CPA Study guides, Class notes & Summaries

Chapter 1—Financial Reporting MULTIPLE CHOICE 1. The following is NOT a major component of the financial statements: a. auditor’s opinion b. annual report c. explanatory notes d. balance sheet ANS: B PTS: 1 TOP: AICPA FN-Reporting DIF: Easy OBJ: LO 1 MSC: AACSB Reflective Thinking 2. The following are users of accounting information: a. stakeholders b. creditors c. investors d. all of the above ANS: D PTS: 1 TOP: AICPA FN-Reporting 3. Interested parties receive information ab...

Chapter 6 The CPA Profession Auditing and Assurance Services 14th Edition Test Bank

Auditing and Assurance Services 14th Edition Test Bank Chapter 2 The CPA Profession

s, and Classifications 26 Garrison, Managerial Accounting, 12th Edition 52. The cost of warranty repairs would be classified as a(n): A) prevention cost. B) appraisal cost. C) internal failure cost. D) external failure cost. Answer: D Level: Easy LO: 9 Appendix: 2B 53. The cost of quality training would be classified as a(n): A) prevention cost. B) appraisal cost. C) internal failure cost. D) external failure cost. Answer: A Level: Easy LO: 9 Appendix: 2B 54. The cost of...

CHAPTER 9 LONG-LIVED ASSETS CHAPTER STUDY OBJECTIVES 1. Calculate the cost of property, plant, and equipment. The cost of property, plant, and equipment includes all costs that are necessary to acquire the asset and make it ready for its intended use. All costs that benefit future periods (that is, capital expenditures) are included in the cost of the asset. When applicable, cost also includes asset retirement costs. When multiple assets are purchased in one transaction, or when an asset has s...

Auditing and Assurance Services, 16e (Arens/Elder/Beasley) Chapter 1 The Demand for Audit and Other Assurance Services 1.1 Learning Objective 1-1 1) In the auditing process A) the types and amounts of evidence remain constant from audit to audit. B) the criteria for evaluating information will not vary depending on the information being audited. C) the audit report communicates the auditor's findings to users. D) records are gathered by the auditor to determine whether the audited informa...

This is an example of a CPA/Timeline for the EPQ essay. This is part of the EPQ project that received an A* (49/50) under the AQA exam. Planning and showing thought processes are largely weighted on during grading and so this provides an example on how to effectively plan you EPQ essay.

Chapter 01 The Role of the Public Accountant in the American Economy True / False Questions 1. Independent audits of today place more emphasis on sampling than did the audits of the 19th century. True False 2. The American Institute of Certified Public Accountants issues CPA certificates and permits CPAs to practice. True False 3. A company is either audited by the GAO or internal auditors, but not both. True False 4. The SEC does not pass on the merits of the securities that are registe...