CPA Evolution Initiative
What kind of licensure model is the CPA Evolution Initiative implementing
Core + Discipline Licensure Model
What was the focus of the 2019 AICPA Practice Analysis?
The impact of technology
Which organization(s) created the Uniform Accountancy Act?
NASBA and the AICPA
Of the following types of funds, which one would account for fixed assets like a “for-profit” organization?
A. Enterprise Fund.
B. General Fund.
C. Internal Service Fund.
D. Investment Trust Fund.
A: Enterprise Funds
What year will the CPA Evolution Initiative be implemented?
2024
What year will the proposed changes in the 2019 AICPA Practice Analysis be implemented
2021
The UAA is changing as part of the what?
CPA Evolution Intiative
The initial amount recorded by a lessee as a liability in a finance lease should:
A. Exceed the present value at the beginning of the lease term of minimum lease payments during the lease term.
B. Exceed the total of the minimum lease payments during the lease term.
C. Not exceed the fair value of the leased property at the inception of the lease.
D. Equal the total of the minimum lease payments during the lease term.
C. Not Exceed the fair value of the leased property at the inception of the lease
What duty of CPA does the new licensure model enhance?
Protection of the Public
What new skills required by newly licensed CPA included in the 2019 Practice Analysis
Higher-Order Skills
The Uniform Accountancy Act was created to enhance consistency throughout what?
US States
In a statement of cash flows, receipts from the issuance of debt in order to purchase a manufacturing machine should be classified as cash inflows from
A. Capital Investing activities.
B. Operating activities.
C. Financing activities.
D. Investing activities.
C. Financing Activities
What topics are included within the core of the new licensure model? Try to name all of them
Accounting, Audit, Tax, and Technology
Fill in the Blank
There is a significant reliance on _______ due to outsourcing information systems and business processes to third parties and storing data on the cloud
SOC 1 Reports
What are the proposed revisions to the UAA focused on?
Education Requirements
A lease contains a bargain purchase option. In determining the lessee’s capitalizable cost at the beginning of the lease term, the payment called for by the bargain purchase option would
A. Be added to the residual value.
B. Not be capitalized
C. Be subtracted at its present value.
D. Be added at its present value.
D. Be added at its present value
Business Reporting and Analysis, Information System and Controls, and Tax Compliance and Planning
The Practice Analysis helps maintain the _________ of the CPA Exam.
Relevance
The proposed changes to education requirements are focused on what?
Role of Technology
Which of the following is not an accrued expense?
A. A company prepays for Internet services for one month in advance.
B. The lawn maintenance company has completed sprinkler maintenance services yet has not issued an invoice as of yet.
C. You receive delivery of a computer on May 5 and the invoice won’t post until after June 1.
D. The office supply store delivers merchandise and your corporate account is billed. You have 90 days to make the payment.
D. The office supply store delivers merchandise and your corporate account is billed. You have 90 days to make the payment.