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Wiley CPA Exam Review 2007–2008: Volume 1, Outlines and Study Guides, 34th Edition

Wiley CPA Exam Review 2007–2008: Volume 1, Outlines and Study Guides, 34th Edition

by Delaney, Patrick R., CPA, PhD, Northern Illinois Univ.
Publisher: John Wiley & Sons
Release Date: June 2007
ISBN: 9780471797531
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Book Description

Wiley CPA Exam review

34th Edition ? 2007-2008

Volume 1

Outlines and Study Guides
*

Covers all four sections of the CPA examination point by point
*

Stresses important topical areas to study for each part
*

Helps establish a self-study preparation program
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Divides exam into 45 manageable study units
*

Provides an outline format supplemented by brief examples and illustrations
*

Makes material easy to read, understand, and remember
*

Includes timely, up-to-the-minute coverage for the computerized exam
*

Explains step-by-step examples of the "solutions approach"
*

Contains all current AICPA content requirements for all four sections of the exam

Volume 2

Problems and Solutions
*

Offers selected problems from all four examination sections
*

Contains rationale for correct or incorrect multiple-choice answers
*

Covers the new simulation-style problems-offering more than 75 practice questions
*

Details a "solutions approach" to each problem
*

Updates unofficial answers to reflect current laws and standards
*

Groups multiple-choice questions into topical categories within modules for easy cross-referencing
*

Provides a sample examination for each of the four exam parts

The computer-based CPA exam is here! Are you ready?

The 34th Edition of the Wiley CPA Exam Review is revised and updated for the new computerized exam, containing AICPA sample test questions released as recently as April 2007. To help candidates prepare for the new exam format, this edition includes a substantial number of the new simulation-type questions. Passing the CPA exam on your first attempt is possible! We'd like to help.

Get Even More Information Online:

You'll find a wide range of aids for doing your best on the CPA exam at wiley.com/cpa, including content updates, CPA exam study and test-taking tips, and more. All Wiley CPA Exam Review products are listed on the site.

