Drill the multiple-choice questions until the rules are automatic.

Financial Statement Reporting

Lesson 02 · The four statements and how they tie together

Financial statement reporting and comprehensive income

SEC Reporting Requirements and Earnings Per Share

Lesson 03 · Public filings and the EPS calculation

SEC reporting and earnings per share

Stockholders' Equity

Lesson 04 · Components, transactions and presentation

Stockholders' equity

Revenue Recognition

Lesson 05 · The five-step model under ASC 606

Revenue recognition under ASC 606

• Contract revenue and the five-step model45

Accounting Changes and Error Corrections

Lesson 06 · Retrospective vs. prospective treatment

Accounting changes and error corrections

• Accounting changes and error corrections40

Adjusting Journal Entries

Lesson 07 · Accruals, deferrals and the closing process

Adjusting journal entries

• Adjusting journal entries, accruals and deferrals40

Notes to the Financial Statements and Special Purpose Frameworks

Lesson 08 · Required disclosures and non-GAAP reporting

Notes to the financial statements, special purpose frameworks and subsequent events

• Notes and significant accounting policies15
• Special purpose frameworks25
• Subsequent events25

Fair Value Measurement

Lesson 09 · The fair value hierarchy and valuation techniques

Fair value measurement

• Fair value measurement and the hierarchy50

Financial Statement Analysis

Lesson 10 · Ratios, trends and common-size statements

Financial statement analysis

• Ratio analysis and common-size statements50

Cash, Cash Equivalents and Bank Reconciliations

Lesson 11 · What counts as cash, and proving the balance

Cash, cash equivalents and bank reconciliations

• Cash and cash equivalents10
• Restricted cash, overdrafts and compensating balances10
• Bank reconciliations20

Trade Receivables

Lesson 12 · Recognition, valuation and the allowance

Trade receivables

• Allowance for credit losses15
• Write-offs and recoveries10
• Factoring and discounting receivables15

Inventory

Lesson 13 · Cost flow, valuation and the lower of cost or market rule

Inventory

• Valuation, estimates and inventory errors20
• Inventory cost and ownership15
• Cost flow methods5

Property, Plant and Equipment

Lesson 14 · Capitalization, depreciation, impairment and disposal

Property, plant and equipment

• Acquisition cost and capitalization15
• Depreciation10
• Impairment and disposal15

Intangible Assets

Lesson 15 · Recognition, amortization and impairment

Intangible assets

• Amortization and impairment15
• Recognition and capitalization20
• Goodwill5

Payables, Provisions and Retirement Obligations

Lesson 16 · Current liabilities, contingencies, pensions and postretirement benefits

Payables, accrued liabilities and asset retirement obligations

• Interest and accrued liabilities5
• Year-end cutoff5
• Payroll and unemployment taxes15
• Asset retirement obligations10

Contingencies, Premiums and Warranties

Lesson 17 · Loss and gain contingencies, premiums, and warranty obligations

Contingencies, premiums and warranties

• Accrual and measurement10
• Recognition thresholds5
• Warranties, premiums and commitments15
• Gain contingencies5

Time Value of Money and Long-Term Liabilities

Lesson 18 · Present value, bonds payable and notes with imputed interest

Time value of money and long-term liabilities

• Notes payable and imputed interest20
• Debt covenants and classification15

Bonds Payable

Lesson 19 · Issuance, effective interest amortization, and early extinguishment

Bonds payable

• Effective interest method20
• Issuance and proceeds5
• Interest accruals5

Troubled Debt Restructuring and Extinguishment of Debt

Lesson 20 · Modifications, asset and equity swaps, and derecognition

Troubled debt restructuring and extinguishment of debt

• Extinguishment of debt10
• Troubled debt restructuring25

Leases

Lesson 21 · Lessee and lessor accounting under ASC 842

Leases

• Lease liability measurement15
• Lease expense10
• Classification and amortization10