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Wiley CPAexcel exam review study guide, 2022: Financial accounting and reporting
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Author
Publisher
John Wiley & Sons, Inc
Publication Date
[2022]
Language
English
Description
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Table of Contents
From the Book
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.
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Author Notes
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Subjects
Subjects
Accounting
Accounting -- United States -- Examinations, questions, etc
Accounting -- United States -- Examinations -- Study guides
Business enterprises
Business enterprises -- Finance -- Examinations, questions, etc
Examinations
Finance
Financial statements
Financial statements -- United States -- Examinations, questions, etc
Study guides
Accounting -- United States -- Examinations, questions, etc
Accounting -- United States -- Examinations -- Study guides
Business enterprises
Business enterprises -- Finance -- Examinations, questions, etc
Examinations
Finance
Financial statements
Financial statements -- United States -- Examinations, questions, etc
Study guides
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Contributors
ISBN
111984827
9781119848271
9781119848271
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