Wiley CPA Examination Review, Volume 2: Problems and Solutions (Wiley CPA Examination Review Vol. 2: Problems & Solutions)

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.

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

Published annually, this comprehensive two-volume paperback reviews all four parts of the CPA exam. Many of the questions are taken directly from previous CPA exams. Volume I contains all study guides and outlines, while Volume II contains all problem solutions. With 2,700 multiple choice questions and more than 75 simulations, these study guides provide all the information candidates need to master in order to pass the computerized Uniform CPA Examination.

O. Ray Whittington, PhD, CPA, CMA, CIA (Chicago, IL), is the Ledger Quill Director of the School of Accountancy at DePaul University and vice chair of the Auditing Standards Board of the AICPA. His previous positions were the Director of the School of Accountancy at San Diego State University and the Director of Auditing Research for the American Institute of Certified Public Accountants (AICPA). Patrick R. Delaney, PhD, CPA, was the Arthur Andersen LLP Alumni Professor of Accountancy and Department Chair at Northern Illinois University and was author of Audit Sampling: An Introduction, Fifth Edition (0-471-37590-X).

Published annually, this comprehensive two-volume paperback reviews all four parts of the CPA exam. Many of the questions are taken directly from previous CPA exams, including new question formats. Volume I contains all study guides and outlines while Volume II contains all problem solutions. With 2,700 multiple choice questions and new simulation-style problems--offering more than 75 practice , these study guides provide all the information candidates need to master in order to pass the new computerized Uniform CPA Examination.

• Covers all requirements and divides the exam into 45 self-contained modules for flexible study.
• Includes new AICPA simulation questions.
• Offers nearly three times as many examples as other CPA exam study guides.

Here is what’s new in Wiley CPA Review, 36th Edition, 2009-2010:

Coverage of new financial accounting standards, especially:

• Statement of Financial Accounting Standards 155, Accounting for Certain Hybrid Financial Instruments—an amendment of FASB Statements No. 133 and 140
• Statement of Financial Accounting Standards 157, Fair Value Measurements
• Statement of Financial Accounting Standards 159, Fair Value Option for Financial Assets and Financial Liabilities—including an amendment of FASB Statement No. 115

Coverage of new auditing standards, especially:

• AICPA Statements on Auditing Standards Nos. 104 through 111, referred to collectively as the Risk Assessment Standards
• Latest Public Company Accounting Oversight Board auditing standards

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.

2. AUDITING AND ATTESTATION.

Engagement Planning, Obtaining an Understanding of the Client and Assessing Risks ENPL.

Internal Control IC 2.

Evidence EVID 3.

Reporting REPT 4.

Audit Sampling AUDS 5.

Auditing with Technology ATEC 6.

3. FINANCIAL ACCOUNTING AND REPORTING.

Basic Theory and Financial Reporting TREP 7.

A. Basic Concepts.

B. Error Correction.

C. Accounting Changes.

D. Financial Statements.

Inventory INVY 8.

Fixed Assets FA 9.

Monetary Current Assets and Current Liabilities CACL 10.

Present Value PV 11.

A. Fundamentals.

B. Bonds.

C. Debt Restructure.

D. Pensions.

E. Leases.

Deferred Taxes DETX 12.

Stockholders’ Equity STK 13.

Investments IVES 14.

Statement of Cash Flows SCF 15.

Business Combinations and Consolidations BCC 16.

Derivative Instruments and Hedging Activities DIHA 17.

Miscellaneous MISC 18.

A. Personal Financial Statements.

B. Interim Reporting.

C. Segment Reporting.

D. Partnership Accounting.

E. Foreign Currency Translation.

Governmental GOV 19.

Not-for-Profit NFP 20.

4. REGULATION.

5. PROFESSIONAL RESPONSIBILITIES AND BUSINESS LAW.

Professional Responsibilities RESP 21.

Federal Securities Acts FEDE 22.

Contracts CONT 23.

Sales SALE 24.

Commercial Paper CPAP 25.

Secured Transactions SECU 26.

Bankruptcy BANK 27.

Debtor-Creditor Relationships DBCR 28.

Agency AGEN 29.

Regulation of Employment and Environment EMEN 30.

Property PROP 31.

Insurance INSU 32.

6. FEDERAL TAXATION.

Individual ITAX 33.

Transactions in Property TPRO 34.

Partnership PTAX.

Corporate CTAX 36.

Gift and Estate GETX 37.

7. BUSINESS ENVIRONMENT AND CONCEPTS.

Business Structure BSTR 38.

Information Technology IFTC 39.

Economics and Strategy ECON 40.

Financial Management FINM 41.

Risk Management and Capital Budgeting RMCB 42.

Performance Measures PERM 43.

Cost Measurement COST 44.

Planning, Control, and Analysis PLAN 45.

APPENDIX A: SIMULATIONS.

APPENDIX B: SAMPLE EXAMINATIONS.

APPENDIX C: SAMPLE TESTLETS RELEASED FROM THE AICPA.

APPENDIX D: 2009 RELEASED AICPA QUESTIONS.