Wiley CPA Exam Review 2007–2008: Volume 2 Problems and Solutions, 34th Edition

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
*

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. About the Authors
  3. About the Contributors
  4. Preface
  5. 1. How to Use This Book
    1. CPA Exam Section and Corresponding Modules
      1. Multiple-Choice Questions
      2. Multiple-Choice Screen Layout
      3. Multiple-Choice Questions Solutions Approach Algorithm
      4. Simulations
      5. Simulations Solutions Approach Algorithm
      6. Research Requirements of Simulations
      7. Diagnose Your Weaknesses prior to the Exam
      8. Time Management
      9. Additional Study Aids
  6. 2. Auditing and Attestation Problems and Solutions
    1. Module 1 Engagement Planning and Assessing Risks
      1. Multiple-Choice Questions (1-129)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solution to Simulation Problems
    2. Module 2 Internal Control
      1. Multiple-Choice Questions (1-162)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    3. Module 3 Evidence
      1. Multiple-Choice Questions (1-189)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    4. Module 4 Reporting
      1. Multiple-Choice Questions (1-181)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    5. Module 5 Audit Sampling
      1. Multiple-Choice Questions (1-58)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    6. Module 6 Auditing with Technology
      1. Multiple-Choice Questions (1-33)
      2. Simulation Problem
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solution to Simulation Problem
  7. 3. Financial Accounting and Reporting Problems and Solutions
    1. Module 7 Basic Th. & Fin. Rep.: A. Basic Concepts
      1. Multiple-Choice Questions (1-70)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    2. Module 7 Basic Th. & Fin. Rep.: B. Error Correction
      1. Multiple-Choice Questions (1-14)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    3. Module 7 Basic Th. & Fin. Rep.: C. Accounting Changes
      1. Multiple-Choice Questions (1-26)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    4. Module 7 Basic Th. & Fin. Rep.: D. Financial Statements
      1. Multiple-Choice Questions (1-93)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    5. Module 8 Inventory
      1. Multiple-Choice Questions (1-61)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    6. Module 9 Fixed Assets
      1. Multiple-Choice Questions (1-81)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    7. Module 10 Monetary Current Assets and Current Liabilities
      1. Multiple-Choice Questions (1-110)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    8. Module 11 Present Value: A. Fundamentals
      1. Multiple-Choice Questions (1-22)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    9. Module 11 Present Value: B. Bonds
      1. Multiple-Choice Questions (1-40)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    10. Module 11 Present Value: C. Debt Restructure
      1. Multiple-Choice Questions (1-8)
      2. Simulation Problem
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problem
    11. Module 11 Present Value: D. Pensions
      1. Multiple-Choice Questions (1-41)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    12. Module 11 Present Value: E. Leases
      1. Multiple-Choice Questions (1-56)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    13. Module 12 Deferred Taxes
      1. Multiple-Choice Questions (1-41)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    14. Module 13 Stockholders’ Equity
      1. Multiple-Choice Questions (1-91)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    15. Module 14 Investments
      1. Multiple-Choice Questions (1-51)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    16. Module 15 Statement of Cash Flows
      1. Multiple-Choice Questions (1-37)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    17. Module 16 Business Combinations and Consolidations
      1. Multiple-Choice Questions (1-66)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    18. Module 17 Derivative Instruments and Hedging Activities
      1. Multiple-Choice Questions (1-50)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    19. Module 18 Miscellaneous: A. Personal Financial Statements
