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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.

A corporation’s penalty for underpaying federal estimated taxes is

(A)Not deductible. (B)Fully deductible in the year paid. (C)Fully deductible if reasonable cause can be established for the underpayment. (D)Partially deductible.

Correct Answer: A

What are the number of shares Jet should use to calculate Year 1 earnings per share?

(A)40,000 (B)45,000 (C)50,000 (D)54,000

Correct Answer: B

What is the difference between a balance sheet and a trial balance? Mark one answer:

(A)A trial balance does not show profit, a balance sheet does. (B)A trial balance is used at month end and a balance sheet at year end. (C)A trial balance is used to determine profit, a balance sheet to determine net assets. (D)A trial balance is used to close accounts, a balance sheet to open accounts. (E)A trial balance is an internal document, a balance sheet is an external document.

Correct Answer: E

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