O. Ray Whittington - Wiley Cpaexcel Exam Review 2016 Study Guide January: Financial Accounting and Reporting

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The following items, copyright by the American Institute of Certified Public Accountants, Inc., are reprinted (or adapted) with permission.

1. Material from Uniform CPA Examination Questions and Answers, 1978 through 2014.
2. Information for Uniform CPA Examination Candidates, Board of Examiners, 2013.
3. Example financial statements from Industry Audit Guides: Audits of Colleges and Universities, Audits of Voluntary Health and Welfare Organizations, and Audits of Providers of Health Care Services.
4. Example of Statement of Activity from SOP 78-10.

Material from the Certified Internal Auditor Examination, Copyright 1994 through 1997 by the Institute of Internal Auditors, Inc., are reprinted and/or adapted by permission.

Material from the Certified Management Accountant Examinations, Copyright 1993 through 1997 by the Institute of Certified Management Accountants are reprinted and/or adapted by permission.

Reproduction and adaptation of pronouncements, copyright Financial Accounting Standards Board, Norwalk, Connecticut 06856-5116, with permission.

Reproduction of Combined Statement of Revenues, Expenditures, and Changes in Fund BalancesAll Governmental Fund Types and Expendable Trust Funds, copyright Governmental Accounting Standards Board, Norwalk, Connecticut 06856-5116, with permission.

Statement of changes in fund balances for an educational institution from College and University Business Administration with permission of the National Association of College and University Business Officers.

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Passing the CPA exam upon your first attempt is possible! The Wiley CPAexcel Exam Review 2016 Study Guide January: Financial Accounting and Reporting preparation materials provide you with the necessary materials (visit our website at www.wiley.com/cpa for more information). Its up to you to add the hard work and commitment. Together we can beat the pass rate on each section of about 50%. All Wiley CPAexcel products are continuously updated to provide you with the most comprehensive and complete knowledge base. Choose your products from the Wiley preparation materials and you can proceed confidently. You can select support materials that are exam-based and user-friendly. You can select products that will help you pass!

Remaining current is one of the keys to examination success. Here is a list of whats new in this edition of the Wiley CPAexcel Exam Review 2016 Study Guide January: Financial Accounting and Reporting text.

• The new AICPA Content Specification Outlines on Financial Accounting and Reporting for the computerized CPA Examination beginning in 2014
• AICPA questions released in 2015
• The new task-based simulations
• Complete coverage of standards, especially
  • The newest FASB accounting standards
  • International accounting standards
  • SEC reporting requirements

The objective of this work is to provide you with the knowledge to pass the Financial Accounting and Reporting portion of the Uniform Certified Public Accounting (CPA) Exam. The text is divided up into 14 areas of study called modules. Each module contains written text with discussion, examples, and demonstrations of the key exam concepts. Following each text area, actual American Institute of Certified Public Accountants (AICPA) unofficial questions and answers are presented to test your knowledge. We are indebted to the AICPA for permission to reproduce and adapt examination materials from past examinations. Author-constructed questions and simulations are provided for new areas or areas that require updating. All author-constructed questions and simulations are modeled after AICPA question formats. The multiple-choice questions are grouped into topical areas, giving candidates a chance to assess their areas of strength and weakness. Selection and inclusion of topical content is based upon current AICPA Content Specification Outlines. Only testable topics are presented. If the CPA exam does not test it, this text does not present it.

The CPA exam is one of the toughest exams you will ever take. It will not be easy. But if you follow our guidelines and focus on your goal, you will be thrilled with what you can accomplish.

Ray Whittington
January 2016

Ray Whittington, PhD, CPA, CMA, CIA, is the dean of the Driehaus College of Business at DePaul University. Prior to joining the faculty at DePaul, Professor Whittington was the Director of Accountancy at San Diego State University. From 1989 through 1991, he was the Director of Auditing Research for the American Institute of Certified Public Accountants (AICPA), and he previously was on the audit staff of KPMG. He previously served as a member of the Auditing Standards Board of the AICPA and as a member of the Accounting and Review Services Committee and the Board of Regents of the Institute of Internal Auditors. Professor Whittington has published numerous textbooks, articles, monographs, and continuing education courses.