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Question 1: Which of the following is a correct statement concerning a partner’s power to bind the partnership? • A partner has no authority to bind the partnership after dissolution. • A partner cannot bind the partnership based upon apparent authority when the other party to the contract knows that the partner lacks actual authority.

• A partner has no authority in carrying on the regular business of the partnership to convey real property held in the partnership name. • A partner, acting outside the scope of the partner’s apparent authority, but with the express authority to act, cannot bind the partnership unless the third party knows of the express authority.

The correct answer is: B. This answer is correct because when the third party knows that the partner with whom he deals lacks actual authority, there can be no apparent authority. With such knowledge, the third party can no longer reasonably believe that the partner has authority to represent the partnership. Question 2: Cobb, Inc., a partner in TLC Partnership, assigns its partnership interest to Bean, who is not made a partner. After the assignment, Bean asserts the rights to • Participate in the management of TLC • Cobb’s share of TLC’s partnership profits. Bean is correct as to which of these rights?

• I and II • Neither I nor II. The correct answer is: B. A partnership is like a marriage, in that partners do not have to be partners with anyone unless they want to be. A new partner cannot be added to a partnership without the unanimous consent of the existing partners. Unless someone getting an assignment is made a partner, (s)he will not have any management rights. The right to a share of profits, however, may be assigned.

It is the only thing that is owned by each individual partner, and not collectively. Bean may receive Cobb’s share of the partnership profits. Question 3: Holly Corp.

Engage Yost & Co., CPAs, to audit the financial statements to be included in a registration statement Holly is required to file under the provisions of the Securities Act of 1933. Yost failed to exercise due diligence and did not discover the omission of a fact material to the statements. A purchaser of Holly’s securities may recover from Yost under Section 11 of the Securities Act of 1933 only if the purchaser • Brings a civil action within one year of the discovery of the omission and within three years of the offering date. • Proves that the registration statement was relied on to make the purchase. • Proves that Yost was negligent. • Establishes privity of contract with Yost.

The correct answer is: A. These are the relevant time limits. A plaintiff may not bring a claim forever, but must act within these time restraints. Question 5: When do title and risk of loss for conforming goods pass to the buyer under a shipment contract covered by the Sales Article of the UCC? • When the goods are identified and designated for shipment. • When the goods are given to a common carrier.

• When the goods arrive at their destination. • When the goods are tendered to the buyer at their destination. The correct answer is: B. When there is a shipment contract, the obligation of the seller is to place the goods in the hands of a carrier to be delivered to the seller. The risk of loss passes (FOB place of shipment) when the goods are delivered to the carrier. End of Quiz We hope you found this week’s quiz helpful. These questions are just a small sample of what you will find in Wiley CPAexcel.

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Our courseware contains over 2,600 pages of electronic study text, over 5,500 proficiency questions, over 5,100 past exam questions, over 4,200 electronic flashcards, over 450 task-based simulations and personalized progress reports to manage and track your mastery of the material.

The CPA Exam will undergo several changes in 2018—from the content tested, to the exam software user interface design, to even an upgrade to the computer monitors in which the exam is delivered. These changes, while impactful to candidates, are much less alarming than the CPA Exam changes we saw in 2017, and most cases will actually improve the testing experience. 2018 CPA Exam Content Changes All content changes have been broken into two types of changes: • Updates to the representative tasks mapped out in the • Content changes based on alterations to authoritative guidance Auditing and Attestation (AUD) Blueprints: The 2018 AUD Blueprints do not include any additional or eliminated content areas. However, there has been revisions to one of the content groups, as well as 12 representative tasks in order to reflect terminology updates in SAS 130, An Audit of Internal Control Over Financial Reporting. Content: The AUD Exam includes some key changes for 2018 that CPA candidates should take notice of. Please note that some of these updates will not go. Information Technology (IT) In the past, the BEC Exam has generally tested on what computers do, however, in 2018 there will be a shift to emphasizing how CPAs use computers.

Also new to IT is a list of updated vocabulary terms that could appear in 2018. While these terms have been used in the tech world and the accounting profession for many years, they are new to the CPA Exam. The “new” terms include: • Artificial intelligence and machine learning • Automation • Big data, data analytics, and data visualizations • Blockchain and cryptocurrencies (e.g., bitcoin) • Cloud operations and data storage • Cybersecurity • Digital business models Corporate Governance In September of 2017, changes were issued to the COSO Enterprise Risk Management framework. These changes will not be eligible for testing until Q2 of 2018 (April 1, 2018). Financial Accounting and Reporting (FAR) Blueprints: In alignment with the authoritative literature updates for nongovernmental and not-for-profit organizations (NGNPO), Area I, C, 4 (Statement of Functional Expenses) and similar tasks have been removed from the FAR Blueprints for 2018. Note: The terms “unrestricted,” “temporarily restricted,” and “permanently restricted” have been removed from any representative NGNPO related tasks. Content: FAR will undergo the most significant changes in 2018, with the most prominent alterations to Revenue Recognition.

