Cpa Journal

Bec Preparation stuff

2010-10-20T13:26:00.000-07:00

I posted my preparation material here in this blog along with the research I did. There are no big changes in BEC, except that we don't have Business structures in the syllabus. Additionally now we have communication section carried to this exam. Use the simulation preparation help in this blog and perform your written communications well. Good luck.

Please find my notes under downloads

Regulation videos...

2009-12-27T12:08:00.000-08:00

Federal taxation—individuals

2009-12-27T12:01:00.000-08:00

Simulations

2009-12-27T10:54:00.000-08:00

Resources that can help you master the simulations part of the CPA Exam...

Communications part:

Choose any of the above books and videos to refresh your GPS, Grammar punctuation and spelling ...
And master your business writing skills...

Courage

2009-12-02T12:23:00.000-08:00

Finally a reply

2009-11-03T18:21:00.000-08:00

Finally I received a reply from NASBA about my 6 month free subscription to online professional literature .

This is the reply

You need to submit another Request Form.
Go to www.cpa-exam.org
Move your mouse over PREPARE FOR THE EXAM
Scroll down to Access to Prof Literature and Click on it
Under the paragraph describing the Online Access, there is a link Click here to subscribe
This will take you to the Professional Literature Request form
Only use your current Exam Section ID#
Fill out the rest of the form as specified and Submit

I overlooked the information when I browsed these websites. I sent my request hope this information helps you too.
For direct link click here

GAAP Hierarchy

2009-11-02T12:36:00.000-08:00

When preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP) there may be times when GAAP standards do not specifically address your situation, and other times, there might be conflicting standards. To make matters worse, the growing body of complex standards has resulted in standards overload. These facts make it difficult to determine which standard to follow. As an accountant, remember that the Statement of Accounting Standard Number (SAS) 69 establishes a hierarchy to follow. SAS 69 establishes five levels of GAAP; the highest level in the hierarchy that specifically addresses the issue establishes GAAP. The five levels of hierarchy for nongovernmental entities are:

Level A Financial Accounting Standards Board (FASB) Statements of Financial Standards

FASB Interpretations

APB Opinions

AICPA Accounting Research Bulletins (ARBs).....

Rest of the article is here

OCBOA Financial Statements

2009-10-04T09:45:00.000-07:00

One of your small business tax clients asks you to prepare and report on a set of financial statements. Because you’re familiar with the company, you know it has entered into an interest rate swap to lock in a low rate. The company also has a significant amount of goodwill and other intangible assets that may be subject to impairment as well as considerable fixed assets still subject to depreciation. It wants financial statements the company’s owners and executives can easily understand. You wonder whether there is a way to comply with the client’s request that is both cost-effective and less complicated than GAAP-based financial statements. Before you turn down the engagement, you might want to consider preparing and reporting on the financial statements using an “other comprehensive basis of accounting” (OCBOA). In situations where GAAP-basis statements aren’t necessary because of loan covenants, regulatory requirements or similar circumstances, an OCBOA may just be the answer........

Rest of the article is here

Cost Measurement

2009-08-27T09:12:00.000-07:00

Cost Measurement

Target costing - a presentation

2009-08-27T08:53:00.001-07:00

target Costing

Joint and by product costing

2009-08-27T08:33:00.001-07:00

Joint Product Costing

Videos

2009-08-11T12:26:00.000-07:00

Fighting Procastination

2009-08-10T14:17:00.000-07:00

“Procrastination is the thief of time.” - Edward Young (1683-1765)

The pain of procrastination affects students in many different ways. Every time you feel guilty of it, the best thing to do it fight it. Feeling worried causes stress and further affects us.

I deeply digg into the basics of unwanted behaviors and I recommend you to do a basic research on things that disturb you and waste your time. I am only dealing with one problem I face, but it may differ with you. Reaching the goal we planned for is the priority and this should be a boosting thing too.

I was observing myself and when I understood the problem I researched on why I behave in a particular way. Yes, though it is strange we don't know in many ways why we behave in a particular way. The hidden reasons amazed me and I want you to read this article.

Discussion

Procrastination is a complex psychological behavior that affects everyone to some degree or another. With some it can be a minor problem; with others it is a source of considerable stress and anxiety. Procrastination is only remotely related to time management, (procrastinators often know exactly what they should be doing, even if they cannot do it), which is why very detailed schedules usually are no help.

Characteristics

The procrastinator is often remarkably optimistic about his ability to complete a task on a tight deadline; this is usually accompanied by expressions of reassurance that everything is under control. (Therefore, there is no need to start.) For example, he may estimate that a paper will take only five days to write; he has fifteen days; there is plenty of time; no need to start. Lulled by a false sense of security, time passes. At some point, he crosses over an imaginary starting time and suddenly realizes, "Oh no! - I am not in control! There isn't enough time!”............
The rest of the article is here
You can also download this useful article on procrastination. Click here

Working capital management

2009-08-06T20:10:00.001-07:00

Working Capital Management

Downloads

2009-08-06T19:47:00.000-07:00

Business Environment and Concepts

My Presentations :

Financial Management part-1
Ratio Analysis
Working capital Management

My Study notes :

Business structures Summary
The uniform partnership act 1997-article view
Cost Measurement

study notes from other sources:

BEC
REG
FAR
AUD

Useful Web resources :

Fully understanding costs
Cost Accounting
Activity based costing
Marginal costing and absorption costing
Introduction to cost accounting : Methods and techniques
Presentation on Cost profit volume analysis
Target costing
Joint and byproduct costing

Acts :

Securities Act of 1933

Securities Exchange Act of 1934

Other Acts relating to Securities including SEC Regulations

Sec's - A Plain English Handbook

INTERNAL REVENUE CODE
AICPA Code of Professional Conduct
Uniform Commercial Code
Statute of Frauds
Sarbanes- Oxley Act of 2002
Subchapter S Revision Act of 1999
UNIFORM PARTNERSHIP ACT (1997)
UNIFORM LIMITED PARTNERSHIP ACT (2001)
Uniform Accountancy Act

Business structures summary

2009-08-05T08:48:00.001-07:00

BS Summary

Securities Act of 1933

2009-08-04T14:45:00.000-07:00

Section 1 -- Short Title

Section 2 -- Definitions; Promotion of Efficiency, Competition, and Capital Formation

Section 2A -- Swap Agreements

Section 3 -- Classes of Securities under this Title

Section 4 -- Exempted Transactions

Section 5 -- Prohibitions Relating to Interstate Commerce and the Mails

Section 6 -- Registration of Securities

Section 7 -- Information Required in Registration Statement

Section 8 -- Taking Effect of Registration Statements and Amendments Thereto

Section 8A -- Cease-and-Desist Proceedings

Section 9 -- Court Review of Orders

Section 10 -- Information Required in Prospectus

Section 11 -- Civil Liabilities on Account of False Registration Statement

Section 12 -- Civil Liabilities Arising in Connection with Prospectuses and Communications

Section 13 -- Limitation of Actions

Section 14 -- Contrary Stipulations Void

Section 15 -- Liability of Controlling Persons

Section 16 -- Additional Remedies

Section 17 -- Fraudulent Interstate Transactions

Section 18 -- Exemption from State Regulation of Securities Offerings

Section 19 -- Special Powers of Commission

Section 20 -- Injunctions and Prosecution of Offenses

Section 21 -- Hearings by Commission

Section 22 -- Jurisdiction of Offenses and Suits

Section 23 -- Unlawful Representations

Section 24 -- Penalties

Section 25 -- Jurisdiction of Other Government Agencies over Securities

Section 26 -- Separability of Provisions

Section 27 -- Private Securities Litigation

Section 27A -- Application of Safe Harbor for Forward-Looking Statements

Section 28 -- General Exemptive Authority

Source :http://www.law.uc.edu/CCL/33Act/

Securities Exchange Act of 1934

2009-08-04T14:44:00.000-07:00

Section 1 -- Short Title

Section 2 -- Necessity for Regulation

Section 3 -- Definitions and Application

Section 3A -- Swap Agreements

Section 4 -- Securities and Exchange Commission

Section 4A -- Delegation of Functions by Commission

Section 4B -- Transfer of Functions with Respect to Assignment of Personnel to Chairman

Section 4C -- Appearance and Practice Before the Commission

Section 5 -- Transactions on Unregistered Exchanges

Section 6 -- National Securities Exchanges

Section 7 -- Margin Requirements

Section 8 -- Restrictions on Borrowing and Lending by Members, Brokers, and Dealers

Section 9 -- Manipulation of Security Prices

Section 10 -- Manipulative and Deceptive Devices

Section l0A -- Audit Requirements

Section 11 -- Trading by Members of Exchanges, Brokers, and Dealers

Section 11A -- National Market System for Securities; Securities Information Processors

Section 12 -- Registration Requirements for Securities

Section 13 -- Periodical and Other Reports

Section 14 -- Proxies

Section 15 -- Registration and Regulation of Brokers and Dealers

Section 15A -- Registered Securities Associations

Section 15B -- Municipal Securities

Section 15C -- Government Securities Brokers and Dealers

Section 15D -- Securities Analysts and Research Reports

Section 15E -- Registration of Nationally Recognized Statistical Rating Organizations

Section 16 -- Directors, Officers, and Principal Stockholders

Section 17 -- Records and Reports

Section 17A -- National System for Clearance and Settlement of Securities Transactions

Section 17B -- Automated Quotation Systems for Penny Stocks

Section 18 -- Liability for Misleading Statements

Section 19 -- Registration, Responsibilities, and Oversight of Self-Regulatory Organizations

Section 20 -- Liability of Controlling Persons and Persons Who Aid and Abet Violations

Section 20A -- Liability to Contemporaneous Traders for Insider Trading

Section 21 -- Investigations and Actions

Section 21A -- Civil Penalties for Insider Trading

Section 21B -- Civil Remedies In Administrative Proceedings

Section 21C -- Cease-and-Desist Proceedings

Section 21D -- Private Securities Litigation

Section 21E -- Application of Safe Harbor for Forward-Looking Statements

Section 22 -- Hearings by Commission

Section 23 -- Rules, Regulations, and Orders; Annual Reports

Section 24 -- Public Availability of Information

Section 25 -- Court Review of Orders and Rules

Section 26 -- Unlawful Representations

Section 27 -- Jurisdiction of Offenses and Suits

Section 27A -- Special Provision Relating to Statute of Limitations on Private Causes of Action

Section 28 -- Effect on Existing Law

Section 29 -- Validity of Contracts

source: http://www.law.uc.edu

Regulation References

2009-08-04T14:09:00.000-07:00

INTERNAL REVENUE CODE

2009-07-30T18:49:00.000-07:00

Federal tax law begins with the Internal Revenue Code (IRC), enacted by Congress in Title 26 of the United States Code (26 U.S.C.).
The Internal Revenue Code (or IRC; more formally, the Internal Revenue Code of 1986, as amended) is the main body of domestic statutory tax law of the United States organized topically, including laws covering the income tax (see Income tax in the United States), payroll taxes, gift taxes, estate taxes and statutory excise taxes. The Internal Revenue Code is published as Title 26 of the United States Code (USC), and is also known as the internal revenue title. Its governing authority is the Internal Revenue Service.

