FAR - CPA Exam Complete Study Guide with Verified Solutions Latest Update

FAR - CPA Exam Complete Study Guide with Verified Solutions Latest Update F1 M1 - Balance Sheet, Income Statement, Comprehensive Income - Correct Answer What is included in a full set of financial statements? - Correct Answer -Statement of Financial Position (Balance Sheet) -Statement of Earnings (Income Statement) -Statement of CF -Statement of Comprehensive Income -Statement of Owners Equity -Notes to Financial Statements Current Assets - Correct Answer -Cash and Cash Equivalents -Investments: Trading Securities -Accounts Receivable -Notes Receivable -Inventory -Prepaid Expenses -Allowance for Doubtful Accounts (contra) Non Current Assets - Correct Answer -Investments: AFS, HTM -PPE: Land, Building, Equipment less: Accumulated Depreciation. -Intangible Assets: Goodwill, Patents -Other: Pensions, Benefits, Deferred Income Tax Current Liabilities - Correct Answer -Current Portion of LT Debt -Accounts Payable -Notes Payable -Interest Payable -Salaries Payable -Unearned Revenue Long Term Liabilities - Correct Answer -Bonds Payable -Deferred Income Tax Liability -Pensions / Retirement Benefits Stockholders Equity - Correct Answer -Capital Stock: preferred and common -Paid In Capital in Excess of Par -Retained Earnings -Accumulated Other Comprehensive Income -Treasury Stock (contra) Expense that correlates with each of the following unexpired costs: -Inventory -Prepaid Insurance -Net Book Value of Fixed Assets -Unexpired Cost of Patents - Correct Answer Inventory - COGS Prepaid Insuranc