Module 12: Monetary Current Assets and Current Liabilities
Overview
This study module reviews accounting for current assets (except inventory which is presented in Module 10) and short-term investments (which are presented in Module 16). The primary topics covered on the Financial Accounting Reporting Section of the exam include
This module also reviews current liabilities. The primary topics tested on the exam include accounting for payroll and contingencies (e.g., warranties, lawsuits.) Additionally, this module covers ratio analysis for solvency (e.g. current ratio) and operational efficiency (e.g. inventory turnover).
A. Cash
B. Bank Reconciliations
C. Receivables
D. Current Liabilities
E. Fair Value Option
F. Ratios
G. Research Component—Accounting Standards Codification
H. International Financial Reporting Standards (IFRS)
Key Terms
Multiple-Choice Questions
Multiple-Choice Answers and Explanations
Simulations
Simulation Solutions
A. Cash
Get Wiley CPAexcel Exam Review 2014 Study Guide, Financial Accounting and Reporting now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.