12 Tips to Pass the CPA Exam
Use as many or as few of these CPA exam tips as you want! Tips to Pass the CPA Exam Passing the CPA exam starts with using the Universal CPA Review course. If you’re studying for the CPA exam, then these 12 tips will help you pass the CPA exam. These tips can be used if…
Passing CPA Score
A 99 is the highest score your can receive on the CPA exam. How likely is it that you will score a 99 on any section of the CPA exam? Well, it’s highly unlikely, but aim high, miss high, right? While the passing CPA score is a 75%, Ryan, a Universal CPA student, recently scored…
Gross Profit Method – Impact of overstating the gross profit %
A company will often use the gross profit method to estimate cost of goods sold and ending inventory during an interim period. A company would use this method if they do not have a perpetual inventory system and they only perform a physical inventory count at the end of a period. The formula for calculating…
3 Reasons to use Universal CPA as a supplement for the CPA exam
You’re struggling with the review course you spent thousands of dollars on and now you’re looking for additional resources to help you prepare for the CPA exam. Good news. You’re in the right spot! While Universal CPA can be used as a stand-alone course, it is also a great supplement to other review courses for…
What are deferred inflows and outflows in encumbrance accounting?
For deferred outflows of resources, its the consumption of resources that relates to future periods. This is similar to prepaid expense as we’re consuming net assets now and deferring the expense to a future period. For deferred inflows of resources, it’s the acquisition of net assets that is applicable to a future period. So for deferred…
When does a company perform a goodwill impairment test?
Under U.S. GAAP, a public company must test goodwill for impairment at least once annually. The company must use discretion to determine when the test is performed (i.e., what month?). The important thing to remember is that U.S. GAAP does indicate that the goodwill impairment test should be performed at the same time each year….
What is a transaction processing system?
A transaction processing system is a type of information technology system that processes or executes transactions that occur in the normal course of business. Examples include receiving orders from customers, processing shipments to customers, paying employees, etc. Transaction processing systems are not typically uses to make strategic decisions.
Changes to CPA Exam Effective July 2022
The purpose of this page is to describe the changes to the CPA exam that will be effective for candidates testing after July 2022. The good news is that the changes are minor and focus on reflecting the most recent changes in technical guidance. Overall, there have not been any topics added or deleted and…