Self-assessment exam: Catalyst--January/February 2004.The self-assessment exam is provided as a convenient method for CPAs to earn CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises.CPE - Customer Premises Equipment credit by reading Catalyst: The Leading Edge of Ohio Business. The exam consists of 25 multiple-choice questions covering information included in articles and columns in this issue of Catalyst. Those who complete the exam and return the answer sheet to The Ohio Society for grading, and earn a grade of 75 percent or better, will receive two (2) hours of CPE credit, Permission to provide CPE credit has been granted by the Accountancy Board of Ohio. The costs for the self-assessment exam are as follows:
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MEMBERS $25 $30
NON-MEMBERS $35 $40
The grading process is handled in a confidential manner. Respondents In the context of marketing research, a representative sample drawn from a larger population of people from whom information is collected and used to develop or confirm marketing strategy. will be notified by e-mail of their exam results. Print Instructions 1. Detach de·tach v. 1. To separate or unfasten; disconnect. 2. To remove from association or union with something. the exam insert from Catalyst and tear along the center perforation per·fo·ra·tion n. 1. The act of perforating or the state of being perforated. 2. An abnormal opening in a hollow organ or viscus, as one made by rupture or injury. Perforation A hole. . 2. Take the exam as an open-book test, recording your answers on the answer sheet by filling in the appropriate circle (pen or pencil is fine). 3. Then, write your name, SSN SSN abbr. Social Security Number and phone number on the lines directly below. Please print clearly. 4. Please include payment with the exam: $30 for members, $40 for non-members. Make checks payable to: The Ohio Society of CPAs. 5. Mail this page, along with your payment, in an envelope to: The Ohio Society of CPAs Catalyst Exam P.O. Box 1810 Dublin, OH 43017-7810 Online Instructions 1. Go to www.ohioscpa.com. 2. Click on the "CPE" tab; then click on "CPE Options." 3. Click on the link for "Self-Study Options," and then "Self-Assessment Exams." This will provide links to all the active exams. 4. Complete the exam and click "Submit" when you are finished. 5. Print the confirmation for your records. Name (last name first): -- Phone (daytime): -- SSN: -- E-mail: -- Self Assessment Exam Results The Ohio Society sends test results via e-mail. Please provide a current e-mail address See Internet address. e-mail address - electronic mail address in the space provided. Respondents who passed with a grade of 75 percent or better qualify for two hours of CPE credit in specialized knowledge, as approved by the Accountancy Board of Ohio. Reader Critique Is the layout of Catalyst. a. Very easy to navigate b. Easy to navigate c. Somewhat easy to navigate d. Not easy to navigate How useful is the information presented in Catalyst? a. Very useful b. Useful c. Somewhat useful d. Not useful How pertinent to your professional responsibilities is the information presented in Catalyst? a. Very pertinent b. Pertinent c. Somewhat pertinent d. Not pertinent How timely is the information presented in Catalyst? a. Very timely b. Timely c. Somewhat timely d. Net timely How would you rate the depth of the articles? a. Very in-depth b. In-depth c. Slightly in-depth d. Not in-depth How would you rate the length of the articles in Catalyst? a. Too long b. Too short c. Just right Which article or department column did you find most useful in this issue? (Please circle all that apply.) a. High-Tech Meets High-Standards: Sarbanes-Oxley and Technology b. Understanding Nonattest Services Independence Rules Related to Information Systems c. Mostly Sunny Forecast: The Ohio Society's State of Ohio Business Poll d. Workers' Compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. Offers Programs for Ohio's Small Business e. May I See Your Driver's License Noun 1. driver's license - a license authorizing the bearer to drive a motor vehicle driver's licence, driving licence, driving license license, permit, licence - a legal document giving official permission to do something ? Guard Yourself Against Identity Theft f. How Safe is a Broadband Internet See broadband. Connection? g. Technology Tools to Make Life Easier If you found any article or department column not useful at all, please circle all that apply. a. High-Tech Meets High-Standards: Sarbanes-Oxley and Technology b. Understanding Nonettest Services Independence Rules Related to Information Systems c. Mostly Sunny Forecast: The Ohio Society's State of Ohio Business Poll d. Workers' Compensation Offers Programs for Ohio's Small Business e. May I See Your Driver's License? Guard Yourself Against Identity Theft f. How Safe is a Broadband Internet Connection? g. Technology Tools to Make Life Easier What is your overall evaluation of this issue of Catalyst? a. Excellent b. Good c. Fair d. Poor What particular issues would you like to see addressed in future editions of Catalyst? What type of articles would you like to see in future editions of Catalyst? What can Catalyst do to improve? Exam Questions for Catalyst--January/February 2004 (Please choose the best answer to each question) Articles Technology and SOX (1) (Schema for Object-oriented XML) An XML schema developed by Veo Systems and Muzino Communications, which was submitted to the W3C. SOX is based on DTD, but adds data typing and reuse mechanisms. (Sarbanes-Oxley Act See SOX. ) 1. Section 404 of the Sarbanes Oxley Act requires firms to file an annual management report on the firm's internal controls. This report must: a. Attest To solemnly declare verbally or in writing that a particular document or testimony about an event is a true and accurate representation of the facts; to bear witness to. To formally certify by a signature that the signer has been present at the execution of a particular writing so as to the external auditor's responsibility for maintaining the firm's internal controls. b. Identify the framework used to evaluate the firm's internal controls. c. Not include an assessment of the effectiveness of the firm's internal reporting controls. d. Not include a statement related to the external auditor's views of the manager's assessment of internal controls. 