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 2009
Exam valid through September 1, 2009.
Must be postmarked on or
before September 1, 2009.

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 "XBRL: Four Letters, Numerous Benefits"
1. Analysts estimate that using formats such as XBRL can increase report preparation costs by up to 50 percent.
2. XBRL-GL provides information such as the originator of the journal entry, the time of entry, related parties and the types of documents involved.
From "Understanding and Using Benchmark Information"

3. When evaluating any industry data, one should assess the sample size of the industry, from where the data has been derived, how the data provider calculates the key metrics that it reports on and how often the data provider updates its benchmark data.

4. The net profit margin is expressed as the profit after taxes during a given financial period divided by sales.

From "State Tax Liaison Meeting"

    
5. To offset the reduction of revenues in Tennessee, buyouts and an increase in staff for the tax enforcement division were made. There are 13 more tax enforcement officers now.

From "IFRS Adoption: The First Wave in an Inevitable Tide of Change"

    
6. The proposed IFRS roadmap has general adoption for 2014. "Early users" will be eligible for usage in 2010.
7. The IAS 18 standard governs general revenue recognition under IFRS.

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I certify that I have read the January/February 2009 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.