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Liever eerst lezen? Hieronder staat elke vraag uit deze oefentoets. Antwoorden en uitleg blijven ingeklapt tot je ze opent.

1. 1. Under the FASB conceptual framework, what are the two fundamental qualitative characteristics of useful financial information?

   • A. Comparability and consistency
   • B. Timeliness and verifiability
   • C. Relevance and faithful representation
   • D. Understandability and materiality
   Toon antwoord en uitleg

   Antwoord: C. Relevance and faithful representation

   The framework splits usefulness into fundamental characteristics, which information must have, and enhancing characteristics, which make already useful information better. Relevance covers predictive value and confirmatory value, and faithful representation means complete, neutral and free from error. Comparability, verifiability, timeliness and understandability are the four enhancing characteristics. Materiality is not a separate characteristic at all, it is an entity specific aspect of relevance.

2. 2. A company finished a consulting engagement in December and will not send the invoice until January. Under accrual accounting, the December 31 financial statements should show:

   • A. Revenue in December and a receivable on the December 31 balance sheet
   • B. No revenue and no receivable until the cash arrives in January
   • C. Revenue in December and deferred revenue on the December 31 balance sheet
   • D. No revenue in December, but a receivable on the December 31 balance sheet
   Toon antwoord en uitleg

   Antwoord: A. Revenue in December and a receivable on the December 31 balance sheet

   Accrual accounting records revenue when the performance obligation is satisfied, not when the cash moves, so work completed in December belongs to December. The other half of the entry is an accrued receivable, because the customer already owes for work delivered. Deferred revenue is the mirror image, cash collected before the work is done, and it sits on the balance sheet as a liability.

3. 3. Complete the sentence.

   Under the five step revenue model, an entity identifies the contract, identifies the performance obligations, determines the transaction price, allocates that price to the performance obligations, and recognizes revenue when _____.

   Opties voor invulveld 1: the customer pays the invoice, the contract is signed, the entity satisfies a performance obligation, the entity issues the invoice

   Toon antwoord en uitleg

   Antwoord: the entity satisfies a performance obligation

   Step five ties recognition to the transfer of control of the promised good or service, which is why revenue can be recognized well before or well after cash changes hands. Control can transfer at a point in time or over time, and when it transfers over time the entity measures progress and recognizes revenue as it goes. Signing, invoicing and collecting are cash cycle events, not recognition triggers.

4. 4. Under current US GAAP, what does a lessee report on its balance sheet for a lease with a term of more than twelve months?

   • A. Nothing, because operating leases stay off the balance sheet
   • B. Only a lease liability, with rent recognized straight line as expense
   • C. Only a right of use asset, with no matching liability
   • D. Both a right of use asset and a lease liability
   Toon antwoord en uitleg

   Antwoord: D. Both a right of use asset and a lease liability

   The current lease standard puts essentially all leases longer than twelve months onto the lessee's balance sheet, as a right of use asset and a lease liability measured at the present value of the lease payments. The finance versus operating distinction still exists, but it now drives the income statement and cash flow presentation rather than whether the lease appears at all. A finance lease splits into amortization and interest, while an operating lease produces a single straight line lease cost.

5. 5. A parent controls a subsidiary but owns only 80 percent of it. Which of the following are true of the consolidated financial statements?

   Selecteer alles wat van toepassing is.

   • A. One hundred percent of the subsidiary's assets and liabilities are combined with the parent's
   • B. Intercompany receivables, payables and sales between the two are eliminated
   • C. The noncontrolling interest is reported inside consolidated equity
   • D. Only the parent's 80 percent share of the subsidiary's assets is combined
   • E. The noncontrolling interest is reported as a long term liability
   • F. Consolidation is required only when the parent owns one hundred percent
   Toon antwoord en uitleg

   Antwoord: A. One hundred percent of the subsidiary's assets and liabilities are combined with the parent's, B. Intercompany receivables, payables and sales between the two are eliminated, C. The noncontrolling interest is reported inside consolidated equity

   Consolidation follows control, not ownership percentage, so the parent brings in all of the subsidiary's assets and liabilities and then shows the 20 percent claim it does not own as noncontrolling interest inside equity. Everything the two entities did with each other is eliminated, because a consolidated group cannot sell to or owe itself. Combining only the parent's share is proportionate consolidation, which is not how US GAAP handles a controlled subsidiary.

