

A.

A surveyor’s certificate for the unit

B.

An opinion from the seller's lawyer

C.

A sketch of the seller’s floor layout

D.

An opinion from the property manager

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