Intro
FAR (Financial Accounting and Reporting) tests your understanding of the principles and standards used to prepare financial statements for:
- Business enterprises (public and private companies)
- Not-for-profit organizations (NFPs)
- State and local governments
It is considered the most technical and comprehensive section of the CPA Exam.
Issued 15,000 shares of 20 per share:
Debit
Credit
Cash
$13,300,000
Common stock
$15,000
APIC
22,285,000
Debit
Credit
Year 1 - 12/31
Cash
$5,000
Sales Revenue
$4,600
Unearned Revenue
400
Debit
Credit
Y1, 12/31
Accounts Receivable
$1,000
Sales Revenue
$500
Debit
Credit
Y2, 1/5
Foreign Exchange Loss
$50
Accounts Receivable
$50