6. 6. In a state or local government's fund financial statements, governmental funds use which measurement focus and basis of accounting?

   • A. Economic resources measurement focus and full accrual accounting
   • B. Current financial resources measurement focus and modified accrual accounting
   • C. Cash basis accounting with no measurement focus
   • D. Current financial resources measurement focus and full accrual accounting
   Toon antwoord en uitleg

   Antwoord: B. Current financial resources measurement focus and modified accrual accounting

   Governmental funds exist to answer a spending question, so they focus on the current financial resources available to pay near term obligations. Under modified accrual, revenue is recognized when it is measurable and available and expenditures are recognized when the fund liability comes due. Proprietary funds and the government wide statements use the economic resources focus with full accrual instead, which is why the same government reports the same year on two bases and has to reconcile them.

7. 7. An auditor raises the assessed risk of material misstatement for a client's inventory balance. To keep audit risk at the same acceptably low level, the auditor should:

   • A. Increase the acceptable level of detection risk
   • B. Leave the planned procedures unchanged, because the risk of material misstatement belongs to the client
   • C. Decrease the acceptable level of detection risk and perform more substantive work
   • D. Decrease inherent risk by expanding the sample size
   Toon antwoord en uitleg

   Antwoord: C. Decrease the acceptable level of detection risk and perform more substantive work

   Audit risk is a function of the risk of material misstatement, which the auditor assesses but cannot change, and detection risk, which the auditor controls directly. When the risk of material misstatement goes up, the acceptable detection risk has to come down, and the auditor lowers it by testing more, testing closer to year end, or assigning more experienced staff. Inherent risk is a feature of the client's business and no audit procedure reduces it.

8. 8. Which of the following are assertions the auditor tests about account balances at the period end?

   Selecteer alles wat van toepassing is.

   • A. Existence
   • B. Completeness
   • C. Materiality
   • D. Rights and obligations
   • E. Independence
   • F. Professional skepticism
   Toon antwoord en uitleg

   Antwoord: A. Existence, B. Completeness, D. Rights and obligations

   The balance assertions are existence, rights and obligations, completeness, and accuracy, valuation and allocation, and each one drives testing in a different direction. Existence starts from the recorded number and looks for supporting evidence, while completeness starts from source documents and looks for them in the records, which is why the search for unrecorded liabilities tests completeness rather than existence. Materiality, independence and professional skepticism are real audit concepts, but they describe the auditor, not a claim management is making about the numbers.

9. 9. In a financial statement audit of a nonissuer, when must the auditor obtain an understanding of the entity's internal control?

   • A. On every audit, whether or not the auditor plans to rely on controls
   • B. Only when the auditor plans to rely on controls to reduce substantive testing
   • C. Only when management engages the auditor to report on internal control
   • D. Only in the first year of the engagement
   Toon antwoord en uitleg

   Antwoord: A. On every audit, whether or not the auditor plans to rely on controls

   Obtaining an understanding of internal control relevant to the audit is part of risk assessment, so it is required on every audit and it shapes the auditor's judgment about where misstatements are likely to arise. Testing the operating effectiveness of controls is a separate decision, and for a nonissuer it is optional, done when the auditor intends to rely on those controls or when substantive procedures alone cannot supply sufficient evidence. Understanding controls and testing controls are not the same step.

10. 10. Complete the sentence.

    When misstatements are material but not pervasive to the financial statements, the auditor issues a _____ opinion. When they are both material and pervasive, the auditor issues an _____ opinion.

    Opties voor invulveld 1: qualified, disclaimer of, adverse, unmodified

    Opties voor invulveld 2: unmodified, adverse, emphasis of matter, qualified

    Toon antwoord en uitleg

    Antwoord: qualified, adverse

    Two questions decide the report: is the problem material, and does it spread through the statements as a whole. A scope limitation follows the same logic on the other axis, giving a qualified opinion when the auditor cannot obtain sufficient evidence about something material but not pervasive, and a disclaimer of opinion when the limitation is pervasive. An emphasis of matter paragraph is not a modification of the opinion at all, it simply directs the reader to something already disclosed.

