Wiley CPA Examination Review, Problems and Solutions

Wiley CPA Examination Review, Problems and Solutions

by Patrick R. Delaney, O. Ray Whittington

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Product Details

ISBN-13: 9781118254509
Publisher: Wiley
Publication date: 06/19/2012
Pages: 1488
Product dimensions: 8.50(w) x 10.80(h) x 2.30(d)

About the Author

Ray Whittington, PhD, CPA, CMA, CIA, is the Ledger & Quill Director of the School of Accountancy 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 was a member of the Auditing Standards Board of the AICPA and has previously served 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 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; had served on numerous other professional committees; and had made many presentations to professional groups. He was a member of the American Accounting Association, American Institute of Certified Public Accountants, and Institute of Management Accountants. Professor Delaney had 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 had been involved in NIU’s CPA Review Course as director and instructor.

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Table of Contents

Preface ix

About the Authors xi

About the Contributors xi

How To Use This Book 1

AUDITING AND ATTESTATION

Module 1: Professional Responsibilities 9

Module 2: Engagement Planning, Obtaining an Understanding of the Client and Assessing Risks 26

Module 3: Understanding Internal Control and Assessing Control Risk 71

Module 4: Responding to Risk Assessment: Evidence Accumulation and Evaluation 115

Module 5: Reporting 167

Module 6: Accounting and Review Services 206

Module 7: Audit Sampling 219

Module 8: Auditing with Technology 235

FINANCIAL ACCOUNTING AND REPORTING

Module 9: Basic Theory and Financial Reporting 249

Module 10: Inventory 346

Module 11: Fixed Assets 376

Module 12: Monetary Current Assets and Current Liabilities 407

Module 13: Present Value 444

Module 14: Deferred Taxes 516

Module 15: Stockholders’ Equity 536

Module 16: Investments 570

Module 17: Statement of Cash Flows 598

Module 18: Business Combinations and Consolidations 618

Module 19: Derivative Instruments and Hedging Activities 645

Module 20: Miscellaneous 664

Module 21: Governmental (State and Local) Accounting 703

Module 22: Not-for-Profit Accounting 729

REGULATION

PROFESSIONAL RESPONSIBILITIES AND BUSINESS LAW 749

Module 23: Professional and Legal Responsibilities 751

Module 24: Federal Securities Acts 770

Module 25: Business Structure 784

Module 26: Contracts 803

Module 27: Sales 821

Module 28: Commercial Paper 837

Module 29: Secured Transactions 855

Module 30: Bankruptcy 864

Module 31: Debtor-Creditor Relationships 875

Module 32: Agency 883

Module 33: Regulation of Business Employment, Environment, and Antitrust 891

Module 34: Property 902

FEDERAL TAXATION 915

Module 35: Individual Taxation 917

Module 36: Transactions in Property 989

Module 37: Partnerships Taxation 1010

Module 38: Corporate Taxation 1038

Module 39: Other Taxation Topics 1095

BUSINESS ENVIRONMENT AND CONCEPTS

Module 40: Corporate Governance, Internal Control, and Enterprise Risk Management 1121

Module 41: Information Technology 1133

Module 42: Economics, Strategy, and Globalization 1162

Module 43: Financial Risk Management and Capital Budgeting 1184

Module 44: Financial Management 1202

Module 45: Performance Measures 1228

Module 46: Cost Measurement 1241

Module 47: Planning, Control, and Analysis 1256

APPENDICES

Appendix A: Sample Examinations 1281

Auditing and Attestation 1281

Financial Accounting and Reporting 1307

Regulation 1338

Business Environment and Concepts 1362

Appendix B: Sample Testlet Released by the AICPA 1377

Auditing and Attestation 1377

Financial Accounting and Reporting 1384

Regulation 1392

Business Environment and Concepts 1399

Appendix C: 2012 Released AICPA Questions 1401

Auditing and Attestation 1401

Financial Accounting and Reporting 1420

Regulation 1440

Business Environment and Concepts 1456

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