...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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...APPLICANTS FOR THE UNIFORM CPA EXAMINATION The Florida Board of Accountancy (Board) has engaged CPA Examination Services (CPAES), a division of the National Association of State Boards of Accountancy, Inc. (NASBA) for application registration and score reporting. Please read this information carefully before applying for the examination. APPLICATION FORMS All first-time applicants must submit an initial application directly to the Florida Board of Accountancy. Please visit the Florida Board of Accountancy website at www.myfloridalicense.com/dbpr/cpa/forms.html. Once applicants obtain approval from the Board, they are to contact the CPAES office at 800-CPA-EXAM or 615-880-4250 to register to sit for the Uniform CPA Examination. No application form is required to be submitted to CPAES. NOTICE: Applicants are considered "first-time" once they have been found eligible per Florida Board requirements and have contacted CPAES and registered for the examination. After this process, applicants are then considered a re-examination candidate regardless of the previous section(s) applied for, and are subject to the re-examination registration and examination fees. APPLICANTS WITH DISABILITIES For ADA modification consideration, all Florida candidates must contact the Florida Bureau of Education and Testing at (850) 487-9755. REGISTRATION PROCESS Once approved by the Board, first-time applicants may register online or by calling CPAES at 800-CPA-EXAM or 615-880-4250 using...
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...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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...The Indian Contract Act, 1872 is the law relating to Contracts in India. It came into force on September 1, 1872 and is extended to the whole of India except to the state of Jammu and Kashmir. The Indian Contract Act, 1872 initially also dealt with Sale of Goods, Indemnity and Guarantee, Law of Bailment, Agency and Partnership. However, in 1930, a separate Act on the Sale of Goods was passed. The Indian Partnership Act was passed in 1932. Interpretation of The Indian Contract Act, 1872 1. When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal; 2. When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted, becomes a promise; 3. The person making the proposal is called the "promisor", and the person accepting the proposal is called the "promisee"; 4. When, at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or to abstain from doing, something, such act or abstinence or promise is called a consideration for the promise; 5. Every promise and every set of promises, forming the consideration for each other, is an agreement; 6. Promises, which form the consideration or part, of the consideration for each other are called reciprocal promises; 7. An agreement...
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...Auditors * Review Questions 4-1 Several factors that have affected the increased number of lawsuits against CPAs are: 1. The growing awareness of the responsibilities of public accountants on the part of users of financial statements. 2. An increased consciousness on the part of the SEC regarding its responsibility for protecting investors’ interests. 3. The greater complexities of auditing and accounting due to the increasing size of businesses, the globalization of business, and the intricacies of business operations. 4. Society’s increasing acceptance of lawsuits. 5. Large civil court judgments against CPA firms, which have encouraged attorneys to provide legal services on a contingent fee basis. 6. The willingness of many CPA firms to settle their legal problems out of court. 7. The difficulty courts have in understanding and interpreting technical accounting and auditing matters. 4-2 The most important positive effects are the increased quality control by CPA firms that is likely to result from actual and potential lawsuits and the ability of injured parties to receive remuneration for their damages. Negative effects are the energy required to defend groundless cases and the harmful impact on the public’s image of the profession. Legal liability may also increase the cost of audits to society, by causing CPA firms to increase the evidence accumulated. 4-3 Business failure is the risk that a business will fail financially...
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...ACN N D I D AAET E BULLETIN BULLETIN INFORMATION FOR APPLICANTS INFORMATION FOR APPLICANTS June 2008 June 2012 UNIFORM CPA EXAMINATION CANDIDATE BULLETIN PREFACE This bulletin is intended for individuals who plan to take the Uniform Certified Public Accountant (CPA) Examination. The examination is fully computerized and offered via a network of test centers across the United States and its territories, as well as Japan, Latin America and the Middle East. Successful completion of the examination is one of the requirements for licensure by the 55 states and territories (jurisdictions) of the United States. In order to take the examination, you must be declared eligible by one of the jurisdictions. Each jurisdiction sets its own requirements for education, examination and experience. Since 1917, the Uniform CPA Examination has proven to be a highly valid and reliable measure of candidate abilities. This focus on quality has made it possible for all U.S. jurisdictions to rely on the results in determining who is competent to practice public accounting in order to protect the public. This brochure contains important information. Do not discard before receiving your examination results. Visit NASBA’s website to download additional copies of this document. © 2012 NASBA, AICPA, and Prometric. All rights reserved. Page ii UNIFORM CPA EXAMINATION CANDIDATE BULLETIN TABLE OF CONTENTS PREFACE ......................................................................
