Tennessee CPA Journal Self-Study CPE Exam

Sponsored by the Educational & Memorial Foundation of the Tennessee Society of CPAs
Recommended CPE Credit: 1 hour

Issue Date: August/September 2009
Exam valid through March 1, 2010.
Must be postmarked on or
before March 1, 2010.

If you are not a member of TSCPA, please send a check for $20 payable to the Educational & Memorial Foundation of TSCPA.

If you have not taken this exam before or have questions, please read the Instructions.

This form will be sent to TSCPA electronically and you will receive your graded exam via e-mail. Please click here if you intend to mail or fax the exam to TSCPA. Click here for help.

True

False

From "In-House Loan Programs: Applicable Federal and Tennessee Consumer Lending Laws"
1. A consumer lender is a person who regularly extends credit to consumers solely for commercial
purposes.
2. TILA provides that a person who extends consumer credit more than 25 times in a calendar year is
a creditor.
From "Tennessee Tax Changes are Focus of May 2009 TSCPA State Tax Committee Meeting"

3. To qualify for the FONCE exemption, the law states that none of an entity's gross income be
derived from “passive income” sources such as interest, dividends and rent.
4. The state has adopted a limit on rent expense paid to an affiliated entity of five percent per month
of the property's tax appraised value.
5. The green energy credit now applies to integrated suppliers, integrated customers and campus
affiliates of a manufacturer who meets the requirements of a green energy supply chain
manufacturer.

From "Are Your Reports Materially Misstated?"
6. CPAs are qualified to issue a review or audit report as long as they comply with the requirement of
independence.
7. A defective compensation system is any that causes employees to act in a way that’s undesired or
confl icts with the goals of the entity or causes them to break the law, abuse their trust or commit
unethical acts.
 
 

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I certify that I have read the August/September 2009 Tennessee CPA Journal, from which these questions were taken.

Instructions

Members may earn free CPE by reading the Tennessee CPA Journal. To be eligible for continuing professional education credit, you should spend approximately one to two hours reading the material in the current issue of the Tennessee CPA Journal. Then answer the following questions by darkening the circle which represents the best answer. Certify that you have completed the reading requirement for this exam by signing below. You must answer five of the seven questions correctly to receive credit. You should receive a copy of your graded test within four weeks of the date of submission. If you have not received a response within this time, please call TSCPA at 615/377-3825 or toll-free 1-800/762-0272. This program has been approved by the Tennessee State Board of Accountancy. This exam qualifies for credit under the reporting sub-category "Other - Code 10. " CPAs licensed to practice in Tennessee may earn up to 20 percent of their total CPE requirements through this type of examination.