015 simulations
Income Statement Presentation
Continuing Operations, OCI & Discontinued Operations
Sort each presented amount into the line it belongs on: continuing operations, other comprehensive income, or discontinued operations.
Financial Accounting & Reporting
Practice the FAR simulations exactly the way they are scored.
Every simulation gives you the exhibits, the answer table and the same graded feedback you will see on exam day. Correct entries turn green, incorrect entries turn red, and a targeted explanation tells you why the amount belongs where it does.
- Topics
- 35
- Simulations
- 90
- Feedback
- Instant
Simulation topics
025 simulations
Comprehensive Income
After-Tax Build of Net and Comprehensive Income
Compute continuing operations, discontinued operations and each OCI item after tax, then roll them forward into net income and comprehensive income.
035 simulations
Discontinued Operations
Component Disposals Reported Net of Tax
Measure the disposal gain or loss, the operating results of the component and the impairment test, then report the single net-of-tax line.
045 simulations
Income Statement & Special Items
Complete the Statement from the Trial Balance
Build the multi-step statement line by line, choosing the caption that fits each item and the amount that carries it to operating income.
055 simulations
Classified Balance Sheet
Account Classification & Corrections
Reclassify the accounts a client has presented incorrectly, decide the caption each belongs under, and agree the control totals.
065 simulations
Foreign Currency Transactions
Import & Export Journal Entries
Record each foreign-currency transaction at the spot rate, then settle it and pick up the exchange gain or loss in earnings.
075 simulations
Diluted Earnings Per Share
If-Converted Method & Weighted-Average Shares
Work the diluted EPS worksheet: add back the assumed conversions, time-weight the common shares, then divide adjusted income by adjusted shares.
085 simulations
Quarterly EPS Worksheet
Basic & Diluted EPS on the Form 10-Q
Complete the two-column worksheet the way the 10-Q requires: time-weight the shares, deduct the preferred dividend, then add back each dilutive security and test it for dilution.
095 simulations
Stockholders' Equity Worksheet
Transaction Effects on Every Equity Account
Trace each transaction across shares, common stock, paid-in capital, retained earnings, AOCI and treasury stock, and confirm the effect on total stockholders' equity.
105 simulations
Treasury Stock: Par Value vs. Cost
Journal Entries & the Equity Section
Record the same buyback and reissuances under both methods, then compare what each one does to common stock, paid-in capital, retained earnings and total equity.
115 simulations
Statement of Changes in Stockholders' Equity
Comparative Two-Year Worksheet
Build the comparative statement one column at a time: stock dividends, issuances and buybacks, net income, dividends, prior period errors and every OCI item, net of tax.
123 simulations
Construction Contract Revenue
Percentage-of-Completion Entries, Profit & Contract Position
Track a long-term contract from cost-to-cost progress through billings and collections: the revenue and profit each year, the entry that records them, and whether the net position is a contract asset or a contract liability.
132 simulations
Revenue Transactions: Journal Entries
Bundles, Bill-and-Hold, Repurchase Options & Returns
Record the year-end revenue entries: allocate a bundled price to its performance obligations, recognize a bill-and-hold sale, treat a repurchase option as financing, and set up the refund liability for expected returns.
141 simulations
Stockholders' Equity Statement Review
Find the Adjustments in a Draft Statement
Review the senior accountant's draft statement, strip out the item that does not belong, re-measure the change in principle net of tax, move the OCI item to the right column, and roll the corrected balances forward.
151 simulations
Error Corrections Across Years
Corrected Net Income & the Balance Sheet Entry
Trace four bookkeeping errors through three reporting periods, then write the single balanced correcting entry that restates the December 31 balance sheet after the books are closed.
162 simulations
Year-End Adjusting Entries
Accruals, Deferrals & the Effect on the Statements
Prepare the year-end adjusting entries from the controller's review notes: unearned revenue, the allowance, prepaid costs, unbilled services and unpaid bonuses, plus the item that needs no entry, then convert a cash-basis trial balance to accrual.
172 simulations
Subsequent Events
Recognized vs. Nonrecognized Events
Sort six post-year-end events into those that confirm a condition already existing at the balance sheet date and those that arose afterward, then correct the draft net income, assets, liabilities and equity.
181 simulations
PPE Additions & Disposals
Capitalize, Depreciate, Retire
Record an engine addition that extends useful life, a mid-year purchase, partial-year depreciation, a disposal with a loss, and the correction of depreciation wrongly taken on land.
