Printer Friendly
The Free Library
23,421,980 articles and books


Self-assessment exam.

Catalyst -- September/October 2004

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.

[GRAPHIC OMITTED]

[GRAPHIC OMITTED]

* This exam must be received by The Ohio Society by September 1, 2005. Exams postmarked after September 1, 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. Future CPAs: Reaching Today's Students for Tomorrow's Profession

b. Student Stories: What Student Ambassadors Have to Say About

Recruiting "the Best & Brightest"

c. Becoming Financially Literate: National Initiative Offers Opportunities for Ohio CPAs

d. New AICPA Quality Center Provides Resources for ERISA Audits

e. Networking: Beyond the Business Cards

f. A Matter of Trust: Does Your Organization Need An Ethics Officer?

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

a. Future CPAs: Reaching Today's Students for Tomorrow's Profession

b. Student Stories: What Student Ambassadors Have to Say About Recruiting "the Best & Brightest"

c. Becoming Financially Literate: National Initiative Offers Opportunities for Ohio CPAs

d. New AICPA Quality Center Provides Resources for ERISA Audits

e. Networking: Beyond the Business Cards

f. A Matter of Trust: Does Your Organization Need An Ethics Officer?

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 -- September/October 2004

(Please choose the best answer to each question.)

Helping Americans Become Financially Literate: National Initiative Offers Opportunities for Ohio CPAs

1. Which of the following is a goal of the new "360 Degrees of Financial Literacy" campaign?

a. Provide unique opportunities for CPAs to give back to the community.

b. Improve the future financial security of millions of Americans.

c. Provide unique opportunities for CPAs to grow their businesses.

d. All of the above.

2. An average American family spends this amount for every dollar it earns.

a. $.90

b. $1.22

c. $.95

d. $.85

3. The IRS's Stakeholder Partnerships, Education and Communications program is designed to help low-income taxpayers:

a. Qualify for education credits, including the Hope Scholarship.

b. Better budget their finances.

c. File their tax returns.

d. Save more of the money they earn.

New AICPA Quality Center Provides Resources for ERISA Audits

4. According to the AICPA, the main benefits of the Employee Benefit Plan Audit Quality Center include:

a. Periodic updates on current issues through news alerts and Web casts.

b. An online forum for member interaction and sharing.

c. The client referral service.

d. Both a and b.

5. According to Anita F. Baker, CPA, the Employee Benefit Plan Audit Quality Center was created in response to:

a. The passage of the Sarbanes-Oxley Act.

b. Department of Labor concerns.

c. The AICPA's peer review results related to employee benefit plan audits.

d. Demands from AICPA members.

6. Federal law requires audits of employee benefit plans. For this law to be effective, how many employees must be covered by the plan?

a. 50 or more

b. 75 or more

c. More than 100

d. 100 or more

7. In order to join the Employee Benefit Plan Audit Quality Center, an accounting firm must:

a. Have a designated audit partner with firm-wide responsibility for the quality of the firm's audit practice, including both financial and ERISA employee benefit plan audits.

b. Establish a quality control training program for all staff handling ERISA audits.

c. Establish internal inspection procedures, including practice specific reviews by those partners not currently involved with ERISA audits.

d. Publicly distribute peer review information to all of their affected clients.

Networking: Beyond the Business Cards

8. To be effective, networking requires that you:

a. Be yourself.

b. Focus on those you are networking with.

c. Be creative.

d. All of the above.

9. According to John Rosan, vice president and manager of public funds for Fifth Third Bank, a big part of managing relationships involves:

a. Promptly returning phone calls.

b. Keeping your word.

c. Being on time.

e. Always having time for others.

A Matter of Trust: Does Your Organization Need An Ethics Officer?

10. An ethics officer is someone who:

a. Enforces a company's code of conduct.

b. Fosters positive ethical values and standards.

c. Has limited access to the ultimate leadership of the organization.

d. Needs to have legal training to be effective.

11. What is the difference between ethics and compliance?

a. Compliance deals with assuring that certain written standards or rules are met; ethics deals with establishing values and procedures that promote "doing the right thing."

b. Compliance deals with issues that are broader in scope than those dealt with by ethical reasoning.

c. There is no difference; these two concepts are the same.

d. Ethics can be ignored when compliance occurs.

12. An ethics officer helps an organization:

a. Communicate company standards, but not set standards.

b. Alter the culture of the business to assure compliance with company policies.

c. Set ethical standards.

d. All of the above.

13. An ethics officer should have an administrative reporting relationship with the:

a. Company's board of directors.

b. CEO or the company's General Counsel.

c. Someone below the CEO.

d. A company's outside General Counsel.

