Description
The aim of these test banks is to assist practitioners, students, and other accounting professionals to practice and get familiar with the following accounting journal entries and how they impact financial statements. These journal entries are as follows:[1] Cash and ReceivablesIdentify items considered cash. To be reported as "cash," an asset must be readily available for the payment of current obligations and free from contractual restrictions that limit its use in satisfying debts. Cash consists of coin, currency, and available funds on deposit at the bank. Negotiable instruments such as money orders, certified checks, cashier's checks, personal checks, and bank drafts are also viewed as cash. Savings accounts are usually classified as cash. Indicate how to report cash and related items. Define receivables and identify the different types of receivables. Explain accounting issues related to the recognition of accounts receivable. Explain accounting issues related to the valuation of accounts receivable. Explain accounting issues related to the recognition and valuation of notes receivable. Explain the fair value option. Explain accounting issues related to the disposition of accounts and notes receivable. Describe how to report and analyze receivables.[2] Valuation of Inventories: A Cost-Basis Approach[3] Inventories: Additional Valuation Issues[4] Acquisition and Disposition of Property, Plant, and Equipment[5] Depreciation, Impairments, and Depletion[6] Intangible Assets[7] Current Liabilities and Contingencies[8] Long-Term Liabilities[9] Stockholders' Equity[10] Dilutive Securities and Earnings per Share[11] Investments[12] Revenue Recognition[13] Accounting for Income Taxes[14] Accounting for Pensions and Postretirement Benefits[15] Accounting for Leases[16] Accounting Changes and Error AnalysisThroughout these materials, we have chosen particular language, spellings, structures, and grammar in order to be consistent and comprehensible for all readers. We are aware that our choices may not always adhere to "formal" standards, but my effort is focused on making the study process easy for all candidates. Nonetheless, I continue to welcome your meaningful corrections and ideas for creating better materials. I wish you success in your studies and career. Please remember that practice makes perfect or at least permanent. Sincerely, Tariq Al-Basha, MSc, CMA®, FMVA®, CMSA®, CBCA™, BIDA™, FPWM®, CREF, ESG
