2009 F-1 Class Notes

2009 F-1 Class Notes - Becker CPA Review Financial 1 Class...

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Becker CPA Review – Financial 1 Class Notes 1 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. FINANCIAL 1 CLASS NOTES Welcome to Financial Accounting & Reporting . This exam has a reputation as being demanding and the relative size of our four textbooks shows why. Most students find these topics to be the more challenging: Consolidations and Investments [F-3] Leases [F-5] Bonds and Long-Term Liabilities [F-5] Pensions [F-6] Accounting for Income Taxes [F-6] Governmental and Not-for-Profit [F-8 and F-9] The AICPA Content Specifications for FARE break down the exam into the following general areas and approximate percentages of exam points: 1. Concepts and standards for financial statements (17%-23%) 2. Typical items – recognition, measurement, valuation and presentation in financial statements (27%-33%) 3. Specific types of transactions and events – recognition, measurement, valuation and presentation in conformity with GAAP (27%-33%) 4. Accounting and reporting for governmental entities (8%-12%) 5. Nongovernmental not-for-profit entity accounting (8%-12%) Financial 1 includes the following: I. SOURCES OF GAAP AND BASIC FRAMEWORK AND CONCEPTS A. The hierarchy of sources is important, especially Category A (BOSSII). B. Terminology is key here - know the components of relevance and reliability (PFT and NRFV). II. REPORTING NET INCOME A. Income Statement is an important topic. 1. Know the IDEA mnemonic I: income from continuing operations D: income from discontinued operations E: extraordinary items A: accounting principle change (to R/E)
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Becker CPA Review – Financial 1 Class Notes 2 © 2009 DeVry/Becker Educational Development Corp. All rights reserved.
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