Here is the full list of updates, all that will be eligible for testing Q1 of 2018. As part of the User Experience update, the AIPCA will be retiring its current, generic spreadsheet tool, and replacing it with Microsoft Excel. This should be a welcomed change, as Excel is the most widely used spreadsheet tool within the accounting profession and college accounting program curriculum. In other words, the majority of candidates will already be familiar with this tool prior to taking the CPA Exam. And if they are not, preparing for the exam will provide a great opportunity to learn this essential program before entering the field.

It is, however, important to note that candidates will not be tested on their Excel abilities. It is simply an included tool to aid in answering exam questions. The next version of the CPA Exam launched April 1, 2017. The AICPA began research and development for the next version of the Exam in 2013, aiming to ensure that the content and structure were still relevant—and most importantly— reliable measures of the knowledge and skills required to protect public interest as a CPA. The comprehensive research, known as the Practice Analysis, was initiated by market demand for a “higher-order” skillset that CPA Exam candidates need to demonstrate in order to execute CPA job responsibilities effectively. As a result of a multi-year effort consisting of collaboration with the profession’s key stakeholders - including Roger CPA Review - the AICPA Board of Examiners is adjusting the content, skill level, question type, question weight and structure, and time allotment of the CPA Exam.

HOW HAVE THE CHANGES BEEN DETERMINED? The updated version of the CPA Exam is the result of a comprehensive practice analysis, based on extensive research, with the end goal of determining the knowledge and skills required of newly licensed CPAs. The practice analysis took place in 2013 – 2015 and was multifaceted to ensure the CPA Exam remains relevant to the profession. The research conducted through the Practice Analysis informed the new version of the CPA Exam. CPA EXAM CONTENT CHANGES While the subject matter of the 2017 CPA Exam remains the same, the primary change to the exam is the increase in the degree - or skill level - at which that subject matter is tested.

AUD BEC FAR REG CSO VS BLUEPRINT CSOs – or Content Specification Outlines – are released by the AICPA each year to identify the extent of the technical content to be tested on each of the four sections of the CPA Exam. With the 2017 CPA Exam changes, the AICPA replaced CSOs with Blueprints. According to the AICPA, the purpose of the blueprint is to: • Provide assurance that the Exam is properly designed to test such knowledge, skills and tasks. • Assist candidates in preparing for the Exam by delineating the knowledge and skills that may be tested. • Apprise educators about the knowledge and skills candidates will need to function as newly licensed CPAs.

• Guide the development of Exam questions SKILL LEVELS ASSESSED BY QUESTION TYPE The chart below shows the increased caliber of skill levels assessed by question-type for the 2017 CPA Exam. Current CPA Exam 2017 CPA Exam Multiple Choice Questions (MCQ) Remembering & Understanding Remembering & Understanding Application Task Based Simulations (TBS) Application Application Analysis Evaluation Written Communication Application Application CPA EXAM STRUCTURE CHANGES INCREASING TASK-BASED SIMULATIONS & DECREASING MULTIPLE CHOICE QUESTIONS The 2017 CPA Exam includes an increase in the amount of Task Based Simulations in all sections, including the addition of TBS to the BEC section. Outlined in the table below, BEC includes four to five simulations. AUD, FAR and REG each include eight to nine TBSs.

Multiple Choice Questions Task-Based Simulations Written Communication Section Current 2017 Current 2017 Current 2017 AUD 90 72 7 8 - - BEC 72 62 - 4 3 3 FAR 90 66 7 8 - - REG 72 76 6 8 - - On the previous version of the exam, candidates typically alloted 10 to 20 minutes on each TBS. On the 2017 CPA Exam, candidates will need to spend 15 to 30 minutes to complete each TBS, which will now also test higher order skills - Analysis and Evaluation. While the number of TBSs increased, the number of MCQs decreased for all sections except for the REG exam, which slightly increased. This is a direct correlation to adding more TBSs to the exam since TBSs require more time to answer and will be testing higher order skills. Document Review Simulations The AICPA has also announced a new type of TBS called Document Review Simulation (DRS), which is tested on the AUD, REG and FAR exam sections.

