Tennessee CPA Journal Self-Study CPE Exam

Sponsored by the Educational & Memorial Foundation of the Tennessee Society of CPAs
Recommended CPE Credit: 1 hour

Issue Date: January/February 2008
Exam valid through August 1, 2008.
Must be postmarked on or
before August 1, 2008.

If you are not a member of TSCPA, please send a check for $20 payable to the Educational & Memorial Foundation of TSCPA.

If you have not taken this exam before or have questions, please read the Instructions.

This form will be sent to TSCPA electronically and you will receive your graded exam via e-mail. Please click here if you intend to mail or fax the exam to TSCPA. Click here for help.

True

False

From “Navigating Recent Changes: State Tax Update”

1. The “sales price” definition has changed to now exclude all freight and delivery.
From “Federal Tax Liaison Meeting”    
2. The IRS will continue to show restraint in requesting workpapers used to calculate the FAS 109 and FIN 48 liabilities.
3. One of the biggest changes in estate and gift is that Tennessee inventory is now being managed locally, therefore all returns are examined by a Tennessee estate and gift attorney.

From “Six Sigma: Tracing Results to the Bottom Line”
4. Six Sigma was first developed at General Electric in the 1980s and is a registered trademark of GE.
5. Future Six Sigma benefits can be broken down into multiple categories - from hard savings that flow directly to the income statement to soft savings.

From “Worksheet Model for Deferred Income Tax Accounting”
6. SFAS No. 109 requires significant disclosures in the financial statements related to the reporting of deferred income taxes.
From “Solving 10 Problems Implementing the New Risk Assessment Standards”    
7. According to SAS 107, not all misstatements due to fraud are material.

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I certify that I have read the January/February 2008 Tennessee CPA Journal, from which these questions were taken.

Instructions

Members may earn free CPE by reading the Tennessee CPA Journal. To be eligible for continuing professional education credit, you should spend approximately one to two hours reading the material in the current issue of the Tennessee CPA Journal. Then answer the following questions by darkening the circle which represents the best answer. Certify that you have completed the reading requirement for this exam by signing below. You must answer five of the seven questions correctly to receive credit. You should receive a copy of your graded test within four weeks of the date of submission. If you have not received a response within this time, please call TSCPA at 615/377-3825 or toll-free 1-800/762-0272. This program has been approved by the Tennessee State Board of Accountancy. This exam qualifies for credit under the reporting sub-category “Other - Code 10. ” CPAs licensed to practice in Tennessee may earn up to 20 percent of their total CPE requirements through this type of examination.