Wiley CPAexcel exam review study guide 2022 : financial accounting and reporting /
Meghann Cefaratti, Don Deis, Pam Smith, authors.
- xvi, 886 pages : illustrations ; 28 cm
Includes index "Wiley Efficient Learning."
About the financial accounting professors Welcome to financial accounting and reporting Conceptual framework, standard-setting and financial reporting Overview of US GAAP FASB and standard setting Accrual accounting Financial accounting standards codification Conceptual framework of financial reporting by business enterprises Objectives and qualitative characteristics Assumptions and accounting principles Constraints and present value Fair value framework Fair value framework-introduction and definitions Recognition and measurement Inputs and hierarchy Disclosure requirements General-purpose financial statements Financial statements Income statement Balance sheet/statement of financial position Statement of comprehensive income Statement of changes in equity Statement of cash flows sources and uses of cash Operating, investing, and financing activities Operating cash flows-indirect method Notes to financial statements Risks and uncertainties Subsequent events Exit or disposal activities and discontinued operations Evaluating financial statements Ratios-liquidity/solvency and operational Ratios-profitability and equity Consolidated financial statements Introduction to consolidated financial statements Consolidating process Consolidating at acquisition Consolidation subsequent to acquisition Consolidation less than 100% ownership Intercompany (I/C) transactions and balances Intercompany (I/C) transactions and balances-introduction Intercompany (I/C) inventory transactions Intercompany (I/C) fixed asset transactions Intercompany (I/C) bond transactions Combined financial statements Variable interest entities (VIEs) Public company reporting topics (SEC, EPS, interim, and segment) U.S. securities and exchange commission (SEC) SEC-role and standard-setting process SEC reporting requirements Earnings per share Introduction to earnings per share Basic earnings per share Diluted earnings per share Segment reporting Interim financial reporting Interim reporting principles Interim reporting-details Financial statements for employee benefit plans Pension plan reporting Special-purpose frameworks Cash, modified cash, income tax Private company council Select financial statement accounts Cash and cash equivalents Cash Bank reconciliations Receivables Accounts receivable-accounting and reporting Uncollectible-direct write-off and allowance Allowance for uncollectible Notes receivable Criteria for sale of receivables Factoring, assignment, and pledging Inventory Notes receivable-impairment Inventory Introduction to inventory Periodic inventory system and cost-flow assumption Perpetual inventory system and cost-flow assumption Evaluation of FIFO and LIFO Dollar-value LIFO Gross margin and relative sales value method Retail inventory method Dollar-value LIFO retail Subsequent measurement of inventory Inventory errors Losses on purchase commitments Property, plant and equipment Categories and presentation Capitalized costs Valuation Interest capitalization basics Interest capitalization limits Post-acquisition expenditures Non-accelerated depreciation methods Accelerated depreciation methods Natural resources Impairment-assets for use and assets held-for-sale Nonmonetary exchange Commercial substance No commercial substance Investments Introduction-investments in equity and debt securities Investments in equity securities Equity investments at fair value Equity investments at cost Equity investments using equity method accounting Investments in debt securities Debt investments at fair value Debt investments at amortized cost Investor stock dividends, splits, and rights Comparison and transfers of investments Intangible assets-goodwill and other Introduction to intangible assets Goodwill Research and development costs Software costs Payables and accrued liabilities Current liabilities specific current liabilities Payroll and compensated absences Asset retirement obligations and environmental liabilities Contingencies, commitments, and guarantees Contingent liability principles examples of contingent liabilities and additional aspects Financial liabilities and long-term debt Notes payable Bands payable Bond accounting principles Bond complications Bond fair value option, international Modification and debt retirement Refinancing short-term obligations Debt retirement Troubled debt Debt covenant compliance Distinguishing liabilities from equity Equity Owners' equity basics Stock issuance Preferred stock Treasury stock Dividends Stock dividends and splits Dividends allocation Stock rights, retained earnings Book value per share Select transactions Revenue recognition Five steps of revenue recognition Determining transaction price Allocating transaction price Special issues in revenue recognition Contract modifications and other considerations Accounting for construction contracts Share-based payments Stock options Stock awards Stock appreciation rights Income taxes Income tax basics Permanent differences Temporary differences Tax accrual entry Interperiod tax allocation process Valuation allowance for deferred tax assets Uncertain tax positions Net operating losses Accounting changes and error corrections Accounting changes and error corrections Types of changes and accounting approaches Retrospective application Prospective application Accounting errors-restatement Business combinations Introduction to business combinations Acquisition method of accounting Determining the cost of the business acquired Recognizing/measuring assets, liabilities, and noncontrolling interest Recognizing/measuring goodwill or bargain purchase Post-acquisition issues Disclosure requirements-acquisition method Recording business combinations Financial instruments Financial instruments introduction Financial instruments disclosures Derivatives and hedging Derivatives introduction Hedging introduction Fair value hedges Cash-flow hedges Foreign currency hedges Effectiveness and disclosure Foreign currency denominated transactions Introduction an definitions Import transactions Export transactions Foreign currency hedges Introduction to forward and option contracts Natural (economic) hedge Hedging forecasted transactions and firm commitment Hedging asset/liability, available-for-sale, and foreign operations Speculation and summary Conversion of foreign financial statements Introduction to conversion of foreign financial statements Conversion using translation Conversion using remeasurement remeasurement and translation Leases Background, short-term leases, and operating leases Finance lease basics Finance leases-lessee Sales-type leases-lessor Direct financing leases-lessor Sale-leasebacks and disclosures Additional aspects of leases Not-for-profit organizations Introduction to types of not-for-profit entities and standard setting Financial reporting Donations, pledges, contributions, and net assets Special issues-recent developments Special industries: healthcare and colleges Healthcare organizations Colleges and universities State and local governments State and local government concepts Introduction to governmental organizations GASB concepts statements Fund accounting Measurement focus basis of accounting Budgetary accounting Encumbrance accounting Deferred outflows and deferred inflows of resources Net position and fund balance Governmental funds Proprietary funds Fiduciary funds Format and content of annual comprehensive financial report (ACFR) The annual comprehensive financial report Determining the financial reporting entity Major funds and fund-level reporting Deriving government-wide financial statements and reconciliation requirements Typical items and specific types of transactions and events Inter-fund transactions, construction projects, and infrastructure Long-term liabilities other than bonded debt Terminology and nonexchange transactions Special items-recent developments
This book provides a review of all the basic skills and concepts tested on the CPA exam and teaches important strategies to take the exam faster and more accurately.
College of Business and Accountancy Bachelor of Science in Accountancy
Text in English
9781119848318 (pbk)
Accounting --Examinations, study guides. --United States Accounting --Examinations, questions, etc. --United States Financial statements --Examinations, questions, etc. --United States