Subtitle A—Income Taxes

Subtitle B—Estate and Gift Taxes

Subtitle C—Employment Taxes

Subtitle D—Miscellaneous Excise Taxes

Subtitle E—Alcohol, Tobacco, and Certain Other Excise Taxes

Subtitle F—Procedure and Administration

Subtitle G—The Joint Committee on Taxation

Subtitle H—Financing of Presidential Election Campaigns

Subtitle I—Trust Fund Code

Subtitle J—Coal Industry Health Benefits

Subtitle K—Group Health Plan Requirements

Source :
http://www.law.cornell.edu/uscode/html/uscode26/usc_sup_01_26.html
http://en.wikipedia.org/wiki/Internal_Revenue_Code
http://www.irs.gov/taxpros/article/0,,id=98137,00.html#irc

Sign up for free demos

2009-07-30T10:13:00.000-07:00

Consider signing up for free demos offered by Gleim and Bisk CPA reviews.
When you sign up online Gleim provides you with free chapters and Bisk will send you a demo version of their software, which comes with few chapters of study notes.
Both the study materials are really good and helpful. If they give study materials that covers from 10 to 20 per cent of your exam, why don't you go for it?

https://www.gleim.com/account/register.php

http://www.cpaexam.com/Content/demo.asp

Balancing Wants and needs

2009-07-30T08:10:00.000-07:00

The journey of any exam never ends with out encountering battles, to fight and win. It is never easy to win this battle. Though the desire to become the CPA is a want, it becomes a need, once we start preparing for an exam. And then the battle of our petty wants and the needs start.
Sometimes we sit to watch TV or visit friends home, we cannot be sure when we are going to be back on track. From my experience I understand that till we become a qualified CPA we must always remind ourselves that our time is precious at this point of time and we are investing our time to reap our returns later.
I'm not saying that we have to completely sacrifice all our movie times and friend's time. It is very important that we should have entertainment also but that entertainment should rejuvenate and help us to make a productive preparation.

Entertainment to rejuvenate is the motto.
Best Wishes

Ethics and professional and legal responsibilities

2009-07-28T20:40:00.000-07:00

A. Code of Professional Conduct
B. Proficiency, independence, and due care
C. Ethics and responsibilities in tax practice
D. Licensing and disciplinary systems imposed by the profession and state regulatory bodies
E. Legal responsibilities and liabilities

Common law liability to clients and third parties
Federal statutory liability

F. Privileged communications and confidentiality

AICPA Code of Professional Conduct

2009-07-28T20:28:00.000-07:00

Download full version of AICPA professional Ethics

Source: http://www.aicpa.org/About/code/index.html

Posts on Contracts

2009-07-18T23:38:00.000-07:00

Business law

2009-07-18T23:30:00.000-07:00

A. Agency (Click here to see posts on this topic)
1. Formation and termination
2. Duties and authority of agents and principals
3. Liabilities and authority of agents and principals

B. Contracts (Click here to see posts on this topic)
1. Formation
2. Performance
3. Third-party assignments
4. Discharge, breach, and remedies

C. Debtor-creditor relationships (Click here to see posts on this topic)
1. Rights, duties, and liabilities of debtors, creditors, and guarantors
2. Bankruptcy

D. Government regulation of business (Click here to see posts on this topic)
1. Federal securities acts
2. Other government regulation (antitrust, pension and retirement plans, union and employee relations, and legal liability for payroll and social security taxes)

E. Uniform commercial code (Click here to see posts on this topic)
1. Negotiable instruments and letters of credit
2. Sales
3. Secured transactions
4. Documents of title and title transfer

F. Real property, including insurance (Click here to see posts on this topic)

Uniform Commercial Code

2009-07-18T23:25:00.000-07:00

The Uniform Commercial Code (UCC or the Code), first published in 1952, is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. This objective is deemed important because of the prevalence of commercial transactions that extend beyond one state (for example, where the goods are manufactured in state A, warehoused in state B, sold from state C and delivered in state D). The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

The UCC is the longest and most elaborate of the uniform acts. It has been a long-term, joint project of the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute (ALI).^[1] Judge Herbert F. Goodrich was the Chairman of the Editorial Board of the original 1952 edition,^[2] and the Code itself was drafted by some of the top legal scholars in the United States, including Karl N. Llewellyn, William A. Schnader, Soia Mentschikoff, and Grant Gilmore. The Code, as the product of private organizations, is not itself the law, but only recommendation of the laws that should be adopted in the states. Once enacted in a state by the state's legislature, it becomes true law and is codified into the state’s code of statutes. When the Code is adopted by a state, it may be adopted verbatim as written by ALI and NCCUSL, or it may be adopted with specific changes deemed necessary by the state legislature. Unless such changes are minor, they can affect the purpose of the Code in promoting uniformity of law among the various states.

The ALI and NCCUSL have also established a permanent editorial board for the Code. This board has issued a number of official comments and other published papers concerning the Code. Although these commentaries do not have the force of law, courts interpreting the Code often cite them as persuasive authority in determining the effect of one or more provisions. Courts interpreting the Code generally seek to harmonize their interpretations with those of other states that have adopted the same or a similar provision, except where specific aspects of the Code were changed by that state when adopting it, or where other aspects of state law require a different decision.

The Code, in one or another of its several revisions, has been enacted in all of the 50 states, as well as in the District of Columbia, the Commonwealth of Puerto Rico, Guam and the U.S. Virgin Islands. Louisiana has enacted most provisions of the UCC with the exception of Article 2, preferring to maintain its own civil law tradition for governing the sale of goods.

Although the substantive content is largely similar, some states have made structural modifications to conform to local legislative customs. For example, Louisiana jurisprudence refers to the major subdivisions of the UCC as “chapters” instead of articles, since the term “articles” is used in that state to refer to provisions of the Louisiana Civil Code. Arkansas has a similar arrangement as the term “article” in that state's law generally refers to a subdivision of the Arkansas Constitution. In California, they are titled "divisions" instead of articles, because in California, articles are a third- or fourth-level subdivision of a code, while divisions are always the first-level subdivision. Also, California does not allow the use of hyphens in section numbers because they are reserved for referring to ranges of sections; therefore, the hyphens used in the official UCC section numbers are dropped in the California implementation.

More about this article : http://en.wikipedia.org/wiki/Uniform_Commercial_Code

Statute of Frauds

2009-07-18T23:17:00.000-07:00

Other Links:

http://www.expertlaw.com/library/business/statute_of_frauds.html
Statute of frauds -- Contracts to be written.
http://ask.reference.com/related/Statute+of+Frauds+in+Contracts?qsrc=2892&l=dir&o=10601
http://www.statutelaw.gov.uk/content.aspx?activeTextDocId=1518462
http://en.wikipedia.org/wiki/Statute_of_frauds

REG exam structure and weightage

2009-07-18T22:38:00.000-07:00

I. Ethics and professional and legal responsibilities (15%–20%)
II. Business law (20%–25%)
III. Federal tax procedures and accounting issues (8%–12%)
IV. Federal taxation of property transactions (8%–12%)
V. Federal taxation—individuals (12%–18%)
VI. Federal taxation—entities (22%–28%)

Managing Stress

2009-07-14T09:52:00.000-07:00

After my Last exam experience.I included stress management as one of my important course, In addition to my regular study course.
As I am not a qualified person to write articles on what stress is, I read some wonderful articles and watched good videos that helped me.

So I thought why don't I refer them to you? Here are few links which can help you.

http://helpguide.org/mental/stress_management_relief_coping.htm
http://www.dartmouth.edu/~acskills/videos/video_sm.html

FAR study notes

2009-07-10T10:00:00.000-07:00

Source :http://cpacfa.blogspot.com/

Notes Chapter 1 FAR

Notes Chapter 2 FAR

Notes Chapter 3 FAR

Notes Chapter 4 FAR

Notes Chapter 5 FAR

Notes Chapter 6 FAR

Notes Chapter 7 FAR

Notes Chapter 8 FAR

Notes Chapter 9 FAR

Formula Sheet Mini Test FAR

Regulation Study notes

2009-07-10T09:55:00.000-07:00

Source :http://cpacfa.blogspot.com/
Notes Chapter 1 REG

Notes Chapter 2 REG

Notes Chapter 3 REG

Notes Chapter 4 REG

Notes Chapter 5 REG

Notes Chapter 6 REG

Notes Chapter 7 REG

Formula Sheet Mini Test REG

Become a student member

2009-07-07T17:59:00.000-07:00

Every state has a society of CPA's which conduct various seminars and share different resources with members. In many states students are offered free membership till they complete their studies. This helps to develop relationships among members and opens up many opportunities. Some CPA reviews like Becker and yaeger give discounts to these society members.

Please check these websites to get an idea about them

http://incpas.org/Home.aspx
http://www.icpas.org/
http://www.calcpa.org/Content/home.aspx
http://www.mocpa.org/Content/Home.aspx

Sarbanes- Oxley Act of 2002

2009-07-04T15:24:00.000-07:00

The Sarbanes-Oxley Act of 2002 (SOX) is the public company accounting reform and investor protection act. It was passed in response to high-profile business failures, such as Enron and WorldCom, in order to reinforce investment confidence and protect investors by improving the accuracy and reliability of corporate disclosure.

Click here to accesss to A to Z of this act.

Why my request denied?

2009-06-30T22:08:00.000-07:00

Well the news is the request to free subscription denied. When we register for the next exam and receive the NTS we should proceed and request for the subscription. This must be done before sitting for the exam. Otherwise our NTS is no good for subscription, it is deemed expired.

As I wrote the BEC exam I thought I don't need the subscription then because it may save the expiry time. Gotcha?

Area V – Planning and measurement

2009-06-24T15:05:00.001-07:00

Group A – Planning and budgeting
Group B – Performance measures
Group C – Cost measurement

Area IV – Information technology

2009-06-24T15:04:00.002-07:00

Group A – Role of business information systems
Group B – Roles and responsibilities within the IT function
Group C – IT fundamentals
Group D – Disaster recovery and business continuity, including data backup and data
recovery procedures, alternate processing facilities (hot sites), and threats and risk
management
Group E – Financial statement and business implications of electronic commerce,
including electronic fund transfers, point of sale transactions, Internet-based
transactions and electronic data interchange

Area III – Financial management

2009-06-24T15:04:00.001-07:00

Group A – Financial modeling, including factors such as financial indexes, taxes and
opportunity costs, and models such as economic value added, cash flow, net
present value, discounted payback, and internal rate of return
Group B – Strategies for short and long term financing options, including cost of capital
and derivatives
Group C – Financial statement implications of liquid asset management

Area II – Economic concepts essential to understanding the entity’s business and industry

2009-06-24T15:03:00.000-07:00

Group A – Business cycles and reasons for business fluctuations
Group B – Economic measures and reasons for changes in the economy, such as
inflation, deflation, and interest rate changes
Group C – Market influences on business strategies, including selling, supply chain, and
customer management strategies
Group D – Implications to business of dealings in foreign currencies, hedging, and
exchange rate fluctuations

Area I – Business structures

2009-06-24T15:01:00.000-07:00

Group A – Advantages, implications, and constraints of legal structures for business
Group B – Formation, operation, termination of businesses
Group C – Financial structure, capitalization, profit and loss allocation, and distributions
Group D – Rights, duties, legal obligations, and authority of owners and management

Regulation Study Guide

2009-06-24T14:31:00.000-07:00

I. Ethics and professional and legal responsibilities
II. Business law
III. Federal tax procedures and accounting issues
IV. Federal taxation of property transactions
V. Federal taxation—individuals
VI. Federal taxation—entities

P.S. Click on these topics to see the posts relating to them.

Financial Accounting and Reporting Study Guide

2009-06-24T14:30:00.000-07:00

FAR Study notes

Auditing and Attestation References

2009-06-23T14:15:00.001-07:00

Request your Free 6 month subscription

2009-06-23T13:07:00.000-07:00

Once you received your NTS you can request free six-month subscription to FASB Current Text, FASB Original Pronouncements, and AICPA Professional Standards here.

https://www.nasba.org/NASBAWeb.nsf/ENCD

Results Time

2009-06-20T05:05:00.000-07:00

Give me a second. AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
Friends I cleared my exam. After all the stress I took this is some result that left me with great lessons of life.
I not only should start preparing for other exams but also will be educating myself on managing stress.

First time Prometric exam experience

2009-06-15T08:58:00.000-07:00

Let me share my first time experience

I scheduled my exam at 14.00 hrs and I was there at the prometric center half an hour before . I was kind of tense and as I approached inside , for few seconds I wasn't listening to what the lady was asking me. Then suddenly I smiled at her and then she asked me whether I was interested in taking the exam a few minutes before ? if its okay. I said its fine. Then she said all of my things will go straight to locker and my water bottle in the fridge not inside the exam center. Then I kept my things all in locker and I locked them and kept the key with me.

I was taken inside a room where my finger prints and photographs are taken and was asked to turn out my pockets . I was sneezing so I asked them a tissue and the lady suggested me that I can only take one. I dont understand that part?

The cubes are all individually monitored with cameras and all our video and audio is recorded. we are not supposed to talk to any other and they provide with voice reducing headphones, well they were not that effective but have your own opinion. I felt like I am fine with out them.

They provide with a booklet and pencils . And the minutes melt to seconds.

The important lesson I learned with this exam is to do a lot , I mean A LOTTTTTTTTT OF practice in exam conditions is required. I was tense and almost took an hour for the first testlet and I was freakingly verifying the answers again and again and now it looks stupid on myside but staying absoultly cool is very much required in this exam.

I was rushing in the rest of the time and I find very less time for my last testlet believe me , I had only half an hour for that and I was doing every single MCQ in one minute. I don't know what the result is going to be but I really hate the amount of stress I was in.

I had a bad backache and I was in a state of trance for couple of days not able to understand what was the performance and what is going to happen? I can say this is the worst thing I ever was in. I worked out each single thing but I was tense about the exam.

It feels stupid to me now why was I behaving like a child when I was well prepared for the exam! It can create harmful effects for the performance. I learned my lesson and probably never going to face any other exam with such a mindset. Its stupid, its silly and its childish and it is potentially harmful for the performance. Don;t ever face any exam with such a mindset.

After I completed my exam I came out and they took my finger prints and released me with a proof of attendence and I handover them their booklet, pencils and even the tissue should be disposed in their garbage, yes!

Well the moral is, Write more exams in exam conditions to get eased on having a critical mindset. I shared true account of my experience so that you won't experience this kind of thing at all. okay
Good Luck and be cool and practice a lot in exam conditions. Be tough.

Ratio analysis

2009-05-20T12:29:00.000-07:00

Ratio Anlaysis Ratio Anlaysis sonuraj A power point presentation on Ratio analysis from http://cpajournal.blogspot.com/

Publish at Scribd or explore others: Study Guides, Notes, School Work ratio CPA

Sample Prometric screenshots from gleim's website

2009-05-11T16:52:00.000-07:00

https://www.gleim.com/accounting/cpa/simshots/bec/

Certificate of Incorporation - IBM

2009-05-05T14:28:00.000-07:00

Certificate of Incorporation Certificate of Incorporation sonuraj Certificate of Incorporation
of
INTERNATIONAL BUSINESS MACHINES CORPORATION

Publish at Scribd or explore others: Finance Business & Law ibm certificate of incor

Classification of costs - A presentation

2009-05-01T23:39:00.001-07:00

Classification of Cost Classification of Cost Paramjit Sharma

Publish at Scribd or explore others: Business & Economics information mortgage

Cost-Volume-Profit Analysis

2009-05-01T23:24:00.000-07:00

This is a free resource from wiley.com

http://www.wiley.com/college/sc/eldenburg/ch03.pdf

ch03 ch03 sonuraj

Publish at Scribd or explore others: Study Guides, Notes, Business & Law Law & Government Health & Lifestyle uniform partnership Health-Nutrition

Links:
http://www.enotes.com/business-finance-encyclopedia/cost-volume-profit-analysis
http://www.cliffsnotes.com/WileyCDA/CliffsReviewTopic/Cost-Volume-Profit-Analysis.topicArticleId-21248,articleId-21229.html

Presentations on Management Accounting

2009-05-01T20:26:00.000-07:00

Please download the following presentations

www.stekpi.ac.id/skin/Akuntansi-manajemen/ch01.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch02.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch03.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch04.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch05.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch06.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch07.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch08.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch09.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch10.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch11.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch12.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch13.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch14.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch15.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch16.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch17.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch18.ppt
www.stekpi.ac.id/skin/Akuntansi-manajemen/ch19.ppt

Financial Management - Presentation no. 1

2009-05-01T14:33:00.000-07:00

Financial Management - Part 1 Financial Management - Part 1 sonuraj This is part 1 of a short review (in a flashcard format) of the topic Financial Management .

Its a power point presentation from
http://cpajournal.blogspot.com/

Publish at Scribd or explore others: Finance Business & Law financial management BEC

Business Environment and Concepts Contents

2009-05-01T14:18:00.000-07:00

Business Environment and Concepts Business Environment and Concepts sonuraj

Publish at Scribd or explore others: BEC CPA

Received NTS

2009-04-27T09:23:00.000-07:00

I received eligibilty from the NTS Notification Service. Now I can go ahead and book the date with prometric.
They send me a document which I need to take a printout and carry with me.Still not decided about the date but planning to appear for BEC in may 2009.

Notice To Schedule (NTS) Looks like this...

