...Becker CPA Review, PassMaster Questions Lecture: Regulation 7 CPA PassMaster Questions–Regulation 7 Export Date: 10/30/08 1 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. Becker CPA Review, PassMaster Questions Lecture: Regulation 7 Agency CPA-01299 Type1 M/C A-D Corr Ans: C PM#1 R 7-01 1. CPA-01299 Lw R02 #5 Page 12 Lee repairs high-speed looms for Sew Corp., a clothing manufacturer. Which of the following circumstances best indicates that Lee is an employee of Sew and not an independent contractor? a. b. c. d. Lee's work is not supervised by Sew personnel. Lee's tools are owned by Lee. Lee is paid weekly by Sew. Lee's work requires a high degree of technical skill. CPA-01299 Explanation Choice "c" is correct. A clear example of an employee is one who works full time for the employer, uses the employer's tools, is compensated on a time basis, and is subject to supervision of the employer in the details of the work. A clear example of an independent contractor is one who has a calling of his own, who uses his own tools, is hired for a particular job, is paid a given amount for the job, and follows his own discretion. Thus, payment on a weekly basis is an indication that a person is an employee rather than an independent contractor. Choice "a" is incorrect. If Lee's work is not supervised by Sew's personnel, per the above, that would be an indication of independent contractor status. Choice "b" is incorrect. Per the above, Lee's...
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...advance further. Not only do others respect and admire your Accounting education, “CPAs achieve a level of expertise and proficiency beyond that of a “standard” accountant-proudly earning them the designation of CPA” (NASBA). While preparing for the CPA exam, you further your accounting knowledge with extensive studying of vigorous material. In addition to prestige and respect, by becoming a CPA, you stand out to potential employers. Earning your CPA proves you have the commitment to your career and will help your career advancements as well as job security. CPAs have a variety of talents that many businesses look for. Many prospective employers are interested in individuals who have knowledge in Auditing, International Financial Reporting, and Tax Advisory Services, which are all topics that are tested on the CPA exam. The CPA exam tests on IFRS and GAAP which will help enhance your knowledge in international accounting. The U.S. is in motion to prepare to adopt IFRS and this extensive knowledge will help you prepare for growing globalization and a move towards IFRS. Holding the title of CPA, coupled with international accounting knowledge, almost guarantees a higher salary. According to the 2009 Robert Half Salary Guide, a CPA license can mean a different of 10% between them and their non-licensed peers (NASBA). Furthermore, there are many unique privileges and opportunities that are available to CPAs like signing audit opinions, working for the FBI, financial consultancy, or providing...
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...THE UNIFORM TEXAS CPA EXAMINATION: REQUIREMENTS AND PROCESS Prepared for Dr. Newman by Stefanie Chen October 19, 2015 CONTENTS EXECUTIVE SUMMARY……………………………………………………………………..ii INTRODUCTION…………………………………………………………………………........1 REQUIREMENTS TO APPLY FOR AND SIT FOR THE TEXAS CPA EXAM…….............1 Moral character………………………………………………………………………….1 Degrees&150 hours…………………………………………………………………......2 Accounting, business, and ethics courses…………………………………………….....2 FOUR SECTIONS AND TEST STRUCTURES………………………………………….........5 Coverage and structure………………………………………………………………….5 THE RULES, TESTING WINDOWS, AND SITES……………………………………...........6 Rules…………………………………………………………………………………….6 Testing window………………………………………………………………………….6 Testing center……………………………………………………………………………6 PREPARE FOR AND TAKE THE UNIFORM CPA Exam…………………………………….7 Courses and options……………………………………………………………………...8 Taking the Uniform CPA Exam under rules…………………………………………….9 Receiving scores…………………………………………………………………………9 ADDITIONAL REQUIREMENT FOR TEXAS CPA…………………………………...........10 Submit a licensure application…………………………………………………………10 Ethics exam……………………………………………………………………………..10 Work experience in Texas……………………………………………………………...10 BENEFITS TO BECOME A TEXAS CPA…………………………………………………..11 CONCLUSIONS……………………………………………………………………………….11 WORKS CITED…………………………………………………………………………….....11 EXHIBITS AND NOTES……………………………………………………………………...12 APPENDIXES…………………………………………………………………………………17 Appendix 1-Application of Intent…………………………………………………...
