HOW TO STUDY FOR SUCCESS IN SCHOOL AND PROFESSIONAL ACCOUNTING
1.1   How to Study for Success in School and Professional Accounting

1.1  HOW TO STUDY FOR SUCCESS IN SCHOOL AND PROFESSIONAL ACCOUNTING

The central theme of Careers in Accounting is control:  Establish plans, perform effectively, evaluate your performance, understand shortcomings, and follow through with an improved strategy. This is an executive approach that will work for you, especially if you aspire to be an executive–and you should, because you will have the opportunity.

  1. What is your objective?  Presumably, it is to earn a degree in accounting and subsequently sit for the CPA, CIA, CMA, and/or EA exams.
  2. Why?  The prospects of employment are good and starting salaries are high.
  3. What then?  What will you be doing in 5 years?  10 years?  15 years?  No one knows for sure, but to the extent that you improve your study program, i.e., learn more and become more qualified, you will brighten your prospects. Thus, you want to train not only to be a professional accountant but also to be able to go on to bigger and better opportunities.

PLANNING YOUR CURRICULUM

  1. Chronologically list all of your courses to date by semester (or quarter). Put credits and grades to the right.
  2. Underneath this listing, organize a desirable schedule of remaining courses and credits.
  3. Consult your university catalog, college and departmental advisement sheets, and any other relevant materials.
    1. Make sure you will meet all the requirements to graduate.
    2. Have you planned your courses in the proper sequence in terms of prerequisites?
  4. Review your schedule with an appropriate administrator or counselor and confirm that it satisfies the requirements for your graduation.

 

GRADES ARE IMPORTANT

Usually, a “B” average or higher is necessary to enter graduate and/or law school. Some CPA firms and other employers restrict their hiring to individuals with a “B” average or better. Conversely, many students with “C” or “C+” GPAs are extremely successful once out of school.

If your GPA is currently below an “A” average or your academic successes involved more memorizing than learning and understanding, Careers in Accounting is particularly relevant to you. You must do your best in each course, especially those pertaining to your career. Other courses are important because they affect your overall GPA and help make you a better-rounded person.

Your employer will be interested in you as a whole person, not just as an accounting technician.

 

...AND SO ARE STUDENT ACTIVITIES

To their detriment, some students overemphasize grades. You also need to develop your “people skills.”

Join your accounting club or society and the honorary accounting fraternity, Beta Alpha Psi, if your school is a member of the American Association of Collegiate Schools of Business. To develop leadership skills, volunteer to serve as an officer. Balance your academic efforts with other activities, such as community service, intramural sports, student government, or pursuit of personal interests.

Almost all prospective employers are interested in your leadership, communication, and social skills.

 

SHOULD YOU GO FOR A MASTER’S DEGREE?

Just as your bachelor’s degree is an investment in your future, so too is a master’s (MA, MS, or MBA).

Reasons to Pursue a Master’s Degree Now

1.
A master’s in accounting translates to about a 10% - 20% premium in starting salary.

2.
Your employer will have higher expectations as a result of your additional training. This usually translates into more opportunities, more responsibility, faster promotion, and higher compensation.

3.
Listed positions in employment ads frequently require a master’s; the CPA, CMA, and/or CIA designation; and several years of experience for accounting executive positions, such as controller or treasurer. Adding the EA designation will show your proficiency in tax matters.

4.
Once you are working long hours in a specialized role, resuming the role of a student is not easy. Stay in school until your educational goals have been met, if possible.

Considering the Cost

Education is the best investment you will make!  The amount and availability of financial support can be an impediment to continued schooling, but borrowing funds to pursue a higher level of education is generally a prudent financial decision. A part-time job will also help defray some of your costs.

Delaying the Attainment of a Master’s

Many professionals attend graduate school on a part-time basis (evenings, weekends) if circumstances did not allow them to do so before entering the work force. These programs offer a chance to interact with your peers who have similar interests and aspirations. An added benefit of attending graduate school part-time is learning from the work experience of classmates with various backgrounds, which significantly enriches class discussion.

 

THE BASICS OF LEARNING AND UNDERSTANDING

Your Cognitive Processes

  1. Which mental processes do you use for learning?
  2. How do you internalize assignments?
  3. How do you process facts and concepts to complete assignments and take tests?

