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Wiley CPAexcel Exam Review 2014 Study Guide, Financial Accounting and Reporting by O. Ray Whittington

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Module 9: Basic Theory and Financial Reporting

Overview

This module covers basic concepts such as the conceptual framework and revenue recognition, error correction such as counterbalancing and classification errors, accounting changes such as changes in principle and changes in estimates, and financial statements such as the income statement and balance sheet.

A. Basic Concepts

Key Terms

Multiple-Choice Questions

Multiple-Choice Answers and Explanations

Simulations

Simulation Solutions

B. Error Correction

Multiple-Choice Questions

Multiple-Choice Answers and Explanations

Simulations

Simulation Solutions

C. Accounting Changes

Key Terms

Multiple-Choice Questions

Multiple-Choice Answers and Explanations

Simulations

Simulation Solutions

D. Financial Statements

Key Terms

Multiple-Choice Questions

Multiple-Choice Answers and Explanations

Simulations

Simulation Solutions

US GAAP is the basis for financial reporting but it does not constitute a cohesive body of accounting theory. Concept Statements were issued to provide a theoretical framework for accounting standard development and a basis for financial reporting.

As of July 1, 2009, the Accounting Standards Codification (ASC) became the single source for US GAAP. The relevant Accounting Standards Codification topic is indicated in the discussion with a cross-reference to the previous accounting literature (i.e., ARB, APB, SFAS, and SFAC). Appendix A of this text includes an outline of the pre-Codification standards with a cross reference ...

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