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CPA EXAM REVIEW

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BECKER
PROFESSIONAL EDUCATION
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Becker Professional Education I CPA EXiJm RevIew
FINANCIAL
program attendance record
Financial
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location:
FINANCIAL 1 FINANCIAL 2
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FINANCIAL 3 FINANCIAL 4
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fiNANCIAL 5 FINANCIAL 6
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FINANCIAL 7 FINANCIAL 8
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FINANCIAL 9 FINANCIAL 10
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IMPORTANT NOTES TO STUDENTS REGARDING 'THE BECKER PROMISE'
You must stamp this sheet at the end of each class attended. This Is the only acceptable record of your classroom attendance.
An overall percentage correct of 90% or higher is required of the homework to qualify for The Becker Promise.
Please fax documentation to 866-398-7375 no later than 30 days following the completion of each section.
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Becker Professional Education I CPA Exam RevIew
FINANCIAL
table of contents
Financial
Program attendance record v
Introduetion Intro-1
FINANCIAL 1
1. Accounting standards and conceptual frameworks Fl-3
2. Income statement Fl-17
'ncome/rom continuing operations Fl-19
Discontinued operations and exit or disposal activities Fl21
Extraordinary items Fl27
Accounting changes and error corrections Fl29
3. Comprehensive income Fl35
4. Balance sheet and disclosures overview Fl-40
5. Interim financial reporting Fl-47
6. Segment reporting Fl.S1
7. Development-stage enterprises (u.S. GAAP) Fl-S7
8. First-time adoption of IFRS Fl-S8
9. SEC reporting requirements Fl-61
10. Appendix: IFRS vs. U.S. GAAP 69
11. Class questions fl73
FINANCIAL 2
1. Timing issues: Matching of revenue and expenses, correcting and adjusting accounts f2-3
2. longterm construction contracts F2-28
3. Accounting for installment sales fl33
4. Accounting for nonmonetary exchanges Fl-36
S. Financial reporting and changing prices Fl-42
6. Foreign currency accounting Fl-4S
7. Other financial statement presentations . F253
8. Appendix: The Codification Fl58
9. Appendix: IFRS vs. U.S. GAAP F2al
10. Class questions F2.83
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Financial Becker ProfessIonal Education I CPA Exam RevIew
FINANCIAL3
1. Marketable securities F3-3
2. Business combinations/consolidations F)-10
3. Cost method (external reporting) F3.12
4. Equity method and joint ventures {external reporting) F3-14
S. Consolidated financial statements F3.22
6. Acquisition method F3-23
7. Intercompany transactions F3-46
8. Combined financial statements/push down accounting F354
9. Taskbased simulations 8.55
10. Appendix I: Illustrative consolidated financial statements F3-59
11. Appendix II: IFRS vs. U.S. GAAP ".61
12. Class questions F363
FINANCIAL4
1. Working capital and its components F4-3
2. Inventories F420
3. Fixed assets F4-34
4. Depreciable assets and depreciation F4-44
5. Fixed asset Impairment F4-55
6. Appendix I: Other inventory cost flow assumptions F4-57
7. AppendiX II: IFRS vs. U.S. GAAP "65
8. Class questions F4-67
FINANCIALS
1. Present values and annuities Fs-3
2. Accounting for leases Fs6
3. long-term liabilities and bonds payable Fs-30
4. Appendix: IFRSvs. U.S. GAAP ,,59
5. Class questions Fs-61
FINANCIAL6
1. Pension plans F6-3
2. Postretirement benefits other than pensions F&-26
3. Other deferred compensation and benefits F&-31
4. Accounting for income taxes F6-33
S. Appendix: IFRS vs. U.S. GAAP f.S3
6. Class questions F6-57
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Becker Professional Education I CPA E ~ a m Review Financial
FINANCIAL 7
1. Stockholders' equity F73
2. Earnings per share F123
3. Statement of cash flows F132
4. Appendix I: Ratio analysis F7-44
5. Appendix II: IFR5 V5. U.5. GAAP ........................................................................................................................................... "51
6. Task-based simulations F153
7. Class questions F159
FINANCIAL 8
1. Governmental accounting overview F8-3
2. Modified accrual accounting F8-1S
3. Governmental funds F8-29
4. Proprietary funds F8s1
S. Fiduciary funds F8-63
6. Class questions F875
FINANCIAL 9
1. Governmental accounting (Part B) F9-3
2. Not-for-profit organizations F942
3. Task-based simulations F9-79
4. Class questions F9-83
FINANCIAL 10
1. Fair value measurement FIo-3
2. Partnerships Flo-]
3. Variable interest entities (ViEs) FIO.16
4. Asset retirement obligations (AROs) F10.20
5. Troubled debt restructuring Flo-23
6. Other liabilities and debt covenants FIo-28
7. Estimated and accrued liabilities FIo-33
8. Contingencies F10.36
9. Subsequent events F10-39
10. Financial instruments Fl0-41
11. Appendix: IFRS V5. u.s. GAAP F10-53
12. Class questions FIO55
Class question explanations CQ-1
Glossary Glossary-1
Index Index!
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Becker Professional Education I CPA Exam RevlE"w
FINANCIAL ACCOUNTING & REPORTING CONTENT SPECIFICATION OUTLINE
FINANCIAL ACCOUNTING & REPORTING
4 hours
Anandal