Table of Contents

  1. Copyright
    1. Dedication
  2. Preface
  3. About the Authors
  4. About the Contributors
  5. 1. Beginning Your CPA Review Program
    1. General Comments on the Examination
      1. Purpose of the Examination
      2. Examination Content
      3. Nondisclosure and Computerization of Examination
      4. Types of Questions
      5. State Boards of Accountancy
      6. Exam Scheduling
    2. Attributes of Examination Success
      1. 1. Knowledge of Material
      2. 2. Commitment to Exam Preparation
      3. 3. Solutions Approach
      4. 4. Grading Insights
      5. 5. Examination Strategy
      6. 6. Examination Confidence
      7. Common Candidate Mistakes
    3. Purpose and Organization of This Review Textbook
      1. Other Textbooks
      2. Ordering Other Materials
      3. Working CPA Problems
    4. Self-Study Program
      1. Study Facilities and Available Time
      2. Self-Evaluation
      3. Using Note Cards
      4. Level of Proficiency Required
      5. Multiple-Choice Feedback
      6. Conditional Candidates
    5. Planning for the Examination
      1. Overall Strategy
      2. Weekly Review of Preparation Program Progress
      3. Time Management of Your Preparation
  6. 2. Examination Grading
    1. Setting the Passing Standard of the Uniform CPA Examination
    2. Grading the Examination
    3. Multiple-Choice Grading
    4. Simulation Grading
    5. Scoring
  7. 3. The Solutions Approach
    1. Multiple-Choice Screen Layout
    2. Multiple-Choice Questions Solutions Approach Algorithm
    3. Multiple-Choice Question Solutions Approach Example
    4. Simulations Screen Layout
    5. Simulations Solutions Approach Algorithm
    6. Research Requirements of Simulations
    7. Communication Requirements of Simulations
    8. Methods for Improving Your Writing Skills
    9. Time Requirements for the Solutions Approach
  8. 4. Taking the Examination
    1. Examination Strategies
      1. Getting “Psyched Up”
      2. Lodging, Meals, Exercise
      3. Test Center and Procedures
      4. Allocation of Time
      5. Techniques for Time Management
      6. Examination Rules
      7. Breaks
    2. CPA Exam Checklist
      1. One week before you are scheduled to sit
      2. What to bring
      3. Evenings before exams
      4. Exam-taking strategy
  9. 5. Auditing and Attestation
    1. Summary of Auditing and Attestation Topics Tested
      1. AICPA Content Specification Outline
        1. AICPA Content Specification Outline: Auditing & Attestation
    2. Researching AICPA Professional Standards
      1. The AICPA Professional Standards
      2. Database Searching
      3. Advanced Searches
    3. Overview of the Attest Function
      1. Attest Function—General Nature
      2. Expansions of the Attest Function
      3. Diagram of an Audit
      4. Generally Accepted Auditing Standards
    4. Professional Standards
      1. Statements on Auditing Standards
      2. Public Company Accounting Oversight Board Pronouncements
      3. Statements on Standards for Attestation Engagements (SSAEs)
      4. Statements on Standards for Accounting and Review Services (SSARSs)
      5. Statements on Quality Control Standards (SQCS)
    5. Appendix
    6. Module 1: Engagement Planning, Obtaining an Understanding of the Client and Assessing Risks
      1. Study Program for the Engagement Planning, Obtaining an Understanding of the Client and Assessing Risks Module
        1. A. Basic Concepts
        2. B. Audit Planning
        3. C. Obtain an Understanding of the Entity and its Environment (SAS 109 or AU 314)
        4. D. Assess the Risks of Material Misstatement and Design Further Audit Procedures
        5. E. Other Responsibilities
    7. Module 2: Internal Control
      1. Study Program for the Internal Control Module
        1. A. The Nature of Internal Control
        2. B. The Auditor’s Consideration of Internal Control
        3. C. Public Company Audits of Internal Control
        4. D. Accounting Cycles
        5. E. Other Considerations
    8. Module 3: Evidence
      1. Study Program for Evidence Module
        1. A. Evidence—General
        2. B. Evidence—Specific (Substantive Procedures)
        3. C. Other Specific Audit Evidence Topics
        4. D. Completing the Audit
        5. E. Compilation and Review Procedures (AR 100 - 600)
        6. F. Other Related Topics
    9. Module 4: Reporting
      1. Study Program for the Reporting Module
      2. Statements on Standards for Attestation Engagements (SSAE)
      3. Statements on Standards for Accounting and Review Services (SSARS)
        1. A. Financial Statement Audit Reports—General
        2. B. Financial Statement Audit Reports—Detailed
        3. C. Accountant Association other than Audits
