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Self-assessment exam.

[ILLUSTRATION OMITTED]

Cash flow: Managing capital in a turbulent market

1. Which of the following represents one of the "four C's" of working capital mentioned in the article?

A. Customers

B. Communications

C. Compensation

D. Collateral

2. Which of the following was not identified in the article as needing to be managed carefully during turbulent economic times?

A. Credit

B. Inventory

C. Capital

D. Accounts receivable and accounts payable

3. In the current economic situation, what kinds of companies have become more attractive to Wall Street investors?

A. Private companies

B. Public companies

C. Credit-rich companies

D. Cash-rich companies

4. Which of the following was not identified in the article as a warning sign that a customer is having cash flow problems?

A. Spending less than in the past

B. Changing the mix of products purchased

C. Discontinues paying his/her bills on a timely basis

D. Putting purchases on hold

5. Which of the following was identified in the article as one of the areas where companies should be extra vigilant when it comes to improving cash flow?

A. Billing and collections

B. Inventory purchasing

C. The extension of credit

D. Firm marketing practices

6. Which of the following did Sandy Miller, CPA identify as one of the best steps companies can take to become credit worthy?

A. Develop a contingency plan and really understand how much it costs to run the business

B. Terminate lackluster employees

C. Tighten spending

D. Move to a just-in-time approach when paying invoices

7. According to Brian Marita, CPA, companies need to put their best face forward when working with a lender. Which of the following represents one of the two vital actions he recommends?

A. Have a written contingency plan

B. Have recent financial statements

C. Have a written business plan

D. Maintain accurate billing records

8. Which of the following was not listed in the article as being a top five best practice for maintaining working capital?

A. Communicate honestly and often with lenders, share business plans and contingency plans, clean up financials

B. Reduce inventory levels and SKUs, reposition company and offerings if needed

C. Speed up cash flow

D. Increase payment periods to conserve cash

An inside look at the Private Company Financial Reporting Committee (PCFRC)

9. Which of the following groups has been specifically charged with considering the effects of globalization and changing regulation on the financial reporting practices of private companies?

A. FASB

B. AICPA

C. Private Company Financial Reporting Commission

D. Private Company Financial Reporting Committee

10. What role will the PCFRC play in the financial reporting process?

A. Consider differences in prospective and existing GAAP related to private companies

B. Make formal recommendations to FASB

C. Consider user needs and cost/benefit considerations with regards to existing and prospective GAAP and its application to private companies

D. All of the above

11. Which of the following does Tom Groskopf, CPA cite as a common complaint CPAs make regarding existing financial reporting standards?

A. Standards overload

B. Financial statement presentation requirements

C. Medium-sized entity regulation

D. FIN 48

12. Which of the following represents a current priority for the PCFRC?

A. Committee readjustment

B. Accounting for leases

C. Accounting for long-term contracts

D. Accounting for subsequent events

13. There will be several key differences between IFRS (International Financial Reporting Standards) for publicly traded companies and IFRS for non-publicly traded entities. Which of the following was not listed as one of the key differences?

A. Trigger-based impairment testing for goodwill, as opposed to testing for impairment on a semiannual basis

B. A reliable measurement exception for fair value measurements

C. A blanket exception from the financial statement presentation project

D. Trigger-based impairment testing for goodwill, as opposed to testing for impairment on an annual basis

OSCPA members delay retirement due to nation's economic downturn

14. What percentage of OSCPA members age 60 or older stated that the economic downturn has changed their retirement plans?

A. 54%

B. 37%

C. 52%

D. 31%

15. What percentage of survey respondents whose retirement plans have changed cited the decline in their retirement investment portfolio as the primary reason for the change?

A. 29%

B. 45%

C. 81%

D. 37%

16. Under the Pension Protection of 2006, at what age are pension plans allowed to begin paying benefits to workers who have not yet separated from their employers?

A. 55

B. 40

C. 65

D. 62

17. According to the article, from 2005 to 2025, the number of people age 55 to 64 will grow by

A. 5 million

B. 7 million

C. 8 million

D. 11 million

18. According to OSCPA survey respondents, what is the primary advantage of maintaining a CPA license after retirement?

A. Allows one to remain at the forefront of the profession

B. Makes it easier to attain part-time or seasonal work

C. Is the extra credential needed to open doors

D. Can help me secure employment in higher education

19. According to an OSCPA survey, what is the main reason professionals maintain their OSCPA membership after retirement?

A. Membership helps the professional maintain affinity with the profession

B. The OSCPA delivers professional news and information that the professional needs to remain current

C. The OSCPA represents my interests before regulatory and legislatives bodies

D. Society membership helps me maintain my CPA license through access to quality, low-cost CPE Are future CPAs prepared? The status of ethics education

20. The authors reported the views of accounting chairs regarding the importance of ethics education to the business curriculum and accounting curriculum. Which of the following represents these views?

A. Ethics was more important to the accountancy curriculum than the business curriculum

B. Ethics was equally important to both the accountancy curriculum and the business curriculum

C. Ethics was more important to the business curriculum than to the accounting curriculum

D. Ethics isn't as crucial to the accounting curriculum

21. In most accountancy programs where is ethics most likely taught?

A. As a stand-alone class.

B. In the graduate program

C. Throughout the curriculum

D. In honors courses

22. Which of the following was identified by accounting chairs as one of the top sources of materials used by those accounting faculty teaching ethics?

A. Professional codes of ethical conduct

B. Lecture materials on pragmatic ethics

C. A specific case study on Enron

D. A stand-alone philosophy course book

Excel: The Conditional Sum Wizard and the SUMIFS function

23. What is the purpose of Excel's Conditional Sum Wizard?

A. It allows the importation of various programming languages into Excel

B. It simplifies Excel VBA programming

C. It expands the SUMIF function by allowing for multiple conditions in the context of Excel

D. It creates varied conditions allowing for more varied scenario analysis

24. How is the Conditional Sum Wizard launched in Excel 2007?

A. By selecting "Excel Options" and "Add-ins"

B. By using the Lookup Wizard function

C. By selecting the Conditional Sum Wizard tab at the top of the screen

D. By updating to the latest version of Microsoft Excel

25. What is an array formula?

A. A formula that explicitly dictates how arrays are to be structured within Excel.

B. A formula that works solely in conjunction with database commands.

C. A formula that can perform multiple calculations on one or more items in an array.

D. A formula that can perform simple calculations on one or more items in a database.
COPYRIGHT 2009 Ohio Society of Certified Public Accountants
No portion of this article can be reproduced without the express written permission from the copyright holder.
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Publication:Catalyst (Dublin, Ohio)
Date:Jul 1, 2009
Words:1235
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