If, by better understanding how you study and how you can be more efficient and effective, you improve your study processes by 20%, you can change 80% scores to 96% scores and reduce 30 hours per week in the library to 24 hours.

To Learn (According to Merriam-Webster Dictionary)

Main Entry:  learn

Function:  verb

Inflected Form(s):  learned; learn•ing

transitive verb 1 a (1) : to gain knowledge or understanding of or skill in by study, instruction, or experience <learn a trade> (2) : memorize <learn the lines of a play> b : to come to be able <learn to dance> c : to come to realize <learned that honesty paid>

We are particularly interested in the narrower definition, i.e., knowledge and understanding (in particular, accounting-related knowledge), in contrast to other behaviors and skills, such as riding a bicycle, or vocational skills, like cutting hair.

Psychologists have defined many categories of learning, such as classical conditioning, trial-and-error learning, sensorimotor learning, verbal learning, concept learning, and rule learning.

Accountants focus on concept learning and rule learning.  Most accounting and business concepts are multidimensional (i.e., relate to many concepts, rules, and relationships); therefore, they can be better understood by examining their multiple aspects. For example, you might view a financial accounting transaction in light of

  1. Required journal entries
  2. Impact on the financial statements
  3. Consequences of the transaction for the business
  4. Motivation of all parties to enter into the transaction
  5. Behavioral implications to employees, customers, competitors, etc.

Train yourself to consider the implications of the underlying business transactions for all accounting procedures you study. For example, what effect a given procedure will have on

  1. Purchasing power
  2. Financial ratios
  3. Cash flows
  4. Cost of capital
  5. Earnings per share
  6. Dividend growth

 

LEVELS OF COGNITIVE ACTIVITY

One categorization of the levels of knowledge1 can be illustrated by the following image:

These levels are a revised version of Bloom’s taxonomy2, which has been used in curriculum planning, research, and other areas of education and psychology since 1956. The levels are cumulative -- they constitute building blocks of cognitive processes. To understand something, you need to remember what you have already learned; to analyze problems, you must understand the concepts.

  1. Remembering.  Recalling knowledge, e.g., definitions of technical terms and sources of information. Objective questions often test this kind of knowledge, which is the most fundamental since it entails basic memorization.

    ACCOUNTING EXAMPLE:  According to Statement on Financial Accounting Concepts No. 8, the two fundamental qualitative characteristics of accounting information are relevance and faithful representation. This requires little mental processing beyond simple recall.

  2. Understanding.  Understanding and interpretation of written and quantitative data. Questions at this level test understanding of concepts, including interrelationships within data. This level of knowledge is also called comprehension.

    ACCOUNTING EXAMPLE:  According to SFAC 8, “Relevant financial information is capable of making a difference in the decisions made by users. Financial information is capable of making a difference in decisions if it has predictive value, confirmatory value, or both.”  What does this mean?  Do you understand?  Can you explain it to someone else?  The ability to explain it to someone else is a very good indicator of your comprehension.

  3. Applying.  Applying knowledge for problem solving. Questions at this level examine practical applications of concepts to solve a problem. Unfortunately, some problem solving is based only on recall knowledge.

    ACCOUNTING EXAMPLE:  Memorizing the cost of goods sold formula is mere recall. Instead, you should understand that COGS equals purchases adjusted for the change in inventory. For example, an increase in inventory means that not all of purchases were sold. Conversely, a decrease in inventory means all of purchases plus some inventory were sold. Given BI, Pur, and EI, most students can solve for COGS by plugging numbers into the formula. But an interpretive understanding of the relationship of the change in inventory level to COGS permits solving more complex problems, e.g., effect of inventory errors.

  4. Analyzing.  Analytical ability, including identification of cause-and-effect relationships, internal inconsistencies or consistencies, relevant and irrelevant items, and underlying assumptions. The following question requires analysis and interrelation of a number of variables to reach a conclusion.

    ACCOUNTING EXAMPLE:  Would you accept a customer’s order at a lower-than-usual price?  Variables to consider include contribution margin generated, available production capacity, and psychological and economic effects on other customers.

  5. Evaluating.  What is the best (most effective) method (alternative)?  Evaluation has in common with analysis the consideration of qualitative as well as quantitative variables. Evaluation takes the process one step further, though; it involves making a judgment based on the results of the analysis.

    ACCOUNTING EXAMPLE:  “The most important nonfinancial issue that a company should consider is...” requires evaluation of qualitative variables.