        4. D. Reporting on Compliance
    10. Module 5: Audit Sampling
      1. Study Program for Audit Sampling Module
        1. A. Basic Audit Sampling Concepts
        2. B. Sampling in Tests of Controls
        3. C. Sampling in Substantive Tests of Details
    11. Module 6: Auditing with Technology
      1. Study Program for Auditing with Technology Module
        1. A. The Auditor’s Consideration of Internal Control When a Computer Is Present
        2. B. Computerized Audit Tools
    12. Outlines of Professional Standards
    13. Statements on Standards for Attestation Engagements
      1. AT 101 Attestation Standards
      2. AT 201 Agreed-upon Procedures Engagements
      3. AT 301 Financial Forecasts and Projections
      4. AT 401 Reporting on Pro Forma Financial Information
      5. AT 501 Reporting on an Entity’s Internal Control over Financial Reporting
      6. AT 601 Compliance Attestation
      7. AT 701 Management’s Discussion and Analysis
    14. Statements on Auditing Standards
      1. 110 Responsibilities and Functions of the Independent Auditor (SAS 1)
      2. 120 Defining Professional Requirements (SAS 102)
      3. 150 Generally Accepted Auditing Standards (SAS 1, 43, 95, 105)
      4. 161 The Relationship of Generally Accepted Auditing Standards to Quality Control Standards (SAS 25)
      5. 201 through 230 The General Standards (SAS 1)
      6. 311 Planning and Supervision (SAS 108)
      7. 312 Audit Risk and Materiality in Conducting an Audit (SAS 107)
      8. 313 Substantive Tests prior to the Balance Sheet Date (SAS 45)
      9. 314 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement (SAS 109)
      10. 315 Communications between Predecessor and Successor Auditors (SAS 84)
      11. 316 Consideration of Fraud in a Financial Statement Audit (SAS 99)
    15. Appendix 1: Examples of Fraud Risk Factors
    16. Appendix 2: Programs and Controls Related to Fraud
      1. 317 Illegal Acts by Clients (SAS 54)
      2. 318 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained (SAS 110)
      3. 322 The Auditor’s Consideration of the Internal Audit Function in an Audit of Financial Statements (SAS 65)
      4. 324 Reports on the Processing of Transactions by Service Organizations (SAS 70)
      5. 325 Communicating Internal Control Related Matters Identified in an Audit (SAS 112)
      6. 326 Audit Evidence (SAS 106)
      7. 328 Auditing Fair Value Measurements and Disclosures
      8. 329 Analytical Procedures (SAS 56)
      9. 330 The Confirmation Process (SAS 67)
      10. 331 Inventories (SAS 1)
      11. 332 Auditing Derivative Instruments, Hedging Activities, and Investments in Securities
      12. 333 Management Representations
      13. 334 Related Parties (SAS 45)
      14. 336 Using the Work of a Specialist (SAS 73)
      15. 337 Inquiry of a Client’s Lawyer Concerning Litigation, Claims, and Assessments (LCA) (SAS 12)
      16. 339 Audit Documentation (SAS 103)
      17. 341 The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern (SAS 59)
      18. 342 Auditing Accounting Estimates (SAS 57)
      19. 350 Audit Sampling (SAS 39, 111)
      20. 380 The Auditor’s Communication with Those Charged with Governance (SAS 114)
      21. 390 Consideration of Omitted Procedures after Report Date (SAS 46)
      22. 410 Adherence to Generally Accepted Accounting Principles (SAS 1)
      23. 411 The Meaning of Present Fairly in Conformity with Generally Accepted Accounting Principles in the Auditor’s Report (SAS 69)
      24. 420 Consistency of Application of GAAP (SAS 1)
      25. 431 Adequacy of Disclosure in Financial Statements (SAS 32)
      26. 504 Association with Financial Statements (SAS 26)
      27. 508 Reports on Audited Financial Statements (SAS 58 and SAS 79)
      28. 530 Dating the Independent Auditor’s Report (SAS 1, 29)
      29. 532 Restricting the Use of an Auditor’s Report
      30. 534 Reporting on Financial Statements Prepared for Use in Other Countries (SAS 51)
      31. 543 Part of the Examination Made by Other Independent Auditors (SAS 1)
      32. 550 Other Information in Documents Containing Audited Financial Statements (SAS 8)
      33. 551 Reporting on Information Accompanying the Basic Financial Statements in Auditor-Submitted Documents (SAS 29)
      34. 552 Reporting on Condensed Financial Statements and Selected Financial Data (SAS 42)
      35. 558 Required Supplementary Information (SAS 52)
      36. 560 Subsequent Events (SAS 1)
      37. 561 Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report (SAS 1)
      38. 623 Special Reports (SAS 63)
      39. 634 Letters for Underwriters and Certain Other Requesting Parties (SAS 72)
      40. 711 Filings under Federal Securities Statutes (SAS 37)
