Items related to Wiley CPA Examination Review 2009-2010: Problems and...
Synopsis
Wiley CPA Exam Review, 36th Edition 2009-2010
Volume 1: Outlines and Study Guides
- Covers all four sections of the CPA examination point by point
- Stresses important topical areas to study for each part
- Helps establish a self-study preparation program
- Divides exam into 45 manageable study units
- Provides an outline format supplemented by brief examples and illustrations
- Makes material easy to read, understand, and remember
- Includes timely, up-to-the-minute coverage for the computerized exam
- Explains step-by-step examples of the "solutions approach"
- Contains all current AICPA content requirements for all four sections of the exam
Volume 2: Problems and Solutions
- Offers selected problems from all four examination sections
- Contains rationale for correct or incorrect multiple-choice answers
- Covers the new simulation-style problems-offering more than 75 practice questions
- Details a "solutions approach" to each problem
- Updates unofficial answers to reflect current laws and standards
- Groups multiple-choice questions into topical categories within modules for easy cross-referencing
- Provides a sample examination for each of the four exam parts
The format and content of the CPA exam keeps changing—be prepared!
The 36th Edition of the Wiley CPA Review is revised and updated for the computerized exam. To help candidates prepare for the exam, this edition includes a substantial number of new simulation questions. Passing the CPA exam on your first attempt is possible! We'd like to help.
Get Even More Information Online:
You'll find a wide range of aids for doing your best on the CPA exam at wiley.com/cpa, including content updates, CPA exam study and test-taking tips, and more. All Wiley CPA Exam Review products are listed on the site.
"synopsis" may belong to another edition of this title.
About the Author
Ray Whittington, PhD, CPA, CMA, CIA, is the dean of the College of Commerce 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 previously served as a member of the Auditing Standards Board of the AICPA and 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, deceased, was the dedicated author and editor of the Wiley CPA Exam Review books for twenty years. He 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; and had served on numerous other professional committees. He was a member of the American Accounting Association, American Institute of Certified Public Accountants, and Institute of Management Accountants. Professor Delaney was 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 was involved in NIU’s CPA Review Course as director and instructor.
From the Back Cover
Wiley CPA Exam review
Master Simulations with New AICPA Exam Functionality
Includes April 2009 AICPA Released Questions
36th Edition
2009-2010
Volume 2
Problems and Solutions
O. Ray Whittington, CPA, PhD
Patrick R. Delaney, CPA, PhD
From the Inside Flap
Wiley CPA Exam review
Master Simulations with New AICPA Exam Functionality
Includes April 2009 AICPA Released Questions
36th Edition
2009-2010
Volume 2
Problems and Solutions
O. Ray Whittington, CPA, PhD
Patrick R. Delaney, CPA, PhD
Excerpt. © Reprinted by permission. All rights reserved.
Wiley CPA Examination Review, Problems and Solutions
By Patrick R. Delaney O. Ray WhittingtonJohn Wiley & Sons
Copyright © 2009 John Wiley & Sons, LtdAll right reserved.
ISBN: 978-0-470-45337-7
Chapter One
HOW TO USE THIS BOOK
This volume is a collection of CPA problems and solutions. The text is designed and organized to be used in conjunction with Volume 1, CPA Examination Review: Outlines and Study Guides, but may be used with or without any other study source. Each module in this volume corresponds to a module in Volume 1. In this volume, a module consists of
1. Multiple-choice questions
2. Simulation problems
3. Unofficial answers for the multiple-choice questions with the author's explanations
4. Answers for simulation problems
The sources of the problem material in each module are, of course, the four sections of the CPA Exam. The modules are grouped together into chapters, which correspond with the four sections of the exam. The following table shows how the modules are organized in Volume 2.
The material in Volume 2 allows candidates to work CPA exam questions, some of which have appeared on previous examinations. This provides candidates with an effective method of studying the material tested on the exam. However, candidates should also realize that the CPA has new material. Therefore, candidates should use the study guides and outlines included in Volume 1 as a means of bridging this gap.
Also included at the end of this volume are sample exams for all four sections. They are included to enable candidates to gain experience in taking a "realistic" exam. While working through the modules, the candidate can become accustomed to concentrating on a fairly narrow range of topics. By taking the sample examinations near the end of their study program, candidates will be better prepared for taking the actual examination.
Before you begin working the CPA problems in this volume, peruse the table of contents and scan through the book, noting the manner in which the chapters and modules are organized. The schedule at the beginning of each chapter provides an index to the simulations and problems appearing in each module. Some questions have been modified to reflect recent changes in law or practice. For a complete analysis of recent examinations and the AICPA Uniform CPA Examination Content Specification Outlines of future examinations, see the beginning of each chapter starting with Chapter 5 in Volume 1, Outlines and Study Guides.
