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Category:Taxes & AccountingReads:5,129Uploaded:03 / 11 / 2010ShareAdd to collectionCPA Business Notes - Chapter 5
Chapter 5 – Planning, Budgeting, and Cost Management Cost Measurement and Cost Measurement Concepts Cost Measurement Concepts: Cost of goods manufactured and budgeting cost vs. actual cost. Managerial accounting and internal reporting Future orientation: usefulness and future orientation Most accounting reports are for externals (creditors, etc) Managerial accounting reports are for internal users Cost drivers: Cost drivers change total costs Direct causal relationship between change in cost dri
Category:Taxes & AccountingReads:12,758Uploaded:10 / 10 / 2009ShareAdd to collectionCPA Business Notes - Chapter 4
Chapter 4 – Information Technology Introduction to Information Technology: Components: 1. Hardware: actual physical computer or computer peripheral device. 2. Software: programs that process data and turn that data into information. General (i.e. MS Word) or specific (internal audit program). 3. Data: raw facts. Production data (real, live data) or test data (staging/false data) are kept separately. 4. Network: communication media that shares data and information simultaneously. 5. People: var
Category:Taxes & AccountingReads:8,850Uploaded:10 / 10 / 2009ShareAdd to collectionCPA Business Notes - Chapter 3
Chapter 3 Factors Affecting Financial Modeling and Decision Making Financial Manager is required to evaluate the business wisdom of different alternatives - Use of financial models allows manager to predict outcomes for various alternatives using different assumptions for the variables included in the model. Steps needed to reach a decision: 1. Determine the strategic issues Enhance shareholder/firm value 2. Specify criteria and identify alternative courses of action a. Short-term quantifiable c
Category:Taxes & AccountingReads:9,790Uploaded:10 / 10 / 2009ShareAdd to collectionCPA Business Notes - Chapter 2
Chapter 2 Business Cycles and Reasons for Business Fluctuations Business cycle: rise and fall of economic activity relative to its long-term growth trend. Macroeconomics: study of economy as a whole – National income, unemployment, inflation. Microeconomics: studies consumers, producers, and suppliers operating in a narrowly defined market. Gross Domestic Product (GDP): most common measure of economic activity or output of an economy - Total market value of all final goods and services produced
Category:Taxes & AccountingReads:13,854Uploaded:10 / 10 / 2009ShareAdd to collectionCPA Regulation Notes - Chapter 1
Individual Taxation – Filing Status Must file tax return if income is equal to or greater than sum of: Personal exemption + Standard deduction + Additional standard deduction for over 65 or blind Exceptions: - Earned from self-employment at least $400 - Can be claimed as dependents on another taxpayer’s return, have unearned income, and gross income of $900 - Who receive advance payments of earned income credit Filing due date: April 15 Automatic six-month extension. Must file extension by April
Category:Taxes & AccountingReads:21,899Uploaded:06 / 29 / 2009ShareAdd to collectionCPA Regulation Notes - Chapters 5,6,7
Chapter 5 Employer-Employee Law The Fair Labor Standards Act = wages and hours. The National Labor Relations Act = collective bargaining (i.e., unions) activities. The Taft-Hartley Act = labor relations. The ADA prohibits discrimination; it does not govern wages and hours. Subrogation is the right a surety has by which he succeeds to the creditor's rights against the principal when the surety pays the principal's obligations. Exoneration is the right a surety has against the debtor to force the
Category:Taxes & AccountingReads:8,438Uploaded:06 / 29 / 2009ShareAdd to collectionCPA Regulation Notes - Chapter 4
Chapter 4 – Partnership Taxation FORMATION General Rule No gain or loss is on a contribution of property to a partnership in return for a partnership interest. Exceptions to non-recognition of gain (taxable events): • Capital interest acquired for services rendered (FMV) Value of partnership interest acquired for services is ordinary income to the partner • Property subject to a (excess) liability Property contributed subject to excess liability, the excess amount is taxable boot as a gain to
Category:Taxes & AccountingReads:8,780Uploaded:06 / 29 / 2009ShareAdd to collectionCPA Regulation Notes - Chapter 3
Chapter 3 – C Corporations, Depreciations, and MACRS FORMATION Corporation tax consequences: • No gain/loss recognized when issuing stock in exchange for property when: Formation – issuance of common stock Reacquisition – repurchase of treasury stock Resale – sale of treasury stock • Basis of property received by corporation is the basis of property received is the GREATER of: Adjusted net book value of shareholder + any gain recognized by shareholder Debt assumed by corporation EXCEPTION: if th
Category:Taxes & AccountingReads:10,574Uploaded:06 / 29 / 2009ShareAdd to collectionCPA Regulation Notes - Chapter 2
Chapter 2 – Adjustments and Itemized Deductions Adjustments (Deductions) to Gross Income to arrive at AGI – Above the line deductions Educator Expenses - Deduct up to $250 of qualified expenses paid (or $500 for married, both are educators) - Eligible: KG to 12 grade teacher, instructor, counsellor, principal, or aide in school for at least 900 hours a year - Reduce qualified expense amounts by: o US series EE and I savings bond interest, non-taxable state tuition, non-taxable Coverdell Sav
Category:Taxes & AccountingReads:8,161Uploaded:06 / 29 / 2009ShareAdd to collection
