Cpa exam bec 3 - 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...

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...

BEC Practice Exam #3 Questions and answers, rated A+ Which of the following is true of audit committees under the provisions of the Sarbanes-Oxley Act of 2002? A. At least two audit committee members must be financial experts and one must be a CPA. B. At least one audit committee member must be a financial expert. C. No financial experts are required if the audit committee can consult with either the auditor or the chief financial officer. D. A majority of the audit committee must ...

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 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 Chapter 1 Committee of Sponsoring organizations - ANSWER-- Independent private sector created in the mid 1980's to study the factors that led to fraulent financial reporting Internal Control - Integrated Framework - ANSWER--Used by a company's management and BOD to obtain initial understanding of what constitutes on effective IC - Provides confidence to external stakeholders - Principles based approach ( not black and white) - eveolved into 17 principles that are categ...

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...

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 Review Study Guide Solutions 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...