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Wiley CPA Examination Review, Volume 1, Outlines and Study Guides, 38th Edition, 2011 - 2012

Wiley CPA Examination Review, Volume 1, Outlines and Study Guides, 38th Edition, 2011 - 2012

Patrick R. Delaney, O. Ray Whittington

ISBN: 978-1-118-10719-5

Jul 2011

1331 pages

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Description

Complete coverage of the new CBT-e format for the newly revised CPA Exam

With 2011 bringing the greatest changes to the CPA exam in both form and content, Wiley CPA Exam Review 38th Edition is completely revised for the new CBT-e CPA Exam format. Containing more than 2,700 multiple-choice questions and including complete information on the new Task Based Simulations, these books provide all the information needed to pass the uniform CPA examination.

  • Covers the new addition of IFRS material into the CPA exam
  • Features multiple-choice questions, new AICPA Task Based Simulations, and written communication questions, all based on the new CBT-e format
  • Covers all requirements and divides the exam into 45 self-contained modules for flexible study
  • Offers nearly three times as many examples as other CPA exam study guides

Published annually, this comprehensive two-volume paperback set provides all the information candidates need to master in order to pass the new Uniform CPA Examination format.

About the Author

Ray Whittington, PhD, CPA, CMA, CIA, is the dean of the College of Commerce at DePaul University. Prior to joining the faculty at DePaul, Professor Whittington was the Director of Accountancy at San Diego State University. From 1989 through 1991, he was the Director of Auditing Research for the American Institute of Certified Public Accountants (AICPA), and he previously was on the audit staff of KPMG. He previously served as a member of the Auditing Standards Board of the AICPA and as a member of the Accounting and Review Services Committee and the Board of Regents of the Institute of Internal Auditors. Professor Whittington has published numerous textbooks, articles, monographs, and continuing education courses.

Patrick R. Delaney, deceased, was the dedicated author and editor of the Wiley CPA Exam Review books for twenty years. He was the Arthur Andersen LLP Alumni Professor of Accountancy and Department Chair at Northern Illinois University. He received his PhD in Accountancy from the University of Illinois. He had public accounting experience with Arthur Andersen LLP and was coauthor of GAAP: Interpretation and Application, also published by John Wiley & Sons, Inc. He served as Vice President and a member of the Illinois CPA Society's Board of Directors, and was Chairman of its Accounting Principles Committee; was a past president of the Rockford Chapter, Institute of Management Accountants; and had served on numerous other professional committees. He was a member of the American Accounting Association, American Institute of Certified Public Accountants, and Institute of Management Accountants. Professor Delaney was published in The Accounting Review and was a recipient of the Illinois CPA Society's Outstanding Educator Award, NIU's Excellence in Teaching Award, and Lewis University's Distinguished Alumnus Award. He was involved in NIU's CPA Review Course as director and instructor.

1 BEGINNING YOUR CPA REVIEW PROGRAM 1

2 EXAMINATION GRADING 17

3 THE SOLUTIONS APPROACH 19

4 TAKING THE EXAMINATION 31

5 AUDITING AND ATTESTATION 35

Professional Responsibilities 57

Engagement Planning, Obtaining an Understanding of the Client and Assessing Risks 84

Understanding Internal Control and Assessing Control Risk 96

Responding to Risk Assessment: Evidence Accumulation and Evaluation 136

Reporting 167

Accounting and Review Services 198

Audit Sampling 222

Auditing with Technology 240

Outlines of Professional Standards 247

6 FINANCIAL ACCOUNTING AND REPORTING 361

Basic Theory and Financial Reporting 361

A. Basic Concepts 369

B. Error Correction 391

C. Accounting Changes 394

D. Financial Statements 401

Inventory 420

Fixed Assets 432

Monetary Current Assets and Current Liabilities 451

Present Value 468

A. Fundamentals 468

B. Bonds 476

C. Debt Restructure 481

D. Pensions 486

E. Leases 500

Deferred Taxes 520

Stockholders' Equity 536

Investments 555

Statement of Cash Flows 568

Business Combinations and Consolidations 578

Derivative Instruments and Hedging Activities 602

Miscellaneous 616

A. Personal Financial Statements 616

B. Interim Reporting 617

C. Segment Reporting 619

D. Partnership Accounting 623

E. Foreign Currency Translation 631

Governmental (State and Local) Accounting 638

Not-for-Profit Accounting 682

Outlines of Accounting Pronouncements 696

7 REGULATION EXAM CONTENT 781

8 PROFESSIONAL RESPONSIBILITIES AND BUSINESS LAW 789

Professional and Legal Responsibilities 792

Federal Securities Acts 810

Business Structure 824

Contracts 849

Sales 871

Commercial Paper 883

Secured Transactions 900

Bankruptcy 907

Debtor-Creditor Relationships 920

Agency 930

Regulation of Business Employment, Environment, and Antitrust 937

Property 958

9 FEDERAL TAXATION 975

Individual Taxation 980

Transactions in Property 1040

Partnerships Taxation 1057

Corporate Taxation 1070

Gift and Estate Taxation 1101

10 BUSINESS ENVIRONMENT AND CONCEPTS 1111

Corporate Governance, Internal Control, and Enterprise Risk Management 1119

Information Technology 1134

Economics, Strategy, Globalization 1165

Financial Risk Management and Capital Budgeting 1195

Financial Management 1219

Performance Measures 1244

Cost Measurement 1261

Planning, Control, and Analysis 1277

INDEX 1301