CPA Exam Study guides, Class notes & Summaries

Which category contains the ethical standards, a violation of which makes a member liable to disciplinary action? (a) Ethics Rulings. (b) Interpretations of the Rules. (c) Rules. - Answer- (c) is the conect answer. Code of Professional Conduct, Strncture, says that infraction of any of the rules makes a member liable to disciplinary action. (a) is wrong since members who depart from the guidance in ethical rulings in similar circumstances will be asked to justify such departure. They ca...

Who has the legal authority to establish U.S. GAAP? - correct answer The SEC The SEC was established by the _________________. - correct answer Securities Exchange Act of 1934 How many board members does the FASB have? How long can they serve on the board? - correct answer The FASB has seven full-time members who serve for five-year terms and may be reappointed to one additional five-year term. What is the Committee on Accounting Procedures (CAP)? - correct answer The CAP was a ...

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Real estate class final exam(2023 updated)question and answers rated A+ Which of the following cannot be a trustee? - correct answer CPA The discount points are 3%, which represents $2,700. The buyer down payment is 20%. What is the purchase price of the property - correct answer 100%-20%= 80% $2,700/3%= $90,000 90,000/80%= $112,500 A method of legal description that uses definite property lines and starting points is called? - correct answer Formal metes and bounds The seller wants t...

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Audit CPA Exam Questions & Answers 2023/2024 Management is responsible for - ANSWER-Financial statements - the preparation and fair presentation Internal controls - design, implementation and maintenance relevant to the FS Providing auditor with access to info and persons needed to complete the audit The preparation and fair presentation of the FS requires - ANSWER-identification of the applicable financial reporting framework preparation and fair presentation in accordance with...

WGU C213 Final Exam (verified answers 2022)Order of assets listed on the balance sheet Assets are listed in the order of liquidity. Liquidity is the amount of time it would usually take to covert an asset into cash. Obviously, cash would be listed first, followed by marketable investments (a company can quickly convert a short-term investment into cash). Accounts receivable would be listed next followed by inventory, and long-term investments, fixed assets, and intangibles. Current assets ...

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