B. Acy Bachelor of Accountancy Cheat Sheet 2026

The 30 highest-yield B. Acy Bachelor of Accountancy facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. The theory of constraints (TOC) focuses on improving profitability by: → Identifying and managing the system's bottleneck
2. Which costing method assigns actual overhead costs to products as they are incurred throughout the year? → Actual costing
3. A relational database organizes data into: → Two-dimensional tables linked by keys
4. In a make-or-buy decision, which costs are most relevant? → Avoidable costs and opportunity costs
5. According to the PCAOB standard, issuer auditors must do the → Integrated Audit
6. The margin of safety measures: → How far sales can fall before reaching break-even
7. What is the self-employment tax rate applied to net self-employment income up to the Social Security wage base? → 15.3%
8. Under US tax law, what is the standard deduction for a single filer for tax year 2024? → $14,600
9. A firm repurchasing its own shares in the open market will most likely cause which of the following? → Earnings per share (EPS) to increase
10. A company's operating cycle is defined as the time required to: → Convert cash into inventory, sell it, and collect receivables
11. Which type of processing records transactions individually as they occur in real time? → Online real-time processing
12. Under variable costing, fixed manufacturing overhead is: → Expensed in full in the period incurred
13. Data normalization in database design primarily eliminates: → Redundant data and update anomalies
14. Under the AICPA Code, a contingent fee arrangement is generally prohibited for which type of service? → Attest engagements (audits and reviews)
15. The price-to-earnings (P/E) ratio is most useful for: → Comparing a stock's market price relative to earnings
16. The current ratio is calculated as: → Current assets divided by current liabilities
17. The internal rate of return (IRR) rule states that a project should be accepted when: → IRR exceeds the required rate of return (hurdle rate)
18. Which of the following situations represents a self-review threat to independence? → An auditor audits financial statements they helped prepare
19. Which ratio best measures a company's ability to meet its long-term debt obligations from operating cash flows? → Times interest earned ratio
20. In the revenue cycle of an AIS, which event triggers the billing process? → Shipment of goods to the customer
21. Break-even point in units is calculated as: → Fixed costs divided by contribution margin per unit
22. A $10,000 investment grows to $14,693 in 5 years. Using the rule of 72, approximately what annual interest rate was earned? → 8%
23. A CPA firm that performs audit services for a client should generally NOT also provide which service to that same public company client? → Designing and implementing the client's internal controls
24. True or False: When performing financial analysis at year's end, a corporation wishes to have a high quick ratio? → True
25. Which form do sole proprietors use to report business income and expenses on their individual tax return? → Schedule C
26. In a like-kind exchange under IRC Section 1031, which of the following is true? → Gain is recognized only to the extent of boot received
27. Under the passive activity loss rules, which taxpayer can deduct up to $25,000 in rental real estate losses against non-passive income? → Active participants with AGI up to $100,000
28. Which of the following is a period cost, not a product cost? → Selling and administrative expenses
29. Which filing status generally results in the lowest tax rate for a single parent with a dependent child? → Head of Household
30. An Emphasis-of-Matter Paragraph should be inserted to the auditors' report when: → There is a going concern uncertainty