2. Mike Dickson, chair of the Ohio Society of CPAs' Executive Board, states that SOX will require the incurrence of technology costs especially for: a. Process mapping. b. Documenting firm reporting issues. c. Identifying defalcations. d. Expense tracking, 3. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Timothy Bohannon, there are three areas where firms should strengthen their internal controls. These include: a. Reducing senior managements influence over the selection of the external auditor The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . b. Questioning whether and to what extent fraud exists within their organizations. c. The creation of a code-of-conduct hotline. d. All of the above. 4. According to Timothy Bohannon, the CCD CCD in full charge-coupled device Semiconductor device in which the individual semiconductor components are connected so that the electrical charge at the output of one device provides the input to the next device. (Chief Compliance Officer) should primarily be responsible for: a. The company's financial reporting practices. b. The selection process for the company's external auditor. c. Overseeing the company's compliance with corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. processes, as well as specific legal requirements including securities law, corporate law, and now government law. d. The selection process for the chief technology officer. Understanding Nonattest Services independence Rules Related to Information Systems 5. Before performing nonattest services, what must the member document in writing? a. His or her understanding with the client related to the objectives of the engagement. b. A description of the services to be performed. c. A statement that the client accepts its responsibilities for making all management decisions and performing all management functions related to the service offered. d. All of the above. 6. Which of the following actions could impair im·pair tr.v. im·paired, im·pair·ing, im·pairs To cause to diminish, as in strength, value, or quality: an injury that impaired my hearing; a severe storm impairing communications. independence when performing bookkeeping bookkeeping, maintenance of systematic and convenient records of money transactions in order to show the condition of a business enterprise. The essential purpose of bookkeeping is to reveal the amounts and sources of the losses and profits for any given period. functions for an attest client? a. Preparing a trial balance from information contained in the client's general ledger General Ledger A company's accounting records. This formal ledger contains all the financial accounts and statements of a business. Notes: The ledger uses two columns: one records debits, the other has offsetting credits. . b. Changing account codes without client approval. c. Recording transactions for which management has specified account classification. d. Posting client-approved entries to the client's trial balance. 7. Which of these services are prohibited when providing information systems consulting? a. Setting up the chart of accounts and financial statement formats. b. Installing or integrating a client's financial information system (that was not designed by the member). c. Operating a client's local area network (LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. ). d. Installing pre-packaged accounting software [if the member does not create or change the source code(s) of the underlying software]. Mostly Sunny Forecast: The Ohio Society's State of Ohio Business Poll 8. According to the results of the State of Ohio Business Poll, what percent of CPAs believe that Ohio's economy will be "brighter" in 200 4? a. Less than 50 percent. b. 64 percent. c. 36 percent. d. 65 percent. 9. According to poll results, what percent of CPAs described Ohio's overall business climate in positive terms? a. 20 percent. b. 1 percent. c. 12 percent. d. 45 percent. 10. According to poll results, what is the top concern of those CPAs who responded to the survey? a. Inadequate funding for primary and secondary education. b. Political leadership or lack thereof. c. Health care costs. d. The economy. Workers' Compensation Offers Programs for Ohio's Small Businesses 11. What types of premium savings programs does the Bureau of Worker's Compensation offer to employers? a. Drug-Free EZ. b. Transitional WorkGrant$-EZ. c. BWC BWC Biological Weapons Convention BWC Bureau of Workers Compensation BWC Best Workplaces for Commuters (EPA/DOT program promoting commuting efficiency) BWC Beauty Without Cruelty (skin care product company) labor-management partnership. d. All of the above. 12. To be eligible for the Bureau of Worker's Compensation's (BWC's) Premium Discount Program, the employer must implement BWC's: a. Labor-management partnership. b. Back to work program. c. Labor-grading policy. d. 10-step business plan. 13. To be eligible to join a group-rating plan, an employer must: a. Have been in business for at least 10 years. b. Have at least 10 employees. c. Have a safe work record. d. Not be involved in certain types of work (such as construction). May I See Your Driver's License? 