11. 11. Under the AICPA Code of Professional Conduct, which of the following impairs a covered member's independence with respect to an audit client?

    • A. Having audited the same client in an earlier year
    • B. Holding an immaterial indirect interest through a diversified mutual fund the member cannot influence
    • C. Issuing the audit report in the firm's standard format
    • D. Holding any direct financial interest in the client, however small
    Toon antwoord en uitleg

    Antwoord: D. Holding any direct financial interest in the client, however small

    A direct financial interest impairs independence regardless of size, because the rule looks at the nature of the interest rather than the dollar amount. An indirect financial interest, such as a small stake held through a fund the member cannot influence, impairs independence only when it is material to the member. Public company audits are governed by SEC and PCAOB independence rules, which are stricter in several places, so confirm which framework applies before you reason from the AICPA rule alone.

12. 12. Which of the following are generally excluded from an individual's gross income for federal income tax purposes?

    Selecteer alles wat van toepassing is.

    • A. Wages reported on a Form W-2
    • B. Interest on a state or local government bond
    • C. The value of property received as a gift
    • D. Unemployment compensation
    • E. Life insurance proceeds received by a beneficiary because of the insured's death
    • F. Interest on a corporate bond
    Toon antwoord en uitleg

    Antwoord: B. Interest on a state or local government bond, C. The value of property received as a gift, E. Life insurance proceeds received by a beneficiary because of the insured's death

    Gross income starts from everything received, and an item leaves it only because a statute says so, which is why the exclusions are worth learning as a closed list. Municipal bond interest, gifts and inheritances, and life insurance death benefits are the classic exclusions, while wages, unemployment compensation and corporate bond interest are all included. The exclusion for a gift applies to the person receiving it, and any income the gifted property later produces is taxable to that person. This is a concept question, not tax advice.

13. 13. Complete the sentence.

    For federal income tax purposes, property received as a gift generally takes _____, while property acquired from a decedent generally takes a basis equal to _____.

    Opties voor invulveld 1: the donor's basis, carried over to the donee, its fair market value on the date of the gift, zero, until the property is sold

    Opties voor invulveld 2: the decedent's original cost, its fair market value at the date of death, the amount of estate tax paid on it

    Toon antwoord en uitleg

    Antwoord: the donor's basis, carried over to the donee, its fair market value at the date of death

    A gift carries the donor's basis across, so the built in gain travels with the property and gets taxed when the donee eventually sells. Property acquired from a decedent instead takes a basis stepped to fair market value, which wipes out the appreciation that built up during the decedent's lifetime. A special rule applies to gifts whose fair market value is below the donor's basis at the date of the gift, where gain and loss are measured from different starting numbers.

14. 14. A purchasing manager has ordered supplies from the same vendor for years with the employer's knowledge. The employer privately tells the manager to stop but tells the vendor nothing, and the manager places one more order. Is the employer bound?

    • A. No, because the manager's actual authority was revoked before the order was placed
    • B. Yes, because the manager still had apparent authority in the eyes of the vendor
    • C. No, because an agent cannot bind a principal to a contract
    • D. Yes, but only if the employer later accepts delivery of the goods
    Toon antwoord en uitleg

    Antwoord: B. Yes, because the manager still had apparent authority in the eyes of the vendor

    Apparent authority comes from what the principal has led the third party to believe, so a private instruction the vendor never heard about does not end it. The employer ends apparent authority by giving the vendor notice, and until it does, the vendor may reasonably rely on the established course of dealing. Ratification, meaning accepting the benefit of an unauthorized act, is a separate route to being bound and is not needed when apparent authority already exists.

15. 15. Under Treasury Circular 230, what must a practitioner do on learning that a client made an error or omission on a filed tax return?

