Cpa exam bec 1 Study guides, Class notes & Summaries

CPA Exam BEC Questions & Answers 2023/2024 The fraud triangle includes each of the following, EXCEPT: A) Incentive. B) Collusion. C) Opportunity. D) Rationalization. - ANSWER-B) Collusion. According to COSO, which of the following issues should lead to the greatest concern regarding the effectiveness of an entity's internal control? A) Monitoring internal control areas that have NEVER had a control failure. B) Errors from control failures that were NOT detected timely by the rou...

BEC CPA Exam Notes SU 1 (18% of test) - ANSWER-Corporate Governance Basic Corporate Documents - ANSWER-Articles of Incorporation: Corp's name, # Share authorized, Address of Registered Office, Name of Registered Agent, Name and Address of each incorporator Filed with secretary of state Articles of Incorporation are general. Bylaws: contain information about managing affairs of corporation. Bylaws are detailed. Common and Preferred Shareholders - ANSWER-Common have contributed basic ...

BEC CPA Exam Chapter 1

BEC CPA EXAM Acronyms Questions & Answers 2023/2024 Internal Control Components - ANSWER-CRIME 1. Control environment 2. Risk assessment 3. Information and communication 4. Monitoring 5. Existing control activities Categories of Objectives - ANSWER-ORC 1. Operations 2. Reporting 3. Compliance Principles of Control Environment - ANSWER-EBOCA 1. Ethics and Integrity 2. Board Independence and Oversight 3. Organizational Structure 4. Commitment to competence 5. Accountabi...

BEC CPA Exam Review Questions & Answers 2023/2024 Demand Curve Shift Upward (direct relationship-positive shift) - ANSWER-The price of subsitute goods, expectations of price changes, income for normal goods, and extent of market Demand Curve Shift Downward (inverse relationship-neg. shift) - ANSWER-The price of complement good, income for inferior goods, and consumer boycotts SWOT analysis - ANSWER-strengths, weaknesses, opportunities, threats Three common measures of price inflation...

BEC CPA EXAM Acronyms Internal Control Components - ANSWER-CRIME 1. Control environment 2. Risk assessment 3. Information and communication 4. Monitoring 5. Existing control activities Categories of Objectives - ANSWER-ORC 1. Operations 2. Reporting 3. Compliance Principles of Control Environment - ANSWER-EBOCA 1. Ethics and Integrity 2. Board Independence and Oversight 3. Organizational Structure 4. Commitment to competence 5. Accountability Principles of Risk A...

CPA Exam- BEC Formulas Effective Annual Interest Rate - ANSWER-The stated interest rate adjusted for the number of compounding periods per year Simple Interest - ANSWER-I=prt Compound Interest - ANSWER-interest calculated on both the principal and the accrued interest Required Rate of Return - ANSWER-Nominal RF rate + Sum of Risk Premiums Nominal Rate of Return - ANSWER-Real Rate of return + Inflation Premium Weighted Average Cost of Capital (WACC) - ANSWER-the weighted avera...

BEC CPA Exam Review Demand Curve Shift Upward (direct relationship-positive shift) - ANSWER-The price of subsitute goods, expectations of price changes, income for normal goods, and extent of market Demand Curve Shift Downward (inverse relationship-neg. shift) - ANSWER-The price of complement good, income for inferior goods, and consumer boycotts SWOT analysis - ANSWER-strengths, weaknesses, opportunities, threats Three common measures of price inflation: - ANSWER-1. The Consumer Pri...

BEC CPA EXAM Acronyms Questions and answer rated A+ 2023Internal Control Components CRIME 1. Control environment 2. Risk assessment 3. Information and communication 4. Monitoring 5. Existing control activities Categories of Objectives ORC 1. Operations 2. Reporting 3. Compliance Principles of Control Environment EBOCA 1. Ethics and Integrity 2. Board Independence and Oversight 3. Organizational Structure 4. Commitment to competence 5. Accountability Pri...

TEST BANK FOR FEDERAL TAX RESEARCH 11th EDITION BY ROBY B. SAWYERS, STEVEN GILL COMPLETE GUIDE | CHAPTER 1-19 2023-2024 | COMPLETE GUIDE. Tax planning is the process of arranging one's financial affairs to minimize any tax liability. Much of modern tax practice centers around this process, and the resulting outcome is tax avoidance. There is nothing illegal or immoral in the avoidance of taxation, as long as the taxpayer remains within legal bounds. In contrast, tax evasion constitutes the i...