  6. Creating.  Designing, constructing, planning. In today’s learning and business environments, students and professionals often create their own programs to suit their needs and goals. This type of activity involves the synthesis of multiple elements to either reform an existing structure or create an entirely new one.

    ACCOUNTING EXAMPLE:  A new company hires a consultant to obtain the knowledge necessary to analyze and evaluate its operations. The company wishes to have the consultant develop and design (create) a new system of internal controls that are better-suited to the company than those currently in place, which it has found to be inadequate.

Undergraduate accounting courses generally emphasize the first three levels, while your career in professional accounting will require and emphasize the last three levels. Gleim products will help you reach these higher levels.

Put another way, the first three levels are required to prepare financial data. The second three are necessary to use financial data and exercise professional judgment. How does accounting differ from bookkeeping?  Professional judgment.

Yes, in your study of accounting, you must go well beyond recall and memorization. Many accountants move on to executive positions after beginning their professional career as an “accountant.”  Even those who remain in accounting exercise more and more judgment and rely less and less on rote memory as they take on and exercise more responsibility.

1 Anderson, L.W. and David R. Krathwohl, D.R., et al (Eds.,) (2001) A Taxonomy for Learning, Teaching, and Assessing:  A Revision of Bloom’s Taxonomy of Educational Objectives. Allyn & Bacon. Boston, MA (Pearson Education Group).

2 Bloom, B.S. and Krathwohl, D.R. (1956) Taxonomy of Educational Objectives:  The Classification of Educational Goals, by a committee of college and university examiners. Handbook I:  Cognitive Domain. NY, NY:  Longmans, Green.

 

THE BASICS OF STUDYING

Course Overview

At the very beginning of the term, as soon as you have your text and syllabus, create an executive overview of each course.

  1. Write down the chapter titles.  Using this information, ask yourself:  What is the course about?  How does its content relate to courses I have already taken and to courses I plan to take in the future?
  2. Skim each chapter.  Read the introduction and summary/conclusion. Your objective is to gain more insight into each chapter’s content and approach than that provided by the chapter title analysis in 1. above.
  3. Document your effort.  Write a short paragraph and/or summary outline of each chapter.
  4. Examine the entire course overview.  Has your executive overview of the course changed and become more focused as a result of your analysis?

The entire process will probably take 2 to 4 hours. Spend half a day at the library and do a thorough job for each course. This initial investment of time will pay dividends because at this point you have a basis for understanding how the chapters and their parts fit into the overall course.

Now you will be able to put individual definitions and concepts into the context of the entire course. Through the exercise of control, you will be more efficient and effective and therefore better prepared to attain the higher levels of knowledge.

 

STUDY SUGGESTIONS

Where to Study

Study where you study best. Some study best at home. Others study best at the library. Some prefer to study at different locations at various times in the day and/or on different days. Still others study at only one location.

The issue is effective study. You must seek out the study locations that provide you with the most effective environment for concentration, which means avoiding or blocking out distractions most often produced by people you know. Try out-of-the-way places where other accounting majors and friends do not study, e.g., the English library. Consider turning off your cell phone.

When to Study

Study on a regular basis, 7 days a week to the extent possible. Stay ahead of all assigned material. Do not wait to study before exams and assignment due dates. This emphasizes rote memorization, which does not result in learning and understanding. You will improve your grade point average and increase the amount learned by investing several hours on each class at the very beginning of each term (see “Course Overview” above).

Are you a morning person?  Do you study effectively in the morning or in the evening?  Experiment with different study times to determine when you are most effective and schedule your time accordingly.

Remember, the important point is that you must study regularly to stay ahead. Class lectures and discussion are so much more meaningful and beneficial when you have studied the assignment prior to attending class. A good rule to follow is, “You are behind if you are not ahead.”  Stay ahead of all of your classes by following a regular study schedule.

How to Study a Chapter in a Textbook

Before reading a chapter, gain a general understanding of the chapter contents. The following seven steps should precede actual study:

  1. Skim through the chapter.  What is it about?
  2. Read the chapter summary.
  3. Look at the requirements of the exercises and problems to see what is expected.
  4. Try to answer the discussion questions at the back of the chapter to see if you can provide answers based upon your present knowledge and common sense. If possible, relate real-life (business-world) examples to the discussion questions or requirements to help your understanding.
  5. Obtain and use the appropriate Gleim Exam Questions and Explanations book and EQE Test Prep Online (see “How to Supplement Your Studies with Gleim Exam Questions and Explanations” below for details).

