Cpa exam bec 1 Study guides, Class notes & Summaries

CPA BEC Formulas Exam Questions & Answers 2023/2024 Weighted Average Cost of Capital - ANSWER-(Cost of Equity x % Equity in Cap Structure) + (Weighted Average Cost of Debt x % of Debt in Cap Structure) Weighted Average Cost of Debt - ANSWER-Effective Annual Interest Payments / Debt Outstanding After Tax Cost of Debt - ANSWER-Pretax Cost of Debt x (1 - Tax Rate) Cost of Preferred Stock - ANSWER-Preferred Stock Dividends / Net Proceeds of Preferred Stock CAPM (Cost of Retained Earni...

BEC CPA Exam (Module 1) 2024 Exam Questions and Answers

BEC CPA Exam Review UPDATED Exam Questions and CORRECT Answers Demand Curve Shift Upward (direct relationship-positive shift) - CORRECT 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) - CORRECT ANSWERThe price of complement good, income for inferior goods, and consumer boycotts SWOT analysis - CORRECT ANSWER- strengths, weaknesses, opportunities, threats Thr...

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...

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 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 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 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-...