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Self-assessment exam.

Catalyst -- January/February 2005

The self-assessment exam is provided as a convenient method for CPAs to earn CPE 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:
 ONLINE PRINT

MEMBERS $25 $30
NON-MEMBERS $35 $40


The grading process is handled in a confidential manner. Respondents will be notified by e-mail of their exam results.

Print Instructions

1. Detach the exam insert from Catalyst and tear along the center perforation.

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 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.

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* This exam must be received by The Ohio Society by Dec. 31, 2005. Exams postmarked after Dec. 31, 2005 will be returned.

Self Assessment Exam Results

The Ohio Society sends test results via e-mail. Please provide a current e-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. Not 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. Inside View of Sarbanes-Oxley: Interview with Rep. Mike Oxley

b. State of Ohio Business Poll Underscores Need for Policy Changes

c. Identity Theft: Corporations Can Be Victims Too

d. Client Screening and Acceptance

e. Surveying the Landscape: The 2004 MAP Survey Results

f. other:

If you found any article or department column not useful at all, please circle all that apply.

a. Inside View of Sarbanes-Oxley: Interview with Rep. Mike Oxley

b. State of Ohio Business Poll Underscores Need for Policy Changes

c. Identity Theft: Corporations Can Be Victims Too

d. Client Screening and Acceptance

e. Surveying the Landscape: The 2004 MAP Survey Results

f. other:

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 2005

(Please choose the best answer to each question.)

State of Ohio Business Poll Underscores Need for Policy Changes

1. According to the results of the State of Ohio Business Poll, the number one concern among respondents was:

a. Ohio's economy.

b. Ohio's education system.

c. Government waste.

d. Health care and national security.

2. The Ohio Society of CPAs outlined three key policy areas that must be addressed to make Ohio more competitive. These include:

a. Tort reform.

b. An increase in Ohio's sales tax.

c. Higher national tariffs to protect key industries.

d. Reductions in Ohio health care costs.

3. Most of the respondents to the State of Ohio Business Poll felt that capital investment by Ohio businesses would:

a. Increase in 2005 from 2004 levels.

b. Stay at levels similar to those found in 2004.

c. Decrease in 2005 from 2004 levels.

d. Be dependent on the passage of additional state tax credits.

Identity Theft: Corporations Can Be Victims Too

4. Corporations must contest a fraudulent check within:

a. 90 days

b. 7 days

c. 40 days

d. 10 days

5. Positive pay check-clearing systems allow corporations to:

a. Limit their losses through stop payment mechanisms.

b. Reconcile their bank statements online.

c. Reduce their service fees.

d. Literally approve every check before it gets cashed.

6. According to Ken Klicka, accounting firms generally lack:

a. Internal network systems.

b. Trained computer personnel.

c. The ability to provide any kind of audit trail or forensic ability to track inappropriate access to the firm's accounting systems.

d. Access to state of the art tax-based software.

7. Heinz Ickert recommends paying customer refunds out of:

a. The company's petty cash drawer.

b. The company's payroll account.

c. A separate checking account, to limit a criminal's ability to obtain bank account and routing information.

d. The day's cash receipts.

8. For CPAs dealing with third party providers of service, Ickert recommends:

a. Ongoing background checks of the third party provider.

b. Providing the third party with access to all of the company's computer systems.

c. Limiting the number of third party providers.

d. Increasing the number of third party providers.

Client Screening and Acceptance

9. According to the author, the three main considerations in the client acceptance decision are whether the engagement is a good fit for the firm's expertise, whether the client is the type that the firm desires and whether:

a. The client will bring in other business.

b. The client will follow the firm's advice.

c. The partner can handle the additional work.

d. The client is financially viable.

10. Due care in the provision of accounting services requires that firms:

a. Be capable of providing the services required by the engagement they accept.

b. Current in their knowledge by studying and performing the services often enough to be up to date and proficient.

c. Both a and b are correct.

d. Neither a or b is correct.

11. The author suggests several sources of information for checking a client's financial viability. These sources include:

a. Discussions with suppliers.

b. Discussions with the client's key employees, bankers, attorneys or predecessor accountant.

c. Reviewing the prospective client's checking account records.

d. A review of prior engagement letters.

HR Spotlight: Meeting Short-term Staffing Needs

12. The author suggests several strategies to solving staffing needs during the busy season. These strategies include:

a. Hiring interns.

b. Hiring seasonal workers who return on an annual basis.

c. Outsourcing work to outside contractors.

d. All of the above.

13. According to Scott Saunders, accounting firms are interested in two skill sets when hiring seasonal help. Which of the following represent one of these skill sets?

a. Technical acumen.

b. Human resource capabilities.

c. Management skills.

d. Writing and oral presentation skills.

