Table of Contents

 

Course Learning Objectives. 5

Course Description. 5

Chapter I - GAAP Q&A - Balance Sheet - Section 1. 11

I. BALANCE SHEET. 11

A. Comparative Statements/ Individual Statements. 11

B. Property and Equipment 12

Chapter I - Section 1 Review Questions. 29

Click here to see Answers to Review Questions at end of EBook. 29

Chapter I - GAAP Q&A - Balance Sheet - Section 2. 30

C. Cash and Investments. 30

Chapter I - Section 2 Review Questions. 52

Chapter I - GAAP Q&A - Balance Sheet - Section 3. 53

D.  Receivables. 53

E. Inventories. 57

F. Cash Value of Life Insurance. 63

G. Intangible Assets. 65

Chapter I - Section 3 Review Questions. 82

Click here to see Answers to Review Questions at end of EBook. 83

Chapter I - GAAP Q&A - Balance Sheet - Section 4. 84

H. Current Liabilities. 84

I. Notes Payable. 91

J. Other Liabilities. 97

K. Stockholders' Equity. 103

Chapter I - Section 4 Review Questions. 113

Click here to see Answers to Review Questions at end of EBook.Chapter I - GAAP Q&A - Revenue and Expenses - Section 5. 114

Chapter I - GAAP Q&A - Revenue and Expenses - Section 5. 115

II.         REVENUE AND EXPENSES. 115

A. Income Statement Title. 115

B. Involuntary Conversions. 115

C. Percentage Revenue. 116

D. Accounting for Shipping and Handling Costs Billed. 116

E. Income Statement Characterization of Reimbursements Received. 120

F. Reporting Revenue Gross Versus Net 121

G. Cash Received by a Reseller from a Vendor 128

Chapter I - Section 5 Review Questions. 132

Chapter I - GAAP Q&A - Revenue and Expenses - Section 6. 133

H. Depreciation and Amortization. 133

I. Other Expense and Income Items. 141

Chapter I - Section 6 Review Questions. 151

Chapter I - GAAP Q&A - Revenue and Expenses - Section 7. 153

J. Cash Flows. 153

K. Concentrations. 163

L. Fiscal Years. 170

Chapter I - Section 7 Review Questions. 172

Click here to see Answers to Review Questions at end of EBook.Chapter I - GAAP Q&A - Revenue and Expenses - Section 8. 173

Chapter I - GAAP Q&A - Revenue and Expenses - Section 8. 174

M. Personal Financial Statements. 174

N. Related Party Disclosures and Transactions. 177

O. Miscellaneous Disclosures. 182

P. Income and Other Taxes. 199

Chapter I - Section 8 Review Questions. 217

Click here to see Answers to Review Questions at end of EBook.Chapter I - GAAP Q&A - Revenue and Expenses - Section 9. 218

Chapter I - GAAP Q&A - Revenue and Expenses - Section 9. 219

Q. Dealing with Acts of God (Natural Disasters), Terrorist Acts and Insurance Related Thereto  219

R. Accounting for Entities in Bankruptcy. 232

S. Accounting for Web Site Development Costs. 234

T. Fair Value  Disclosures. 241

U. Subsequent Events Under GAAP. 251

V. Peer Review Deficiencies. 256

Chapter I - Section 9 Review Questions. 260

Chapter II - Tax-Basis Financial Statements - Section 10. 262

A. Overview.. 262

B. Definition of Special Purpose Framework and Tax Basis. 262

C. New Definition of Tax-Basis Financial Statements. 263

D. When to Use and Not Use Tax-Basis Financial Statements. 265

E. Present Reporting and Disclosure Authority- Tax Basis. 266

F. Items Peculiar to Tax-Basis Financial Statements. 267

G. Disclosure and Financial Statement Requirements- Tax Basis. 268

H. Making Tax-Basis Financial Statements Simpler to Use and Understand. 269

I. Converting to Tax-Basis Financial Statements. 291

J. Cash Flows Statement 294

K. Tax-Basis Financial Statement Titles. 294

L. Disclosure and Financial Statement Requirements- Tax Basis. 296

M. Authority for Tax-Basis Disclosures. 297

N. Disclosures of Fair Value- Tax Basis. 299

O. Miscellaneous Disclosures – Tax Basis. 301

P. Other Tax Basis Issues. 301

Q. Using the Tax Basis Based on a Method That Differs From the Income Tax Return. 301

R. Combining Financial Statements Prepared in Accordance With the Tax-Basis of Accounting. 306

S. Disregarded Entities and Tax-Basis Financial Statements. 306

T. Tax Basis and the “Uses to File” Criterion. 308

U. Tax-Basis Financial Statements- State Tax-Basis  of Accounting. 309

V. Section 179 Depreciation- Tax Basis. 310

W. Presenting Section 179 and Bonus Depreciation on the Tax Basis Income Statement 312

X. Agreements Not to Compete - Tax-Basis Financial Statements. 315

Y. Presenting Insolvency in Tax-Basis Financial Statements. 316

Chapter II - Section 10 Review Questions. 320

Click here to see Answers to Review Questions at end of EBook. 321

Suggested Solutions. 322

Chapter I - Section 1 Review Questions Feedback. 322

Chapter I - Section 2 Review Questions Feedback. 325

Chapter I - Section 3 Review Questions Feedback. 328

Chapter I - Section 4 Review Questions Feedback. 331

Chapter I - Section 5 Review Questions Feedback. 335

Chapter I - Section 6 Review Questions Feedback. 337

Chapter I - Section 7 Review Questions Feedback. 341

Chapter I - Section 8 Review Questions Feedback. 345

Chapter I - Section 9 Review Questions Feedback. 348

Chapter II - Section 10 Review Questions Feedback. 353

Glossary. 357

Index. 358

Final Examination. 361

CPASelfstudy.com Course Evaluation. 373