      41. 722 Interim Financial Information (SAS 100)
      42. 801 Compliance Auditing Considerations in Audits of Governmental Entities and Recipient of Governmental Financial Assistance (SAS 74)
      43. 901 Public Warehouses—Controls and Procedures for Goods Held
    17. Standards of the Public Company Accounting Oversight Board
      1. PCAOB Auditing Standard No. 1 (and related reporting guidance)—References in Auditors’ Reports to the Standards of the PCAOB
      2. PCAOB Auditing Standard No. 2—An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements
      3. PCAOB Standard No. 3—Audit Documentation
      4. PCAOB Standard No. 4—Reporting on Whether a Previously Reported Material Weakness Continues to Exist
    18. Government Auditing Standards (Issued by the Comptroller General of the United States, General Accounting Office)
    19. Statements on Standards for Accounting and Review Services
      1. AR 100 Compilation and Review of Financial Statements (SSARS 1, 8, and 10)
      2. AR 200 Reporting on Comparative Financial Statements (SSARS 2)
      3. AR 300 Compilation Reports on Financial Statements Included in Certain Prescribed Forms (SSARS 3)
      4. AR 400 Communications between Predecessor and Successor Accountants (SSARS 4)
      5. AR 500 Reporting on Compiled Financial Statements (SSARS 5)
      6. AR 600 Reporting on Personal Financial Statements Included in Written Personal Financial Plans (SSARS 6)
  10. 6. Financial Accounting and Reporting
    1. Introduction
      1. AICPA Content Specification Outline
        1. AICPA Content Specification Outline: Financial Accounting and Reporting
    2. Preparing for Financial Accounting and Reporting
    3. Researching AICPA Accounting Standards
      1. Database Searching
      2. Advanced Searches
    4. Module 7: Basic Theory and Financial Reporting
      1. A. Basic Concepts
      2. B. Error Correction
      3. C. Accounting Changes—SFAS 154
      4. D. Financial Statements
    5. Module 8: Inventory
      1. A. Determining Inventory and Cost of Goods Sold
      2. B. Inventory Valuation and Cost-Flow Methods
      3. C. Items to Include in Inventory
      4. D. Consignments
      5. E. Ratios
      6. F. Long-Term Construction Contracts
      7. G. Research Component
    6. Module 9: Fixed Assets
      1. A. Acquisition Cost
      2. B. Capitalization of Interest
      3. C. Nonmonetary Exchanges
      4. D. Purchase of Groups of Fixed Assets
      5. E. Capital vs. Revenue Expenditures
      6. F. Depreciation
      7. G. Disposals and Impairment of Value
      8. H. Depletion
      9. I. Insurance
      10. J. Goodwill and Other Intangible Assets (See the outline of SFAS 142)
      11. K. Reporting on the Costs of Start-up Activities
      12. L. Research and Development Costs (SFAS 2)
      13. M. Computer Software Costs
      14. N. Development Stage Enterprises (SFAS 7)
      15. O. Research Component
    7. Module 10: Monetary Current Assets and Current Liabilities
      1. A. Cash
      2. B. Receivables
      3. C. Current Liabilities
      4. D. Ratios
      5. E. Research Component
    8. Module 11: Present Value
      1. A. Fundamentals
      2. B. Bonds
      3. C. Debt Restructure
      4. D. Pensions
      5. E. Leases
    9. Module 12: Deferred Taxes
      1. A. Overview of Deferred Tax Theory
      2. B. Permanent and Temporary Differences Defined
      3. C. Deferred Tax Assets and Liabilities
      4. D. Deferred Tax Related to Business Investments
      5. E. Loss Carryforwards and Carrybacks
      6. F. Financial Statement Presentation of Income Tax
      7. G. Treatment of Selected Temporary Differences
      8. H. Research Component
    10. Module 13: Stockholders’ Equity
      1. A. Common Stock
      2. B. Preferred Stock
      3. C. Stock Subscriptions
      4. D. Treasury Stock Transactions
      5. E. Retirement of Stock
      6. F. Dividends
      7. G. Stock Splits
      8. H. Appropriations of Retained Earnings (Reserves)
      9. I. Share-Based Payments
      10. J. Accounting Entries for the Share-Based Payments to Employees
      11. K. Basic Earnings Per Share
      12. L. Diluted Earnings Per Share
      13. M. Corporate Bankruptcy
      14. N. Reorganizations
      15. O. Quasi Reorganization (ARB 43, Chapter 7A)
      16. P. Stock Rights
      17. Q. Employee Stock Ownership Plan (ESOP)
      18. R. Ratios
      19. S. Research Component
    11. Module 14: Investments
      1. A. Concepts of Accounting and Investment Percentage
      2. B. Investments in Which Significant Influence Does Not Exist
      3. C. Investments Where Significant Influence Does Exist
      4. D. Equity Method and Deferred Income Taxes
      5. E. Stock Dividends and Splits