      1. Multiple-Choice Questions (1-17)
      2. Multiple-Choice Answers
      3. Multiple-Choice Answer Explanations
    20. Module 18 Miscellaneous: B. Interim Reporting
      1. Multiple-Choice Questions (1-16)
      2. Multiple-Choice Answers
      3. Multiple-Choice Answer Explanations
    21. Module 18 Miscellaneous: C. Segment Reporting
      1. Multiple-Choice Questions (1-11)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    22. Module 18 Miscellaneous: D. Partnership Accounting
      1. Multiple-Choice Questions (1-23)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    23. Module 18 Miscellaneous: E. Foreign Currency Translation
      1. Multiple-Choice Questions (1-9)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    24. Module 19 Governmental Accounting
      1. Multiple-Choice Questions (1-114)
      2. Multiple-Choice Answers
      3. Multiple-Choice Answer Explanations
    25. Module 20 Not-For-Profit Accounting
      1. Multiple-Choice Questions (1-83)
      2. Multiple-Choice Answers
      3. Multiple-Choice Answer Explanations
  8. 4. Regulation Problems and Solutions
  9. 5. Professional Responsibilities and Business Law
    1. Module 21 Professional Responsibilities
      1. Multiple-Choice Questions (1-69)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    2. Module 22 Federal Securities Acts and Antitrust Law
      1. Multiple-Choice Questions (1-44)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    3. Module 23 Contracts
      1. Multiple-Choice Questions (1-57)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    4. Module 24 Sales
      1. Multiple-Choice Questions (1-47)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    5. Module 25 Commercial Paper
      1. Multiple-Choice Questions (1-50)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    6. Module 26 Secured Transactions
      1. Multiple-Choice Questions (1-30)
      2. Simulation Problem
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solution to Simulation Problem
    7. Module 27 Bankruptcy
      1. Multiple-Choice Questions (1-31)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    8. Module 28 Debtor-Creditor Relationships
      1. Multiple-Choice Questions (1-27)
      2. Simulation Problem
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solution to Simulation Problem
    9. Module 29 Agency
      1. Multiple-Choice Questions (1-25)
      2. Simulation Problem
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solution to Simulation Problem
    10. Module 30 Regulation of Employment and Environment
      1. Multiple-Choice Questions (1-44)
      2. Simulation Problem
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solution to Simulation Problem
    11. Module 31 Property
      1. Multiple-Choice Questions (1-43)
      2. Simulation Problem
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solution to Simulation Problem
    12. Module 32 Insurance
      1. Multiple-Choice Questions (1-8)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
  10. 6. Federal Taxation
    1. Module 33 Taxes: Individual
      1. Multiple-Choice Questions (1-219)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    2. Module 34 Taxes: Transactions in Property
      1. Multiple-Choice Questions (1-62)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    3. Module 35 Taxes: Partnerships
      1. Multiple-Choice Questions (1-69)
      2. Simulation Problem
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    4. Module 36 Taxes: Corporate
      1. Multiple-Choice Questions (1-163)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
    5. Module 37 Taxes: Gift and Estate
      1. Multiple-Choice Questions (1-59)
      2. Simulation Problems
      3. Multiple-Choice Answers
      4. Multiple-Choice Answer Explanations
      5. Solutions to Simulation Problems
  11. 7. Business Environment and Concepts
    1. Module 38 Business Structure
      1. Multiple-Choice Questions (1-97)
      2. Multiple-Choice Answers
      3. Multiple-Choice Answer Explanations
    2. Module 39 Information Technology
      1. Multiple-Choice Questions (1-137)
      2. Multiple-Choice Answers