As of now, this is the only significant CPA Exam change that affected the exam prior to Q2 of 2017. DRSs test candidates’ Application skills, and evolve to test Evaluation and Analysis. The purpose of these new simulation questions is to increase the authenticity of the CPA Exam by testing real-life tasks performed by CPAs.

In short, candidates are required to reference documents, such as legal letters, phone conversation transcripts, and authoritative literature to discern what is and is not important. To learn more about DRSs. INCREASE TIME ALLOCATION & ADJUST SCORING WEIGHTS: The chart below shows the changes in question type on the 2017 CPA Exam. AUD BEC FAR REG Current 60% MCQ 40% TBS 85% MCQ 15% WC 60% MCQ 40% TBS 60% MCQ 40% TBS 2017 50% MCQ 50% TBS 50% MCQ 35% TBS 15% WC 50% MCQ 50% TBS 50% MCQ 50% TBS SCORING In the previous version of the CPA Exam, Multiple Choice Questions (MCQs) comprised 60% of the scoring weight in AUD, FAR and REG, with the balance of scoring weight attributed to TBSs. MCQs comprised 85% of the scoring weight in BEC, with the remaining 15% of the scoring weight attributed to Written Communication. Because of the increase in TBSs to assess higher order skills, the scoring weight of multiple choice questions and TBSs is now approximately 50 percent each in AUD, FAR and REG.

BEC has a score weighting of 50% MCQs, 15% Written Communication and 35% Task Based Simulations. TIME ALLOCATION CHANGES The amount of time test takers receive for each section of the CPA Exam changed for the first time since 2011. Business Environments and Concepts (BEC) and Regulation (REG) sections of the CPA Exam increased by one hour to account for increased Task Based Simulations (TBS) and the higher level skills being assessed. AUD BEC FAR REG Current 4 3 4 3 2017 4 4 4 4 Additionally, As a result of the 2017 exam’s increased focus on testing higher order skills, students received a 10-15 minute break during each exam section. The breaks don't count against candidates’ testing time, as compared to the previous exam, in which breaks counted against testing time. 15 MINUTE BREAK The new exam includes a standardized 15-minute break in each section that doesn't count against the candidate’s time.

Because the exam tests at higher skill levels, essentially requiring more brainpower, breaks were added to allow test-takers a moment to recollect themselves before continuing with the exam. EXAM COST CPA Candidates see a direct cost increase of $20 for the BEC and REG portions of the CPA Exam, as a result in the increased testing time from three to four hours. TIMELINE FOR THE FINAL VERSION OF THE NEXT CPA EXAM • January 2014 – September 1, 2015 - Members of the following groups were interviewed, surveyed, invited to focus groups, and to comment. Information from this group was combined with the practice analysis. • Newly licensed CPAs • Direct and indirect supervisors of newly licensed CPAs • CPAs in business and industry • Academics, including Roger CPA Review • Standard setters • Regulators • Training directors • Boards of accountancy executive directors and members • September 1, 2015 - Exposure Draft • The AICPA distributed an exposure draft: a final proposal for the next version of the Exam for review by state boards of accountancy, standards setters, regulators, public accounting firms, academics, and state CPA societies. • The exposure draft was made available to the entire profession, with special distribution to the boards of accountancy, standard setters, regulators, public accounting firms, academics, and state CPA societies.

• The exposure draft contained blueprints, structure, design, and administration of the next CPA Exam. Free Download Game Pc Strategi Perang Kerajaan Islam. • Comments from this final round of external review will be used to finish the design of the next version of the CPA examination before its announcement in 2016. • September 1 – November 30, 2015 - Exposure Draft – Comments Period. • Q2 2016 – Public Announcement - Next version of the CPA Exam announced. • Q3 2016 – Document Review Simulations added to the CPA Exam • Q2 2017 – New version of the CPA Exam launched. • 2018 – AICPA Proprietary Test Drive Launched (A new testing interface utilizing Excel, audio, and video to be launched in 2018). Additional Resources • • • • • • • •.

The most significant change to hit the CPA Exam in 2016 was the introduction of a new type of task-based simulation, called Document Review Simulations, which were added to the AUD, FAR, and REG exam sections on July 1, 2016. To find out more about the Document Review Simulations, what they test, and why they were added to the exam.

Other than the addition of DRSs, the AICPA had few plans for changing the 2016 CPA Exam in light of the significant changes to the 2017 Exam. Most of the content changes on the 2016 exam were a result of recent Accounting Standard Updates issued by the FASB which became testable in the Financial Accounting and Reporting section of the exam during 2016. Auditing and Attestation and Regulation underwent minor changes while Business Environment and Concepts did not change at all in 2016. FINANCIAL ACCOUNTING & REPORTING (FAR) • Due to Accounting Standards Update 2015-01 issued by the FASB in January 2015, which eliminates the concept of extraordinary and unusual items from U.S. GAAP, ‘Going Concern’ will replace ‘Extraordinary and Unusual Items’ in the Specific Transactions, Events and Disclosures area of the FAR Content Specification Outline (CSO). The AICPA has explicitly stated the elimination of extraordinary and unusual items will not become effective on the exam until Q1 2016.