      6. F. Stock Rights
      7. G. Cash Surrender Value of Life Insurance
      8. H. Research Component
    12. Module 15: Statement of Cash Flows
      1. A. Objectives of the Statement of Cash Flows
      2. B. Statement of Cash Flows Classification
      3. C. Direct or Indirect Presentation in Reporting Operating Activities
      4. D. Example of Statement of Cash Flows
      5. E. Capital Leases
      6. F. Research Component
    13. Module 16: Business Combinations and Consolidations
      1. A. Accounting for the Combination
      2. B. A Company and B Company—Date of Combination
      3. C. Date of Combination—Purchase Accounting
      4. D. Purchase Combination Entries Reviewed
      5. E. Consolidated Financial Statements
      6. F. Date of Combination Consolidated Balance Sheet—Purchase Accounting
      7. G. Consolidated Financial Statements subsequent to Acquisition
      8. H. Intercompany Transactions and Profit Confirmation
      9. I. Example of Subsequent Consolidated Financial Statements
      10. J. Minority Interest
      11. K. Subsequent Consolidated Balance Sheet Only
      12. L. Consolidated Net Income and Consolidated Retained Earnings
      13. M. Changes in Ownership
      14. N. Combined Financial Statements
      15. O. Push-Down Accounting
      16. P. Research Component
    14. Module 17: Derivative Instruments and Hedging Activities
      1. A. Foreign Currency Transactions
      2. B. Derivative Instruments and Hedging Activities
      3. C. Research Component
    15. Module 18: Miscellaneous
      1. A. Personal Financial Statements
      2. B. Interim Reporting
      3. C. Segment Reporting
      4. D. Partnership Accounting
      5. E. Foreign Currency Translation
    16. Module 19: Governmental (State and Local) Accounting
      1. A. The Government Reporting Model
      2. B. The Reporting Entity
      3. C. Management’s Discussion and Analysis
      4. D. Government-Wide Financial Statements
      5. E. Fund Financial Statements
      6. F. Notes to the Financial Statements
      7. G. Required Supplementary Information (RSI) other than MD&A
      8. H. Measurement Focus and Basis of Accounting (MFBA)
      9. I. Accounting for Nonexchange Transactions
      10. J. Budgetary Accounting for the General and Special Revenue Funds
      11. K. Expenditure Classification for Governmental Funds
      12. L. Accounting for the General Fund
      13. M. Accounting for Special Revenue Funds
      14. N. Accounting for Capital Projects Funds
      15. O. Debt Service Funds
      16. P. Permanent Funds
      17. Q. Accounting for Special Assessments
      18. R. Accounting for Proprietary Funds
      19. S. Accounting for Fiduciary Funds
      20. T. Reporting Interfund Activity
      21. U. Accounting for Investments
      22. V. Conversion from Fund Financial Statements to Government-Wide Financial Statements
      23. W. College and University Accounting—Public (Governmental)—GASB 35
    17. Module 20: Not-for-Profit Accounting
      1. A. FASB and AICPA Standards for Private Sector Nonprofits
      2. B. College and University Accounting—Private Sector Institutions
      3. C. Health Care Organization Accounting—Private Sector
      4. D. Health Care Organization Accounting—Governmental
    18. ARB, APB, and FASB Pronouncements
      1. Study Program for the Accounting Pronouncements
      2. References to FASB Materials
    19. Accounting Research Bulletins
      1. ARB 43—Chapter 1A (A31, B50, C08, C23, R36, R70, R75) Rules Adopted by Membership
      2. Chapter 1B (C23) Profits or Losses on Treasury Stock
      3. Chapter 2A (F43) Comparative Financial Statements
      4. Chapter 3A (B05, I78) Current Assets and Current Liabilities
      5. Chapter 4 (I78) Inventory Pricing (see also SFAS 151)
      6. Chapter 7A (Q15) Quasi Reorganization
      7. Chapter 7B (C20, Q15) Stock Dividends and Stock Splits
      8. Chapter 10A (T10) Real and Personal Property Taxes
      9. Chapter 13B (C47) Stock Option Compensation Plans
      10. ARB 45 (Co4) Long-Term Construction Contracts
      11. ARB 51 (B50, C20, C51, R70) Consolidated Financial Statements
    20. Accounting Principles Board Opinions
      1. APB 6 (B05, C23, D40, I60) Status of Accounting Research Bulletins
      2. APB 9 (I17, C08) Reporting the Results of Operations
      3. APB 10 (A35, B10, C16, I24, I25, I28, R75) Omnibus Opinion—1966
      4. APB 12 (C08, C38, D40, I69, V18) Omnibus Opinion—1967
      5. APB 14 (D10, C08) Convertible Debt and Debt Issued with Stock Warrants
      6. APB 18 (I82) The Equity Method for Investments
      7. APB 21 (I69) Interest on Receivables and Payables
      8. APB 22 (A10) Disclosure of Accounting Policies