      3. Multiple-Choice Answer Explanations
    3. Module 40 Economics and Strategy
      1. Multiple-Choice Questions (1-121)
      2. Multiple-Choice Answers
      3. Multiple-Choice Answer Explanations
    4. Module 41 Financial Management
      1. Multiple-Choice Questions (1-137)
      2. Multiple-Choice Answers
      3. Multiple-Choice Answer Explanations
    5. Module 42 Risk Management and Capital Budgeting
      1. Multiple-Choice Questions (1-85)
      2. Multiple-Choice Answers
      3. Multiple-Choice Answer Explanations
    6. Module 43 Performance Measures
      1. Multiple-Choice Questions (1-68)
      2. Multiple-Choice Answers
      3. Multiple-Choice Answer Explanations
    7. Module 44 Cost Measurement
      1. Multiple-Choice Questions (1-57)
      2. Multiple-Choice Answers
      3. Multiple-Choice Answer Explanations
    8. Module 45 Planning, Control, and Analysis
      1. Multiple-Choice Questions (1-83)
      2. Multiple-Choice Answers
      3. Multiple-Choice Answer Explanations
  12. A. Auditing and Attestation Simulations
    1. Simulation 1
    2. Solution to Simulation 1
    3. Simulation 2
    4. Solution to Simulation 2
    5. Simulation 3
    6. Solution to Simulation 3
    7. Simulation 4
    8. Solution to Simulation 4
    9. Simulation 5
    10. Solution to Simulation 5
    11. Simulation 6
    12. Solution to Simulation 6
    13. Simulation 7
    14. Solution to Simulation 7
  13. B. Auditing and Attestation Sample Examination
    1. Auditing and Attestation: Testlet 1
    2. Auditing and Attestation: Answers to Testlet 1
    3. Auditing and Attestation: Testlet 2
    4. Auditing and Attestation: Answers to Testlet 2
    5. Auditing and Attestation: Testlet 3
    6. Auditing and Attestation: Answers to Testlet 3
      1. Simulation 1
      2. Solution to Simulation 1
      3. Simulation 2
      4. Solution to Simulation 2
    7. Financial Accounting and Reporting: Testlet 1
    8. Financial Accounting and Reporting: Testlet 1 Answers
    9. Financial Accounting and Reporting: Testlet 2
    10. Financial Accounting and Reporting: Testlet 2 Answers
    11. Financial Accounting and Reporting: Testlet 3
    12. Financial Accounting and Reporting: Testlet 3 Answers
      1. Simulation Problem 1
      2. Solution to Simulation Problem 1
      3. Simulation Problem 2
      4. Solution to Simulation Problem 2
    13. Regulation: Testlet 1
    14. Regulation: Answers to Testlet 1
    15. Regulation: Testlet 2
    16. Regulation: Answers to Testlet 2
    17. Regulation: Testlet 3
    18. Regulation: Answers to Testlet 3
      1. Simulation Problem 1
      2. Solution to Simulation Problem 1
      3. Simulation Problem 2
      4. Solution to Simulation Problem 2
    19. Business Environment and Concepts: Testlet 1
    20. Business Environment and Concepts: Answers to Testlet 1
    21. Business Environment and Concepts: Testlet 2
    22. Business Environment and Concepts: Answers to Testlet 2
    23. Business Environment and Concepts: Testlet 3
    24. Business Environment and Concepts: Answers to Testlet 3
  14. C. Auditing and Attestation Testlets Released by AICPA
    1. Auditing and Attestation Testlets Released by AICPA
      1. Simulation 1
      2. Solution to Simulation 1
    2. Financial Accounting and Reporting Testlets Released by AICPA
      1. Simulation 1
      2. Solution to Simulation 1
      3. Alternate Solution to Simulation 1
    3. Regulation Testlets Released by AICPA
      1. Simulation 1
      2. Solution to Simulation 1
    4. Business Environment and Concepts Testlets Released by AICPA
  15. D. 2007 Released AICPA Questions: Auditing and Attestation
    1. Auditing and Attestation
      1. Simulation 1
      2. Solution to Simulation 1
    2. Financial Accounting and Reporting
      1. Simulation 1
      2. Solution to Simulation 1
    3. Regulation
      1. Simulation 1
      2. Solution to Simulation 1
    4. Business Environment and Concepts

Product information

  • Title: Wiley CPA Exam Review 2007–2008: Volume 2 Problems and Solutions, 34th Edition
  • Author(s): Patrick R. Delaney CPA, PhD, Northern Illinois Univ., O. Ray Whittington CPA, PhD, San Diego State Univ.
  • Release date: June 2007
  • Publisher(s): Wiley
  • ISBN: 9780471797555