100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
FAR CPA EXAM, CPA GLEIM PRACTICE 1 FAR, FAR CHAPTER 1 FRAMEWORK, OVERVIEW AND CONCEPTS MCQ, FAR - 1, FAR REVIEW, FAR - FINAL REVIEW QUESTIONS AND ANSWERS WITH SOLUTIONS 2024 CA$28.89   Add to cart
Quickly navigate to
Preview
  2.  
  3. CPA - Certified Public Accountant
  4.  
  5. CPA - Certified Public Accountant

Exam (elaborations)

FAR CPA EXAM, CPA GLEIM PRACTICE 1 FAR, FAR CHAPTER 1 FRAMEWORK, OVERVIEW AND CONCEPTS MCQ, FAR - 1, FAR REVIEW, FAR - FINAL REVIEW QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
 6 views  0 purchase
  • Course
  • CPA - Certified Public Accountant
  • Institution
  • CPA - Certified Public Accountant

FAR CPA EXAM, CPA GLEIM PRACTICE 1 FAR, FAR CHAPTER 1 FRAMEWORK, OVERVIEW AND CONCEPTS MCQ, FAR - 1, FAR REVIEW, FAR - FINAL REVIEW QUESTIONS AND ANSWERS WITH SOLUTIONS 2024

Preview 4 out of 300  pages

Document information

  • August 21, 2024
  • 300
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • far cpa exam cpa gleim practice 1 far far chapte

Written for

  • CPA - Certified Public Accountant
  • CPA - Certified Public Accountant

Seller

avatar-seller
Performance

Reviews received

Content preview

FAR CPA EXAM, CPA GLEIM PRACTICE 1
FAR, FAR CHAPTER 1 FRAMEWORK,
OVERVIEW AND CONCEPTS MCQ, FAR - 1,
FAR REVIEW, FAR - FINAL REVIEW
QUESTIONS AND ANSWERS WITH
SOLUTIONS 2024
10% combined revenue

10% combined profit/loss

10% combined assets - ANSWER 10% Segment Reporting Size Test



75% of revenue from external parties - ANSWER 75% Reporting Sufficiency Test



revenues

- directly traceable costs

- reasonably allocated costs

= operating profit (loss) - ANSWER Segment operating profit



60 days- large accelerated

75 days- accelerated

90 days- all other registrants - ANSWER filing deadline for the 10-K (filed annually)



40 days- large accelerated and accelerated

45 days- all other registrants - ANSWER Filing deadline for the 10-Q (filed quarterly)



requirements for interim and annual financial statements to be filed with the SEC - ANSWER What is the
Regulation S-X?

,annual report of company's employee benefit plans - ANSWER what is the form 11-K?



semiannual report by foreign private issuers - ANSWER what is the form 6-K?



filed to report major events - ANSWER what is the form 8-K?



statement of cash and equity

statement of cash receipts and disbursements - ANSWER Cash Basis Financial Statements



statement of assets and liabilities

statement of revenues collected and expenses paid - ANSWER Modified Cash Basis Financial Statements



statement of assets and liabilities and equity

statement of income - ANSWER Income tax Basis Financial Statements



cash basis revenue

+ending A/R

-Beginning A/R

- Ending unearned revenue

+Beginning unearned revenue

=Accrual basis revenue - ANSWER Converting the cash basis revenue to accrual basis



cash paid for purchases

+ Ending A/P

- Beginning A/P

- Ending inventory

+ Beginning inventory

= Cost of goods sold - ANSWER Converting cash paid for purchases to cost of goods sold

,cash paid for operating expenses

+ ending accrued liability

- beginning accrued liability

- ending prepaid expenses

+ beginning prepaid expenses

= accrual basis operating expenses - ANSWER converting cash paid for operating expenses to accrual
basis operating expenses



current assets / current liabilities - ANSWER current ratio



cash + short-term marketable securities + receivable (net) / current liabilities - ANSWER quick ratio



cash + marketable securities / current liabilities - ANSWER cash ratio



sales (net) / average accounts receivable (net) - ANSWER accounts receivable turnover ratio



ending accounts receivable (net) / sales (net) / 365 - ANSWER days sales in accounts receivable



cost of goods sold / average inventory - ANSWER inventory turnover ratio



ending inventory / cost of goods sold / 365 - ANSWER days in inventory



cost of goods sold / average accounts payable - ANSWER accounts payable turnover ratio



ending accounts payable / cost of goods sold / 365 - ANSWER days of payables outstanding



days sales in accounts receivable + days in inventory - days of payables outstanding - ANSWER cash
conversion cycle



sales (net) / average total assets - ANSWER asset turnover ratio

, net income / sales (net) - ANSWER profit margin



net income / average total assets - ANSWER return on assets (ROA)



Profit margin x asset turnover - ANSWER "DuPont" Return on Assets



net income / average total equity - ANSWER Return on equity



income before interest income, interest expense, and taxes / sales (net) - ANSWER Return on sales



sales (net) - cost of goods sold / sales (net) - ANSWER Gross (profit) margin



cash flow from operations / current liabilities - ANSWER operating cash flow ratio



total liabilities / total equity - ANSWER debt to equity ratio



total liabilities / total assets - ANSWER total debt ratio



total assets / total equity - ANSWER equity multiplier



income before interest expense and income taxes / interest expense - ANSWER times interest earned



income available to common shareholders / weighted average common shares outstanding - ANSWER
earnings per share



price per share / basic earnings per share - ANSWER price earnings ratio



cash dividends / net income - ANSWER dividend payout ratio

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Performance. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$28.89. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80467 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$28.89
  • (0)
  Add to cart