14. According to the author, how many Americans were victims of identity theft during 2002? a. 2.3 million. b. 8.8 million. c. 9.9 million. d. More than 20 million. 15. According to the author, what is the best strategy in the battle against identity theft? a. Staying abreast of your credit situation. b. Avoiding the use of credit cards. c. Not allowing anyone to see your driver's license. d. Staying current on all of the latest methods used in identity theft. 16. The author provides several tips to follow that will help individuals avoid identity theft. These include: a. Letting mail sit in your mailbox A simulated mailbox in the computer that holds e-mail messages. Mailboxes are stored on disk as a file of messages, a database of messages or as an individual file for each message. The standard mailboxes are usually In, Out, Trash and Junk (Spam). . b. Watching billing cycles Billing cycle The time elapsed between billing periods for goods sold or services rendered. and following-up if you do not receive bills when expected. c. Putting your social security number on all of your checks. d. Tossing financial solicitations without first shredding shred n. 1. A long irregular strip that is cut or torn off. 2. A small amount; a particle: not a shred of evidence. tr.v. them. How Safe Is a Broadband Connection See broadband and wireless broadband. ? 17. According to the author, there are three security issues you should be concerned with when using a broadband connection. These include: a. The cost of broadband vs. dial-up services An information service on demand. The term was popular when analog modems were the only way to connect to a remote system. See dial-up. . b. The extent to which you are protected from viruses. c. The extent to which you are able to maintain your privacy when accessing the internet. d. Both b and c. 18. According to the author, the single most important thing you can do to protect your computer from intruders is to: a. Alter your password on a regular basis. b. Limit your computer usage to early mornings or late evenings. c. Have access to or install a firewall. d. Lock the computer up after usage. Technology Tools to Make Life Easier 19. Which of the following can be done with a PDA (Personal Digital Assistant) A handheld computer for managing contacts, appointments and tasks. It typically includes a name and address database, calendar, to-do list and note taker, which are the functions in a personal information manager (see PIM). (personal digital assistant)? a. You can store large amounts of information on a PDA and retrieve this information when it is needed. b. You can configure See configuration. (software) configure - A program by Richard Stallman to discover properties of the current platform and to set up make to compile and install gcc. Cygnus configure was a similar system developed by K. the PDA so that you can view PowerPoint presentations. c. You can transmit information via e-mail using the PDA. d. All of the above. Tools for Strategic Planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. 20. Strategic planning focuses on managing the firm's interactions with environmental forces. Some of these environmental forces include: a. Competitors. b. Suppliers. c. Government agencies. d. All of the above. 21. Which of the following software packages are designed primarily for use in preparing a formal business plan? a. BuzPlan Builder 8 or Business Plan Pro. b. ACCPAC ACCPAC Accounts Package ACCPAC Accounting Package CFO See Chief Financial Officer. . c. Peachtree Basic. d. IBT (1) (Instructor Based Training) Training courses conducted by human teachers. (2) (Internet Based Training) Training courses provided via the Internet. Business. Members Only 22. Which of the following is NOT a difference in the new computerized CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. exam? a. A new section specifically focusing on ethics ethics, in philosophy, the study and evaluation of human conduct in the light of moral principles. Moral principles may be viewed either as the standard of conduct that individuals have constructed for themselves or as the body of obligations and duties that a . b. Greater flexibility for exam candidates in terms of testing dates and locations. c. Revised content that places greater emphasis on information technology and general business knowledge. d. Increase testing of skills in areas such as research and analysis. 23. What is the new ethics requirement? a. Every other year. b. Three hours of CPE in ethics every other year. c. Three hours of CPE in ethics every reporting cycle. d. None of the above. 24. When does the ethics requirement take effect? a. For CPAs reporting in 2005 and thereafter. b. For CPAs reporting in 2004 and thereafter. c. For CPAs reporting in 2003 and thereafter. d. Immediately. 25. How many students participated in Accounting for Kids Day 2003? a. 1,000 b. 500 c. 5,000 d. 3,000 Answer Sheet 1. (a) (b) (c) (d) 2. (a) (b) (c) (d) 3. (a) (b) (c) (d) 4. (a) (b) (c) (d) 5. (a) (b) (c) (d) 6. (a) (b) (c) (d) 7. (a) (b) (c) (d) 8. (a) (b) (c) (d) 9. (a) (b) (c) (d) 10. (a) (b) (c) (d) 11. (a) (b) (c) (d) 12. (a) (b) (c) (d) 13. (a) (b) (c) (d) 14. (a) (b) (c) (d) 15. (a) (b) (c) (d) 16. (a) (b) (c) (d) 17. (a) (b) (c) (d) 18. (a) (b) (c) (d) 19. (a) (b) (c) (d) 20. (a) (b) (c) (d) 21. (a) (b) (c) (d) 22. (a) (b) (c) (d) 23. (a) (b) (c) (d) 24. (a) (b) (c) (d) 25. (a) (b) (c) (d) * This exam must be received by The Ohio Society by January 1, 2005. Exams postmarked after January 1, 2005 will be returned. |
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