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The CPA Exam

From CPA Review; Written by Steve Dowling on 2012-01-15
The CPA Exam

The Uniform Certified Public Accountant Examination (Uniform CPA Exam) is the examination administered to people who wish to become Certified Public Accountants in the United States. The Uniform CPA Exam is developed and maintained by the American Institute of Certified Public Accountants (AICPA), and is administered by the National Association of State Boards of Accountancy (NASBA).

The sections have been reorganized as follows:

Auditing and Attestation – This section covers knowledge of planning the engagement, internal controls, obtaining and documenting information, reviewing engagements and evaluating information, and preparing communications.
Financial Accounting and Reporting – This section covers knowledge of concepts and standards for financial statements, typical items in financial statements, specific types of transactions and events, accounting and reporting for governmental...(Read More)

Extraordinary Items

From CPA Review; Written by Steve Dowling on 2012-01-30

What are extraordinary items?

Extraordinary items are those that are both unusual in nature and infrequent in occurrence.

o "Unusual in nature" means the event is abnormal and not related to the typical operations of the entity.
o "Infrequent in occurrence" means the transaction is not anticipated to take place in the foreseeable future, taking into account the corporate environment.
o The environment of a company includes consideration of industry characteristics, geographic location of operations, and extent of government regulation.
o Materiality is considered by judging the items individually and not in the aggregate. However, if they arise from a single specific event or plan, they should be aggregated.

An exception to the rule is that losses on receivables and inventory occur in the normal course of business and therefore are not extraordinary. Losses on receivables...(Read More)

Comprehensive Income

From CPA Review; Written by Steve Dowling on 2012-01-30

What is comprehensive income?

Comprehensive income is the change in equity occurring from transactions and other events with nonowners. It excludes investment (disinvestment) by owners.

What are the two components of comprehensive income?

Comprehensive income consists of two components: net income and "other comprehensive income." Net income plus "other comprehensive income" equals comprehensive income.

What does "other comprehensive income" include?

As per FASB Statement No. 130 (Reporting Comprehensive Income), "other comprehensive income" includes the following:
o Foreign currency translation gain or loss
o Unrealized gain or loss on available-for-sale securities
o Minimum pension liability adjustment (excess of additional pension liability over unamortized prior service cost)
o Change in market value of a futures contract that is a hedge of an asset reported...(Read More)

Income Statement Format

From CPA Review; Written by Steve Dowling on 2012-01-30

With respect to the income statement, the CPAs attention is addressed to:
o Income statement format
o Comprehensive income
o Extraordinary items
o Nonrecurring items
o Discontinued operations
o Revenue recognition methods
o Accounting for research and development costs
o Presentation of earnings per share

In the preparation of the income statement, continuing operations are presented before discontinued operations. Starting with income from continuing operations, the format of the income statement is as follows:

o Income from continuing operations before tax
o Less: Taxes
o Equals Income fom continuing operations after tax
o Discontinued operations
o Income from discontinued operations (net of tax)
o Loss or gain on disposal of a division (net of tax)
o Equals Income before extraordinary items
o Extraordinary Items (net of tax)
o Cumulative effect...(Read More)

Financial Statement Reporting

From CPA Review; Written by Steve Dowling on 2012-01-30

The reporting requirements of the income statement, balance sheet, statement of changes in cash flows, and interim reporting guidelines must be carefully examined. Individuals preparing personal financial statements have to follow certain unique reporting requirements, also true in accounting for a partnership. Points to note are:

Income statement preparation involves proper revenue and expense recognition. The income statement format is highlighted along with the earnings per share computation. This is where the profit and loss is measured.

Balance sheet reporting covers accounting requirements for the various types of assets, liabilities, and stockholders' equity. In respect to the balance sheet, assets mush always equal liabilities plus equities, otherwise there is an error in reporting.

The Statement of Cash Flows presents cash receipts and cash payments classified according...(Read More)

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