Cpa exam bec - Study guides, Class notes & Summaries

In what year was the first national CPA exam administered? - Answer-1917 When did the first computerized CPA exam take effect? - Answer-April 5, 2004 What are the current educational requirements to sit for the CPA exam in Virginia? - Answer-At least 150 semester hours of education. A baccalaureate or higher degree with an accounting concentration or equivalent. What are the current educational requirements to apply for the CPA license in Virginia? - Answer-At least 150 semester hours o...

CPA LEVEL I AUD, BEC, FAR, REG PRACTICE EXAM Q & A 2024

CPA, BEC, Corporate Governance Bisk, Chapter 49, Corporate Governance, 2024 Exam Review

CPA BEC EXAM Demand Elastic means - ANSWER-large ∆ in demand when there is a small ∆ in price Price Elasticity of Demand Formula - ANSWER-%∆in quantity demanded / %∆in Price Demand becomes _________ elastic over time - ANSWER-more Goverment actions that affect market equilibrium - ANSWER-price ceiling cost floor (cause qty supplied to exceed qty demanded) a demand curve shifts _________ whereas a supply curve shifts ______ - ANSWER-up/down outward/inward diseconomies ...

CPA Exam BEC question and answers with complete solution

BEC CPA Exam Formulas/Ratios Stated Interest Rate/ SAR/ Nominal Int. Rate - ANSWER-no calculation needed! EIR (effective int. rate) - ANSWER-EIR= Int. paid per period/net loan proceeds =((P*SAR)/#ofperiods)/net loan proceeds net loan proceeds= loan proceeds - compensating balance APR (annual percentage rate) - ANSWER-APR= EIR * periods in a year EAR (effective annual percentage rate) - ANSWER-EAR = (1 + EIR) -1 = (1 + (i/P)) ^P - 1 = ( (1+SR)/#ofperiods)^#ofperiods...

BEC CPA Exam (Module 1) 3 Categories of Objectives within the COSO framework - ANSWER-ORC 1. Operations 2. Reporting (focus of COSO) 3. Compliance 5 Components of Internal Control - ANSWER-CRIME (applies to all 3 objectives) Control Environment Risk Assessment Information and Communication Monitoring Existing Control Activities Control Environment (CRIME) - 5 principles - ANSWER-EBOCA Ethics Board independence Organizational Structure Commitment to Competence A...

CPA Exam - BEC Strategic Planning - ANSWER-The sequence of interrelated procedures for determining an entity's long-term goals and identifying the best approaches for achieving those goals Mission statement - ANSWER-An expression of the purpose and range of activities of the entity Entity values - ANSWER-The underlying beliefs that govern the operations of an entity and the conduct of its relationship with other parties Objectives - ANSWER-The desired, measurable results the entit...

CPA Exam - BEC Final Review Questions & Answers 2023/2024 EBIT / Sales - ANSWER-return on sales NI / EBT - ANSWER-tax burden Sales / Avg AR - ANSWER-accounts receivable turnover Sales / Avg Total Assets - ANSWER-asset turnover COGS / Avg Inventory - ANSWER-inventory turnover CF from operations / CL - ANSWER-operating cash flow ratio inversely - ANSWER-demand is ______ related to interest rates, discount rate, reserve requirement Inventory conversion period + receivables...

BEC CPA Exam Notes Questions & Answers 2023/2024 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-...