• Accountings Standards Update 2015-03, issued in April 2015, simplifies the presentation of debt issuance costs, which we refer to as bond issuance costs or BIC. Currently, BIC is reported as a deferred charge in the asset section of the balance sheet and gets amortized separately on the income statement. Under the revised standard, BIC will be treated similarly to a discount or premium and will be reported as an adjustment to the carrying value of the liability. The AICPA has explicitly stated this change to the accounting for BIC will not become effective on the exam until Q1 2016. • Accountings Standards Update 2015-05, issued in April 2015, concerns the accounting treatment of cloud computing expenses.

This change is testable on the exam possibly as early as Q4 2015, but most likely starting in Q1 2016. When an entity enters into a cloud computing arrangement, an analysis is performed to determine whether some or all of the arrangement represents a software license. If the entire arrangement, such as a platform-as-a-service arrangement, is considered a software license, then its entire cost to include the present value of future payments is treated as an intangible and accounted for similarly to other license. If the arrangement does not include a software license, the entire amount is treated as a service contract with the expense recognized in the period in which the benefit is derived. If the arrangement is a combination of both software license and service contract, the total cost will be allocated between the software license and the service contract. AUDITING AND ATTESTATION (AUD) • ‘Applicable financial reporting framework’ replaced ‘generally accepted accounting principles (GAAP) or other comprehensive basis of accounting (OCBOA)’ in the Accounting and Review Services area of the AUD Content Specification Outline (CSO).

Therefore, a slight change in mindset is required, wherein a candidate should consider departures from the applicable financial reporting framework, with less emphasis on whether the applicable financial reporting framework is GAAP or OCBOA. • The CSO reference OMB Circular A-133 has been superseded by OMB Audit Requirements for Federal Awards (2 CFR 200).

• The SSARS 21 updates [link to which most notably created the financial statement preparation engagement, appeared on the exam more frequently in 2016, though they became testable starting in Q3 2015. REGULATION (REG) • The 2016 REG update didn't represent any changes to the rules and concepts tested on the exam. The update consisted of a few revisions to numerical thresholds indexed for inflation, with allowances made for tax law provisions that are currently expired but may or may not be retroactively renewed by legislative action by the end of 2015. • For 2016, the AICPA expanded upon the Impact of Multijurisdictional Tax Issues on Federal Taxation topic in the Federal Tax Process, Procedures, Accounting, and Planning area of the REG Content Specification Outline (CSO). The topic now includes the following two subtopics: • General concepts of state and local tax (non-state specific – for example – nexus and apportionment) • U.S.

Taxation of multinational transactions While these are not new areas for testing, this special attention given in the 2016 CSO indicates plans for increased emphasis in 2016. BUSINESS ENVIRONMENT AND CONCEPTS (BEC) The AICPA reported no planned updates for the BEC Exam in 2016. Most of the 2015 CPA Exam changes appeared on the Financial Accounting and Reporting (FAR) Exam. Auditing and Attestation (AUD) had some changes, however, none that were a large impact on the exam during the four 2015 testing windows. Regulation (REG) and Business Environment and Concepts (BEC) content went through very minor changes with all of the heavily-tested information remaining the same.

Financial Accounting & Reporting (FAR) • The AICPA has indicated that understanding the differences between the following Special Purpose Frameworks will now be tested. • General Accepted Accounting Principles (GAAP) • International Financial Reporting Standards (IFRS) • Tax basis of accounting • Cash basis of accounting • The FASB modified certain rules to address the needs of smaller companies. There are three specific areas that were pertinent during the 2015 testing windows. The new “Small GAAP” approaches to the following topics were developed to simplify the procedure and reduce the cost of accounting for a smaller operation. • A new approach was developed for accounting for interest swaps. As a little reminder, interest swaps are derivatives that companies use to “swap” a loan that bears interest at a variable rate into a fixed rate loan. • A new, simpler, approach was developed for accounting for goodwill.

