CPA exam

• Financial Accounting & Reporting (FAR)
• Exam time 4 hours
• 4 testlets
• 60% multiple choice
• 40% seven tasked-based simulations
• Auditing & Attestation (AUD)
• Exam time 4 hours
• 4 testlets
• 60% multiple choice
• 40% seven tasked-based simulations
• Regulation (REG)
• Exam time 3 hours
• 4 testlets
• 60% multiple choice
• 40% seven task-based simulations
• Business Environment & Concepts (BEC)
• Exam time 3 hours
• 4 testlets
• 85% multiple choice
• 15% three written communication tasks

CHECK US OUT

• http://www.maxwoodburycpa.com/
• linkedin.com: Max Woodbury
• facebook.com: Max Woodbury, CPA, LLC
• twitter.com: mwoodbury12
• email us at cpawoodbury@gmail.com or woodbury@netdirect.net
• call us at 765-318-1325 or 317-474-8015

Principles of Successful Investing

1. The only way you can invest is to save money.  The only way you can save money is to spend less than you earn.  The only way you can spend less than you earn is to live beneath your means.
2. Invest so that your money will grow faster than inflation.
3. Don't rely on your pension and Social Security benefits alone for a comfortable retirement income that will keep pace with inflation.
4. Your financial well-being is your own responsibility.  Don't rely too much on others to help you achieve it.

3 parts of the Statement of Cash Flows

CFFOA(Cash Flow From Operating Activities)
CFFIA(Cash Flow From Investing Activities)
CFFFA(Cash Flow From Financing Activities)

LLC

We have become an LLC(Limited Liability Company).  Max Woodbury CPA, LLC

Summary of GAAS

Generally Accepted Auditing Standards
General

1. Training and proficiency is a must
2. Independence in mental attitude
3. Due professional care

Field Work

1. Proper Planning & Supervision
2. Internal control & Entity understanding
3. Sufficient appropriate evidence

Reporting

1. Statements prepared in accordance with GAAP
2. Circumstances when GAAP is NOT followed
3. Adequacy of disclosures
4. Expression of opinion on financial statements

2011 Income Tax Rates

Marginal Tax Rates    Single              Married filing jointly       
       10%                 $0-$8,500               $0-$17,000               
       15%              $8,500-$34,500 $17,000-$69,000           
       25%            $34,500-$83,600 $69,000-$139,350         
       28%            $83,600-$174,400 $139,350-$212,300     
       33%            $174,400-$379,150 $212,300-$379,150   
       35%               $379,150+                 $379,150+                 

Head of Household        Married filing separately
$0-$12,150                       $0-$8,500
$12,150-$46,250              $8,500-$34,500
$46,250-$119,400           $34,500-$69,675
$119,400-$193,350         $69,675-$106,150
$193,350-$379,150        $106,150-$189,575
$379,150+                         $189,575+

Civil Procedure Stages

Pleading Stage
Pre-Trial Stage
Trial Stage
Appeal Stage

Income Statement

Net income shows and increase in owner's equity.  Net loss show's a decrease in owner's Equity.  NI does not show how much cash you earned.

Charitable Contributions Limitatitation for Corporations

For any tax year, a corporate taxpayer's contribution deduction is limited to 10% of taxable income.
Any contributions in excess of the 10% limitation may be carried forward to the five succeeding tax years.