Becker CPA Review Financial FINANCIAL TABLE OF CONTENTS TOPIC 1: REVENUE RECOGNITION and ACCOUNTING CHANGE 1. Presentation order of the major components of an income and retained earnings Statement...... 1-3 2. Comprehensive Income...... 1-4 3. Revenue Recognition Principle...... 1-4 4. Completed Contract Method...... 1-5 5. Percentage of Completion Method.... 1-6 6. Installment Sales Method...... 1-6 7. Cost Recovery Method...... 1-7 8. Franchises...... 1-7 9. Classification and Approaches...... 1-7 10. Changes in Accounting Estimate...... 1-8 11. Changes in Accounting Principle...... 1-8 12. Changes in Accounting Entity...... 1-9 13. Error Corrections...... 1-10 14. Summary of Accounting Changes and Necessary Treatments...... 1-11 15. Multiple Choice (1-9)...... 1-13 16. Task-Based Simulation (1-4).... 1-18 TOPIC 2: SEGMENT REPORTING 1. Segment Reporting...... 2-3 2. Notes to Financial Statements...... 2-3 3. SEC reporting requirements...... 2-4 4. Fair Value Measurements...... 2-5 5. Subsequent Events...... 2-6 TOPIC 3: ACCOUNTS RECEIVABLE 1. Accounts Receivable...... 3-3 2. Perpetual and Periodic Concepts... 3-5 3. Inventory Valuation Methods...... 3-6 4. Inventory Costing Methods...... 3-6 i
Financial Becker CPA Review 5. Dollar-Value LIFO...... 3-8 6. Gross Profit Method...... 3-8 7. Conventional Retail Method...... 3-8 8. Non-Monetary Exchange...... 3-9 9. General Concepts...... 3-10 10. Reporting Fixed Assets...... 3-10 11. Investment Property (IFRS)...... 3-11 12. Interest on Self-Constructed Assets...... 3-11 13. Depreciation...... 3-11 14. Impairment of Fixed Assets...... 3-13 15. Intangible Assets...... 3-14 16. Research and Development...... 3-15 17. Computer Software...... 3-15 18. Imputing Interest...... 3-16 19. Multiple Choice (1-7)...... 3-19 20. Task-Based Simulation (1-2).... 3-24 TOPIC 4: TRADING SECURITIES 1. Financial Instrument...... 4-3 2. Debt Securities...... 4-4 3. Available-for Sale Securities..... 4-5 4. Held-to-Maturity Securities...... 4-5 5. Realized Gains and Losses...... 4-5 6. Summary of Marketable Security Investments... 4-6 7. Cost Method...... 4-7 8. Equity Method...... 4-8 9. Consolidation...... 4-8 10. Multiple Choice (1-15)...... 4-15 11. Task-Based Simulation (1-3).... 4-26 TOPIC 5: BONDS 1. Bonds Terminology...... 5-3 2. Issuance of Bonds...... 5-3 3. Issuance of Bonds Between Interest Dates... 5-4 ii 2013 DeVry/Becker Educational Development Corp. All rights reserved.
Becker CPA Review Financial 4. Amortization of Premiums and Discounts... 5-4 5. Convertible Bonds...... 5-6 6. Bonds with Detachable Warrants... 5-7 7. Retirement of Bonds...... 5-7 8. Asset Retirement Obligations...... 5-8 9. Troubled Debt Restructuring...... 5-8 10. Contingencies...... 5-9 11. Multiple Choice (1-5)...... 5-11 TOPIC 6: LEASES 1. Accounting for Income Taxes...... 6-3 2. Operating Leases...... 6-7 3. Capital(Finance)Leases...... 6-7 4. Criteria for Capital(Finance )Lease Accounting -Lessee... 6-7 5. Criteria for Capital(Finance )Lease Accounting -Lessor... 6-10 6. Sale- Leaseback...... 6-10 7. Foreign Currency Accounting...... 6-12 8. Multiple Choice (1-6)...... 6-15 9. Task-Based Simulation (1-7).... 6-20 TOPIC 7:PENSIONS 1. Pension Plans...... 7-3 2. Pension Obligations Defined Benefit Pension Plans... 7-3 3. Pension Plan Funded Status...... 7-4 4. Reporting Change in Funded Status...... 7-5 5. Pension Plans Contributions...... 7-6 6. Pension Expense Components..... 7-7 7. Accounting for Postretirement Benefits Other Than Pensions... 7-8 8. Stockholders Equity...... 7-8 9. Treasury Stock...... 7-9 10. Dividends, Stock Dividends, and Stock Splits... 7-11 11. Retained Earnings...... 7-13 12. Stock Options...... 7-13 iii
Financial Becker CPA Review 13. Multiple Choice (1-8)...... 7-15 14. Task-Based Simulation (1-4)... 7-22 TOPIC 8:CASH FLOWS 1. Methods of Presentation... 8-3 2. Operating Activities -Indirect Method... 8-3 3. Operating Activities -Direct Method... 8-4 4. Investing Activities... 8-4 5. Financing Activities... 8-4 6. Non-Cash Investing and Financing Activities... 8-4 7. Cash Equivalents... 8-5 8. IFRS VS U.S.GAAP... 8-5 9. Additional Supplemental Disclosures... 8-5 10. Earnings Per Share... 8-8 11. Multiple Choice (1-2)... 8-11 12 Task-Based Simulation (1-4).... 8-16 TOPIC 9: GOVERNMENTAL ACCOUNTING 1. Fund Structure... 9-3 2. Fund Accounting Measurement Focus... 9-7 3. Fund Accounting Basis of Accounting... 9-9 4. Deferred Outflows and Inflows of Resources... 9-10 5. Governmental Fund Accounting Journal Entries... 9-14 6. GASB #34 Model Overview...... 9-21 7. GASB #34 Model Government-Wide Financial Statements... 9-21 8. GASB #34 Model Fund Financial Statements... 9-22 Financial Statements Samples...... 9-26 9. Financial Reporting Entity... 9-33 10. Interfund Activity... 9-34 11. Multiple Choice (1-13)...... 9-36 12. Task-Based Simulation (1-14)... 9-46 TOPIC 10: NOT-FOR-PROFIT ACCOUNTING 1. Required Financial Statements... 10-3 iv 2013 DeVry/Becker Educational Development Corp. All rights reserved.
Becker CPA Review Financial 2. Net Asset Classification.... 10-3 3. Revenue and Support Recognition... 10-4 4. Pass-Through Contributions To Non-Profit Beneficiary... 10-7 5. Reclassification...... 10-8 6. Expense Classification and Display... 10-8 7. Accounting for Marketable Securities... 10-9 8. Statement of Cash Flows... 10-9 9. Industry Applications... 10-10 Financial Statements Samples...... 10-11 10. Multiple Choice (1-5)... 10-14 11. Task-Based Simulation (1-11)...... 10-18 v
Financial Becker CPA Review Simulations 1. Simulation1 (2017 AICPA Release)... S1-1 2. Simulation2 (2016 AICPA Release)... S2-1 3. Simulation3 (2015 AICPA Release)... S3-1 4. Simulation4 (2014 AICPA Release)... S4-1 5. Simulation5 (2013 AICPA Release)... S5-1 vi 2013 DeVry/Becker Educational Development Corp. All rights reserved.