The new approach reduces the cost of testing for impairment and eventually eliminates goodwill from the small company’s financial statements. • A new approach was developed for lease accounting for “Small GAAP” companies. While publicly held companies are required to perform an extensive analysis to determine if the lessor should be included in the financial statements of the lessee as a variable interest entity (VIE), nonpublic companies are now allowed to avoid analyzing a relationship with the lessor that is related and simply account for the lease by applying lease accounting. • The AICPA worked on a major update to revenue recognition standards that had a large impact on both the accounting community and the CPA Exam. New International Financial Reporting Standards (IFRS) went into effect as part of the 2015 CPA exam. However, General Accepted Accounting Principles (GAAP) were fully updated in 2017. Though the IFRS change is significant, it will mean much more and is likely to be more heavily tested once GAAP is updated.

For the 2015 exam, it was important to be familiar with the updated IFRS rules; however, this update was not be as major as the other two FAR updates described above. Auditing and Attestation (AUD) • A minor update to auditor responsibilities was a part of the 2015 exam. According to the new standards, the auditor has additional responsibilities in relation to required supplementary information that accompanies a set of audited financial statements. • A minor update to external auditor’s ability to use client’s internal auditor was a part of the 2015 exam. This AICPA update further signifies that if analysis and decision information is obtained from the internal auditor, the ultimate evaluation of all information, at every step, is the responsibility of the external auditor. • A larger update for the AUD exam related to the less stringent compilation and review engagements that may be requested if an audit is not required.

Minor changes to how compilation and review services are performed and the associated reports were a part of this update. Perhaps the most significant change was the introduction of the accountant’s ability to also assist their clients in preparation of financial statements.

Whereas before an accountant could not submit financial statements without providing at least a compilation report, a new set of standards allows the accountant to assist with preparation of financial statements as a nonattest service. Regulation (REG) • The 2015 REG update did not represent any changes to the rules and concepts tested on the exam. The update consisted of a few revisions to numerical thresholds and percentages associated with the passing of the Affordable Care Act and elimination of expiring tax law provisions. Business Environment and Concepts (BEC) • The only potentially significant change to BEC resulted from provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that went into effect and was tested during the 2015 testing windows. Sections of Dodd-Frank are already tested as part of the Regulation exam. However, the sections tested on the BEC exam concentrated on the topic of corporate governance, thus testing a more specific set of laws. Auditing and Attestation: As of January 1, 2014, the Clarified U.S Auditing Standards (AU-C) replaced the AU standards (pre-clarified standards) on the CPA Exam.

The Clarity Project was created in an effort to streamline auditing standards content, and to merge U.S. Standards with international standards. These changes to standards and terminology affected the following areas within Audit Reports: • Unmodified Report (formerly Unqualified Report) for non-public companies/non-issuers, and Report for public companies (issuers), are now similar to the old Audit Report (3 paragraphs). • Extra paragraphs are now called Emphasis-of-Matter and Other Matter paragraphs (previously called explanatory paragraphs). • Each portion of the report will require its own Subheading. • Division of Responsibility is now called Group Financial Statements. • Qualified opinions are now called Modified opinions (Qualified except for, Disclaimer, and Adverse).

Other AUD Updates: • Slight revision to Governmental Auditing Standards (Yellow Book) • Updates on US standards vs. International AUD standards • PCAOB Auditing Standards (AS-16) regarding communications with Audit Committees became effective.

Regulation: • American Taxpayer Relief Act of 2012 was fully integrated into the REG section. • The Surtax on Unearned Income that resulted from the institution of the Patient Protection and Affordable Care Act (PPACA) was added. • Adjustments were made to the Treasury Circular 230. • Adjustments were made to the Federal Security Regulations as a result of the JOBS Act and Dodd Frank Rules enactments. BEC • Expanded information on the COSO's Internal Control Integrated Framework, which codifies 17 Principles of Internal Control, has been included. • Dodd Frank Rule adjustments have been incorporated. FAR • Adjustments made to Governmental Accounting Chapter have been added due to updated GASB Statements.

• Terminology changes were made in the Equity section, changing Net Assets to Net Position. AUD: The Clarity Project (Begins Q3 2013): The Clarity Project was created in an effort to streamline auditing standards content, and to converge U.S. Standard with international standards. FAR, AUD, REG and BEC - Allotted Test Time • Allotted test times changed for all four testing sections of the CPA Exam: FAR and REG remained 3 hours, but AUD lost 30 minutes for an allotted test time of 4 hours. BEC gained 30 minutes for an allotted test time of 3 hours. Exam Scoring Weights • Score weighting changed for the AUD, REG, and FAR sections. Multiple choice questions moved from 70% to 60%, simulation questions from 20% to 40%, and all written communication questions starting at 10% weight were moved completely into BEC with 15% weight.

Multiple choice questions in BEC changed from 100% weight to 85% weight.