GAAP: Inside and Out

Exam Questions: 80
Course Level: Basic
Pages: 392 | Content: 380, Supplemental: 12
NASBA Area of Study: Accounting
Not Acceptable for: Enrolled Agents
Version: 5270V

This course covers a variety of issues related to GAAP, including the unusual reporting and disclosure issues that develop in practice, such as how to disclose life insurance, leases, catastrophes, and tax-basis financial statements. Most of the course is in a Q&A format. PLEASE NOTE: Course material is similar to #7345: Tax Basis Financial Statements; therefore, we recommend that you should not take both courses in the same CPE reporting period. Not acceptable for Enrolled Agents. All course material provided. Prerequisites: General understanding of GAAP and tax-basis financial statements. Course level: Basic.

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Course Information

Table of Contents
  • GAAP Q & A - Balance Sheet
  • GAAP Q & A - Revenue and Expenses
  • Tax - Basis Q & A
  • To recall the accounting treatment for non-monetary exchanges
  • To recognize the formula for measuring an impairment of real estate
  • To identify the accounting for different types of investments such as securities, investments using the equity method, and partnerships
  • To recognize the types of information that should be used in computing the allowance account for trade receivables
  • To recognize how FIFO inventory is valued under the inventory rules
  • To recall certain inventoriable costs
  • To recall the GAAP rules to account for an intangible asset with a finite useful life
  • To identify the accounting for environmental contamination costs
  • To identify examples of costs associated with exit activities
  • To recognize how an entity should account for revenue when treated as an agent
  • To identify options to avoid having to maintain two depreciation schedules
  • To recognize how to account for certain transactions on the statement of cash flows
  • To identify examples of group concentrations
  • To recognize some of the results from the net operating loss rules in tax reform
  • To identify the basic accounting for fresh start reporting
  • To identify how web development costs are accounted for during certain stages of development
  • To recognize when an entity may elect the fair value option and identify some of the eligible items for which the option is available
  • To recognize the basic rule for the liquidation basis of accounting
  • To recognize some of the M-1 differences that do not apply to tax-basis financial statements
  • To recognize how to account for an accounting change in tax-basis financial statements
  • To recall how to account for and present nontaxable and nondeductible items in tax-basis financial statements
  • To identify the disclosure requirements for tax-basis financial statements
  • To recognize the appropriate and inappropriate financial statement titles for tax-basis financial statements

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.