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FAR - CPA Exam Questions with Correct Verified Answers Latest Update (2024/2025) Guaranteed Pass $11.49   Add to cart

Exam (elaborations)

FAR - CPA Exam Questions with Correct Verified Answers Latest Update (2024/2025) Guaranteed Pass

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  • Module
  • CPA - Certified Public Accountant
  • Institution
  • CPA - Certified Public Accountant

FAR - CPA Exam Questions with Correct Verified Answers Latest Update (2024/2025) Guaranteed PassFAR - CPA Exam Questions with Correct Verified Answers Latest Update (2024/2025) Guaranteed PassFAR - CPA Exam Questions with Correct Verified Answers Latest Update (2024/2025) Guaranteed PassFAR - CPA E...

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  • August 21, 2024
  • 123
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CPA - Certified Public Accountant
  • CPA - Certified Public Accountant
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DoctorKen
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CPA




FAR - CPA Exam Questions with
Correct Verified Answers Latest
Update (2024/2025) Guaranteed
Pass
1. Accumulated Other Comprehensive Income Formula - ANS
✓Other Comprehensive Income and PUFI Items to Date
+/- PUFI G/L from this year
+/- Reclassification Adjustments
Ending AOCI


2. Required Disclosures of OCI - ANS ✓-All disclosures must be on the
face of the statement of comprehensive income or in the notes
-items are shown before tax or net of tax, but tax effects must be shown in
statement or in notes.


3. F1 M2 - EPS & Public Companies - ANS ✓


4. SEC Form Requirements - ANS ✓-Over 50 forms
-Most Important
-10-K
-10-Q
-8-K
-Filed Electronically on EDGAR


CPA Exam

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CPA



5. 10-K - ANS ✓YEARLY, AUDITED


Includes:
-MD&A
-Quantitative and Qualitative Disclosures about Market Risk
-Financial Statements and Supplemental Data
-Balance Sheet past three years, all other, past two years


Filing Deadlines:
-60 days for large accelerated filers
-75 days for accelerated filers
-90 days for all other registrants


Large Accelerated Filer
Accelerated Filer
6. Other Registrants - ANS ✓Large Accelerated: $700M market value
Accelerated: $75-700M market value & $100M revenue
Other: $100M revenue


7. 10-Q - ANS ✓QUARTERLY and unaudited


Includes:
-Financial Statements
-MD&A
-Quantitative and Qualitative Disclosures of Risk


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CPA



Filing Deadlines:
-40 days for large accelerated filers and accelerated filers
-45 days for all other registrants


8. 8-K - ANS ✓MATERIAL EVENT OCCURS
-must be done quickly - 4 days


Examples of Material Event
-bankruptcy
-acquisition/disposition of assets
-changes in accountant
-changes in securities and trading market
-changes in board of directors or officers
-amendments to bylaws or articles of incorporation


9. Simple versus Complex Capital Structure - ANS ✓Simple: only
need basic EPS


Complex: basic EPS and diluted EPS
-convertible bonds
-convertible preferred equity
-outstanding options


10. Basic EPS Formula - ANS ✓Net Income - Preferred
Dividends /



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Weighted Average # of Common Shares Outstanding (WACSO)


11. Preferred Dividend Amount - ANS ✓Cumulative - # of
preferred shares x par value per share x rate
Noncumulative (declared) - subtract dividend declared amount


12. WACSO - ANS ✓-all shares outstanding are weighted for time
outstanding
-stock splits and dividends are retroactively adjusted


13. Diluted EPS - Options, Warrants, Equivalents - ANS ✓-
Dilutive if average price > strike/exercise price
-add additional shares to EPS denominator


Calculate Additional Shares Outstanding using the Treasury Stock Method:


Number of Common Shares -
(Number of Common Shares * Strike Price / Average Market Price)


14. Options and Warrants - In the Money vs. Out of the Money -
ANS ✓In the Money
-average market price > strike price = dilutive


Out of the Money
-average market price < strike price = anti-dilutive




CPA Exam

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