14. Can someone within the firm assume the added responsibilities of ethics officer?

a. Yes, if that person is given the necessary time and resources to perform the job.

b. No, an ethics officer needs be devoted full-time to that position.

c. Yes, even if the needed time and resources to do the job are not available.

d. Yes, if the firm is small in size, no otherwise.

15. The majority of the issues that come before an ethics officer are:

a. Legal issues.

b. Audit related issues.

c. Human resource related issues.

d. Governance related issues.

16. Would a lawyer make a good ethics officer?

a. Yes, because legal training can prove helpful in settling issues faced by an ethics officer.

b. No, because ethics is substantially broader than legal compliance.

c. No, because lawyers are not trained to be ethical.

d. Yes, because lawyers must meet certain rigorous ethical standards to maintain their law license.

17. Some of the core benefits of an ethics officer include their ability to:

a. Help a company set appropriate legal standards.

b. Help a company set appropriate ethical standards.

c. Help a company communicate their legal standards to their employees.

d. Act as a go-between for management and a disgruntled employee.

18. There are seven critical questions that must be answered as part of the development of a successful ethics program. These questions include those related to:

a. How the company defines success.

b. The company's accountability.

c. The organization's core values.

d. All of the above.

A Down-to-Earth Look at Satellite Broadband

19. Which of the following is NOT an area where satellite broadband solutions excel?

a. Voice and audio streaming

b. Cost

c. Accessibility

d. E-learning

A New Health Insurance Tax Credit

20. The Health Insurance Tax Credit (HITC) provides a financial incentive to continue to maintain health insurance coverage by offsetting the cost of coverage against what?

a. Prescription drug costs.

b. The individual's tax liability.

c. Long-term care expenses.

d. None of the above.

21. Pre-tax savings have been provided to the American worker through what?

a. Health Savings Accounts

b. Flexible Spending Accounts

c. Health Reimbursement Arrangements

d. Flexible Reimbursement Arrangements

22. HITC is a refundable credit equivalent to what percent of the amount of health insurance premiums paid by the individual?

a. 50 percent

b. 40 percent

c. 75 percent

d. 65 percent

23. Who is NOT eligible for the Health Insurance Tax Credit?

a. Medicare and Medicaid recipients

b. Pension Benefit Guaranty Corporation retiree

c. Trade Adjustment Assistance recipients

d. Alternative Trade Adjustment Assistance recipients

24. Which of the following is a condition that must be met in order for a married couple living separately to receive the Health Insurance Tax Credit?

a. The taxpayer and spouse lived apart for the last six months of the tax year.

b. The couple filed a separate tax return.

c. The taxpayer furnished over half of the cost of maintaining the home during the tax year.

d. All of the above.

25. Qualified health insurance does NOT include payments to which of the following types of coverage?

a. Insurance provided by the taxpayer's spouse

b. Independent health insurance purchased by the taxpayer

c. Medicare or Medicaid

d. COBRA

Answers -- Self-Assessment Exam

Catalyst: The Leading Edge of Ohio Business -- September-October, 2003

1. c

2. a

3. b

4. d

5. a

6. b

7. c

8. d

9. a

10. b

11. a

12. d

13. c

14. b

15. b

16. d

17. a

18. d

19. b

20. c

21. a

22. d

23. c

24. c

25. d

In Memoriam

In memory of our friends and colleagues:

Elizabeth Bonney, CPA

Bedford, MA

Albert C. Eisenberg, CPA

Cleveland, OH

Jeffrey D. Finkelstein, CPA

Canton, OH

John M. Kambeitz, CPA

Springfield, OH

Robert S. Latham, CPA

Berea, OH

Charles H. McCrate, CPA

Sidney, OH

Charles R. Mullet, CPA

Sugar Creek, OH

Larry A. Roether, CPA

Olmstead Falls, OH

Joseph E. Schmidhammer, CPA

Lancaster, OH

Robert G. Skinner, CPA

Naples, FL

Howard G. Snyder, CPA

Melmore, OH

A grade of 75 percent or better qualifies for two hours of CPE credit in specialized knowledge.
COPYRIGHT 2004 Ohio Society of Certified Public Accountants
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004 Gale, Cengage Learning. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Catalyst (Dublin, Ohio)
Date:Sep 1, 2004
Words:2048
Previous Article:A matter of trust: does your organization need an ethics officer?
Next Article:Election 2004: the Ohio Society of CPAs 2004 endorsement slate.



Related Articles
Self-assessment exam Catalyst--July/August 2003.
Self-assessment exam.
Need sleep tech education? Go to the source!
Need sleep tech education? Go to the source!
Need sleep tech education? Go to the source!
Need sleep tech education? Go to the source!
Need sleep tech education? Go to the source!
Need sleep tech education? Go to the source!
Intensive Neurosurgery Board Review: Neurological Surgery Q and A.
Revised CCRN SAE.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters