By Less Antman

Wiley CPA examination assessment concentration Notes: monetary Accounting and Reporting, 5th variation reinforces key thoughts for the recent automatic CPA examination in an easy-to-read-and-carry spinal certain layout. It offers a evaluate of all of the simple talents and ideas confirmed at the CPA examination and teaches vital recommendations to take the examination swifter and extra correctly.

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Disposal – Either the assets have already been disposed of or they are being held for sale and the entity is actively searching for a buyer and believes a sale is probable at a price that can be reasonably estimated. All activities related to the component are reported in discontinued operations, including those occurring prior to the commitment to dispose and in prior periods being presented for comparative purposes. Focus on Financial Statements – Module 7 21 Reporting Discontinued Operations Lower section of the income statement: • After income from continuing operations • Before extraordinary items Reported amount each year includes all activities related to the component from operations as well as gains and losses on disposal, net of income tax effects • Expected gains and losses from operations in future periods are not reported until the future period in which they occur.

All activities related to the component are reported in discontinued operations, including those occurring prior to the commitment to dispose and in prior periods being presented for comparative purposes. Focus on Financial Statements – Module 7 21 Reporting Discontinued Operations Lower section of the income statement: • After income from continuing operations • Before extraordinary items Reported amount each year includes all activities related to the component from operations as well as gains and losses on disposal, net of income tax effects • Expected gains and losses from operations in future periods are not reported until the future period in which they occur.

Impairment loss is included in the current period when the fair market value of the component is believed to be lower than carrying amount based on the anticipated sales price of the component in future period Focus on Financial Statements – Module 7 22 Reporting Comprehensive Income Statement of Comprehensive Income required as one of financial statements • May be part of Income statement • May be separate statement • Begin with net income • Add or subtract items of other comprehensive income Other comprehensive income includes: • Current year’s unrealized gains or losses on securities available for sale • Current year’s foreign currency translation adjustments • Current year’s unrealized gains or losses resulting from changes in market values of certain derivatives being used as cash flow hedges Focus on Financial Statements – Module 7 23 Accounting for Changing Prices Accounting at Current Cost Assets & liabilities reported at current amounts Income statement items adjusted to current amounts • • • • Inventory reported at replacement cost Cost of sales = Number of units sold × Average current cost of units during period Differences in inventory & cost of sales treated as holding gains or losses Depreciation & amortization – Computed using same method & life based on current cost Focus on Financial Statements – Module 7 24 Accounting for Changes in Price Level Purchasing power gains & losses relate only to monetary items • • Monetary assets – money or claim to receive money such as cash & net receivables Monetary liabilities – obligations to pay specific amounts of money Company may be monetary creditor or debtor • • Monetary creditor – monetary assets > monetary liabilities Monetary debtor – monetary liabilities > monetary assets In periods of rising prices • • Monetary creditor will experience purchasing power loss Monetary debtor will experience purchasing power gain Focus on Financial Statements – Module 7 25 Inventories Goods In Transit Seller’s Place of Business Seller Add to physical count Buyer’s Place of Business Common Carrier FOB shipping point FOB destination Buyer Add to physical count Focus on Inventories – Module 8 26 Inventory Cost Goods on Consignment Purchase price + Freight in + Costs incurred in preparing for sale = Inventory cost Consignee — Exclude from physical count Consignor — Add to physical count ( at cost ) Cost of goods on consignment = Inventory cost + Cost of shipping to consignee Abnormal costs expensed in current period instead of being included in inventory: • • • Idle facility expense Wasted materials in production Double freight when items returned and redelivered Focus on Inventories – Module 8 27 Cost of Goods Sold Beginning inventory + Net purchases = Cost of goods available for sale – Ending inventory = Cost of goods sold Inventory Errors Beg.

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