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...BECOMING A TEXAS CPA TABLE OF CONTENTS EXECUTIVE SUMMARY ………………………………………………………………......i INTRODUCTION ……………………………………………………………………….…...1 BECOMING A TEXAS CPA ………………………………………………………………..1 TEXAS UNIFORM CPA EXAM ………….…………………………………………….…..1 Requirements and Application to Sit ...……………….………………….……….…..1 Topics and Structure …………………………….……………………………………3 Rules, Testing Windows, and Sites ………….……………………………………….4 CPA EXAM PREPARATION ………………….……………………………………………4 ADDITIONAL REQUIREMENTS …………….……………………………………………5 CONCLUSION ………………………………………………………………………………5 APPENDIX A ...………………………………………………………………………….…..6 BIBLIOGRAPHY ......………………………………………………………………………..7 EXECUTIVE SUMMARY This report provides the requirements and steps to become a Certified Public Accountant (CPA) in Texas. In addition, it addresses the requirements to apply for and sit for the Texas Uniform CPA Exam, which details the topics covered and the structure of the exam. The report presents the rules, sites, and testing windows under which the exam can be taken. It also discusses the resources available in preparation for the exam. Finally, it includes the additional requirements to become a Texas CPA once a candidate passes the exam. The Texas State Boards of Accountancy determines the laws and rules for becoming a CPA in the state of Texas. The candidates who meet specific eligibility requirements will be issued certificates to practice public accountancy within the state. These requirements...
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...Public accountants work for individual clients and businesses to provide professional accounting services such as auditing financial statements and resolving tax issues. Accountants can provide advice on business matters such as the advantages of healthcare plans and compensation packages for employees. Public accountants in Texas must qualify for certification by meeting education and experience requirements and must pass the Texas Uniform CPA Exam. Therefore, the following paragraphs are discussion about the requirements sit for the Texas Uniform CPA Exam, the requirements to become a CPA in Texas, the topics the Texas Uniform CPA Exam covers, the testing windows for the Texas Uniform CPA Exam, and any other courses and issues that candidates have. To become a CPA in Texas, a candidate must be of good, moral character. In addition, a candidate must take and pass the Texas Uniform CPA Exam. Moreover, there are requirements to sit for the Texas Uniform CPA Exam. First, a candidate must hold a baccalaureate or higher degree from a board-recognized United States college or university, or an equivalent degree as determined by board rule from an institution of higher education in another country. For satisfying this requirement, a student must complete150 semester hours or quarter-hour equivalents of college credit.30 out of the 150 semester hours or quarter-hour equivalents described must be upper-level accounting courses from a board-recognized college or university, of which 15...
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...HOW TO BECOME A TEXAS CPA Prepared for Dr. Michael Newman By AMANDA LEOPOLD OCTOBER 21, 2015 CONTENTS EXECUTIVE SUMMARY…………………………………………………………………………………….……………….1 INTRODUCTION……………………………………………………………………………………………………….……….2 ELIGIBILITY REQUIREMENTS ………………………………………………………………………………….…………2 Education…………………………………………………………………………………………………………….2 Good Moral Character……………………..………………………………………………………………….3 UNIFORM CPA EXAMINATION ………………………………………………………………………………….…….3 Application & Fees…...………………………………………………………………………………………….3 Testing Windows ……..……………………..………………………………………………………………….4 Sections………………………..…………………………………………………………………………………….4 Study Prep Material.…………………………………………………………………………………………….5 OBTAINING THE CERTIFICATE …………………………………………………………………………………….…….5 CONCLUSION………………………………………………………………………………………………………………….…5 EXECUTIVE SUMMARY This report provides information about the steps required to become and maintain a Certified Public Accountant (CPA) license in the state of Texas. A CPA license in Texas is in great demand due to the fact Texas does not have a state income tax and many wealthy people move to Texas who require attention in estate planning and income tax. Under Texas law, an individual may not practice public accountancy unless they hold a certificate issued under Chapter 901 of the Public Accountancy Act. Included in this report are the following subjects: * The requirements and steps to become a Texas CPA. * Information regarding the...
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...These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. | Date Taken: | 11/15/2014 | Time Spent: | 3 h , 17 min , 15 secs | Points Received: | 75 / 75 (100%) | | Question Type: | # Of Questions: | # Correct: | Multiple Choice | 8 | 8 | Essay | 2 | N/A | | | Grade Details - All Questions | Question 1. | Question : | (TCO B) In which of the following situations may taxpayers file as married filing jointly? (Becker CPA Review Course) | | | Student Answer: | | Taxpayers who were married but lived apart during the year. | | | | Taxpayers who were married but lived under a legal separation agreement at the end of the year. | | | | Taxpayers who were divorced during the year. | | | | Taxpayers who were legally separated but lived together for the entire year. | | Instructor Explanation: | RULE: In order to file a joint return, the parties must be MARRIED at the end of the year. Exception: If the parties are married but are LEGALLY SEPARATED under the laws of the state in which they reside, they cannot file a joint return (they will file either under the single or head of household filing status). Choice "a" is correct. Per the above rule, taxpayers who are married but lived apart during the year are allowed to file a joint return for the year. The fact that they did not live together during the year has no bearing on...