      9. APB 23 (I25, I42, and B17) Accounting for Income Taxes—Special Areas
      10. APB 25 (C47) Accounting for Stock Issued to Employees—Superseded by SFAS 123(R)
      11. APB 26 (D14) Early Extinguishment of Debt
      12. APB 28 (I73) Interim Financial Reporting
      13. PART I Application of GAAP to Interim Periods
      14. PART II Required Interim Disclosures by Publicly Traded Companies
      15. APB 29 (N35, C11) Accounting for Nonmonetary Transactions (see SFAS 153)
      16. APB 30 (E09, I13, I17, I22) Reporting the Results of Operations
    21. Statements of Financial Accounting Standards
      1. SFAS 2 (Co2, R50) Accounting for Research and Development Costs (R&D)
      2. SFAS 5 (C59, I50, In6, R70) Accounting for Contingencies
      3. SFAS 6 (B05) Classification of Short-Term Obligations Expected to Be Refinanced
      4. SFAS 7 (De4) Accounting and Reporting by Development Stage Companies
      5. SFAS 13 (L10, C51) Accounting for Leases
      6. SFAS 15 (D22) Accounting by Debtors and Creditors for Troubled Debt Restructurings
      7. SFAS 16 (A35, C59, I16, I17, and I73) Prior Period Adjustments
      8. SFAS 34 (I67, I69) Capitalization of Interest Cost
      9. SFAS 43 (C44) Accounting for Compensated Absences
      10. SFAS 45 (Fr3) Accounting for Franchise Fee Revenue
      11. SFAS 47 (C32) Disclosure of Long-Term Obligations
      12. SFAS 48 (R75) Revenue Recognition When Right of Return Exists
      13. SFAS 52 (F60) Foreign Currency Translation
      14. SFAS 57 (R36) Related-Party Disclosures
      15. SFAS 66 (Re1, R10) Accounting for Sales of Real Estate
      16. SFAS 78 (B05) Classification of Obligations That Are Callable by the Creditor
      17. SFAS 84 (D10, D14) Induced Conversions of Convertible Debt
      18. SFAS 86 (Co2) Accounting for the Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed
      19. SFAS 87 (C59, I67, P16, Re6) Employers’ Accounting for Pensions
      20. SFAS 88 (P16) Employers’ Accounting for Settlements and Curtailments of Defined Benefit Pension Plans and for Termination Benefits
      21. SFAS 89 (C28) Financial Reporting and Changing Prices
      22. SFAS 91 (Bt7, D22, Fi4, In6, I89, L10, L20, Mo4) Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Initial Direct Costs of Leases
      23. SFAS 94 (C51) Consolidation of All Majority-Owned Subsidiaries
      24. SFAS 95 (C25) Statement of Cash Flows
      25. SFAS 98 (L10) Accounting for Leases
      26. SFAS 106 (P40) Employers’ Accounting for Postretirement Benefits other than Pensions
      27. SFAS 107 (F25) Disclosures about Fair Value of Financial Instruments
      28. SFAS 109 (I27) Accounting for Income Taxes
      29. SFAS 112 (C44) Employers’ Accounting for Postemployment Benefits
      30. SFAS 114 (D22) Accounting by Creditors for Impairment of a Loan
      31. SFAS 115 (I80) Accounting for Certain Investments in Debt and Equity Securities
      32. SFAS 116 (C67) Accounting for Contributions Received and Contributions Made
      33. SFAS 117 (No5) Financial Statements of Not-for-Profit Organizations
      34. SFAS 123 Revised (C36) Share-Based Payment
      35. SFAS 128 (E11) Earnings Per Share
      36. SFAS 129 (C24) Disclosure of Information about Capital Structure
      37. SFAS 130 (C49) Reporting Comprehensive Income
      38. SFAS 131 (S30) Disclosures about Segments of an Enterprise and Related Information
      39. SFAS 132 Revised (P16) Employers’ Disclosures about Pensions and Other Postretirement Benefits
      40. SFAS 133 (D50) Accounting for Derivative Instruments and Hedging Activities
      41. SFAS 134 (I80, Mo4) Accounting for Mortgage-Backed Securities Retained after the Securitization of Mortgage Loans Held for Sale by a Mortgage Banking Enterprise
      42. SFAS 135 (P16) Rescission of FASB Statement No. 75 and Technical Corrections
      43. SFAS 136 (C67, No5) Transfers of Assets to a Not-for-Profit Organization or a Charitable Trust That Raises or Holds Contributions for Others
      44. SFAS 137 Accounting for Derivative Instruments and Hedging Activities—Deferral of the Effective Date of FASB Statement No. 133
      45. SFAS 138 (D50) Accounting Certain Derivative Instruments and Certain Hedging Activities: An Amendment of FASB Statement No. 133
      46. SFAS 140 (F35 and L35) Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities
      47. SFAS 141 (B51) Business Combinations
      48. SFAS 142 (G40) Goodwill and Other Intangible Assets
      49. SFAS 143 (A50) Accounting for Asset Retirement Obligations
      50. SFAS 144 (D60 and I08) Accounting for the Impairment or Disposal of Long-Lived Assets
      51. SFAS 145 (I17, L10, and L35) Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections
      52. SFAS 146 (L32) Liabilities: Exit or Disposal Costs
      53. SFAS 147 (B51, G40, Bt7) Acquisitions of Certain Financial Institutions, an amendment of FASB Statements No. 72 and 144 and FASB Interpretation No. 9
      54. SFAS 149 Amendment of Statement 133 on Derivative Instruments and Hedging Activities
      55. SFAS 150 Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity
      56. SFAS 151 Inventory Costs
      57. SFAS 152 Accounting for Real Estate Time Sharing Transactions—An Amendment of FASB Statements No. 66 and 67
      58. SFAS 153 Exchanges of Nonmonetary Assets—An Amendment of APB Opinion No. 29
      59. SFAS 154 Accounting Changes and Error Corrections
      60. SFAS 155 Accounting for Certain Hybrid Financial Instruments
      61. SFAS 156 Accounting for Servicing of Financial Assets
      62. SFAS 157 Fair Value Measurements
      63. SFAS 158—Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans (An Amendment of FASB Statements 87, 88, 106, and 132[R])
    22. Statements of Financial Accounting Concepts (SFAC)
      1. SFAC 1 Objectives of Financial Reporting by Business Enterprises
      2. SFAC 2 Qualitative Characteristics of Accounting Information
      3. SFAC 5 Recognition and Measurement in Financial Statements of Business Enterprises
      4. SFAC 6 Elements of Financial Statements
      5. SFAC 7 Using Cash Flow Information and Present Value in Accounting Measurements
  11. 7. Regulation Exam Content
    1. Preparing for the Regulation Exam
    2. AICPA Content Specification Outline
      1. AICPA Content Specification Outline: Regulation
    3. Researching Income Tax Issues
      1. Code Organization
      2. Database Searching
      3. Advanced Searches
  12. 8. Professional Responsibilities and Business Law
    1. Professional Responsibilities and Business Law on the Regulation Examination
      1. Sources of the Law
    2. Module 21: Professional Responsibilities
      1. Overview
        1. A. Code of Conduct and Other Responsibilities
        2. B. Accountant’s Legal Liabilities
        3. C. Legal Considerations Affecting the Accountant’s Responsibility
        4. D. Criminal Liability
        5. E. Responsibilities of Auditors under Private Securities Litigation Reform Act
        6. F. New Responsibilities and Provisions under Sarbanes-Oxley Act
        7. G. Additional Statutory Liability against Accountants
    3. Module 22: Federal Securities Acts and Antitrust Law
      1. Overview
        1. A. Securities Act of 1933
        2. B. Securities Exchange Act of 1934
        3. C. Sarbanes-Oxley Act of 2002
        4. D. Internet Securities Offering (ISO)
        5. E. Electronic Signatures and Electronic Records
        6. F. State “Blue-Sky” Laws
        7. G. Antitrust Law
        8. H. Sherman Act of 1890
        9. I. Clayton Act of 1914
        10. J. Federal Trade Commission Act of 1914
        11. K. Robinson-Patman Act of 1936
    4. Module 23: Contracts
      1. Overview
        1. A. Essential Elements of a Contract
        2. B. Types of Contracts
        3. C. Discussion of Essential Elements of a Contract
        4. D. Assignment and Delegation
        5. E. Third-Party Beneficiary Contracts
        6. F. Performance of Contract
        7. G. Discharge of Contracts
        8. H. Remedies
        9. I. Statute of Limitations
        10. J. Jurisdiction over Defendant for Online Transactions
        11. K. Interference with Contractual Relations
    5. Module 24: Sales
      1. Overview
        1. A. Contracts for Sale of Goods
        2. B. Product Liability
        3. C. Transfer of Property Rights
        4. D. Risk of Loss and Title
        5. E. Performance and Remedies under Sales Law
        6. F. Leases under UCC
        7. G. Contracts for the International Sales of Goods (CISG)
    6. Module 25: Commercial Paper
      1. Overview
        1. A. General Concepts of Commercial Paper
        2. B. Types of Commercial Paper
        3. C. Requirements of Negotiability
        4. D. Interpretation of Ambiguities in Negotiable Instruments
        5. E. Negotiation
        6. F. Holder in Due Course
        7. G. Rights of a Holder in Due Course (HDC)
        8. H. Liability of Parties
        9. I. Additional Issues
        10. J. Banks
        11. K. Electronic Fund Transfer Act and Regulation E
        12. L. Fund Transfers under UCC Article 4A
        13. M. Transfer of Negotiable Documents of Title
    7. Module 26: Secured Transactions
      1. Overview
        1. A. Scope of Secured Transactions
        2. B. Attachment of Security Interests
        3. C. Perfecting a Security Interest
        4. D. Other Issues under Secured Transactions
        5. E. Priorities
        6. F. Rights of Parties upon Default