Video Lectures on Macro Economics

2009-04-23T07:18:00.000-07:00

Econ 100B Economic Analysis--Macro

Source : http://webcast.berkeley.edu/course_details.php?seriesid=1906978424

				Tue 1/16	Course Overview
				Thu 1/18	Endogenous and Exogenous Variables
				Tue 1/23	Economic Output
				Thu 1/25	Income Approach
				Tue 1/30	Solo Growth Model
				Thu 2/1	Solo Growth Model (con't)
				Tue 2/6	Solo Growth Model (con't)
				Thu 2/8	Econ 100B - Lecture 8 - Podcast Not Available
				Tue 2/13	Econ 100B - Lecture 9
				Thu 2/15	Econ 100B - Lecture 10 - Midterm
				Tue 2/20	Econ 100B - Lecture 11
				Thu 2/22	Econ 100B - Lecture 12
				Tue 2/27	Econ 100B - Lecture 13
				Thu 3/1	Econ 100B - Lecture 14
				Tue 3/6	Econ 100B - Lecture 15
				Thu 3/8	Econ 100B - Lecture 16
				Tue 3/13	Econ 100B - Lecture 17
				Thu 3/15	Econ 100B - Lecture 18
				Tue 3/20	Econ 100B - Lecture 19
				Thu 3/22	Econ 100B - Lecture 20 - Midterm
				Tue 3/27	Econ 100B - Lecture 21 - Spring Break
				Thu 3/29	Econ 100B - Lecture 22 - Spring Break
				Tue 4/3	Econ 100B - Lecture 23
				Thu 4/5	Ecpn 100B - Lecture 24
				Tue 4/10	Econ 100B - Lecture 25
				Thu 4/12	Econ 100B - Lecture 26
				Tue 4/17	Econ 100B - Lecture 27
				Thu 4/19	Econ 100B - Lecture 28
				Tue 4/24	Econ 100B - Lecture 29
				Thu 4/26	Econ 100B - Lecture 30
				Tue 5/1	Econ 100B - Lecture 31
				Thu 5/3	Econ 100B - Lecture 32
				Tue 5/8	Econ 100B - Lecture 33

Video Lectures on Micro Economics

2009-04-23T07:11:00.000-07:00

Economic Analysis - Micro

Source: http://webcast.berkeley.edu/course_details.php?seriesid=1906978419

				Thu 1/18	Optimization and Equilibrium, Supply and Demand
				Tue 1/23	Preferences and Utility
				Thu 1/25	Risk and Expected Utility
				Tue 1/30	Budget Constraint, Utility Maximization
				Thu 2/1	Substitution and Income Effects, Individual and Market Demand
				Tue 2/6	Applications of Demand Theory
				Thu 2/8	The Firm, Production Functions and Scale Economies
				Tue 2/13	Cost Minimization
				Thu 2/15	Short Run vs. Long Run (Video has Wide Shot Only)
				Tue 2/20	Profit Maximization and Competitive Supply
				Thu 2/22	Industry Supply, Review
				Tue 2/27	MIDTERM 1
				Thu 3/1	Competitive Equilibrium, Auctions
				Tue 3/6	Producer and Consumer Surpluses
				Thu 3/8	Taxes and Subsidies, Price and Quantity Controls
				Tue 3/13	More Applications of Competition
				Thu 3/15	Monopoly and Monopsony Behavior
				Tue 3/20	Price Discrimination- First and Third Degrees
				Thu 3/22	Self Selection and Second Degree Price Discrimination
				Tue 3/27	Econ 100A - Spring Break
				Thu 3/29	Econ 100A - Spring Break
				Tue 4/3	Tying and Product Bundling
				Thu 4/5	MIDTERM 2
				Tue 4/10	Concentrated Industries, Cournot Equilibrium
				Thu 4/12	Bertrand and Stackelberg Oligopoly and Dominant Firms
				Tue 4/17	Product Differentiation and Monopolistic Competition
				Thu 4/19	Games and Strategic Behavior, I
				Tue 4/24	Games and Strategic Behavior, II (video clip not available)
				Thu 4/26	Externalities
				Tue 5/1	Common Property Problems
				Thu 5/3	Risk, Information, and Insurance
				Tue 5/8	Review

Information Technology Free Video classes

2009-04-16T08:50:00.000-07:00

Berkeley Computer Science Courses

All of these courses have video lectures from the University of California, Berkeley.

CS 162 Operating Systems and System Programming (Three Day Delay) S. 08	Anthony Joesph	17
CS 61A The Structure and Interpretation of Computer Programs S. 08	Brian Harvey	27
CS 61BL Data Structures and Programming Methodology (Three Day Delay) S. 08	Mike Clancey	9
CS 61C Machine Structures S. 08	Dan Garcia	27
CS 162 Operating Systems and System Programming (Three Day Delay) F. 07	John Kubiatowicz	27
CS 61A The Structure and Interpretation of Computer Programs F. 07	Brian Harvey	43
CS 61B Data Structures (three day delay) F. 07	Paul Hilfinger	42
CS 61C Machine Structures F. 07	John Wawrzynek	43
CS 61A The Structure and Interpretation of Computer Programs S. 07	Brian Harvey	44
CS 61BL Data Structures and Programming Methodology S. 07	Michael Clancy	12
CS 61C Machine Structures S. 07	Dan Garcia	45
CS 162 Operating Systems and Systems Programming F. 06	John Kubiatowicz	28
CS 61A The Structure and Interpretation of Computer Programs F. 06	Brian Harvey	42
CS 61B Data Structures F. 06	Jonathan Shewchuk	39
CS 61C Machine Structures F. 06	Dan Garcia	42
InfoSys 290 Special Topics in Information Management and Systems F. 06	Paul Wright	19
InfoSys 296A-2 / Law276.8 Open Source Development and Distribution of Digital Information: Technical, Economic, Social, and Legal Perspectives F. 06	Pamela Samuelson	13
CS 162 Operating Systems and System Programming S. 06	Anthony Joseph	27
CS 252 Graduate Computer Architecture S. 06	David Patterson	23
CS 61A The Structure and Interpretation of Computer Programs S. 06	Brian Harvey	44
CS 61B Data Structures S. 06	Paul Hilfinger	43
CS 61C Machine Structures S. 06	John Wawrzynek	44
CS 162 Operating Systems and System Programming F. 05	Kubiatowicz	28
CS 61A The Structure and Interpretation of Computer Programs F. 05	Harvey	44
CS 61B Data Structures F. 05	Clancy	14
CS 61C Machine Structures F. 05	Garcia	28
InfoSys 141 Search Engines: Technology, Society and Business F. 05	Hearst	16
InfoSys 290A-1 XML Foundations (Five Weeks Only) F. 05	Glushko	10
CS 61A The Structure and Interpretation of Computer Programs S. 05	Harvey	48
CS 61B Data Structures and Advanced Programming S. 05	Shewchuk	47
CS 61C Machine Structures S. 05	Garcia	48
CS 61A The Structure and Interpretation of Computer Programs F. 04	Fateman	45
CS 61B Data Structures and Advanced Programming F. 04	Hilfinger	39
CS 61C Machine Structures F. 04	Garcia	45
CS 150 Components and Design Techniques for Digital Systems S. 04	Katz	33
CS 162 Operating Systems and System Programming S. 04	Joseph	32
CS 3 Intro to Symbolic Programming S. 04	Clancy	12
CS 61A The Structure and Interpretation of Computer Programs S. 04	Harvey	48
CS 61B Data Structures S. 04	Shewchuk	48
CS 61C Machine Structures S. 04	Garcia	48
CS 152 Computer Architecture and Engineering F. 03	Patterson	24

Engin 110 Intro to Computers-

Margret Anderson29IDS 110 Intro to Computers S. 07Americ Azevedo21

Thomas Laqueur28IDS 110 Intro to Computers F. 06Americ Azevedo25

Americ Azevedo23Law 278.31 Technology and Intellectual Property in Law S. 06Pamela Samuelson25
DS 110 Intro to Computers F. 05Azevedo45
IDS 110 Intro to Computers S. 05Azevedo25

IDS 110 Intro to Computers F. 04Azevedo27

IDS 110 Intro to Computers S. 04Azevedo24

Video Classes on Financial Markets

2009-04-16T08:47:00.000-07:00

Click here to see the following classes on Financial markets from Yale university:

1. Finance and Insurance as Powerful Forces in Our Economy and Society
2. The Universal Principle of Risk Management: Pooling and the Hedging of Risks
3. Technology and Invention in Finance
4. Portfolio Diversification and Supporting Financial Institutions (CAPM Model)
5. Insurance: The Archetypal Risk Management Institution
6. Efficient Markets vs. Excess Volatility
7. Behavioral Finance: The Role of Psychology
8. Human Foibles, Fraud, Manipulation, and Regulation
9. Guest Lecture by David Swensen
10. Debt Markets: Term Structure
Midterm Exam 1
11. Stocks
12. Real Estate Finance and Its Vulnerability to Crisis
13. Banking: Successes and Failures
14. Guest Lecture by Andrew Redleaf
15. Guest Lecture by Carl Icahn
16. The Evolution and Perfection of Monetary Policy
Midterm Exam 2
17. Investment Banking and Secondary Markets
18. Professional Money Managers and Their Influence
19. Brokerage, ECNs, etc.
20. Guest Lecture by Stephen Schwarzman
21. Forwards and Futures
22. Stock Index, Oil and Other Futures Markets
23. Options Markets
24. Making It Work for Real People: The Democratization of Finance
25. Learning from and Responding to Financial Crisis, Part I (Guest Lecture by Lawrence Summers)
26. Learning from and Responding to Financial Crisis, Part II (Guest Lecture by Lawrence Summers)

Received Kaplan Schweser CPA Review (BEC)

2009-04-03T13:42:00.000-07:00

Kaplan is giving away the BEC section for free, we need to pay the shipping charges and it will send a study Manual, flash cards set and audio cd's in mail and give access to all the online material for free.

Well so far I only read the wiley material and saw some sections of gleim material . So I am writing no comparisions and reviews on this. But their online videos were good . They are still running their offer so who ever grabs it won't disappoint atall.

Auditing and Attestation Weightage

2009-03-30T14:17:00.001-07:00

Auditing and Attestation covers the following five topics:

Planning the engagement
Internal controls
Obtain and document information
Review engagement and evaluate information
Prepare communications

How Is the CPA Exam Scored?

2009-03-25T12:42:00.000-07:00

How the CPA Exam is Scored How the CPA Exam is Scored sonuraj How Is the CPA Exam Scored? - AICPA

Publish at Scribd or explore others: Education How-To Guides & DIY CPA

Freebie - No Kidding

2009-03-25T12:20:00.000-07:00

There is a free enrollment offer in the Bec section of Online Review Course of Kaplan.
http://www.schweser.com/cpa/index.php
You need to pay shipping and handling for this.($ 15 appro.)
Check it out.

Seriously this is their confirmation mail. Can you believe this?