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...2.6 case 1. E&Y officials believed that the CBI audits were high-risk engagements. Under what general circumstances should an audit firm choose not to accept a high-risk engagement? Auditing is riskier profession than people realize. Every time the auditor agree to take on an auditing engagement, it comes with potential risks: (1) The audit risk, which is defined as the risk auditor will make a mistake, such as failing to catch a significant error or misstatement on a balance sheet or other document. Possible signs of a high risk engagement include a company with complex transactions, lack of international control as well as the management’s dishonestly. (2) Client business risk, which is a potential client is foundering financially, or may even go out of business. Knowing the client's situation will let you anticipate the types of fraud or misstatement you might discover if you do take the job. If the client goes out of business or files for bankruptcy after the audit, it's also possible that creditors or investors will sue you, claiming you should have foreseen the problem in your audit. (3) And auditor business risk, which is the risk that you accept the wrong engagement. Even if the client’s not in financial difficulty, some engagements increase the chance of a lawsuit. [High risk audit engagement Vs. low risk audit engagement, by Fraser Sherman, Demand Media http://smallbusiness.chron.com/high-risk-audit-engagement-vs-low-risk-audit-engagement-25901.html ] If above...
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...London Public Library Group Case Assignment Presented to: Professor Sheldon Weatherstone, CPA, CA, CA-IT, MBA Managerial Accounting Information and Decisions MBA 5241 E 30th January 2013 Hassan Hamie - 6995905 Hassan Khalife - 4691514 Fakhar Hussain - 6665986 Saeid Matinfar - 6748629 TABLE OF CONTENTS I. II. Introduction...................................................................................................1 Analysis..........................................................................................................1 i. ii. iii. iv. Customer perspective.........................................................................2 Organizational perspective................................................................3 Internal processes perspective...........................................................4 Financial perspective..........................................................................5 III. Recommendations.........................................................................................6 Table of Graphs 1. Graph 1: Financial Perspective rate……………………………..…..…..7 2. Graph 2: Projects indices rates ……………………………………….…7 I. Introduction: The London Public Library (LPL) is the public library system of the city of London with 16 branches throughout the city. The new strategic challenge for LPL is competing with other organizations for public attention and time while delivering the best service levels possible...
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...WEEK 3 ASSIGNMENT 22.10 Holly Hill ltd v. Charter Bank Introduction: Holly Hill purchased land from Rogers and Blythe and they gave them a promissory note and mortgage. The note stated that note with interest is secured by a mortgage on real estate made by the maker in favor of said payee. The terms of said mortgage are by reference made a part hereof. Later on, Rogers and Blythe assigned the note and mortgage to Charter Bank to obtain a loan within a few months they defaulted on their loan obligation. Charter Bank sued Holly Hill to recover on the note and the mortgage. Legal Issue: Does the reference to the mortgage in the note cause it to be nonnegotiable? The Law: An instrument is not negotiable if it states that payment is conditional, the terms of the promise must be determinable form the face of the instrument. Therefor, if an instrument stated that it is subject to or governed by another agreement, it is not negotiable. Case Analysis: Holly Hill incorporated the terms of purchase money mortgage with their promissory note therefore, the note was non negotiable. As a result Charter was not a holder in due course and was subject to any defenses Holly Hills raised against other parties. 23.8 General Investment Corporation v. Angelini Introduction: Angelini entered into a contract with Lustro Inc. The contract was to replace exterior veneer on Angelini’s home with Gold Bond Avocado siding. They agreed to pay $ 5,363.40 installment...
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...future. I feel that my attention to detail and drive for success will help me strive within this niche. Not only that but with the knowledge I receive from my education I will be well rounded and more suited for the roll. I have not planned my trajectory on how I will obtain such a position but I feel that I would push to get a job as Managed Care Analyst once I get out of college and work my way up from there. Chief Financial Officers have not always had a role in the business world for it emerged in the 1970s and its job description has changed dramatically since then. Before the 2006-2007 recession the job of a CFO was easier and quite obtainable but since then there has been increased responsibility, greater scrutiny, more regulations and fewer resources. As a result of this recession the CFO is now the glue of the organization. The new more modern CFO is required to be good with numbers, be able to crunch them and then translate them so that they can be understood by individuals within the establishment. A crucial element of the position is being able to interact with business unit heads across the company. Previously CFOs main role was to make sure the institutions finances were in check, now they are required to discuss and advocate need for change, reinforce success within the company,...
