Notes & Summaries for CPA

Notes taken from listening to CPA review course. Includes costing as well as variance analysis. Study process costing, job costing, manufacturing costs, variable and indirect costs. Calculate the different variances: price variances, efficiency variances, variable overhead and fixed overhead variances, sales price and sales volume variances.

Notes taken on the most heavily tested topic on the BEC: Business Environmental Concepts CPA exam. A must review bundle to give you a boost for that 75 on the CPA exam1! Notes are taken from Becker's CPA course.

Macroeconomics notes taken from listening to CPA review course lecture. Study the economic and business cycles and different factors that shifts the aggregate demand and supply curves. Very helpful for the economic portion of the CPA BEC - Busness Environmental Concepts Exam.

External auditing midterm exam possible questions and answer updated solution An auditor would express an unmodified opinion with an emphasis-of-matter paragraph added to the auditor's report for: Mead, CPA, had substantial doubt about Tech Co.'s ability to continue as a going concern when reporting on Tech's audited financial statements for the year ended June 30, Year 4. That doubt has been removed in Year 5. What is Mead's reporting responsibility if Tech is presenting its financial sta...

Question #1 (AICPA.REG) ________________________________________ Under Treasury Circular 230, which of the following actions of a CPA tax advisor is characteristic of a best practice in rendering tax advice? A. Requesting written evidence from a client that the fee proposal for tax advice has been approved by the board of directors. B. Recommending to the client that the advisor's tax advice be made orally instead of in a written memorandum. C. Establishing relevant facts, evaluating...

UNDERSTANDING AND ANALYSIS AND INTERPRETATION OF FINANCIAL STATEMENTS 1. A company’s current ratio is 2.2 to 1 and quick (acid test) ratio is 1.0 to 1 at the beginning of the year. At the end of the year, the company has a current ratio of 2.5 to 1 and quick ratio of .8 to 1. Which of the following could help explain the divergence in the ratios from the beginning to the end of the year? a. An increase in inventory levels during the current year. b. An increase in credit sales in relation...

Audit Reports 1) Explain why auditors’ reports are important to users of financial statements and why it is desirable to have standard wording. : Auditor's reports are important to users of financial statements because they inform users of the auditor's opinion as to whether or not the statements are fairly stated or whether no conclusion can be made with regard to the fairness of their presentation. Users especially look for any deviation from the wording of the standard unqualified repor...

Page 1 Question. (TCO B) An auditor was unable to obtain sufficient appropriate audit evidence concerning certain transactions due to an inadequacy in the entity’s accounting records. The auditor would choose between issuing a(an): Question. (TCO K) An auditor should consider which of the following when evaluating the ability of a company to continue as a going concern? Question. (TCO A) An auditor’s independence is considered impaired if the auditor has: Question. (TCO H) Which of the foll...

Question. (TCO F) Which of the following procedures should an auditor generally perform regarding subsequent events? Question. (TCO A) An auditor reads the letter of transmittal accompanying a county’s comprehensive annual financial report and identifies a material inconsistency with the financial statements. The auditor determines that the financial statements do not require revision. Which of the following actions should the auditor take? Question. (TCO F) An auditor’s independence is cons...

ACC 575 WEEK ONE QUIZ ANSWERS Question #1 (AICPA.REG-1C) ________________________________________ (NOTE: This is a CPAexcel simulated Exam Question, not AICPA licensed Material) Tax preparer Margie is wondering: Why should CPAs make reasonable efforts to obtain and provide for the client appropriate answers to all questions on a tax return? A. The question may be important in determining taxable income or loss, so its omission may detract from the quality of the return. B. The CPA is o...