Accounting Practice: Explanatory Answers To CPA Examination Objective Questions, May 1976 - November 1978

"Forty (40%) per cent of the Accounting Practice examination is composed of objective type questions. This study aid has been designed to help you prepare for that important phase of the examination. It contains: (1.) Objective questions from six recent examinations (May 1976 to November 1978) in Accounting Practice. (2.) Comprehensive, illustrative and explanatory answers to questions. In many cases, additional "study aids" are provided in order to reinforce knowledge. (3.) A topical index of the subjects included in objective questions from May 1976 to November 1978. Some of the explanations offered are more comprehensive than necessary for successfully answering examination questions and are designed to enhance understanding; presentation detail is intended for that purpose. This study aid can be used either: (1.) Chronologically, thereby utilizing the mix of subjects as provided by the examination itself, or (2.) Alphabetically, by reference to the topical index, in order to achieve a review over the range of the six exams. FEDERAL INCOME TAXES: It is important for the reader to consider the effect of recent (1976-1978) changes in federal taxes. However, the impact of such changes is minimal in terms of the CPA exam since a majority or the subject areas changed do not appear on the exam with any degree of frequency. The effect of these changes has been incorporated within answers to questions wherever possible. A summary of 1976-1978 tax law changes and their effect on questions which are not explained elsewhere in this publication follows:..." (from preface)