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...always at stake. But, business sustainability depends on its financial performance and the people governing the business. And to measure whether companies are capable of handling potentially unexpected corporate risks, companies’ accounting transactions are reported through financial statements. These financial statements are the masterpieces of accountants who analyze the transactions and measure the financial stability of the company if they are sustainable enough to defray any business risks. However, in presenting these statements, some accountants may mislead owners or decision makers through financial mistatements which affect the business itself. Because of this accounting malpractice, it may cause to a major problem that will put CPAs into grave misconduct such as allegation of fraud and engangement in corporate accounting scandals. Accounting malpractice are affecting the businesses globally. It decays the economy of the country and slowly creeps into different industry until they are no longer outlive in the business world. In fact, the Report to the Nations on Occupational Fraud and Abuse in Asia-Pacific Region led by Wells (2010) found out that the Asia Pacific median has a loss that was significantly higher than the global median loss of $160,000 because of accounting malpractices. This report also added that 338 fraud cases that has been found on that Asia-pacific region wherein China has the most number of fraud cases and followed by India, Australia, Indonesia...
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...questionnaire. 28. So that you may continue to buy name brands at discount prices, we offer only store credit on returned merchandise. Conversational, Professional Tone 29. We're pleased that we will be able to participate in the Toys for Tots drive. 30. Your shipment was sent August 14. 31. Hi, Jeff: Please persuade Ramona to take over the budget preparation. 32. By the way, Danika was upset when the manager accused her of stealing office supplies. She may quit. 33. He didn’t have the nerve to criticize her to her face. 34. Employees changing their health plans must do so before November 1. Positive and Courteous Language 35. Employees may use instant messaging as soon as a company policy is established. 36. As soon as our CPA confirms that your work is complete, we will authorize payment of your consultant’s fees. 37. With full community support, plans for the new health center can move forward. 38. Please record my October 3 payment of $359.50...
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...Enron Case 10.8.2014 Melissa Becker Boya Du Sidi (Fiona) Chen Wei (David) Yu In June of 2001 Enron’s new CEO, Jeff Skilling, was heralded as the “No. 1 CEO in the entire country and Enron was saluted as “America’s most innovated company.” Just six months later, in December, Enron filed for bankruptcy. The failure shocked the public and angered investors. How could this have happened? Did no one see this coming? Where were the accountants? Where were the controls? Enron’s public troubles began on October 16th of 2001 when management released a third quarter earnings report with a “mysterious $1.2 billion dollar reduction.” The following month the company restated earnings for the previous five years and erased $600 million in profits. It turned out that the October report began to reveal Enron’s gross abuse of special-purpose entities (SPEs) and the mark-to-market accounting method. The company used SPEs to keep enormous amounts of losses off its books while inflating earnings from supply contracts by booking all profits from a contract in the quarter the deal was made. What also became clear was that Enron did not accomplish their gross manipulations without the help from their accountant’s at Arthur Andersen. Enron shareholders and executives were not the only groups negatively affected by Enron’s aggressive accounting practices. Arthur Andersen was also unraveled because of the role it played in Enron’s materially misstated financial statements. In a letter to...
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...Auditing and Assurance Services 14th Edition By Arens, Beasley and Elder– Test Bank Score A Grade In your Quizzes (Exams) Click Here to Purchase the Test Bank All 26 Chapters Quiz Answers Email me if there is any problem or if you need help with your other classes assignments, problems or quizzes. ewood6449@gmail.com Auditing and Assurance Services, 14e (Arens) Chapter 1 The Demand for Audit and Other Assurance Services Learning Objective 1-1 1) The Sarbanes-Oxley Act applies to which of the following companies? A) All companies. B) Privately held companies. C) Public companies. D) All public companies and privately held companies with assets greater than $500 million. Answer Terms: Sarbanes-Oxley Act Diff: Easy Objective: LO 1-1 AACSB: Reflective thinking skills Topic: SOX 2) Which of the following is considered audit evidence? A) Oral statements Written Auditor made by management Communications Observation Y N N B) Oral statements made by management N C) Oral statements made by management Y Written Communications Y Auditor Observation Y Written Communications Y Auditor Observation Y D) Oral statements made by management N Answer Terms: Audit evidence Diff: Moderate Objective: LO 1-1 AACSB: Reflective thinking skills Written Communications N Auditor Observation Y 3) Evidence is paramount to audit and attestation engagements. List the four basic types of audit evidence. 4) The criteria by which an auditor evaluates the information under audit may vary with...
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