About the Author xi

About the Contributors xi

How To Use This Book 1

AUDITING AND ATTESTATION

Module 1: Professional Responsibilities 11

Module 2: Engagement Planning, Obtaining an Understanding of the Client and Assessing Risks 29

Module 3: Understanding Internal Control and Assessing Control Risk 76

Module 4: Responding to Risk Assessment: Evidence Accumulation and Evaluation 121

Module 5: Reporting 175

Module 6: Accounting and Review Services 216

Module 7: Audit Sampling 230

Module 8: Auditing with Technology 248

FINANCIAL ACCOUNTING AND REPORTING

Module 9: Basic Theory and Financial Reporting 263

Module 10: Inventory 364

Module 11: Fixed Assets 395

Module 12: Monetary Current Assets and Current Liabilities 429

Module 13: Present Value 467

Module 14: Deferred Taxes 543

Module 15: Stockholders’ Equity 563

Module 16: Investments 599

Module 17: Statement of Cash Flows 627

Module 18: Business Combinations and Consolidations 649

Module 19: Derivative Instruments and Hedging Activities 677

Module 20: Miscellaneous 697

Module 21: Governmental (State and Local) Accounting 741

Module 22: Not-for-Profit Accounting 769

REGULATION

PROFESSIONAL RESPONSIBILITIES AND BUSINESS LAW 789

Module 23: Professional and Legal Responsibilities 791

Module 24: Federal Securities Acts 811

Module 25: Business Structure 825

Module 26: Contracts 845

Module 27: Sales 863

Module 28: Commercial Paper 879

Module 29: Secured Transactions 897

Module 30: Bankruptcy 906

Module 31: Debtor-Creditor Relationships 918

Module 32: Agency 926

Module 33: Regulation of Business Employment, Environment, and Antitrust 934

Module 34: Property 945

FEDERAL TAXATION 959

Module 35: Individual Taxation 961

Module 36: Transactions in Property 1037

Module 37: Partnership Taxation 1059

Module 38: Corporate Taxation 1087

Module 39: Other Taxation Topics 1148

BUSINESS ENVIRONMENT AND CONCEPTS

Module 40: Corporate Governance, Internal Control, and Enterprise Risk Management 1175

Module 41: Information Technology 1187

Module 42: Economics, Strategy, and Globalization 1217

Module 43: Financial Risk Management and Capital Budgeting 1240

Module 44: Financial Management 1260

Module 45: Performance Measures 1288

Module 46: Cost Measurement 1303

Module 47: Planning, Control, and Analysis 1319

APPENDICES

Appendix A: Sample Examinations 1345

Auditing and Attestation 1345

Financial Accounting and Reporting 1374

Regulation 1406

Business Environment and Concepts 1431

Appendix B: Sample Testlet Released by the AICPA 1448

Auditing and Attestation 1448

Financial Accounting and Reporting 1454

Regulation 1463

Business Environment and Concepts 1470

Appendix C: 2013 Released AICPA Questions 1472

Auditing and Attestation 1472

Financial Accounting and Reporting 1491

Regulation 1510

Business Environment and Concepts 1526

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