Comprehensive overview of Basic and Diluted EPS calculation, disclosure requirements, and common exam-tested scenarios for the USCPA FAR section. Includes practice questions.
Covers the purpose of financial statement audits, key responsibilities of management and auditors, inherent audit limitations, and the concept of reasonable assurance in the USCPA AUD section.
Learn how discontinued operations are reported in the income statement under U.S. GAAP and how they impact EPS calculations using the treasury stock method.
Learn how professional skepticism and professional judgment play a critical role in conducting an audit in accordance with GAAS. Understand key audit biases, the judgment process, and how these elements ensure audit quality.
Understand how to account for stock dividends, differentiate between small and large stock dividends, and master key journal entries and exam points. Includes practice questions.
Master the accounting treatment of treasury stock under the cost method, including its effects on shareholders' equity and key journal entries. Practice questions included.
Understand when and how an auditor issues an Qualified opinion or Adverse opinion under US GAAS and PCAOB standards. Covers emphasis-of-matter, other-matter, and explanatory paragraphs, with key examples and practice questions.
Learn how treasury stock is recorded, its impact on equity, and master the cost method and related journal entries. Includes practice questions.
Understand the accounting treatment of cash and liquidation dividends under U.S. GAAP. Learn the key differences and journal entries with USCPA-style practice questions.
Understand when a qualified or disclaimer of opinion is issued under US GAAS. Compare causes based on GAAP departures versus GAAS scope limitations. Includes key concepts and examples.
Understand the logical process auditors follow to determine the appropriate audit opinion, including materiality and pervasiveness assessments. Includes flowchart explanation.
Learn how to account for property dividends under US GAAP. This guide explains recognition timing, valuation at fair value, gain/loss treatment, and required journal entries.
Understand the 5-step model for revenue recognition under ASC 606. Master key concepts, journal entries, and practical examples relevant to the USCPA FAR exam.
Learn how the percentage of completion method works under ASC 606, including input/output methods, journal entries, and key exam tips for the USCPA FAR section.
Revenue recognition topics under ASC 606, including contract modifications, sales returns, repurchase agreements, and bill-and-hold arrangements.
Learn how ASC 606 treats warranties and upfront fees in revenue recognition. Distinguish between assurance- and service-type warranties and properly account for nonrefundable fees.