        7. G. Other Rights of Parties
    8. Module 27: Bankruptcy
      1. Overview
        1. A. Alternatives to Bankruptcy Proceedings
        2. B. Bankruptcy in General
        3. C. Chapter 7 Voluntary Bankruptcy Petitions
        4. D. Chapter 7 Involuntary Bankruptcy Petitions
        5. E. Chapter 7 Bankruptcy Proceedings
        6. F. Claims
        7. G. Discharge of a Bankrupt
        8. H. Debts Not Discharged by Bankruptcy
        9. I. Revocation of Discharge
        10. J. Reaffirmation
        11. K. Business Reorganization—Chapter 11
        12. L. Debts Adjustment Plans—Chapter 13
        13. M. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
    9. Module 28: Debtor-Creditor Relationships
      1. Overview
        1. A. Rights and Duties of Debtors and Creditors
        2. B. Nature of Suretyship and Guaranty
        3. C. Creditor’s Rights and Remedies
        4. D. Surety’s and Guarantor’s Rights and Remedies
        5. E. Surety’s and Guarantor’s Defenses
        6. F. Cosureties
        7. G. Surety Bonds
    10. Module 29: Agency
      1. Overview
        1. A. Characteristics
        2. B. Methods of Creation
        3. C. Authority
        4. D. Capacity to Be Agent or Principal
        5. E. Obligations and Rights
        6. F. Termination of Principal-Agent Relationship
    11. Module 30: Regulation of Employment and Environment
      1. Overview
        1. A. Federal Social Security Act
        2. B. Workers’ Compensation Act
        3. C. Torts of Employee
        4. D. Employee Safety
        5. E. Employment Discrimination
        6. F. Federal Fair Labor Standards Act
        7. G. National Labor Relations Act (Wagner Act)
        8. H. Taft-Hartley Act
        9. I. Landrum-Griffin Act
        10. J. Federal Consolidated Budget Reconciliation Act (COBRA)
        11. K. Pensions
        12. L. Worker Adjustment and Retraining Notification Act
        13. M. Federal Employee Polygraph Protection Act
        14. N. Employer Rights to E-mail
        15. O. Environmental Regulation
        16. P. Telephone Consumer Protection Act
        17. Q. Federal Telecommunications Act
        18. R. Identity Theft
    12. Module 31: Property
      1. Overview
        1. A. Distinctions between Real and Personal Property
        2. B. Personal Property Can Be Acquired By
        3. C. Bailments
        4. D. Intellectual Property and Computer Technology Rights
        5. E. Interests in Real Property
        6. F. Contracts for Sale of Land
        7. G. Types of Deeds
        8. H. Executing a Deed
        9. I. Recording a Deed
        10. J. Title Insurance
        11. K. Adverse Possession
        12. L. Easement by Prescription
        13. M. Mortgages
        14. N. Lessor-Lessee
    13. Module 32: Insurance
      1. Overview
        1. A. General Considerations
        2. B. Insurance Contract
        3. C. Subrogation
        4. D. Liability Insurance
        5. E. Fire Insurance
  13. 9. Federal Taxation
    1. Taxes on the Regulation Examination
    2. Overview of Federal Tax Returns
      1. Form 1040—Individuals
      2. Form 1065—Partnerships
      3. Form 1120—Corporations
    3. Module 33: I. Gross Income on Individual Returns
    4. II. “Above the Line” Deductions
    5. III. Itemized Deductions from Adjusted Gross Income
    6. IV. Exemptions
    7. V. Tax Computation
    8. VI. Tax Credits/Estimated Tax Payments
    9. VII. Filing Requirements
    10. VIII. Farming Income and Expenses
    11. IX. Tax Procedures
    12. X. Sources of Federal Tax Authority
    13. Module 34: Transactions in Property
    14. Module 35: Partnerships
    15. Module 36: Corporations
    16. Module 37: I. Gift And Estate Taxation
    17. II. Generation-Skipping Tax
    18. III. Income Taxation of Estates and Trusts
    19. IV. Income Tax Return Preparers
  14. 10. Business Environment and Concepts
    1. Business Environment and Concepts Exam Content
      1. AICPA Content Specification Outline
        1. AICPA Content Specification Outline: Business Environment and Concepts
    2. Module 38: Business Structure
      1. Overview
    3. Module 39: Information Technology
      1. Study Program for IT Implications
    4. Module 40: Economics and Strategy
    5. Microeconomics
    6. Macroeconomics
    7. The Effects of the Economic Environment on Strategy
    8. Module 41: Financial Management
    9. Working Capital Management
    10. Capital Structure
    11. Mergers
    12. Module 42: Risk Management and Capital Budgeting
    13. Derivatives and Hedging
    14. Present Value
    15. Capital Budgeting
    16. Module 43: Performance Measures
    17. Module 44: Cost Measurement
    18. Basic Cost Measurement Terminology
    19. Module 45: Planning, Control, and Analysis