    Each Gleim product is thoroughly cross-referenced to textbooks used at universities throughout the U.S. Accordingly, you can identify specific areas in the Gleim book for each chapter in your textbook. Answer 5 to 10 questions to determine the standards to which you will be held. The Gleim EQE Test Prep Online allows you to study, self-test, and measure your progress.  Please see www.gleim.com/accounting/eqe/.
  6. Outline the chapter based on the headings. Rewrite them in your own words. Do not recopy phrases from the textbook. Put concepts into your own words so you understand, rather than memorize.
  7. Begin studying, rather than simply reading, since you now have an overview of the chapter and have thought about what is in it. Studying means understanding. What is the author saying?  Do you agree?  How does each concept fit into the chapter?

Remember, the objective is not to read the chapter and complete an assignment. The objective is to understand the material well enough to be able to explain it to someone else. To this end, you need to be sufficiently conversant with the material in each chapter so that you can confidently discuss it, question it, and/or critique it with your professor, as well as assimilate it with class lectures and notes.

During Class Time

  1. Ask at least one question during each class session. Engage your professor in discussion about a topic, procedure, or principle that you do not understand. Many beginning accounting students are introverts, sit passively in class, and only receive information. This approach is inefficient because these students simply write down formulas, definitions, etc., for later regurgitation without understanding the concepts.
  2. Stay ahead of your professor, answer all questions asked (usually to yourself), and look ahead during lectures. Anticipate what will be next. Pre-class preparation permits you to learn in class. The poor alternative (both inefficient and ineffective) is to play “catch-up,” i.e., attempt to memorize lists, definitions, etc., out of context after class is over. Remember, you have Gleim Exam Questions and Explanations products to supplement your study and significantly improve your preparation.
  3. Attempt to relate your current course material to that covered in previous courses.  A thorough understanding of the material in previous courses makes it feasible to tie the contents of all your courses together.
  4. Make notes in the margins of your books; they are your study vehicle. Just as you should ask questions and discuss topics with your professor, you need to understand your text. Critique your text as you study!  How could it be improved?  How would you organize and present the material?

Note about highlighters and underlining:  Do not become completely dependent on them!  Yes, many students highlight and underline, but using short-term memory to become familiar with the concepts, facts, and definitions is not a satisfactory method to complete courses. You are in school to learn and understand with the objective of a successful career, not just to get a diploma.

How to Complete Homework Assignments

Many accounting course assignments consist of computational problems. They are largely similar to the examples and illustrations in your chapters. Thus, most of your homework problems are susceptible to “cookbooking,” or copying from the chapter illustration, step-by-step. Barely more than rote memorization is required to achieve false success.

You will be adequately prepared to complete your homework assignments under exam conditions (time pressure and no reference back to the chapter) because you have previously accomplished the necessary building blocks in your individualized control process:  establishing where and when to study, surveying the course, studying your textbook, answering multiple-choice questions in the Gleim Exam Questions and Explanations book and EQE Test Prep Online, and participating in class.

First, scan the exercise or problem and set a 5-, 10-, or 15-minute time limit.  With a watch or clock handy, see how much you can accomplish within the time limit.

Next, as you get each problem under control, note the issues you need to research after you have substantially completed the problem.

Put yourself in a frame of mind to be highly productive during homework preparation. Effective time management is very important to successful exam performance. Do your best!  No one can ask for more.

Develop and use your question-answering techniques on each homework assignment. These systematic methods of problem solving should be executive in nature. Before you start, determine what has to be done, how it has to be done, the sequence of procedures, etc. It is the same general approach recommended for course overviews, studying a chapter, taking an exam, etc.

 

HOW TO SUCCEED ON EXAMS – PREPARATION AND CONTROL

Preparation – In order to be successful on academic and certification examinations, you must

  1. Understand the exam, including coverage, content, format, administration, and grading.

    For college courses:  Ask your professor for clarification of the exam process publicly in class and privately in his/her office, talk to former students, and attempt to review exams from prior terms.