The Basics of Retirement Planning

14. What percent of pre-retirement income is needed to maintain a person's current lifestyle in retirement?

a. 50 percent.

b. 90 percent.

c. 60-80 percent.

d. Less than 50 percent.

15. What type of retirement plan is the most popular?

a. Defined-benefit plans.

b. 401(k) plans.

c. Individual retirement accounts (IRAs).

d. Cafeteria plans.

16. Retirement plans often do not function as well as they should. The primary reason for this shortfall is:

a. Poorly performing investments.

b. The lack of diversified portfolios.

c. A sudden/unexpected death.

d. A lack of participant education.

17. Retirement plans should have a number of investment options. What number of options does the author suggest?

a. At most 8.

b. At least 11.

c. 7 or fewer.

d. At least 14.

18. For the years 2005-2007, the IRA contribution limit equals:

a. $2,000

b. $3,000

c. $4,000

d. $5,000

S Corporation Reform and Simplification under the American Jobs Creation Act of 2004

19. The American Jobs Creation Act of 2004 increases the number of shareholders an S Corporation can have to:

a. 10

b. 35

c. 75

d. 100

20. Under the American Jobs Creation Act of 2004, a family of five, each with ownership in a common S corporation, can elect to be treated as:

a. One shareholder for purposes of the 100 shareholder limit.

b. Three shareholders for purposes of measuring qualification under the 100 shareholder limit.

c. One shareholder for purposes of the 75 shareholder limit.

d. Five separate corporations.

21. For purposes of the American Jobs Creation Act of 2004, a family is defined as:

a. The lineal descendants from a common ancestor.

b. The lineal descendants from a common spouse.

c. The lineal descendants and their spouses from a common ancestor.

d. Members of the current family, exclusive of any descendants.

22. According to the authors, a potential current beneficiary of an S corporation is defined as:

a. A person to whom a distribution from the S corporation is or may be made during a period pursuant to a power of attorney.

b. A person to whom a distribution from the S corporation is or may be made during a period pursuant to a power of appointment.

c. Any separate entity for which the shareholder of the S corporation has an ownership interest.

d. Any related person, including those meeting the definition of family.

23. Under provisions contained in the American Jobs Creation Act, an electing small business trust (ESBT):

a. Is precluded from being a shareholder of an S corporation.

b. Is allowed to be a shareholder of an S corporation.

c. Must retain all active licenses to be a shareholder of an S corporation.

d. Is limited in the deductions it can take based on its dealings with the S corporation.

24. The American Jobs Creation Act of 2004 allows suspended losses associated with ownership of S corporation stock to be:

a. Transferred to a spouse or to a former spouse, when the transfer occurs because of divorce.

b. Transferred to any third party, as long as the S corporation receives consideration equal to the tax benefits associated with these losses.

c. Tax deducted in the year incurred, even when sufficient basis is not present.

d. Recaptured through tax credits.

25. According to the authors, the American Jobs Creation Act changes the treatment of passive activity losses under:

a. Code Section 471.

b. Code Section 469 and Code Section 465.

c. Code Section 462 and Code Section 465.

d. Code Section 450 and Code Section 469.

Answers -- Self-Assessment Exam

Catalyst: The Leading Edge of Ohio Business--January-February, 2004

1. b.

2. a.

3. d.

4. c.

5. d.

6. b.

7. c.

8. b.

9. a.

10. d.

11. a.

12. d.

13. c.

14. c.

15. a.

16. b.

17. d.

18. c.

19. d.

20. d.

21. a.

22. a.

23. c.

24. b.

25. c.

In Memoriam

In memory of our friends and colleagues:

Anthony A. Alexander, CPA

Brecksville, OH

Warren H. Bock, CPA

Perrysburg, OH

Robert W. Davis, CPA

Loudon, TN

Lloyd E. Doran Jr., CPA

Frankfort, IL

Herbert Jenkins, CPA

Cincinnati, OH

Linda Marie Johnson, CPA

Walton Hills, OH

William R. LeMasters

Melbourne, FL

Harry Mestel, CPA

Canton, OH

Maurice W. Rutenschroer, CPA

Cincinnati, OH

Wells C. Turner, CPA

Centerville, OH

Floyd L. Wooldridge, CPA

Elyria, OH

A grade of 75 percent or better qualifies for two hours of CPE credit in specialized knowledge.
COPYRIGHT 2005 Ohio Society of Certified Public Accountants
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005 Gale, Cengage Learning. All rights reserved.

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Publication:Catalyst (Dublin, Ohio)
Date:Jan 1, 2005
Words:2062
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