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 2009
Exam valid through January 1, 2010.
Must be postmarked on or
before January 1, 2010.

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 "E-mail Discovery: Latest Cases Impel Corporations to Retain Records"

1. Federal e-discovery rules are the inspiration for new rules recommended to all state courts by the authoritative Uniform Law Commission.
2. Because the courts can punish a corporation for making a record-keeping mistake, corporations should be careful not to give itself a margin of error.

3. E-mail records are the property of the employees and do not define the rights and responsibilities of the enterprise.
From "GASB 54: The New Standard for Reporting Governmental Fund Balance"

4. The General Fund, Special Revenue Funds, Capital Project Funds, Debt Service Funds and Permanent Funds make up the governmental funds.
5. The Assigned Fund Balance represents amounts that have internally imposed restrictions mandated by formal action of the government's highest level of decision-making authority.
6. According to the author, the disaggregation of the fund balance into non-spendable, restricted, committed, assigned and unassigned categories will greatly facilitate analysis and understanding of a governmental entity's commitment of financial resources.

From "Tennessee Property Tax Due on Drug Inventories of Doctors & Medical Service Providers"

    
7. The property tax exempts inventories that are held for sale, provided the sale of inventory is subject to the business license tax. Sellers of tangible goods typically do not pay the property tax on inventories.

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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.