Kaplan Schweser CPA Review, A Kaplan Professional Company
1905 Palace Street, La Crosse WI 54603
Phone: (608) 779-4693 or (800) 272-2329, Fax: (608) 779-5877

Here is a copy of your order information.
------------------------------

-------------------------------------

Shipping Method: Ground

----------------------- Order Detail ------------------------------
Level: BEC 2008-2009
Product: Online Review Course Package
Quantity: 1
Item Price: $0.00
Total Price: $0.00
Available: Now

Level: CPA 2008-2009
Product: QuickStart Guide
Quantity: 1
Item Price: $0.00
Total Price: $0.00
Available: Now

Level: BEC 2008-2009
Product: Audio CDs
Quantity: 1
Item Price: $0.00
Total Price: $0.00
Available: Now

Level: BEC 2008-2009
Product: SchweserPro QBank
Quantity: 1
Item Price: $0.00
Total Price: $0.00
Available: Now

Level: BEC 2008-2009
Product: Flashcards
Quantity: 1
Item Price: $0.00
Total Price: $0.00
Available: Now

Level: BEC 2008-2009
Product: Kickoff Webcast
Quantity: 1
Item Price: $0.00
Total Price: $0.00
Available: Now

Level: BEC 2008-2009
Product: Study Manual
Quantity: 1
Item Price: $0.00
Total Price: $0.00
Available: Now

Level: BEC 2008-2009
Product: Instructor Email Access
Quantity: 1
Item Price: $0.00
Total Price: $0.00
Available: Now

Level: BEC 2008-2009
Product: Instructor-led Office Hours
Quantity: 1
Item Price: $0.00
Total Price: $0.00
Available: Now

Level: BEC 2008-2009
Product: Exam-tips Blog
Quantity: 1
Item Price: $0.00
Total Price: $0.00
Available: Now

Level: BEC 2008-2009
Product: Video Library
Quantity: 1
Item Price: $0.00
Total Price: $0.00
Available: Now

Level: BEC 2008-2009
Product: Searchable FAQs
Quantity: 1
Item Price: $0.00
Total Price: $0.00
Available: Now

Level: BEC 2008-2009
Product: Kaplan Activity Planner
Quantity: 1
Item Price: $0.00
Total Price: $0.00
Available: Now

Level: BEC 2008-2009
Product: Complete Archives of Online Review Course (December 02, 2008 - January 27, 2009)
Quantity: 1
Item Price: $0.00
Total Price: $0.00
Available: Now

Subtotal: $0.00
Freight: $12.57
Applicable Tax:$0.00
Total: $12.57
Amount Paid: $0.00
Amount Due: $12.57

Shipping Method: UPS
Please allow one business day for order processing.
UPS 2nd Day Air orders will be delivered on the second business day.
UPS Next Day Air orders (order must be received by 11:00 AM Eastern Time) will be delivered on the next business day.
UPS Ground will be delivered in 2-5 business days, depending on location order is being shipped to.

Shipping Method: Canada
Please allow one business day for order processing.
Canada shipments (includes brokerage): UPS (2-4 business days)

Shipping Method: International UPS
Please allow one business day for order processing.
Please Note: Non-US shipments may incur taxes, duties or customs fees collected by custom agencies of their country. Our prices do not include these fees and we have no control over any additional charges.

KAPLAN Return/Cancellation Policy
Kaplan's return policy can be viewed online at www.kaplancpareview.com/help.

BEC exam structure and weightage

2009-03-19T17:14:00.000-07:00

Business Environment and Concepts

1. Business structure
2. Economic concepts
3. Financial management
4. Information technology
5. Planning and Measurement

Application sent...

2009-03-18T10:55:00.000-07:00

Hello,

I finally sent my application to be enrolled as a student, they may take six weeks to process my application. I already sent examination fees along with application for business and environment and concepts. by the time the application is processed I want to get ready for the exam, which will be going to be my first exam.
I'm also thinking to prepare some other base material and software other than the book I already have. I'm also planning to prepare for auditing in parallel. so that I can give four months of preparation for auditing. Which I decided to go for Becker. I didn't yet purchased Becker books. I call becker and found that for a single subject the castle cost 900 plus dollars and if we take all the four subjects then they will give one subject for free. And I don't need to sum it to you.

I checked the gleam packages yesterday and read some of their free online material and also did some multiple choice questions. I need to take second opinion for this before I buy this costly materials. One of my husband's CPA friend suggested me to take Becker classes, let me see I get Any better deals.

Right now I'm preparing for a business environment and concepts and want to know down the speed so that I could have an idea of of how much time I will take to complete the whole syllabus to give good reading first and then we'll do the exercises.

As summer is here my weekends are hard to count and I must get the most out of weekdays.
I probably give a reading the whole text book before proceeding to memorise it, prepared notes and then flashcards.

Information technology- scope

2009-03-18T10:31:00.000-07:00

After going to the definition of information systems and clearly understanding the process , we need to understand more about the manual systems and the computer systems and how the computer systems are superior over manual systems.

we need to understand the types of computer systems, they characteristics and different types of computers like the supercomputers, mainframe computers, minicomputers, microcomputers, personal computers and PDAs.

And they will proceed to understanding the hardware that is a physical equipmentin the computer
Like the central processing unit, a a Ari thematic/ logic unitand the primary memory and then we will proceed to study about secondary storage, secondary storage devices,RAID, different types of storage devices like computer disks etc.

and then familiarise yourself with the different computer terms relating to Information Systems and then make a study on input devices like a keying data ,online entry ,turnaround documents and automated source data input devicesetc

And we will proceed then to to read more about promising of data, as we used the word data we will learn more about date structure enter data file structure, database systems data dictionary is and structured query language.

we need to make a study on networks and about Internet and different terminology relating to it different technologies of networking and latest trends , telecommunications and finally we will read about effect of a computer on internal control.
Last but not the least is the concept of flowcharting and this briefs about the information technology portion in our business enrolment and concepts.

Information system - Definition

2009-03-18T10:03:00.000-07:00

Definition:
Information systems are the means by which people and organisations, utilising technologies,gather, process, store, use and disseminate information.

Information systems support different types of decisions at different levels of the organizational hierarchy. Major types of Information systems include structural databases and information management software that can include the following;

* Transaction Process Systems (TPS)
* Enterprise Collaboration Systems (ECS)
* Management Information Systems (MIS)
* Decision Support Systems (DSS)
* Executive Support Systems (ESS)
* Expert systems

Transaction Processing Systems (TPS) :

Transaction processing systems record daily routine transactions such as sales orders from customers, or bank deposits and withdrawals. TPS are vital for the organization, as they gather all the input necessary for other types of systems. Think about how one could generate a monthly sales report for middle management or critical marketing information to senior managers without TPS. TPS provide the basic input to the company's database. A failure in the TPS often means disaster for the organization. Imagine what happens when the reservation system at Turkish Airlines fails: all operations stop, no transactions can be carried out until the system is up again. Long queues form in front of ATMs and tellers when a bank's TPS crashes.

Management information systems:

A management information system (MIS) is a system or process that provides
the information necessary to manage an organization effectively. MIS and the
information it generates are generally considered essential components of
prudent and reasonable business decisions.
The importance of maintaining a consistent approach to the development,
use, and review of MIS systems within the institution must be an ongoing
concern of both bank management and OCC examiners. MIS should have a
clearly defined framework of guidelines, policies or practices, standards, and
procedures for the organization. These should be followed throughout the
institution in the development, maintenance, and use of all MIS.
MIS is viewed and used at many levels by management. It should be
supportive of the institution's longer term strategic goals and objectives. To
the other extreme it is also those everyday financial accounting systems that
are used to ensure basic control is maintained over financial recordkeeping
activities.

More about management information system can be found under this link
http://www.occ.treas.gov/handbook/mis.pdf

Enterprise Collaboration Systems:

Enterprise Collaboration Systems is a type of information system (IS). ECS is a combination of groupware, tools, Internet, extranets and other networks needed to support enterprise-wide communications, such as the sharing of documents and knowledge to specific teams and individuals within the enterprise. Some examples of enterprise communication tools include e-mail, videoconferencing, collaborative document sharing, project management tools and others. The objective of an ECS is to provide each user with the tools for managing communications, documents and other information that individuals need to manage their own tasks efficiently in their departments.

Decision Support Systems (DSS):

Decision Support Systems (DSS) are a specific class of computerized information system that supports business and organizational decision-making activities. A properly-designed DSS is an interactive software-based system intended to help decision makers compile useful information from raw data, documents, personal knowledge, and/or business models to identify and solve problems and make decisions.

Typical information that a decision support application might gather and present would be:

* an inventory of all of your current information assets (including legacy and relational data sources, cubes, data warehouses, and data marts),
* comparative sales figures between one week and the next,
* projected revenue figures based on new product sales assumptions;
* the consequences of different decision alternatives, given past experience in a context that is described.
Links:
http://www.tech-faq.com/decision-support-system.shtml
http://dssresources.com/papers/whatisadss/

Executive support system:

A ESS (or DSS more in general) is a software system under control of one of many decision-makers that assists in their activity of decision making by providing and organised set of tools intended to impart structure to portions of the decision making situation and to improve the ultimate effectiveness of the decision outcome".

Sharing the same concepts of a DSS, an ESS focuses more in the end-user requirements of maximum interactivity and user-friendlyness. An ESS can be understood as a friendly, fully customised and interactive DSS to be mostly used by top executives and policy-makers to get permanent and updated assessment in relation to key questions (information and knowledge).

While a complete DSS will have efficient links to external large databases and advanced models, an ESS focuses only on interactive and executive assessment tools, those which can be used personally by end-users. An ESS requires a previous expert work filtering information and knowledge into meaningful indicators and tools.

Because of ESS definition, its design and implementation must integrate future users as much as feasible, since a ESS represents both a challenge and an opportunity to improve their working processes. Although software development play an integral role in any Executive Support System design (and more in general in the Decision Support System world) the analysis of ESS and DSS is about how people think and make decisions Anyway a ESS will induce organisational changes which can not be succesful in complex institutions unless they are clearly preceived and desired since the begining. Recent developments on ESS and DSS tend to integrate the multiple decisions being taken by the institution, so they become Organisational DSS.

An ODSS is therefore a participative process, instead of a mandatory product. In the figure, the green circle represents the domain area of a typical Executive Support System.

