Browse Financial Accounting and Reporting (FAR)
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- 3.1 Comprehensive Review of the Balance Sheet (Statement of Financial Position)
- 3.2 Income Statement: Single-Step vs. Multi-Step Formats
- 3.3 Statement of Comprehensive Income (OCI Components and Presentation)
- 3.4 Statement of Changes in Equity (Share Capital, Retained Earnings, Other Equity Items)
- 3.5 Statement of Cash Flows (Operating, Investing, Financing; Indirect/Direct Methods)
- 3.6 Notes to the Financial Statements (Policies, Related Party Disclosures)
- 3.7 Illustrative Examples and Advanced Issues for For-Profit Entities
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- 4.1 Overview of Not-for-Profit Accounting and Governing Principles
- 4.2 Statement of Financial Position (Net Assets: With/Without Donor Restrictions)
- 4.3 Statement of Activities (Classification of Revenues, Expenses, Support)
- 4.4 Statement of Cash Flows (Direct vs. Indirect Methods)
- 4.5 Functional Expense Reporting (By Nature and Function)
- 4.6 Disclosures and Special Topics in Not-for-Profit Accounting
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- 5.1 Measurement Focus and Basis of Accounting (Current vs. Economic Resources)
- 5.2 Governmental, Proprietary, Fiduciary Funds (Types and Major vs. Nonmajor Funds)
- 5.3 Government-Wide vs. Fund-Level Statements and Required Reconciliations
- 5.4 Budgetary Accounting, Encumbrances, and Appropriations
- 5.5 MD&A Requirements, Required Supplementary Information (RSI)
- 5.6 Illustrative Examples (Basic Transactions and Sample Disclosures)
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- 6.1 SEC Regulatory Environment (Securities Exchange Act of 1934)
- 6.2 Interim Reporting and Required Disclosures
- 6.3 Annual Filings and Form 10-K/10-Q/8-K Requirements
- 6.4 Earnings per Share (Basic and Diluted Calculation)
- 6.5 Segment Reporting (Identifying Reportable Segments, Disclosure Requirements)
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- 26.1 Consolidated Financial Statements (Advanced Topics, Eliminations)
- 26.2 Business Combinations (Purchase Accounting, Goodwill, Noncontrolling Interests)
- 26.3 Foreign Currency Transactions, Translation, and Remeasurement (Overview)
- 26.4 Additional Advanced Topics: Pushdown Accounting Revisited, Quasi Reorganizations
- 26.5 Comprehensive Exercises Integrating Multiple FAR Topics
Chapter 11: Inventory
In this section
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Periodic vs. Perpetual Systems (Costing and Record-Keeping)
Discover the key differences between periodic and perpetual inventory systems, including journal entries, impacts on COGS, and best practices for effective inventory management.
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Costing Methods (FIFO, LIFO, Weighted-Average, Specific ID)
Master Inventory Costing Methods for accurate financial statements: explore FIFO, LIFO, Weighted-Average, and Specific Identification.
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Lower of Cost or Net Realizable Value / Lower of Cost or Market
Master the essentials of applying lower of cost or net realizable value (LCNRV) and lower of cost or market (LCM) for inventory under both U.S. GAAP and IFRS. Learn key concepts, real-world examples, and critical differences to excel on the FAR CPA Exam.
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Retail Inventory Method, Gross Profit Method
In-depth coverage of the Retail Inventory Method and the Gross Profit Method, featuring step-by-step calculations, real-world examples, and best practices for estimating inventory balances.
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Inventory Errors and Adjustments
Learn how to identify, correct, and prevent inventory misstatements using a 2-year approach and best-in-class accounting methodologies.