191 simulations
Fair Value Measurement
Measurement Basis & the Amounts Reported
Choose the U.S. GAAP measurement basis for trading investments, land under a sales contract, goodwill, cash equivalents and bonds held to maturity, then report each one at the right amount.
201 simulations
Business Combination Purchase Accounting
Fair Value of the Assets Acquired & Goodwill
Rebuild the acquiree's balance sheet at fair value: inventory at selling price less costs to sell, plant and fleets in their most advantageous market, technology by relief from royalty, and goodwill as the residual.
211 simulations
Financial Statement Ratios
Liquidity, Receivables & Inventory Analysis
Compute the current, quick, receivables and inventory ratios for two years, then convert them into days, working capital and the cash conversion cycle.
222 simulations
Cash and Bank Reconciliations
Reconciling Items & What Counts as Cash
Prove the cash balance from both sides of the bank reconciliation and record the entries the books still need, then decide which balances belong in cash and cash equivalents and which are reported elsewhere.
233 simulations
Receivables and the Credit Loss Allowance
CECL Approaches, Aging & the Rollforward
Estimate the allowance under the balance sheet and aging approaches, build an aging schedule that reflects unrecorded adjustments and the year's credit loss expense, then correct a draft A/R rollforward from the close review notes.
242 simulations
Inventory Cost Flow
FIFO, LIFO, Weighted Average & Moving Average
Compute cost of goods sold and ending inventory under FIFO and LIFO in both the perpetual and periodic systems, then build the moving average table and compare it with the periodic weighted average.
252 simulations
Inventory Counts and Cutoff
Physical vs. Book, Ownership & Year-End Activity
Reconcile a physical count to the ledger item by item, then roll a November count forward through December purchases, sales, consigned goods, goods in transit and a lower of cost or net realizable value write-down.
261 simulations
Inventory Valuation and Write-Downs
Lower of Cost or Market
Designate market with the ceiling and floor, compare it with cost product by product, and record the write-down.
272 simulations
Capitalize vs. Expense
Cost of Land, Building, Equipment & Improvements
Decide whether an expenditure adds to an asset or belongs in expense, then build the capitalized cost of land, a constructed warehouse and a purchased machine from the invoices.
281 simulations
Interest Capitalization
Weighted-Average Expenditures & Avoidable Interest
Weight the construction expenditures by the months outstanding, apply the specific borrowing first, then the weighted-average rate on the other debt, and split total interest between the asset and expense.
291 simulations
PP&E Acquisition Journal Entry
Land, Building, Equipment & Prepaids
Record a headquarters project in one entry: land with its demolition and title costs, the building and permit, equipment with in-transit insurance, furniture and installation, the premium that stays prepaid, and the maintenance contract that is expensed.
301 simulations
Depreciation Schedules & Disposals
Additions, Betterments, Sales & Estimate Changes
Roll the machinery account forward through a purchase, a capitalized motor, a sale and a replacement, depreciate each component for the right number of months, then prove accumulated depreciation and the gain on disposal.
311 simulations
Depreciation Methods
Straight-Line, DDB, SYD & Units of Production
Compute depreciation under all four methods for the same machine, then compare the Year 1 expense and the carrying value each method leaves on the balance sheet.
321 simulations
Partial-Year Depreciation
Mid-Year Acquisitions & Installation Costs
Capitalize installation in the asset's cost, then take depreciation for the months the asset is actually in service under straight-line, double-declining balance and sum-of-the-years'-digits.
331 simulations
Acquisition Cost & Disposal Entries
Sales Tax, Betterments & the Loss on Sale
Build the capitalized cost from the invoice, record the partial first year of depreciation, then write the entry that sells the machine and reports the gain or loss.
341 simulations
PP&E Impairment & Held for Sale
Recoverability, Land Cost & Nonmonetary Exchanges
Test a facility for impairment against its undiscounted cash flows, decide what belongs in the cost of land, measure a truck exchange that lacks commercial substance, and apply the held-for-sale criteria.
351 simulations
Intangible Assets & Research Costs
Patent Cost, R&D Equipment & Trademark Defense
Record a purchased patent and its partial-year amortization, capitalize research equipment that has alternative future uses, and expense the legal fees of an unsuccessful trademark defense.