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...Texas State Board of Public Accountancy regulates the practice of public accountancy in Texas. | | True | | | False | Question 2 | | 10 / 10 points | Membership in the AICPA is voluntary, but by accepting membership, a CPA assumes an obligation of self-discipline and agrees to adhere to the Code. | | True | | | False | Question 3 | | 10 / 10 points | The AICPA Rules of Conduct apply to all professional services performed. | | True | | | False | View Feedback | Question 4 | | 10 / 10 points | The AICPA Code of Professional Conduct provides practical guidance to only members in public practice. | | True | | | False | View Feedback | Question 5 | | 10 / 10 points | The AICPA Code of Professional Conduct defines the term member as members in business, members in public practice and members in government. | | True | | | False | View Feedback | Question 6 | | 10 / 10 points | In considering general ethics, the primary goal is to arrive at a set of acceptable methods for making ethical decisions. | | True | | | False | Question 7 | | 0 / 10 points | The AICPA Code of Professional Conduct is a collection of codified statements issued by the American Institute of Certified Public Accountants that outline the maximum ethical standards that must be followed by CPAs. | | True | | | False | Hide Feedback | | | The AICPA Code of Profession Conduct outlines the minimum ethical standards that must be followed by CPAs. | ...
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...a client. Gross negligence does not require scienter but necessitates proof of reckless disregard of the truth or one’s duties. Gross negligence is referred to by some as constructive fraud. No legal question arises about a client’s right to sue (i.e., standing to sue) because the client and accountant are in privity. Privity refers to the existence of a direct connection or contractual relationship between parties. A client may sue an accountant for breach of fiduciary duty. A fiduciary relationship is usually considered to exist between two persons when one of them is under a duty to act or give advice for the benefit of another upon matters within the scope of the relation. It is well settled that in most engagements except an audit, a CPA is a...
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...New Jersey State Board of Accountancy Laws 45:2B-42 Short title 1. This act shall be known and may be cited as the "Accountancy Act of 1997." L.1997,c.259,s.1. 45:2B-43 Findings, declarations relative to practice of accounting 2. The Legislature finds and declares that it is the policy of this State, and the purpose of this act, to promote the reliability of information that is used for guidance in financial transactions or for accounting for or assessing the financial status or performance of commercial, noncommercial, and governmental enterprises. The public interest requires that persons preparing financial statements accompanied by reports or professing special competence in accountancy or offering assurance as to the reliability or fairness of presentation of such information shall have demonstrated their qualifications to do so, and that persons who have not demonstrated and maintained those qualifications, including license holders not in public practice, shall not be permitted to hold themselves out as having that special competence or to offer that assurance; that the professional conduct of persons licensed as having special competence in accountancy be regulated in all aspects of the practice of public accountancy; that a public authority competent to prescribe and assess the qualifications and to regulate the professional conduct of practitioners of public accountancy be established; and the use of titles relating to the practice of public accountancy that are likely...
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...Year-wise analysis of additionality Year 2006: In the year 2006 a total of 19 wind energy projects were registered out of which 14 were small scale projects. Small scale projects: Additionality of 3 small scale projects has been studied as a sample. These projects are: 1. Generation of electricity from 6.25 MW capacity wind mills by Sun-n-Sand Hotels Pvt. Ltd at Soda Mada Rajasthan 2. 3.75 MW Small Scale Grid Connected “Demonstration Wind Farm Project” at Chalkewadi, District Satara, State Mahararashtra 3. 10.6 MW wind farm at Village Badabagh, District Jaisalmer, Rajasthan. All the 3 projects demonstrated investment barrier in the additionality. The 6.25 MW and 10.6 MW project showed that the cost of power generation through wind is higher compared to that of coal and fuel oil, whereas. The 3.75 MW project has shown how due to non payment by Maharashtra state electricity board the project participants were not able to repay the loan (50 % of the total project cost). This has also been shown as a regulatory risk by the project proponent. The projects have demonstrated technology barrier faced due to poor penetration of wind energy and uncertainty in power generation through wind. The 6.25 MW project also faced technological barrier by using higher capacity of WTGs (1250 Kw) and other barriers like investment in power evacuation, unskilled manpower and lack of experience due to new technology. The 10.6 MW project in Rajasthan faced regulatory barriers because the policies...
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...standards for both private and public companies. . Problem 2-10 Although the generally accepted auditing standards are quite general, it is probably best to keep them that way rather than having specific audit guidelines. I believe this is the best way to set the standards because it would still allow the CPA to make a professional judgment by applying their understanding of GAAP. In addition, having specific standards would probably make it harder for CPAs to comply to very technical standards. They would have less room to make an interpretation of GAAP. Problem 2-16 a. 1) b. 2) c. 3) d. 3) Problem 2-20 a. Since Rossi and Montgomery, CPA never had a client go public before, it would probably be a challenge for them to perform all the audit work for a public company since there are more requirements of the company to file with the SEC. The firm needs to assess whether they have the proper staff and training to audit a public client. Also the CPA firm cannot perform any more consulting or accounting services for the audit client since it is not allowed under the PCAOB audit standards. b. The auditors would have to complete the registration of the company with the SEC via Form S-1, file quarterly financials on Form 10-Q, and then file the annual fiscal year's financial statements via Form 10K in addition to the annual audited financial statements. Problem 3-23 a. 2) b. 3) c. 3) Problem 3-25 a. 2) b. 3) c. 3) Problem 3-26 ...
