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: October 2009
Exam valid through April 1, 2010.
Must be postmarked on or
before April 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 “Why Should I Care About Social Media?”
1. Current reports claim that already 1 billion people are using social media, with that number
expected to decrease.
2. A larger “information footprint” combined with constantly updated information means your
information shows up higher on a search engine when people search on terms that relate to your
business.
From “QPRTs in a Down Economy”

3. One of the most important disadvantages of creating a QPRT is that it is revocable.
4. If an individual has not used any of his or her lifetime gift exemption, a transfer to a QPRT with a
remainder interest of less than $1 million will result in no federal gift taxes being incurred.

From “IFRS: Not Just an Accounting Issue”
5. The conversion efforts have been in process quietly for about 12 years, but have only recently been
brought into the political spotlight.
6. The United States was one of the first capital markets to discuss the transition to IFRS.
7. According to the article, the IASB and FASB have committed to converging seven standards by 2011
and have two more with a to-be-determined date on the agenda.
 

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I certify that I have read the October 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.