Multiple-Choice Questions
The multiple-choice questions and answer explanations can be used in many ways. First, they may be used as a diagnostic evaluation of your knowledge. For example, before beginning to review audit sampling you may wish to answer every fourth multiple-choice question to determine your ability to answer CPA examination questions on audit sampling. The apparent difficulty of the questions and the correctness of your answers will allow you to determine the necessary breadth and depth of your review. Additionally, exposure to examination questions prior to review and study of the material should provide motivation. You will develop a feel for your level of proficiency and an understanding of the scope and difficulty of past examination questions.
Second, the multiple-choice questions can be used as a poststudy or postreview evaluation. You should attempt to understand all concepts mentioned (even in incorrect answers) as you answer the questions. Refer to the explanation of the answer for discussion of the alternatives even though you selected the correct response. Thus, you should read the explanation of the unofficial answer unless you completely understand the question and all of the alternative answers.
Third, you may wish to use the multiple-choice questions as a primary study vehicle. This is probably the quickest, but least thorough, approach. Make a sincere effort to understand the question and to select the correct reply before referring to the answer and explanation. In many cases the explanations will appear inadequate because of your unfamiliarity with the topic.
The multiple-choice questions in Volume 2 are grouped into study sets. The study sets include a smaller amount of related material than the study modules, which provides greater flexibility in the individual candidate's study strategy. The answer explanations for the multiple-choice questions in Volume 2 also include headings which provide cross-references to the text material in Volume 1. For example, in Module 9, Fixed Assets, the heading "F. Depreciation" appears above the answers to those questions dealing with depreciation. The topical coverage of depreciation in Volume 1 can then be found by referring to the corresponding heading within Module 9.
One of the benefits of working through multiple-choice questions is that it helps you to identify your weak areas. Once you have graded your answers, your strong areas and weak areas should be clearly evident. Yet, the important point here is that you should not stop at a simple percentage evaluation. The percentage only provides general feedback about your knowledge of the material contained within that particular module. The percentage does not give you any specific feedback regarding the concepts which were tested. In order to get this feedback, you should look at the questions missed on an individual basis because this will help you gain a better understanding of why you missed the question. This feedback process has been facilitated by the fact that within each module where the multiple-choice answer key appears, two blank lines have been inserted next to the multiple-choice answers. As you grade the multiple-choice questions, mark those questions which you have missed. However, instead of just marking the questions right and wrong, you should now focus on marking the questions in a manner which identifies why you missed the question. As an example, a candidate could mark the questions in the following manner:
The multiple-choice questions substantially outnumber the simulation problems in this book. This is similar to what can be expected on the CPA exam. The multiple-choice questions make up about 75% of the total examination.
One difficulty with so many multiple-choice questions is that you may overemphasize them. Candidates generally prefer to work multiple-choice questions because they are shorter and less time consuming and solvable with less effort.
Simulations require the ability to organize and compose a solution, as well as knowledge of the subject matter. Remember, working simulations from start to finish is just as important as, if not more important than, working multiple-choice questions.
Another difficulty with the large number of multiple-choice questions is that you may tend to become overly familiar with the questions. The result may be that you may begin reading the facts and assumptions of previously studied questions into the questions on your examination. Guard against this potential problem by reading each multiple-choice question with extra care.
Although not as critical as for simulations, the solutions approach (a systematic problem-solving methodology) is relevant to multiple-choice questions.
Multiple-Choice Screen Layout
The following is a computer screenshot that illustrates the manner in which multiple-choice questions will be presented:
As indicated previously, multiple-choice questions will be presented in three individual testlets of 24 to 30 questions each. Characteristics of the computerized testlets of multiple-choice questions include the following:
1. You may move freely within a particular testlet from one question to the next or back to previous questions until you click the "Done" button. Once you have indicated that you have finished the testlet by clicking on the "Done" button, you can never return to that set of questions.
2. A button on the screen will allow you to mark a question for review if you wish to come back to it later.
3. A computer calculator is available as a tool.
4. The time remaining for the entire exam section is shown on the screen.
5. The number of the questions out of the total in the testlet is shown on the screen.
6. The "Help" button will provide you with help in navigating and completing the testlet.
The screenshot above was obtained from the AICPA's tutorial at www.cpa-exam.org. Candidates are urged to complete the tutorial and other example questions on the AICPA's Web site to obtain additional experience with the computer-based testing.
Multiple-Choice Questions Solutions Approach Algorithm
1. Work individual questions in order.
a. If a question appears lengthy or difficult, skip it until you can determine that extra time is available. Mark it for review to remind you to return to it later.
2. Read the stem of the question without looking at the answers.
a. The answers are sometimes misleading and may cause you to misread or misinterpret the question.
