Which of the following must a certified public accountant (CPA) have in depth knowledge of to pass the CPA licensing exam (Check all that apply ) Accounting software packages Auditing Derivatives International banking laws What is the result of the following transaction for Company A Company As customer is unable to pay for a previous credit sale in accordance with Company As 90 day payment terms The customer makes a promissory note to Company A that extends payment over a 24 month term including 5 interest No result because the customer didnt pay Accounts receivable increases because of the interest A note receivable is recorded in non current assets Company A records the loan as a liability When are liabilities recorded under the accrual basis of accounting When incurred When paid At the end of the fiscal year When bank accounts are reconciled Which is true about time in accounting Current liabilities are debts payable within 2 years Balance sheets reflect a companys financial position at a certain point in time The time value of money is a finance concept, not relevant in accounting Accounts receivable are more easily collected as time passes When a company purchases property, plant, and equipment, how is it reflected on the statement of cash flows As a source of cash in the cash from investing activities section As a source of cash in the cash from financing activities section As a use of cash in the cash from investing activities section As a use of cash in the cash from operating activities section What would the journal entry be for a company that takes out a five year, $100,000 business loan Debit $100,000 non current asset, Credit $100,000 non current liabilities Debit $100,000 current asset, Credit $100,000 non current liabilities Debit $100,000 non current liabilities, Credit $100,000 non current assets Debit $100,000 current liabilities, Credit $100,000 current assets Which accounts are associated with cost of goods sold Accrued interest Depreciation Dividends Inventory Which organizations are involved in development of US Generally Accepted Accounting Principles (GAAP) (Check all that apply ) Financial Accounting Standards Board (FASB) Government Accounting Standards Board (GASB) Securities and Exchange Commission (SEC) Federal Accounting Standards Advisory Board (FASAB)

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Which of the following must a certified public accountant (CPA) have in-depth knowledge of to pass the CPA licensing exam? (Check all that apply.) Accounting

Which of the following must a certified public accountant (CPA) have in-depth knowledge of to pass the CPA licensing exam? (Check all that apply.)
1. Accounting software packages
2. Auditing
3. Derivatives
4. International banking laws
What is the result of the following transaction for Company A? Company A’s customer is unable to pay for a previous credit sale in accordance with Company A’s 90-day payment terms. The customer makes a promissory note to Company A that extends payment over a 24-month term including 5% interest.
1. No result because the customer didn’t pay.
2. Accounts receivable increases because of the interest.
3. A note receivable is recorded in non-current assets.
4. Company A records the loan as a liability.
When are liabilities recorded under the accrual basis of accounting?
1. When incurred
2. When paid
3. At the end of the fiscal year
4. When bank accounts are reconciled
Which is true about time in accounting?
1. Current liabilities are debts payable within 2 years.
2. Balance sheets reflect a company’s financial position at a certain point in time.
3. The time value of money is a finance concept, not relevant in accounting.
4. Accounts receivable are more easily collected as time passes.
When a company purchases property, plant, and equipment, how is it reflected on the statement of cash flows?
1. As a source of cash in the "cash from investing activities" section
2. As a source of cash in the "cash from financing activities" section.
3. As a use of cash in the "cash from investing activities" section.
4. As a use of cash in the "cash from operating activities" section.
What would the journal entry be for a company that takes out a five-year, $100,000 business loan?
1. Debit $100,000 non-current asset, Credit $100,000 non-current liabilities
2. Debit $100,000 current asset, Credit $100,000 non-current liabilities
3. Debit $100,000 non-current liabilities, Credit $100,000 non-current assets
4. Debit $100,000 current liabilities, Credit $100,000 current assets
Which accounts are associated with cost of goods sold?
1. Accrued interest
2. Depreciation
3. Dividends
4. Inventory
Which organizations are involved in development of US Generally Accepted Accounting Principles (GAAP)? (Check all that apply.)
1. Financial Accounting Standards Board (FASB)
2. Government Accounting Standards Board (GASB)
3. Securities and Exchange Commission (SEC)
4. Federal Accounting Standards Advisory Board (FASAB)