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...ACC 3213: Intermediate Financial Accounting III, Fall 2013 Class Time/Room: Section 1: MW 12:00 – 1:50 PM A&E 0293 Section 2: MW 6:00 – 7:50 PM Science S205 Instructor: Kim Shima, PhD, MAcc, CPA Office: VBT 352 Phone/Voice Mail: 885-7176 E-mail*: kim.shima@csueastbay.edu Office Hours: MW 2:00-3:30 PM or by appointment Prerequisites: Acct 3212 or its equivalent with C- or better. Course Materials: Intermediate Accounting, 7th ed., Spiceland, Sepa, and Nelson CONNECT program (available with book purchase) PPT slides available on Blackboard site Basic Four Function Calculator (cell phones, iPods, and graphing calculators may not be used as a calculator on exams) Course Description and Objectives: This is the last course in a three-course sequence on intermediate financial accounting. The objectives of this course are to reinforce the fundamental knowledge developed in ACCT 3211 and ACCT 3212 and to continue to build the understanding on the theory and practice of financial reporting. During this course, we will cover topics such as income taxes, pensions and other post-retirement benefits, shareholders equity, share-based compensation, earning per share, accounting changes and error corrections, and the statement of cash flows (revisited). Homework and three exams are used to evaluate students’ understanding of the material. Special note: although the emphasis of this course is US GAAP, we are...
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...Chapter 2 The CPA Profession Review Questions The four major services that CPAs provide are: 1. Audit and assurance services Assurance services are independent professional services that improve the quality of information for decision makers. Assurance services include attestation services, which are any services in which the CPA firm issues a report that expresses a conclusion about the reliability of an assertion that is the responsibility of another party. The four categories of attestation services are audits of historical financial statements, attestation on the effectiveness of internal control over financial reporting, reviews of historical financial statements, and other attestation services. Accounting and bookkeeping services Accounting services involve preparing the client's financial statements from the client's records. Bookkeeping services include the preparation of the client's journals and ledgers as well as financial statements. Tax services Tax services include preparation of corporate, individual, and estate returns as well as tax planning assistance. Management consulting services These services range from suggestions to improve the client's accounting system to computer installations. 2-1 2. 3. 4. 2-2 The major characteristics of CPA firms that permit them to fulfill their social function competently and independently are: 1. Organizational form A CPA firm exists as a separate entity to avoid an employer-employee relationship with its clients...
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...reflect your occupation or primary source of income. By limiting active membership by classifications, each club becomes a cross-section of the business and professional life of the community it serves. Also, the classification principle makes sure that no one profession or business becomes the dominant force within the club. Another benefit of the classification system is that representatives of many fields are brought together, providing the opportunity for Rotarians to broaden their knowledge of the contemporary workplace. This, in turn, enables Rotarians to fulfill one of the basic obligations of vocational service – recognizing the worthiness to society of all useful occupations. Personal Data: Name: Luis Angelo D. De Jesus, CPA Birth date: July 3, 1985 Classification: Certified Public Accountant Affiliation: Philippine Institute of Certified Public Accountant Educational Background Graduate: Master in Business Administration Republic Central Colleges Tertiary: Bachelor of Science in Accountancy Republic Central Colleges Secondary: Angeles City High School (FGNMHS) Angeles City Primary: Pandan Elementary School Angeles City Occupation/Working experience: Republic Central Colleges Angeles City College Professor - Taxation on Individual and Corporation -...
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...Chapter 2 The CPA Profession ← Review Questions 2-1 The four major services that CPAs provide are: 1. Audit and assurance services Assurance services are independent professional services that improve the quality of information for decision makers. Assurance services include attestation services, which are any services in which the CPA firm issues a report that expresses a conclusion about the reliability of an assertion that is the responsibility of another party. The four categories of attestation services are audits of historical financial statements, attestation on the effectiveness of internal control over financial reporting, reviews of historical financial statements, and other attestation services. 2. Accounting and bookkeeping services Accounting services involve preparing the client's financial statements from the client's records. Bookkeeping services include the preparation of the client's journals and ledgers as well as financial statements. 3. Tax services Tax services include preparation of corporate, individual, and estate returns as well as tax planning assistance. 4. Management consulting services These services range from suggestions to improve the client's accounting system to computer installations. 2-2 The major characteristics of CPA firms that permit them to fulfill their social function competently and independently are: 1. Organizational form A CPA firm exists as a separate entity to avoid...
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