Cpa examination 2023 - Study guides, Class notes & Summaries

CPA Examination Fundamental Characteristics of Accounting Information - Correct Answer-1. Relevance 2. Reliability (faithful representation) Comprehensive Income - Correct Answer-NI + OCI Unrealized G/L AFS Securities - Correct Answer-OCI: Not on income statement Unusual, frequent items - Correct Answer-No separate disclosures Aspects of Relevance - Correct Answer-Predictive Value, Confirmatory Value, Materiality Aspects of Reliability - Correct Answer-Comparability (cons...

CPA ACCOUNT 2023 EXERCISES IN AGENCY INCLUDING PAST CPA EXAMINATION QUESTIONS TRUE OR FALSE 1. In agency, the “authority” given to an agent is the mandate, while “power” refers to the extent of the mandate. (TRUE) 2. The agent, if authorized to borrow money, he can be the lender, but generally he cannot be the borrower if he is authorized to lend. (TRUE) 3. The agent is called upon to sacrifice his interest and give it to the principal if there is a conflict of interest...