WILEY CPA EXAM REVIEW Financial Accounting and Reporting F O U R T H • concepts • problem-solving E D I T I O N • terms • rules Less Antman and criteria WILEY CPA EXAM REVIEW Financial Accounting and Reporting F O U R T H • concepts • problem-solving E D I T I O N • terms • rules Less Antman and criteria Copyright © 2006, by John Wiley & Sons, Inc. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada.
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personally liable Single owner, small retail stores, Partnership – Partnerss – two, partners are personally liable Not a taxpaying entity, income passes through to partners Governement by an agreement Mutual agency – each partner can act on behalf of the entity Unlimited liability Involve risk – limited liability partnerships lessen risk LLC – Members, Members are not personally liable Limited liability Like a partnership, not a taxpaying entity – income flows through to members
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effects in accounting equation form. Prepare an income statement. Prepare a statement of owner’s equity and a balance sheet. Define the accounting terms new to this chapter. LP2 Chapter NEW TERMS accounts payable accounts receivable assets balance sheet break even business transaction capital equity expense fair market value fundamental accounting equation income statement liabilities net income net loss on account owner’s equity revenue statement of owner’s equity withdrawals 3. 4. 5.
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fixed by formula employer accepts risk of meeting the obligation upon employee's retirement requires use of complex actuarial estimates Involves 2 accounting entities employer sponsor - reports pension expense on the income statement, and apension liability which is the sum of two accounts - accrued/prepaid pension cost and additional liability, and an intangible asset -deferred pension cost (if required) employee sponsor must also maintain these accounts on a memo
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Financial Statement Analysis Financial Reporting & Analysis Questions Professor Mahoney Spring 2013 Chapter 1: Introduction to Financial Reporting I. Questions 2. How does the concept of consistency aid in the analysis of financial statements? What type of accounting disclosure is required if this concept is not applied? Consistency allows for the same accounting principle from period to period. A change in principle requires statement disclosure. 3. The president of your firm
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CPA's Management of a company has responsibility for financial statements and related disclosures Board of Directors (audit committee) is responsible for ensuring that processes are in place for maintaining the integrity of the company's accounting, financial statement prep, and financial reporting Independent Auditors (CPA's) present Unqualified (clean) Audits Unqualified/Clean Audit- attests to the fairness of financial statements and related disclosures Institutional Investors- private and
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IFRS and GAAP Convergence Mercy Hudson Strayer University I have read and understand Strayer University’s Academic Integrity Policy. I promise to conduct myself with integrity in the submission of all academic work to the University and will not give or receive unauthorized assistance for the completion of assignments, research papers, examinations or other work. I understand that violations of the Academic Integrity Policy will lead to disciplinary action
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Goodwill Income Summary Income Tax Expense Income Taxes Payable Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Classification A Current Liability Current Asset Plant Asset—Contra Plant Asset—Contra Operating Expense Current Asset—Contra Operating Expense Financial Statement Balance Sheet Balance Sheet Balance Sheet Balance Sheet Income Statement Balance Sheet Income Statement Income Statement Balance Sheet Balance Sheet Normal Balance Credit
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accounting class because he cannot understand the rules of debits and credits. Explain the rules of debits and credits in a way that will help him understand them. Cite examples for each of the major sections of the balance sheet (assets, liabilities and stockholders' equity) and the income statement (revenues and expenses). | | | Student Answer: | | Debits and Credits are pretty simple. Everyone knows the famous saying " what goes up most come down." It's the same theory in that if you have a debit
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Entities, Financial Statements Accounting for Transactions –Part 1 Accounting for Transactions –Part 2 Accounting for Adjustments- Part 1 Accounting for Adjustments- Part 2 Completion of Accounting Cycle Accounting Systems Revision Chapters 1 - 4 Accounting for Retailers Accounting for Inventories Non-Current Assets Cash Management and Control Accounting for Receivables Tutorial Exercises Lecture Notes Week 1 Introduction to Accounting, Ethics, Business Entities, Financial Statements Required Readings:
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