Financial Accounting And Reporting Review –

cpatp2010

(0 credits)

This course prepares students to take the Financial Accounting and Reporting (FAR) section of the Certified Public Accountant (CPA) Exam. Students begin by gaining a foundation of accounting theory in which CPAs must operate. Students learn about financial reporting, the types of transactions involved and the different business types. Upon completion of this course, students gain knowledge of not only U.S. Generally Accepted Accounting Principles (GAAP), but also foreign standards through the International Financial Reporting System (IFRS).
This non-credit course is 8 weeks. To enroll, speak with an Enrollment Advisor.

Basic Theory and Financial Reporting

  • Describe the basic foundations of accounting.
  • Compare the four financial statements and their formats.
  • Define Generally Accepted Accounting Principles (GAAP).
  • Explain the importance of foreign currency transactions and translations.
  • Explain derivatives and hedges.
  • Analyze partnership accounting from creation to dissolution.

Fundamentals, Bonds, Debt restructuring, Pensions and Leases

  • Calculate present value and future value.
  • Identify foundational tools for evaluation (pensions, bonds, debt restructuring, and leases).

Inventory and Deferred Taxes

  • Explain how to create, sell, resell, and count inventory.
  • Explain how inventory accounting methods for International Financial Reporting Standards (IFRS) differ from those of GAAP.
  • Differentiate among deferred taxes.

Fixed Assets and Statement of Cash Flows

  • Identify fixed assets.
  • Identify the three primary sections of the cash flow statement.
  • Compare direct and indirect methods of reporting operating activities.

Monetary Current Assets and Current Liabilities, Investments, Business Combinations & Consolidations

  • Identify types of current assets and liabilities.
  • Explain the relationship between concepts of accounting and investment percentage.
  • Identify types of business combinations and consolidations.

Stockholders’ Equity, Governmental Accounting, and Not-for-Profit Accounting

  • Determine stockholders’ equity.
  • Compare governmental, proprietary and fiduciary funds.
  • Explain how governmental accounting deviates from GAAP.
  • Explain how not-for-profit accounting differs from for-profit accounting.

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