60 Points

Tesllel #1 Tesllel #2 Tesllel #3


30 30 30
MC MC MC
Questions Questions Questions
+- 40 points ~
Tesllel #4
7
Task-based
simulations
I SO-55 minutes ~ I SO-55 minutes ~ I 50-55 mmutes ~ I 60-75 minutes ~
I. Conceptual framework, standards, standard setting, and presentation of financial statements 17-23%
A. Process by which accounting standards are set and roles of
accounting standard-setting bodies
1. U. S. Securities and Exchange Commission (SEC)
2. Financial Accounting Standards Board (FASB)
3. International Accounting Standards Board (IASB)
4. Governmental Accounting Standards Board (GASB)
B. Conceptual framework
1. Financial reporting by business entities
2. Financial reporting by not-far-profit (nongovernmental)
entitles
3. Financial reporting by state and local governmental entities
C. Financial reporting. presentation and disclosure in general-
purpose financial statements
1. Balance sheet
2. Income statement
3. Statement of comprehensive income
4. Statement of changes in equity
S. Statement of cash flows
6. Notes to financlal statements
7. Consolidated and combined financial statements
B. FirsHime adoption of IFRS
D. SEC reporting reQuirements (e.g., Form 10-0. ID-K)
E. Other financial statement presentations, Including other
comprehensive bases of accounting (OCBOA)
1. Cash basis
2. Modified cash basis
3. Income tax basis
4. Personal financial statements
S. Financial statements of employee benefit plans/trusts
I II. FinanCial statement accounts: recognition, measurement, valuation, calculation, presentation, and disclosures 27-33%
A. Cash, cash equivalents
B. Receivables
C. Inventory
O. Property, plant, and equipment
E. Investments
1. Anandal assets at fair value through profit or loss
2. Available for sale financial assets
3. Held-to-maturlty investments
4. Joint ventures
5. Equity method Investments (investments in associates)
6. Investment property
F. Intangibles Assets-goodwill and other
G. Payables and accrued liabilities
H. Deferred revenues
I. tong-term debt (financial liabilities)
1. Notes payable
2. Bonds payable
3. Debt with conversion features and other options
4. Modifications and extinguishments
5. Troubled debt restructurings by debtors
6. Debt covenant compliance
J. Equity
K. Revenue recognition
L. Cost and elCpenses
M. Compensation and benefits
1. Compensated absences
2. Deferred compensation arrangements
3. Nonretirement post-employment benefits
4. Retirement benefits
5. Stock compensation (share-based payments)
N. Income taxes
Intro-3
Financial Becker Professional Education I CPA Exam RevIew
III. SpeCIfic transactIons, events and dIsclosures recognition, measurement, valuation, calculation, presentation,
and disclosures 27-33%
A. Accounting changes and error corrections
B. Asset retirement and environmental obligations
C. Business combinations
D. Consolidation (including off-balance sheet transactions,
variable-interest entities and noncontroiling Interests)
E. Contingencies, commitments, and guarantees (provisions)
F. Earnings per share
G. Exit or disposal activities and discontinued operations
H. Extraordinary and unusual items
I. Fair value measurements, disclosures, and reporting
1. Derivatives and hedge accounting
K. Foreign currency transactions and translation
l. Impairment
M.lnterim financial reporting
N. leases
O. Distinguishing liablllties from equity
P. Nonmonetary transactions (barter transactions)
Q. Related parties and related party transactions
R. Research and development costs
S. Risks and uncertainties
T. Segment reporting
U. Software costs
V. Subsequent events
W. Transfers and servicing of financial assets and derecognition
IV. Governmental accounting and reporting 8-12%
A. Governmental accounting concepts
1. Measurement focus and basis of accounting
2. Fund accounting concepts and application
3. Budgetary accounting
B. Format and content of comprehensive annual financial
report (CAFRj
1. Government-wide financial statements
2. Governmental funds financial statements
3. Proprietary funds financial statements
4. Fiduciary funds financial statements
S. Notes to financial statements
6. Management's discussion and analysis
7. Required supplementary information (RSII other than
management's discussion and analysis
8. Combining statements and individual fund statements
and schedules
9. Deriving government-wide financial statements and
reconciliation requirements
C. Financial reporting entity including blended and discrete
component units
D. Typical items and specific types of transactions and events:
recognition, measurement, valuation, calculation, and
presentation In governmental entity financial statements
l. Net assets and components thereof
2. Fund balances and components thereof
3. Capital assets and infrastructure assets
4. General long-term liabilities
5. Interfund activity, Including transfers
6. Non-exchange revenue transactions
7. Expenditures
8. Special items
9. Encumbrances
E. Accounting and financial reporting for governmental not-Ior-
profit organizations
V. Not-far-profit (nongovernmental) accounting and reporting 8-12%
A. Financial statements
1. Statement of financial position
2. Statement of activities
3. Statement of cash flows
4. Statement of functional expenses
B. Typical items and specific types of transactions and events:
recognition, measurement, valuation. calculation, and
presentation in the financial statements of notforprofit
organizations
Intro-4
1. Support, revenues, and contributions
2. Types of restrictions on resources
3. Types of net assets
4. E>cpenses, including depreciation and functional
expenses
5. Investments
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