Links : http://www.mcrit.com/ASSEMBLING/ASSEMB_CENTRAL/WhatESS.htmit is

Expert system:

An expert system is software that attempts to reproduce the performance of one or more human experts, most commonly in a specific problem domain, and is a traditional application and/or subfield of artificial intelligence. A wide variety of methods can be used to simulate the performance of the expert however common to most or all are 1) the creation of a so-called "knowledgebase" which uses some knowledge representation formalism to capture the Subject Matter Experts (SME) knowledge and 2) a process of gathering that knowledge from the SME and codifying it according to the formalism, which is called knowledge engineering. Expert systems may or may not have learning components but a third common element is that once the system is developed it is proven by being placed in the same real world problem solving situation as the human SME, typically as an aid to human workers or a supplement to some information system.

As a premiere application of computing and artificial intelligence, the topic of expert systems has many points of contact with general systems theory, operations research, business process reengineering and various topics in applied mathematics and management science.

Links :
http://accounting.rutgers.edu/raw/aies/www.bus.orst.edu/faculty/brownc/es_tutor/es_tutor.htm
http://www.wtec.org/loyola/kb/c1_s1.htm

Information Technology

2009-03-18T10:01:00.000-07:00

Free videos on Economics

2009-03-11T14:35:00.000-07:00

http://freevideolectures.com/economics.html

CPA Exam Review: Business Environment & Concepts

2009-03-11T14:09:00.001-07:00

CPA Exam Format

2009-03-11T14:08:00.001-07:00

CPA Exam Review: State Requirements

2009-03-11T14:07:00.001-07:00

CPA Exam Application Process

2009-03-11T14:01:00.000-07:00

CPA Exam Review: Auditing & Attestation

2009-03-11T13:56:00.000-07:00

CPA Exam Details

2009-03-11T13:46:00.000-07:00

CPA Educational Requirements -- powered by ExpertVillage.com

How to Pass the CPA Exam -- powered by ExpertVillage.com

What Can I Do With a CPA License? -- powered by ExpertVillage.com

Auditng study notes

2009-03-10T11:39:00.000-07:00

Auditing Study notes

Source : http://cpacfa.blogspot.com/2008/03/cpa-aud-study-notes.html

Notes Chapter 1 AUD

Publish at Scribd or explore others: Tutorial-Test-Taking AUD

Notes Chapter 2 AUD

Publish at Scribd or explore others: Internet & Technolog How-To & DIY Tutorial-Test-Taking AUD

Notes Chapter 3 AUD

Publish at Scribd or explore others: Tutorial-Test-Taking AUD

Notes Chapter 4 AUD

Publish at Scribd or explore others: Tutorial-Test-Taking AUD

Notes Chapter 5 AUD

Publish at Scribd or explore others: Tutorial-Test-Taking AUD

Formula Sheet Mini Test AUD

Publish at Scribd or explore others: Internet & Technolog Tutorial-Test-Taking AUD

Auditing and Attestation Study Guide

2009-03-10T11:37:00.000-07:00

FACS evaluation report

2009-03-10T11:06:00.000-07:00

I received my education evaluation report. ( At last after 5 weeks) .

They evaluated my education as follows, though they were not clear how they awarded the credits but they gave a summary,they combined my bachelor of commerce degree and one-year master of commerce as equivalent to baccalaureate degree plus a masters degree received from an accredited college or university in the United States.

I completed the bachelor of commerce but I appeared for one year of master of commerce (final year).

Integrated examination of Institute of cost and works accountants of India and professional education examination two of the Institute of chartered accountants of India are considered equivalents to a total of 62 semester was the and at an accredited college or university in the United States .

I completed more than 150 semester hours

As I am appearing for Colorado State

They evaluated my programme of study as follows

At least 27 semester hours in accounting courses including
at least 21 semester hours in general accounting courses such as cost accounting tax accounting intermediate accounting and advanced accounting

And at least three semester hours in auditing and

At least 21 semester hours of courses in other areas of business administration with no more than six semester hours in anyone area.

One copy of this evaluation is sent to Colorado State. And one copy is sent to me.

So now I can send my application to Colorado State. I heard before, that I can send application before I received this foreign education evaluation, but when I called to Colorado State they advised me to wait till I receive my foreign education evaluation.

Now its time to send application and wait for 6 more weeks.....

Types of corporations (Tax view)

2009-03-06T13:14:00.000-08:00

Two Types of Corporations

The IRS allows for a corporation to be taxed either as a "C corporation" or as an "S corporation."

C Corporations

A C corporation is taxed at two levels. This is commonly referred to as double taxation. A C corporation pays a corporate tax on its corporate income (the first tax). Then, the C corporation distributes profits to stockholders who pay income tax on those dividends (the second tax).

S Corporations

One way to avoid the double taxation of a C corporation is to make a special election to be taxed as a S corporation, which is pass-through entity taxed like a partnership or a sole proprietorship. That way, there is only one level of taxation. The corporate profits "pass through" to the owners, who pay taxes on the profits at their individual tax rates.

source: http://www.legalzoom.com/incorporation-guide/types-of-corporations.html

Subchapter S Revision Act of 1999

2009-03-06T13:11:00.000-08:00

Subchapter S Revision Act of 1999

Publish at Scribd or explore others: Business & Legal subchapter s revisio

Differences & ENTITY COMPARISON TABLE

2009-03-06T13:02:00.000-08:00

LLCs Versus S Corporations

Publish at Scribd or explore others: Academic Work CPA

S Corporation Restrictions

2009-03-06T12:41:00.000-08:00

To elect S Corporation status, your corporation must meet specific guidelines.

*

All stockholders must be citizens or permanent residents of the United States.
*

The maximum number of stockholders for an S Corporation is 75.
*

If an S Corporation is held by an "electing small business trust," then all beneficiaries of the trust must be individuals, estates or charitable organizations. Interests in the trust cannot be purchased.
*

S Corporations may only issue one class of stock.
*

No more than 25 percent of the gross corporate income may be derived from passive income.

Not all domestic general business corporations are eligible for S Corporation Status.

Exclusions:

*

a financial institution that is a bank
*

an insurance company taxed under Subchapter L
*

a Domestic International Sales Corporation (DISC)
*

certain affiliated groups of corporations

Types of Corporations

2009-03-06T12:29:00.000-08:00

Businesses may choose from a variety of corporate entities, based on their needs. Below are useful descriptions.

If you have further questions, your legal or financial advisors can help you decide which type of structure best suits your business needs. While Active Filings does not offer legal or tax advice, we will help you form your new corporation or LLC in any state ... fast, affordable and high quality incorporation services.

General Corporation/ Subchapter C Corporation -
A corporation which is not a Subchapter S Corporation, A general corporation, also known as a “C” corporation, is the most common corporate structure. A general corporation may have an unlimited number of stockholders. Consequently, it is usually chosen by those companies planning to have more than 30 stockholders or large public stock offerings. Since a corporation is a separate legal entity, a stockholder's personal liability is usually limited to the amount of investment in the corporation and no more.

Close Corporation

A close corporation is most appropriate for the individual starting a company alone or with a small number of people. There are a few significant differences between a general corporation and a close corporation. A close corporation limits stockholders to a maximum of 30. In addition, many close corporation statutes require that the directors of a close corporation must first offer the shares to existing stockholders before selling to new stockholders. Not all states recognize close corporations.

Subchapter S Corporation

A Subchapter S Corporation is a general corporation that has elected a special tax status with the IRS after the corporation has been formed. Subchapter S corporations are most appropriate for small business owners and entrepreneurs who prefer to be taxed as if they were still sole proprietors or partners.

When a general corporation makes a profit, it pays a federal corporate income tax on the profit. If the company also declares a dividend, the stockholders must report the dividend as personal income and pay more taxes.

S Corporations avoid this "double taxation" (once at the corporate level and again at the personal level) because all income or loss is reported only once on the personal tax returns of the stockholders.

For many small businesses, the S Corporation offers the best of both worlds, combining the tax advantages of a sole proprietorship or partnership with the limited liability and enduring life of a corporate structure.

Source :http://www.activefilings.com/en/information/types.htm
Links:
http://www.newmagnolia.com/types.html
http://www.legalzoom.com/incorporation-guide/types-of-corporations.html

Limited Liability Company

2009-03-04T13:39:00.000-08:00

A limited liability company (LLC) offers protection from personal liability for business debts, just like a corporation. However, unlike a corporation, which must pay its own taxes, an LLC is a pass-through tax entity: The profits and losses of the business pass through to its owners, who report them on their personal tax returns, just as they would if they owned a partnership or sole proprietorship. Also, while setting up an LLC is more difficult than creating a partnership or sole proprietorship, running one is significantly easier than running a corporation.

Read more here:
Limited Liability Company (LLC) FAQ

http://www.irs.gov/businesses/small/article/0,,id=98277,00.html

corporations: an overview

2009-03-04T13:31:00.000-08:00

A corporation is a legal entity created through the laws of its state of incorporation. Individual states have the power to promulgate laws relating to the creation, organization and dissolution of corporations. Many states follow the Model Business Corporation Act. State corporation laws require articles of incorporation to document the corporation's creation and to provide provisions regarding the management of internal affairs. Most state corporation statutes also operate under the assumption that each corporation will adopt bylaws to define the rights and obligations of officers, persons and groups within its structure. States also have registration laws requiring corporations that incorporate in other states to request permission to do in-state business.

There has also been a significant component of Federal corporations law since Congress passed the Securities Act of 1933, which regulates how corporate securities are issued and sold. Federal securities law also governs requirements of fiduciary conduct such as requiring corporations to make full disclosures to shareholders and investors.

The law treats a corporation as a legal "person" that has standing to sue and be sued, distinct from its stockholders. The legal independence of a corporation prevents shareholders from being personally liable for corporate debts. It also allows stockholders to sue the corporation through a derivative suit and makes ownership in the company (shares) easily transferable. The legal "person" status of corporations gives the business perpetual life; deaths of officials or stockholders do not alter the corporation's structure.

Corporations are taxable entities that fall under a different scheme from individuals. Although corporations have a "double tax" problem -- both corporate profits and shareholder dividends are taxed -- corporate profits are taxed at a lower rate than the rates for individuals.

Corporate law has important intersections with contracts and commercial transactions law.

