When can I take the CPA Exam
The CPA Exam is offered four times each year: January 1 – March 10, April 1 – June 10, July 1 – September 10 and October 1 – December 10.
If Jenny's Bakery purchased an insurance policy, assuming the accrual accounting method is still being used, when would the company report the cost of the policy as an expense?
(A)When Jenny signs the policy (B)When payment is made (C)When the bakery receives the benefits of the policy (D)When the bakery receives payments from the insurance company (E)When the invoice is received
Correct Answer: C
One purpose of GAAP is to provide _____ between accounting periods.
(A)Relativity
(B)Compression
(C)Contention
(D)Collaboration
(E)Comparability
Correct Answer: E
The controller of a small utility company has interviewed audit firms proposing to perform the annual audit of their employee benefit plan. According to the guidelines of the Department of Labor (DOL), the selected auditor must be
(A)The firm that proposes the lowest fee for the work required. (B)Independent for purposes of examining financial information required to be filed annually with the DOL. (C)Included on the list of firms approved by the DOL. (D)Independent of the utility company and NOT relying on its services.
Correct Answer: B
More CPA Exam Questions
- 1The controller of a small utility company has interviewed audit firms proposing to perform the annual audit of their employee benefit plan. According to the guidelines of the Department of Labor (DOL), the selected auditor must be
- 2When capital is increased in the double-entry method of accounting, the result is: Mark one answer:
- 3The purpose of the trial balance is to:
- 4What are the CPA Exam Blueprints?
- 5Cartman's Cats shows the following balances:(C)sh: $20,000(A)counts Receivable: $60,000(I)ventory: $80,000(A)counts Payable: $60,000 Wages Payable : $60,000 What is the quick ratio for the business? Mark one answer: