The following BEC question is from the Wiley CPA Test Bank for BEC. A short-term speculative rise in the worldwide value of domestic currency could be moderated by a central bank decision to A. Sell domestic currency in the foreign exchange market. B. Buy domestic currency in the foreign exchange market. C. Sell foreign currency
The following REG question is from the Wiley CPA Review REG Online Test Bank. Under the parol evidence rule, oral evidence will be excluded if it relates to A. A contemporaneous oral agreement relating to a term in the contract. B. Failure of a condition precedent. C. Lack of contractual capacity. D. A modification made
The following FAR question is from the Wiley CPA Test Bank for FAR. A partnership is formed by two individuals who were previously sole proprietors. Property other than cash which is part of the initial investment in the partnership would be recorded for financial accounting purposes at the A: Proprietors book values or the fair
The following FAR question is from the Wiley CPA Test Bank for FAR. On June 30, 2011, Needle Corporation purchased for cash at $10 per share all 100,000 shares of the outstanding common stock of Thread Company. The total appraised value of identifiable assets less liabilities of Thread was $1,400,000 at June 30, 2011, including
The following AUD question is from the Wiley CPA Test Bank for AUD. Performing inquiry and analytical procedures is the primary basis for an accountant to issue a A: Report on compliance with requirements governing major federal assistance programs in accordance with the Single Audit Act. B: Review report on prospective financial statements that present
The following BEC question is from the Wiley CPA Test Bank for BEC. When designing the physical layout of a data processing center, which of the following would be least likely to be a necessary control? A: Design of controls to restrict access. B: Adequate physical layout space for the operating system. C: Inclusions of
The following REG question is from the Wiley CPA Review REG Online Test Bank. Purdy purchased real property from Hart and received a warranty deed with full covenants. Recordation of this deed is: A: Not necessary if the deed provides that recordation is not required. B: Necessary to vest the purchasers legal title to the
The following FAR question is from the Wiley CPA Review Online Test Bank. Another71.com readers get a special discounted price of $87 for a full year subscription to the software by clicking here. Ray Finance, Inc. issued a 10-year, $100,000, 9% note on January 1, 2005. The note was issued to yield 10% for proceeds
The Journal of Accountancy has published an article in their May 2011 issue titled “How the CPA Exam is Scored”. Some items of note that CPA Exam candidates should be aware of: The article states that BEC essays are currently graded by humans. “Because a new section of essays was introduced into the Business Environment
The following are from Wiley CPA’s 2011 AUD Online Test Bank: 1. When an auditor becomes aware of a possible client illegal act, the auditor should obtain an understanding of the nature of the act to A: Increase the assessed level of control risk. B: Recommend remedial actions to the audit committee. C: Evaluate the
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