Source: http://topics.law.cornell.edu/wex/corporations

Links: http://www.irs.gov/businesses/small/article/0,,id=98240,00.html

Blog Index

2009-03-04T12:59:00.000-08:00

1. Shri Ganesh - start of my journey
2. FACS - Educational Evaluation
3. Wiley CPA exam review 2009 - BEC
4. the topics covered in business structure
5. how to prepare..........
6. listen to the text
7. FACS Evaluation report
8. Application sent
9. RECEIVED KAPLAN SCHWESER CPA REVIEW (BEC)
10. Received NTS
11.First time Prometric exam experience
12.Results Time
13.Why my request denied?
14. Become a student member
15. Balancing wants and needs
16. Fighting procastination

The uniform partnership act 1997-article view

2009-03-04T12:48:00.004-08:00

UNIFORM PARTNERSHIP ACT (1997)

Each article is divided into various sections. the law relating to partnership is the basis for understanding how the partnerships work. please refer to the act under the related article to understand more about the topic in a detailed way.

UNIFORM PARTNERSHIP ACT (1997) Article View

Publish at Scribd or explore others: Research Business & Legal uniform partnership

listen to the text

2009-03-04T11:53:00.000-08:00

when you're tired enough to read, the best thing you can do is to copy the text and listen the clipboard.
We have many text to voice softwares available over the net.
For example one such software is deskbot
http://www.bellcraft.com/deskbot/
it uses Microsoft Agent Animated, Talking Characters to read to us and it is absolutely free
You can also use text to mp3 softwares to convert your text to natural speaking and can listen when you drive, workout or walk.

Hope these little tricks helps you..

how to prepare..........

2009-03-04T11:51:00.001-08:00

When you start preparing for the exam the first thing is having a base material

• I choose my base material as Wiley , so I am reading BEC from the book.
• First read the concept from the book and then note the areas where you need further study.
• Prepare notes of important points and make flashcards at the same time.
• Don't skip any points from the base material.
• Understand the differences and revise the points from the notes and check your flashcards.
• If you don't understand any point note that point on a separate paper and clear your doubt.
• Plan ahead the timing for his study and how and when you're going to complete the modules and your research and revision.
• Revising whatever you read is very important. Plan your revisions as well.
• Taken note of the time you invested while studying some particular portion of the work. This will give you an idea how much time it will take to complete your study.
• If you prepare notes and flashcards you can revise in any spare time.
• If you don't understand any particular topic please note it and make detailed study about it.

the topics covered in business structure

2009-03-04T11:32:00.000-08:00

Studying about business structure gave me idea about
1. the nature of our sole proprietor ships
2. general partnerships, limited partnerships, limited liability partnerships
3. differences between sole proprietorship and partnership, general partnership and limited partnership, limited liability partnership
4. how these business structures are formed, the rights of partners they relationship to third parties, how this partnership is terminated,
5. Corporations, limited liability companies.
6. Types of corporations, formation of corporations and their corporate financial structure, and powers and liabilities of corporation, the duties and boss of directors and officers of corporations
7. stockholders rights and liability and changes in corporate structures

Will discuss in detail about each and every topic I read
This is basically to create an understanding about what I read and to prepare notes and simultaneously prepare flash cards. They will assist me, in my revisions and as a quick reference.

Wiley CPA exam review 2009 - BEC

2009-03-03T12:57:00.001-08:00

I received my Wiley CPA Exam Review 2009: Business Environment and Concepts yesterday

The points I noted in this book are

1. This book is designed keeping in view the content required for a computerized exam.
2. It begins with how you should start your preparation to the CPA exam, the nature of the exam, their approach, and the detailed analysis of the examination with respect to the preparation.
3. After going through the first five chapters which were very essential to understand and a more about the exam at the contents of the exam, I started reading the very first module about business structure.
4. Every concept is touched in brief not widely covered but according to them it was enough for answering the multiple choice questions but they don't give any guarantees.
5. They recommend understanding and figuring out the points where we need to do a more detailed study, but they advise us to first complete the module in the book.
6. The surprising thing about to the book is it is lean and don't scare's in first place.
7. More about the book and my preparation in my next blog.

The Difference Between a Partnership and a Limited Partnership

2009-02-24T12:56:00.000-08:00

A partnership (also referred to as a general partnership) is a business arrangement where two or more people (who are not husband and wife) are owners of a business. Unlike a corporation, you do not need to file any documents with the state to make your business a partnership. A partnership is created by default, unless the business is specifically formed as some other type of business entity, such as a corporation, a limited liability company, or a limited partnership.

A general partnership is one in which all of the partners have the ability to actively manage or control the business. This means that every owner has authority to make decisions about how the business is run as well as the authority to make legally binding decisions. Unless the partners have a partnership agreement, each partner will have equal authority.

Partners in a general partnership don't have any limit on their personal responsibility for the debts of the business. This means that the partner could lose more than just his investment in the business – personal assets would have to be used to pay business debts if necessary. Each partner in a general partnership is also "jointly and severably" liable for debts of the business. Joint and severable liability means is that each partner is equally liable for the debts of the business, but each is also totally liable. So if a creditor can't get what he is owed by one or more of the partners, he can collect it from another partner, even if that partner has already paid his share of the total debt. If someone sues your partnership and obtains a large judgment, and your partner doesn't have the money to pay his share of it, you will have to pay the entire amount.

A limited partnership is different from a general partnership in that it requires a partnership agreement. Some information about the business and the partners must be filed with the appropriate state agency (usually the secretary of state).

Additionally, a limited partnership has both limited and general partners. A limited partner is one who does not have total responsibility for the debts of the partnership. The most a limited partner can lose is his investment in the business. The trade off for this limited liability is a lack of management control: A limited partner does not have the authority to run the business. He is really more or less an investor in the business.

A limited partnership must have at least one general partner. The general partner or partners are responsible for running the business. They have control over the day-to-day management of the business and have the authority to make legally binding business decisions. The partnership agreement will specify exactly which partner or partners have certain responsibilities and which have certain authority. General partners are also subject to unlimited personal liability for the debts of the business. The general partners of a limited partnership are also jointly and severally liable for the debts of the business, just like partners in a general partnership.

Source : http://www.alllaw.com/articles/business_and_corporate/article12.asp

Differences between an LLP and a Limited Partnership (LP)

LLPs are distinct from limited partnerships in that limited liability is granted to all partners, not to a subset of non-managing "limited partners." As a result, LLPs are more suited for businesses where all investors wish to take an active role in management.

Source : http://www.legalzoom.com/llp-guide/llp-limited-partnership-comparison.html

About

2009-02-23T10:50:00.000-08:00

Hello and Namastey,

Welcome to my blog.

I am an Accounting technician from India. After marrying Raj I came to USA and pursuing CPA here. My experiences were and will be written in this blog and the collected resources are kept here for reference along with my study notes and other stuff related to CPA Students.

Hope my Journey and blogging assist you in your preparation for a bright CPA future. And hope you find something here that will help you. Send me an email if it does and I am the happiest soul you know.

Please know that I read and appreciate every email and comment, and do my best to answer any questions within that section of each post.

My best wishes.

Mrs.Raj

Comments, feedback, suggestions, ideas and criticism can be submitted here. Thank you!

Copyright Regulations and General Disclaimer

2009-02-23T10:32:00.000-08:00

"http://cpajournal.blogspot.com" - Copyright Notice

This blog and its content are copyright of SonuRaj © 2008. All rights reserved.Some of these blog materials may be subject to copyrights held by third parties.
Any redistribution or reproduction of part or all of the contents in any form is prohibited without prior approval:

Submit requests to: mailmrsraj@gmail.com

You may not, except with my express written permission, distribute or commercially exploit the content. Nor may you transmit it or store it in any other website or other form of electronic retrieval system.

Comment Policy for Cpajournal blog

• Signature Links will be deleted. I see no use for them and they add clutter to the comment section.
• Relevant links are encouraged if they are strongly related to the topic discussed in the article. Irrelevant links will be deleted without any notice.
• Spamming your URL by posting short, pointless comments (’nice post’) will not help as I will delete these comments as well.
• Irrelevant but legitimate comments which are entirely off-topic and not related to the post in question will be removed. I will however personally email you to inform you of this and will continue the discussion off the blog, if necessary.
• Hate Remarks against another person’s race, religion or creed will be deleted as they are offensive.

Advertisements displayed in the blog:

Advertisements from adsense, ebay and Amazon are displayed in my blog. Products purchased from such websites are the liability of the respective websites only. Complaints, disputes are not the liability of this blog. Please take personal responsibility and consult the realted website personnel for knowing your liability before your purchase.

Mrs.Raj

Limited partnership

2009-02-23T10:16:00.000-08:00

A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs). It is a partnership in which only one partner is required to be a general partner.[1]
The GPs are, in all major respects, in the same legal position as partners in a conventional firm, i.e. they have management control, share the right to use partnership property, share the profits of the firm in predefined proportions, and have joint and several liability for the debts of the partnership.
As in a general partnership, the GPs have actual authority as agents of the firm to bind all the other partners in contracts with third parties that are in the ordinary course of the partnership's business. As with a general partnership, "An act of a general partner which is not apparently for carrying on in the ordinary course the limited partnership's activities or activities of the kind carried on by the limited partnership binds the limited partnership only if the act was actually authorized by all the other partners." (United States Uniform Limited Partnership Act § 402(b).)
Like shareholders in a corporation, LPs have limited liability, meaning they are only liable on debts incurred by the firm to the extent of their registered investment and have no management authority. The GPs pay the LPs a return on their investment (similar to a dividend), the nature and extent of which is usually defined in the partnership agreement.
Limited partnerships are distinct from limited liability partnerships, in which all partners have limited liability.
Souce : Wikepedia

Links: http://www.quickmba.com/law/partnership/limited/

Limited Liability Partnership

2009-02-23T10:08:00.000-08:00

Small business owners sometimes choose the organizational form of a limited liability partnership (LLP) for their business. An LLP is a type of general partnership that provides its general partners with limited liability for certain obligations of the partnership. It has the benefits of a partnership and limitations on liabilities. For example, partners in LLPs are not liable for the debts caused by the negligence of other partners.

