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: June 2008
Exam valid through January 1, 2009.
Must be postmarked on or
before January 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 “Information Under Siege: Protecting Your Not-for-Profit from Identity Theft”

1. A recent report indicates that approximately 8.4 million U.S. adults were victims of identity theft in 2006.
2. Using the delete function on your computer will completely remove the file.
From "AICPA Unveils IFRS.com"
3. Outside of the United States, fewer than 2,000 public companies in nearly 100 countries have adopted the use of International Financial Reporting Standards.

4. The growing acceptance of IFRS as a basis for U.S. financial reporting could represent a fundamental change for the nation's accounting profession, comparable to the enactment of the Securities Exchange Act of 1934 that created the SEC.
From "Accounting for Long-Term Debt Investments: The Fair Value Option"

5. SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, uses fair value measurement to assess whether fixed assets are permanently impaired.

6. Standard No. 157 presents three approaches for measuring the fair value: the research approach, income approach and cost approach.
7. A fair value measurement assumes the highest and best use of an asset by market participants that would maximize the value of the asset.

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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.