Contents

About the Authors vii

Chapter 1 Researching GAAP 1

Chapter 2 Statement of Financial Position (ASC 210) 25

Chapter 3 Income Statement (ASC 225) 31

Chapter 4 Statement of Cash Flows (ASC 230) 37

Chapter 5 Accounting Policies, Changes in

Accounting Estimates and Errors

(ASC 250) 43

Chapter 6 Fair Value (ASC 820) 53

Chapter 7 Cash, Receivables, and Prepaid Expenses

(ASC 305, 310, 860) 67

Chapter 8 Inventory (ASC 330) 81

Chapter 9 Revenue Recognition (ASC 605) 99

Chapter 10 Property, Plant, and Equipment (ASC 360) 107

Chapter 11 Financial Instruments (ASC 825) 115

Chapter 12 Equity Method Investments and Joint

Ventures (ASC 323) 155

Chapter 13 Intangible Assets (ASC 350) 169

Chapter 14 Consolidated and Separate Financial

Statements (ASC 810) 183

Chapter 15 Business Combinations (ASC 805) 191

Chapter 16 Income Taxes (ASC 740) 207

Chapter 17 Current Liabilities and Contingencies

(Various Sections under the ASC) 227

Chapter 18 Long-Term Liabilities (ASC 480 and 835) 249

Chapter 19 Leases (ASC 840) 261

Chapter 20 Segment Reporting (ASC 280) 271

Chapter 21 Interim Reporting (ASC 270) 277

Chapter 22 Foreign Currency (ASC 830) 283

Chapter 23 Earnings Per Share (ASC 260) 297

Chapter 24 Employee Benefits (ASC 715) 305

Chapter 25 Accounting and Reporting by Retirement

Benefit Plans (ASC 960 and 962) 323

Chapter 26 Stockholders’ Equity (ASC 505) 331

Chapter 27 Personal Financial Statements (ASC 274) 345

Answers for Multiple-Choice Questions 353

Index 357