    For certifications:  Virtually all certification programs (CPA, CIA, CMA, EA, etc.), admission tests, and other established exams have informational books developed by those responsible for the examination. For example, Gleim prepares comprehensive System for Success booklets that contain all of the information you need for complete understanding of the CPA, CIA, CMA, and EA exams. The better you understand the process, the better you will perform.

  2. Learn and understand the subject matter tested.

    For college courses:  Confirm text and chapter coverage with your professor. Also, to what extent are class lectures, examples, handouts, etc., tested?

    For certifications:  Obtain content specification outlines for established exams. Confirm coverage by looking at past examinations (if available) and/or review manuals. For example, Gleim includes the content syllabus for each exam in the relevant Review book. That way, your assurance of coverage is right there!

  3. Practice answering recent exam questions to perfect your exam question-answering techniques.  Answering recent exam questions helps you understand the standards to which you will be held. It also helps you learn and understand the material tested.

    For college courses:  See “How to Supplement Your Studies with Gleim Exam Questions and Explanationsbelow.

    For certifications:  Purchase the Gleim CPA, CIA, CMA, and/or EA Review System. Each system includes books, Test Prep Online, Audio Review, Gleim Online courses, and access to a Personal Counselor. Go to www.gleim.com/accounting for more information.

  4. Plan and practice exam execution.  Anticipate the exam environment and prepare a plan, including your arrival time, your manner of dress, the appropriate exam supplies, the expected number of questions and the format, the order in which you will answer questions, and the time you will spend on each question. Expect the unexpected and adjust!

    For college courses and certifications:  Remember that your sole objective when taking an examination is to maximize your score. Most examinations are “curved,” and you must outperform your peers.

  1. Most importantly, develop confidence and ensure success with a controlled preparation program followed by confident execution during the examination.

Control – You must be in control to be successful during exam preparation and execution.

Control can also contribute greatly to your personal and other professional goals. Control is a process whereby you

  1. Develop expectations, standards, budgets, and plans
  2. Undertake activity, production, study, and learning
  3. Measure the activity, production, output, and knowledge
  4. Compare actual activity with expected or budgeted activity
  5. Modify the activity, behavior, or production to better achieve the desired outcome
  6. Revise expectations and standards in light of actual experience
  7. Continue the process

The objective is to be confident that the best possible performance is being generated. Most accountants study and understand this process in relation to standard costs, i.e., establish cost standards and compute cost variances.

Every day you rely on control systems implicitly. Consider this simple example:  When you get dressed, you have expectations about the desired appearance of your outfit and the time required to attain that appearance. You monitor your progress and make adjustments as appropriate, e.g., straighten your tie or iron your skirt.

Develop and enforce standards in all of your endeavors. Exercise control, implicitly or explicitly. Most endeavors will improve with explicit control. This is particularly true with certification examinations and other academic tests.

  1. Practice your question-answering techniques (and develop control) as you prepare answers/solutions to practice questions/problems during your study program.
  2. Develop explicit control over your study programs based on the control process discussed above.
  3. Think about using more explicit control systems over any and all of your endeavors.
  4. Seek continuous improvement to meet your needs given a particular situation or constraint. Additional practice will result in further efficiencies.

SUCCESSFUL ACCOUNTING
STUDENTS STUDY WITH

THE GLEIM

SERIES

Accounting is competitive (academically and professionally). The Gleim Series provides a competitive advantage by improving the effectiveness of your study time through learning and understanding.

The Gleim Series works!  Gleim will help you to

  1. Learn and understand more in less time
  2. Improve your test scores and earn higher grades
  3. Practice answering certification (CPA, CMA, etc.) exam questions now
  4. Propel yourself into a career in accounting

After graduation, you will compete with graduates from schools across the country in the accounting job market. Make sure you measure up to standards that are as demanding as the standards of your counterparts at other schools. These standards will be tested on professional certification exams.

Practice Multiple-Choice Questions; Learn from Answer Explanations

Each book is a comprehensive source of multiple-choice questions with thorough explanations of each correct and incorrect answer. You learn from our explanations regardless of your answers to the questions.

Monitor Your Progress

Pretest before class to see if you are strong or weak in the assigned area. Retest after class and before each exam or quiz to be certain you really understand the material.

Rely on our Coverage as Detailed in the Cross-References

The questions in these books cover virtually all topics in your courses. Rarely will you encounter questions for which you are not well prepared. Each Gleim book is cross-referenced to the primary textbook used in your class.

