Wiley CPAexcel Exam Review 2014 Study Guide, Financial Accounting and Reporting

Module 20: Miscellaneous

Overview

This module covers personal financial statements, interim reporting, segment reporting, partnership accounting, and foreign currency translation.

The personal financial statements section covers how to report assets and liabilities and tax estimates. This topic is located in ASC Topic 274.

Interim reporting describes financial reporting for periods less than a year. This topic is located in ASC Topic 270.

Segment reporting presents disclosure standards for the components of an entity’s operations, its products and services, its geographic areas, and its major customers. This topic is located in ASC Topic 280.

Partnership accounting describes and events related to formation, income allocation, dissolution, admission of a new partner, withdrawal of an existing partner, and liquidation. The ASC does not provide guidance for partnership accounting and reporting. Guidance is provided within the Uniform Partnership Acts of 1914 and 1997; and the Revised Uniform Partnership Act of 1994.

The foreign currency translation section covers translations and remeasurement. Determining if a subsidiary’s transactions are denominated in a foreign currency or US Dollars establishes which method should be applied. This topic is located in ASC Topic 830.

A. Personal Financial Statements

Multiple-Choice Questions

Multiple-Choice Answers and Explanations

B. Interim Reporting

Key Terms

Multiple-Choice Questions

Multiple-Choice Answers and Explanations

C. Segment Reporting ...