What is an LLP?

An LLP is a partnership that limits the exposure of general partners to certain kinds of partnership liabilities. The characteristic that the LLP shares with the corporation is limited liability. Under the typical LLP law, a general partner in an LLP:

Is not liable for the debts and obligations of the LLP arising from errors, negligence, wrongful acts, or misconduct committed in the course of the partnership's business by another partner or by an employee, agent, or representative of the LLP
Is liable for the general obligations of the partnership
Is liable for obligations arising from his or her own misconduct, and for obligations arising from the misconduct of a person over which he or she has direct supervision and control
May be liable when the partner had notice or knowledge of misconduct by another partner or representative
Origin of LLPs

Under traditional partnership law, each partner has the power to bind the partnership. The partnership is liable for the wrongful acts of any partner acting in the ordinary course of the partnership's business. In addition, partners in a general partnership are personally liable for partnership obligations if the assets of the partnership are insufficient to satisfy them. Therefore, partners in a general partnership are subject to personal liability for the negligence of other partners. These rules developed when partnerships were small and partners were aware of each other's activities.

In the 1990s, several trends combined to increase the risks to which partners of a general partnership were exposed under traditional partnership liability rules, especially in law and accounting firms. Among these trends were:

An increase in the number of partners in general partnerships
An increase in the complexity of practice areas at larger general partnerships
An increasing number of malpractice suits filed against larger general partnerships
Escalating malpractice insurance costs
The proliferation of claims with very high dollar values, such as claims brought by government regulators against law and accounting firms in connection with the savings and loan crisis
The limited liability partnership was conceived in the 1990s to address the needs of partners in light of these developments. The first limited liability partnership law was enacted in Texas in 1991. Almost all states currently have LLP laws.

LLP laws generally permit partners in professional general partnerships to shield themselves from liability for contractual obligations of the partnership, but hold them personally liable for their own negligent or wrongful acts and for the negligent or wrongful acts of individuals acting under their supervision or control. Partners are not liable for debts and obligations resulting from the negligence of other partners. Generally, rules applicable to general partnerships, including those that govern contributions, management, operation and dissolution, apply to LLPs.

State laws vary on the kinds of protections that they provide to partners in an LLP. Although the first Texas law shielded partners from personal liability only for partnership obligations arising from the malpractice of other partners, some more recent laws protect partners in LLPs from all partnership debts.
Source : Lawyers.com

Links:

http://www.lectlaw.com/files/buo04.htm

http://www.sos.state.ia.us/business/limliabpart.html

http://cpajournal.blogspot.com/2009/02/uniform-limited-partnership-act-2001.html

General partnership

2009-02-23T09:59:00.000-08:00

A general partnership is an association of two or more persons to carry on a business as co-owners for profit. This form of business organization is ordinarily created by formal agreement, but a partnership may simply be created by oral agreements or may even be implied by the conduct and acts of the parties. A general partnership, like the sole proprietorship, is a business form with unlimited liability for the partners. This means that each partner's assets can be reached without limitation to satisfy partnership obligations incurred by the other partners. Unlike a sole proprietorship, a partnership must file an information return annually with the IRS.

Links:

http://www.quickmba.com/law/partnership/general/

http://cpajournal.blogspot.com/2009/02/uniform-partnership-act-1997_05.html

Joint venture

2009-02-18T09:46:00.000-08:00

Joint ventures: an overview

A joint venture is a legal organization that takes the form of a short term partnership in which the persons jointly undertake a transaction for mutual profit. Generally each person contributes assets and share risks. Like a partnership, joint ventures can involve any type of business transaction and the "persons" involved can be individuals, groups of individuals, companies, or corporations.

Joint ventures are also widely used by companies to gain entrance into foreign markets. Foreign companies form joint ventures with domestic companies already present in markets the foreign companies would like to enter. The foreign companies generally bring new technologies and business practices into the joint venture, while the domestic companies already have the relationships and requisite governmental documents within the country along with being entrenched in the domestic industry.

In the United States, joint ventures are governed bystate Partnership, Contracts, and Commercial Transactions law. A joint venture is also treated like a partnership for Federal Income Tax purposes. A joint venture corporation involves the same type of activity as above but within a corporate framework. Foreign joint ventures are subject to the international trade laws and the laws within the foreign countries.

Source: http://topics.law.cornell.edu/wex/joint_venture

Sole Proprietorship

2009-02-18T09:21:00.000-08:00

The most common and simplest form of business is a sole proprietorship. Many small businesses operating in the United States are sole proprietorships. An individual proprietor owns and manages the business and is responsible for all business transactions. The owner is also personally responsible for all debts and liabilities incurred by the business. A sole proprietor can own the business for any duration of time and sell it when he or she sees fit. As owner, a sole proprietor can even pass a business down to his or her heirs.

In this type of business, there are no specific business taxes paid by the company. The owner pays taxes on income from the business as part of his or her personal income tax payments.

Sole proprietors need to comply with licensing requirements in the states in which they're doing business, as well as local regulations and zoning ordinances. The paperwork and formalities, however, are substantially less than those of corporations, allowing sole proprietors to open a business quickly and with relative ease — from a bureaucratic standpoint. It can also be less costly to start a business as a sole proprietor, which is attractive to many new business owners who often find it difficult to attract investors.

Advantages of a Sole Proprietorship

The most common and simplest form of business is a sole proprietorship. Many small businesses operating in the United States are sole proprietorships. An individual proprietor owns and manages the business and is responsible for all business transactions. The owner is also personally responsible for all debts and liabilities incurred by the business. A sole proprietor can own the business for any duration of time and sell it when he or she sees fit. As owner, a sole proprietor can even pass a business down to his or her heirs.

In this type of business, there are no specific business taxes paid by the company. The owner pays taxes on income from the business as part of his or her personal income tax payments.

Sole proprietors need to comply with licensing requirements in the states in which they're doing business, as well as local regulations and zoning ordinances. The paperwork and formalities, however, are substantially less than those of corporations, allowing sole proprietors to open a business quickly and with relative ease — from a bureaucratic standpoint. It can also be less costly to start a business as a sole proprietor, which is attractive to many new business owners who often find it difficult to attract investors.

Advantages of a Sole Proprietorship

# A sole proprietor has complete control and decision-making power over the business.
# Sale or transfer can take place at the discretion of the sole proprietor.
# No corporate tax payments.
# Minimal legal costs to forming a sole proprietorship.
# Few formal business requirements.
\

Disadvantages of a Sole Proprietorship

# The sole proprietor of the business can be held personally liable for the debts and obligations of the business. Additionally, this risk extends to any liabilities incurred as a result of acts committed by employees of the company.
# All responsibilities and business decisions fall on the shoulders of the sole proprietor.
# Investors won’t usually invest in sole proprietorships.

Note: If the business is conducted under a fictitious name, it's up to the sole proprietor to file all applicable forms under the fictitious name or under doing business as (DBA). This, however, does not mean that the business is a separate entity from a legal standpoint. The sole proprietor remains liable even if he or she is doing business under a fictitious name.

Most sole proprietors rely on loans and personal assets to initially finance their business. Some will elect to incorporate once the business has started to grow, while other business owners maintain their sole proprietorship for many years.

Information from the Iowa state secretary of state website:
http://www.sos.state.ia.us/business/sole.html

The sole proprietorship is the oldest, most common, and simplest form of business organization. A sole proprietorship is a business entity owned and managed by one person. The sole proprietorship can be organized very informally, is not subject to much federal or state regulation, and is relatively simple to manage and control.

The prevalent characteristic of a sole proprietorship is that the owner is inseparable from the business. Because they are the same entity, the owner of a sole proprietorship has complete control over the business, its operations, and is financially and legally responsible for all debts and legal actions against the business. Another aspect of the "same entity" aspect is that taxes on a sole proprietorship are determined at the personal income tax rate of the owner. In other words, a sole proprietorship does not pay taxes separately from the owner.

A sole proprietorship is a good business organization for an individual starting a business that will remain small, does not have great exposure to liability, and does not justify the expenses of incorporating and ongoing corporate formalities.

Sole Proprietorship - Points to Consider

* Easiest type of business organization to establish. There are no formal requirements for starting a sole proprietorship
* Decision making is in direct hands of owner.
* All profits and losses of the business are reported directly to the owner's income tax return.
* The startup costs for a sole proprietorship are minimal.
* Owner has unlimited liability. Both the business and personal assets of the sole proprietor are subject to the claims of creditors.
* Because a sole proprietorship is not a separate legal entity, it usually terminates when the owner becomes disabled, retires, or dies. As a result, the sole proprietorship lacks continuity and does not have perpetual existence like other business organizations.
* It is difficult for a sole proprietorship to raise capital. Financial resources are generally limited to the owner's funds and any loans outsiders are willing to provide.
* Owner could spend unlimited amount of time responding to business needs.

Sole Proprietorship - Procedural Aspects

* There are no Iowa statutes governing the formation of a sole proprietorship.

Sole Proprietorship - Key Attributes

* Creation (minimum requirements) - No Formalities for creating a sole proprietorship.
* Profits / Losses / Distributions - Owner may use all profits and losses for business.
* Liability - Owner faces unlimited personal liability.
* Capital / Financing - All capital obtained from owner or through loans based on owner's creditworthiness.
* Duration - Usually no continuity upon disability, retirement or death of owner.
* Transfer of Ownership - Assets may be sold in entirety or in part.
* Management and Control - Owner manages and controls the company.
* Taxation - The business does not file or pay taxes.
* Reporting Requirements - None.
* Fees - None.

Source: Advantages and Disadvantages of Sole Proprietorships

Links:

1. Understanding Sole Proprietorships
2. http://sbinformation.about.com/od/ownership1/a/soleproprietor.htm
3. http://www.irs.gov/businesses/small/article/0,,id=98202,00.html

Note: visit respective secretary of state websites for information related to particular state or states.

Uniform CPA Examination Content Specifications

2009-02-08T12:15:00.000-08:00

CPA Exam CSOs Revised 10 05

Publish at Scribd or explore others: Academic Work CPA