will need 150 semester hours, which includes a B.A. prior to taking the exam. I must participate in the International Examination Program, have 1 year of general experience in government, industry academia or public practice. Also, I must pass the AICPA Professional Ethics Exam. The requirements to obtain a CMA license are: • Membership in IMA. • B.A. from an accredited college/university. • Two continuous years of professional experience in management accounting or financial management. • Entrance
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a commission for a referral to a client of products of service of others. 5. A member’s fee may vary depending on the complexity of the service rendered. 6. A member is not precluded from responding to an inquiry by a trial board of the AICPA 7. A member may not serve as a trustee for any pension trust of the client during the period covered by the financial statements. 8. A member shall adequately plan and supervise an engagement. 9. A member may not have or be committed to
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there were problems with some investments. One big evidence and mistake was that Andersen earned $52 million in fees by doing the Enron books. The PCAOB oversees the audits of public companies in order to protect the interests of investors. The AICPA made several new Statements on Auditing Standards in response to the Enron events. The three that appear to be most closely linked to the Enron and Andersen debacle are SAS 96, SAS 98, and SAS 99. The FASB imposed stricter accounting and financial
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largest independent US body that is responsible for establishing and interpreting the accounting standards and practices that are known as the Generally Accepted Accounting Principles (GAAP). The American Institute of Certified Public Accountants (AICPA) is a regulatory body that develops standards for auditing and other services performed by certified public accountants. The Governmental Accounting Standards Board (GASB) is the entity which is responsible for setting the generally acceptable accounting
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On September 15, 2009, the Accounting Standards Codification (ASC) became effective causing all previous GAAP literature to become nonauthoritative. The ASC was constructed to simplify and reduce the time required to perform accounting research. It is accessible to subscribers at https//.asc.fasb.org and provides a one stop shop for authoritative GAAP related material. It was many years in the making and made possible by contributions from hundreds of accounting professionals working towards the
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remain control as the U.S. standard setter, while incorporating IFRS over a longer period of time. The FASB’s overseer, the FAF, supports the endorsement method, but says that U.S. GAAP need not be identical to IFRS, only comparable (www.pwc.com). AICPA senior vice president of
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Velocity Cellular: Trueblood Case 09-1 Case Study: Velocity Cellular Case Study: Velocity Cellular Revenue Recognition in a Multiple-Element Arrangement Velocity Cellular Services is planning the rollout of a new prepaid phone service called Power Starterpack. Using the current, relevant accounting guidance, determine and support the appropriate method for recognizing revenue for this new product. Power Starterpack Details Velocity Cellular sells the Power Starterpack for $200. The Power
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Question #1 Cloudy High-Yield Hedge Strategies and Cloudy Real Estate All Stars would be considered as alternative investments, according to the standards issued by AICPA. Typically, great examples of types of alternative investments are common/collective trusts, pooled separate accounts, stable value investments, private equity funds, hedge funds, real estate funds and etc. Because these funds have higher risk-return structure than normal index bonds, they are in the most of the time illiquid investments
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proliferation and growth of frequent flier programs created concerns about the proper way to account for and report them in financial reports. The airlines, the Securities and Exchange Commission (SEC), the American Institute of Certified Public Accountants (AICPA), and the Financial Accounting Standards Board (FASB) had each voiced concerns about measuring the expenses and reporting airlines’ obligations under frequent flier programs. The percentage of revenue passenger miles (the number of miles flown by revenue
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auto-grading function. • Remember to SAVE frequently, because when the time limit is reached you will automatically be exited from the exam. • Please make a note of the Help Desk phone number: 800-594-2402. Multiple choice topics: • GAAP, GASB, FASB, AICPA roles • Measurement focus and basis of accounting • CAFR • Major funds • Nonexchange transactions • Budgetary accounts • Fund balance categories • Recording fixed (capital) assets • Tax Anticipation Note Payable • Capital projects fund •
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