"I wanted to say I bought just the four books by Wiley for each CPA section and took all 4 parts of the exam in May. I studied for about half a year, and I PASSED ALL 4 PARTS ON THE FIRST TRY!!! 95% REG, 88% FAR, 82% AUD, 81% BEC. I am very excited and happy that these books alone helped me pass!" Gabriela Adriana Mandiuc, Boerne, Texas All the information you need to master the computerized CPA exam! * The most effective system available to prepare for the CPA exam proven for nearly forty years * Timely, up-to-the-minute coverage for the computerized exam. Contains all current AICPA content requirements in Financial Accounting and Reporting * Unique modular format helps you zero in on areas that need work, organize your study program, and concentrate your efforts * Comprehensive questions over 3,800 multiple-choice questions and their solutions in the four volumes. Covers the new simulation-style problems. Includes over 280 simulations * Complete sample exam in Financial Accounting and Reporting * Guidelines, pointers, and tips show you how to build knowledge in a logical and reinforcing way Wiley CPAexcel Exam Review Study Guide July 2015 arms test-takers with detailed outlines, study guidelines, and skill-building problems to help candidates identify, focus on, and master the specific topics that need the most work. Other titles in the WILEY CPAexcel EXAM REVIEW STUDY GUIDE 2015 FOUR-VOLUME SET: Auditing and Attestation Business Environment and Concepts Regulation See inside for an array of Wiley CPAexcel Exam Review Products!

Table of Contents

Preface vii About the Author ix About the Contributor ix INTRODUCTION 1 Chapter 1: Beginning Your CPA Review Program 3 Chapter 2: Examination Grading 17 Chapter 3: The Solutions Approach 19 Chapter 4: Taking The Examination 27 Chapter 5: Exam Content Overview 31 FINANCIAL ACCOUNTING AND REPORTING 39 Module 9: Basic Theory and Financial Reporting 41 Module 10: Inventory 219 Module 11: Fixed Assets 269 Module 12: Monetary Current Assets and Current Liabilities 331 Module 13: Present Value 397 Module 14: Deferred Taxes 539 Module 15: Stockholders Equity 579 Module 16: Investments 641 Module 17: Statement of Cash Flows 689 Module 18: Business Combinations and Consolidations 727 Module 19: Derivative Instruments and Hedging Activities 787 Module 20: Miscellaneous 827 Module 21: Governmental (State and Local) Accounting 899 Module 22: Not-for-Profit Accounting 985 APPENDICES 1019 Appendix A: Outlines of Accounting Pronouncements 1021 Appendix B: Financial Accounting and Reporting Sample Examination 1145 Appendix C: Sample Financial Accounting and Reporting Testlet Released by AICPA 1179 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting 1187 INDEX 1205

Author Biography

O. RAY WHITTINGTON, CPA, PD, CMA, CIA, is Dean of the Driehaus College of Business and Kellstadt Graduate School of Business at DePaul University. Ray is a former member of the AICPA Auditing Standards Board and the AICPA Accounting and Review Services Committee. He is also the coauthor of Audit Sampling: An Introduction, Fifth Edition, available from Wiley.