3. Read each question carefully to determine the topical area.
a. Study the requirements first so you know which data are important
b. Note keywords and important data
c. Identify pertinent information
d. Be especially careful to note when the requirement is an exception (e.g., "Which of the following is not an effective disclaimer of the implied warranty of merchantability?").
e. If a set of data is the basis for two or more questions, read the requirements of each of the questions before beginning to work the first question (sometimes it is more efficient to work the questions out of order)
f. Be alert to read questions as they are, not as you would like them to be. You may encounter a familiar looking item; don't jump to the conclusion that you know what the answer is without reading the question completely.
4. Anticipate the answer before looking at the alternative answers. a. Recall the applicable principle (e.g., offer and acceptance, requisites of negotiability, etc.) and the respective applications thereof.
b. If a question deals with a complex area, it may be very useful to set up a timeline or diagram using abbreviations.
5. Read the answers and select the best alternative.
6. Click on the correct answer (or your educated guess).
7. After completing all of the questions including the ones marked for review click on the "Done" button to close out the testlet. Remember once you have closed out the testlet you can never return to it.
Currently, all multiple-choice questions are scored based on the number correct, weighted by a difficulty rating (i.e., there is no penalty for guessing). The rationale is that a "good guess" indicates knowledge. Thus, you should answer all multiple-choice questions.
Simulations The simulations have multiple parts separated by computer tabs. Typically they begin with directions and a situation and continue with various tabs requiring responses and a resource tab. An example of simulation instructions is shown below.
While the tabs without the pencils are informational in nature, the tabs with pencils require a response. The responses may involve checking a list, selecting from a pull-down menu, inputting words or a quantity, researching an issue, or writing a memo.
To complete the simulations, candidates are provided with a number of tools, including
Calculator
The ability to split windows to show two tabs on the screen (e.g., you can examine the situation tab in one window and a particular requirement in a second window)
Access to professional literature databases to answer research requirements
Scratch spreadsheet
In addition, the resource tab provides other resources that may be needed to complete the problem. For example, a resource tab might contain a present value table for use in answering a lease problem.
A window on the screen shows the time remaining for the entire section and the "Help" button provides instructions for navigating the simulation and completing the requirements.
The screenshots above were obtained from the AICPA's tutorial at www.cpa-exam.org. You are urged to complete the tutorial and sample exams that are on the AICPA's Web site to obtain additional experience with the computer-based testing.
Simulations Solutions Approach Algorithm
The following solutions approach is suggested for answering simulations:
1. Review the entire problem. Tab through the problem in order to get a feel for the topical area and related concepts that are being tested. Even though the format of the question may vary, the exam continues to test your understanding of applicable principles or concepts. Relax, take a deep breath, and determine your strategy for conquering the simulation.
2. Identify the requirements of the problem. This step will help you focus in more quickly on the solution(s) without wasting time reading irrelevant material.
3. Study the items to be answered. As you do this and become familiar with the topical area being tested, you should recall the concepts of that area. This will help you organize your thoughts so that you can relate logically the requirements of the simulation with the applicable concepts.
4. Answer each tab requirement one at a time. If the requirements don't build on one another, don't be afraid to answer the tab requirements out of order. Also, if the scenario is long or complex, you may wish to use the split screen function to enable you to view the simulation data while answering a requirement.
5. Use scratch paper (which will be provided) and the spreadsheet and calculator tools to assist you in answering the simulation.
Research Requirements of Simulations
Research tabs of simulations require candidates to search the professional literature and income tax code and regulations in electronic format and interpret the results. The table below describes the research material that will be available for each section of the exam that includes simulations.
Diagnose Your Weaknesses prior to the Exam
This volume of problems and solutions provides you with an opportunity to diagnose and correct any exam-taking weaknesses prior to your taking the examination. Continuously analyze the contributing factors to incomplete or incorrect solutions to CPA questions prepared during your study program. General categories of candidates' weaknesses include
1. Failure to understand the exam question requirements
2. Misunderstanding the supporting text of the problem
3. Lack of knowledge of material tested, especially recently issued pronouncements
4. Failure to develop proficiency with practice tools such as electronic research databases and spreadsheets
5. Inability to apply the solutions approach
6. Lack of an exam strategy (e.g., allocation of time)
7. Sloppiness and computational errors
8. Failure to proofread and edit
(Continues...)
Excerpted from Wiley CPA Examination Review, Problems and Solutionsby Patrick R. Delaney O. Ray Whittington Copyright © 2009 by John Wiley & Sons, Ltd. Excerpted by permission.
All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Excerpts are provided by Dial-A-Book Inc. solely for the personal use of visitors to this web site.
"About this title" may belong to another edition of this title.
- PublisherJohn Wiley & Sons Inc
- Publication date1646
- ISBN 10 0470453370
- ISBN 13 9780470453377
- BindingPaperback
- LanguageEnglish
- Number of pages1470
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