    • A. Correct the return and refile it without involving the client
    • B. Report the error to the Internal Revenue Service
    • C. Promptly advise the client of the error and of the consequences under the tax law
    • D. Withdraw from the engagement immediately
    Toon antwoord en uitleg

    Antwoord: C. Promptly advise the client of the error and of the consequences under the tax law

    Circular 230 places a duty to inform, not a duty to fix or to report. The practitioner must tell the client about the error or omission and explain the consequences of leaving it uncorrected, and the decision about whether to correct it belongs to the client. A practitioner may choose to withdraw if a client refuses to act, but the rules do not require withdrawal and do not permit disclosing the error to the IRS without the client's consent.

Wat het CPA-examen je echt vraagt

Sinds januari 2024 volgt het Uniform CPA Examination het model van CPA Evolution. Je maakt drie kernonderdelen die iedereen doet, Auditing and Attestation, Financial Accounting and Reporting, en Taxation and Regulation, en daarna een discipline-onderdeel dat je zelf kiest uit Business Analysis and Reporting, Information Systems and Controls, of Tax Compliance and Planning. Welke discipline je ook kiest, je krijgt aan het eind dezelfde CPA-licentie. De discipline is een keuze in diepgang en geen specialisatiestempel op je titel.

Elk onderdeel duurt vier uur en mengt meerkeuzevragen met task-based simulations, de casusachtige opdrachten waarin je een overzicht invult, een gezaghebbende bron opzoekt of een klantscenario doorwerkt. Scores worden gerapporteerd op een geschaalde reeks en 75 is de gerapporteerde slaaggrens, wat niet hetzelfde is als 75 procent van de vragen goed hebben. Geschaalde scoring corrigeert voor hoe moeilijk jouw specifieke set vragen was, dus jagen op een ruw percentage in je voorbereidingscursus zegt minder dan je denkt.

De regels rond het examen worden op twee verschillende plekken vastgesteld, en daar lopen mensen tegenaan. De inhoud van het examen komt van de AICPA. Al het andere, dus of je mag deelnemen, je opleidings- en ervaringseisen, het ethiekexamen en hoe lang je behaalde onderdelen geldig blijven, komt van de state board of accountancy van de Amerikaanse staat waar je de licentie aanvraagt. De modelregel van NASBA verlengde de geldigheidsduur van behaalde onderdelen van 18 naar 30 maanden, maar elke board beslist zelf of en wanneer hij die overneemt, dus de termijn die voor jou geldt is die van jouw board en geen landelijke. Kijk op nasba.org en bij je eigen state board voordat je een volgorde van onderdelen plant.

Hoe je deze oefentoets gebruikt en hoe je de stof leert

Deze 15 vragen zijn verdeeld over de drie kernonderdelen, ongeveer zes uit FAR, vijf uit AUD en vier uit REG. Er zitten geen discipline-vragen bij, want BAR, ISC en TCP trekken verschillende kanten op en een gedeelde oefentoets zou over geen van drieën iets nuttigs zeggen. Elke vraag toetst een begrip en niet een getal dat je zou opzoeken. Dat is met opzet zo voor de fiscale vragen: schijven, drempels en het standaardbedrag aan aftrek veranderen elk jaar, dus een vraag gebouwd op het cijfer van dit jaar is volgend jaar fout en leert je toch al de verkeerde gewoonte.

Maak hem in een keer zonder aantekeningen, en lees daarna de uitleg bij elke vraag, ook bij de vragen die je goed had. Goed gokken en het weten zijn twee verschillende toestanden, en alleen de uitleg vertelt je in welke van de twee je zat. Behandel een fout antwoord als een onderwerp en niet als een feit. De consolidatievraag en de vraag over governmental funds missen is geen twee gaten, het is een gat in hoe keuzes rond waardering en rapporterende entiteit de cijfers sturen.

Meerkeuze oefenen is maar de helft van het examen. Task-based simulations dragen in elk onderdeel een groot deel van de score, en dat is een andere vaardigheid, dichter bij het werk doen dan bij het juiste antwoord herkennen. Neem het oefenen met simulations vanaf het begin op in je planning in plaats van het tot de laatste twee weken te bewaren. Hetzelfde geldt voor audit sampling en voor het contractenrecht in REG, twee gebieden die deze oefentoets maar zijdelings raakt en die meer lonen met uitgewerkte opgaven dan met lezen.

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