Wiley CPA Examination Review, Problems and Solutions, Volume 2

Wiley CPA Exam Review: Problems and Solutions......Page 3
CONTENTS......Page 7
1 HOW TO USE THIS BOOK......Page 11
2 AUDITING AND ATTESTATION......Page 17
Professional Responsibilities......Page 18
Engagement Planning, Obtaining an Understanding of the Client and Assessing Risks......Page 34
Understanding Internal Control and Assessing Control Risk......Page 77
Responding to Risk Assessment: Evidence Accumulation and Evaluation......Page 123
Reporting......Page 173
Accounting and Review Services......Page 212
Audit Sampling......Page 224
Auditing with Technology......Page 240
3 FINANCIAL ACCOUNTING AND REPORTING......Page 249
A. Basic Concepts......Page 251
B. Error Correction......Page 278
C. Accounting Changes......Page 290
D. Financial Statements......Page 305
Inventory......Page 343
Fixed Assets......Page 371
Monetary Current Assets and Current Liabilities......Page 402
A. Fundamentals......Page 436
B. Bonds......Page 447
C. Debt Restructure......Page 466
D. Pensions......Page 470
E. Leases......Page 483
Deferred Taxes......Page 504
Stockholders’ Equity......Page 523
Investments......Page 556
Statement of Cash Flows......Page 583
Business Combinations and Consolidations......Page 602
Derivative Instruments and Hedging Activities......Page 627
A. Personal Financial Statements......Page 644
B. Interim Reporting......Page 648
C. Segment Reporting......Page 652
D. Partnership Accounting......Page 659
E. Foreign Currency Translation......Page 671
Governmental (State and Local) Accounting......Page 680
Not-for-Profit Accounting......Page 705
4 REGULATION......Page 721
5 PROFESSIONAL RESPONSIBILITIES AND BUSINESS LAW......Page 723
Professional and Legal Responsibilities......Page 724
Federal Securities Acts......Page 740
Business Structure......Page 752
Contracts......Page 771
Sales......Page 788
Commercial Paper......Page 803
Secured Transactions......Page 820
Bankruptcy......Page 828
Debtor-Creditor Relationships......Page 839
Agency......Page 847
Regulation of Employment and Environment......Page 855
Property......Page 866
6 FEDERAL TAXATION......Page 871
Individual Taxation......Page 872
Transactions in Property......Page 941
Partnerships Taxation......Page 958
Corporate Taxation......Page 984
Gift and Estate Taxation......Page 1041
7 BUSINESS ENVIRONMENT AND CONCEPTS......Page 1065
Corporate Governance, Internal Control, and Enterprise Risk Management......Page 1066
Information Technology......Page 1076
Economics, Strategy, and Globalization......Page 1103
Financial Risk Management and Capital Budgeting......Page 1124
Financial Management......Page 1142
Performance Measures......Page 1168
Cost Measurement......Page 1181
Planning, Control, and Analysis......Page 1196
APPENDIX A: SAMPLE EXAMINATIONS......Page 1217
APPENDIX B: SAMPLE TESTLETS RELEASED FROM THE AICPA......Page 1309
APPENDIX C: 2011 RELEASED AICPA QUESTIONS......Page 1333