Use the Test Prep Online

The student next to you has the exam questions – do you?  See what might be on the exam before you take it!  Use the Gleim Exam Questions and Explanations books and EQE Test Prep Online to master the material in your courses and learn how to succeed on exams – almost 9,000 questions with detailed discussions covering every accounting, tax, business law, and auditing topic!

 

HOW TO SUPPLEMENT YOUR STUDIES WITH GLEIM EXAM QUESTIONS AND EXPLANATIONS

Experts on testing continue to favor multiple-choice questions as a valid means of examining various levels of knowledge. Many of the questions on the GMAT, GRE, LSAT, and other entrance examinations are multiple-choice questions. Two major certification exams, the EA and the CIA, remain 100% multiple-choice, and the percentage of multiple-choice and other forms of objective questions on the CMA and CPA exams remains very high.

Using objective questions to study for undergraduate examinations is an important tool not only for obtaining good grades but also for long-range preparation for certification and other examinations.

The following suggestions will help you study in conjunction with each Gleim Exam Questions and Explanations product:

  1. Locate the study unit that contains questions on the topic you are currently studying. Each Exam Questions and Explanations book contains cross-references to the tables of contents of most textbooks.
  2. Work through a series of questions, selecting the answers you think are correct.
  3. If you are using the Gleim book, do not consult the answer or answer explanations on the right side of each page until after you have chosen and written down an answer.
    1. It is crucial that you cover the answer explanations and intellectually commit yourself to an answer. This method will help you understand the concept much better, even if you answered the question incorrectly. EQE Test Prep Online automates this process for you.
  4. Study the explanations to each question you answered incorrectly. In addition to learning and understanding the concept tested, analyze why you missed the question.
    1. Did you misread the question or the requirement? 
    2. Did you make a math error? 
    3. Did you not know the concept tested?

    Studying the important concepts that we provide in our answer explanations will help you understand the principles to the point that you can answer that question (or any other like it) successfully.

  5. Identify your weaknesses and take corrective action before you take a test. Prepare a summary analysis of your work on each subunit (topic). With EQE Test Prep Online, simply view your performance analysis information. The following are some sample column headings that could be used:
    Date
    Subunit
    Time to Complete
    Questions Answered
    Avg. Time per Question
    Questions Correct
    Percent Correct

    The analysis will show your weaknesses (areas needing more study) and also your strengths (areas of improvement). You can improve your performance on objective questions both by increasing your percentage of correct answers and by decreasing the time spent per question.

 

IMPROVE YOUR GRADES!

Use these objective question and explanation books and software to ensure your understanding of each topic you study in your accounting and business law courses. Access the largest bank of exam questions (including thousands from past certification exams) that is widely used by professors. Get immediate feedback on your study effort while you take your practice tests.

AUDITING & SYSTEMS EXAM QUESTIONS AND EXPLANATIONS
(Eighteenth Edition)
1.
Engagement Responsibilities
2.
Professional Responsibilities
3.
Planning and Risk Assessment
4.
Strategic Planning Issues
5.
Internal Control Concepts and Information Technology
6.
Internal Control – Sales-Receivables-Cash Receipts Cycle
7.
Internal Control – Purchases, Payroll, and Other Cycles
8.
Responses to Assessed Risks
9.
Internal Control Communications and Reports
10.
Evidence – Objectives and Nature
11.
Evidence – The Sales-Receivables-Cash Cycle
12.
Evidence – The Purchases-Payables-Inventory Cycle
13.
Evidence – Other Assets, Liabilities, and Equities
14.
Evidence – Key Considerations
15.
Evidence – Sampling
16.
Reports – Opinions and Disclaimers
17.
Reports – Other Modifications
18.
Related Reporting Topics
19.
Review, Compilation, and Attestation Engagements
20.
Governmental Audits
21.
Internal Auditing
22.
Information Systems
COST/MANAGERIAL ACCOUNTING EXAM QUESTIONS AND
 EXPLANATIONS                                                             (Tenth Edition)
1.
Overview and Terminology
2.
Absorption vs. Variable Costing
3.
Job-Order Costing
4.
Process Costing
5.
Activity-Based Costing
6.
Cost Allocation:  Support Costs and Joint Costs
7.
Standard Costs and Variances
8.
Inventory Management:  Traditional and Modern Approaches
9.
Responsibility Accounting, Performance Measurement, and Transfer
Pricing
10.
Quality
11.
Cost-Volume-Profit Analysis
12.
Budgeting
13.
Nonroutine Decisions
14.
Capital Budgeting
15.
Probability and Statistics
16.
Regression Analysis
17.
Linear Programming
18.
Other Quantitative Approaches
FEDERAL TAX EXAM QUESTIONS AND EXPLANATIONS
(Twenty-Third Edition)
1.
Gross Income
2.
Exclusions from Gross Income
3.
Business Expenses and Losses
4.
Limitations on Losses
5.
Other Deductions for Adjusted Gross Income
6.
Deductions from AGI
7.
Individual Tax Computations
8.
Credits
9.
Basis
10.
Depreciation, Amortization, and Depletion
11.
Capital Gains and Losses
12.
Sale of Business Property
13.
Nontaxable Property Transactions
14.
Partnerships:  Formation and Operation
15.
Partnerships:  Distributions, Sales, and Exchanges
16.
Corporate Formations and Operations
17.
Advanced Corporate Topics
18.
Income Taxation of Estates, Trusts, and Tax-Exempt Organizations
19.
Accounting Methods
20.
Employment Taxes and Withholding
21.
Wealth Transfer Taxes
22.
Preparer Rules
23.
Federal Tax Process and Procedure
FINANCIAL ACCOUNTING EXAM QUESTIONS AND EXPLANATIONS
(Seventeenth Edition)
1.
The Financial Reporting Environment
2.
The Accounting Process
3.
Reporting Income
4.
The Time Value of Money
5.
Current Assets, Cash, Accounts Receivable, and Notes Receivable
6.
Inventories
7.
Property, Plant, and Equipment
8.
Depreciation and Depletion
9.
Intangible Assets and Research and Development Costs
10.
Investments
11.
Current Liabilities, Compensated Absences, and Contingencies
12.
Noncurrent Liabilities
13.
Pensions and Other Postretirement Benefits
14.
Leases
15.
Corporate Equity
16.
EPS and Share-Based Payment
17.
Accounting for Income Taxes
18.
Accounting Changes and Error Corrections
19.
Statement of Cash Flows
20.
Financial Statement Disclosures
21.
Long-Term Construction-Type Contracts, Installment Sales, and
Consignments
22.
Financial Statement Analysis
23.
GAAP Accounting for Partnerships
24.
Business Combinations and Consolidated Financial Reporting
25.
Interim Financial Reporting
26.
Foreign Currency Translation and Transactions
27.
State and Local Governments
28.
Not-for-Profit Entities
BUSINESS LAW/LEGAL STUDIES EXAM QUESTIONS AND EXPLANATIONS
(Ninth Edition)
1.
The American Legal System
2.
The American Court System
3.
Civil Litigation and Procedure
4.
Constitutional Law and Business
5.
Administrative Law
6.
Criminal Law and Procedure
7.
Tort Law
8.
Contracts:  The Agreement
9.
Contracts:  Consideration
10.
Contracts:  Capacity, Legality, Mutuality, and Statute of Frauds
11.
Contracts:  Interpretation, Conditions, Discharge, and Remedies
12.
Contracts:  Third-Party Rights and Duties
13.
Sale of Goods:  The Sales Contract, Interpretation, and Risk of Loss
14.
Sale of Goods:  Performance, Remedies, and Warranties
15.
Negotiable Instruments:  Types, Negotiation, and Holder in Due Course
16.
Negotiable Instruments:  Liability, Bank Transactions, and Electronic
Fund Transfers
17.
Documents of Title and Letters of Credit
18.
Secured Transactions
19.
Suretyship
20.
Bankruptcy
21.
Personal Property and Bailments
22.
Computers and the Law
23.
Real Property:  Interests and Rights
24.
Real Property:  Transactions
25.
Mortgages
26.
Creditor Law and Liens
27.
Landlord and Tenant
28.
Wills, Estate Administration, and Trusts
29.
Agency
30.
Partnerships and Other Entities
31.
Corporations:  Nature, Formation, and Financing
32.
Corporations:  Operations and Management
33.
Federal Securities Regulation
34.
Insurance
35.
Environmental Law
36.
Antitrust
37.
Consumer Protection
38.
Employment Regulation
39.
International Business Law
40.
Accountants’ Legal Responsibilities
 
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