CPA Exam Preparation 2002: Accounting and Reporting with Federal Income Taxes, Vol. 2

FROM THE PUBLISHER

Accounting and Reporting with Federal Income Taxes: Volume Two of the Lambers four-volume set contains review material, examples and past exam questions and solutions. This book is for the May and November 2002 CPA exams.

SYNOPSIS

Volume 2, Accounting and Reporting, is a compendium of subjects consisting of taxation, managerial accounting and accounting for governmental and nonprofit organizations.

The subject of taxation is addressed at individual and corporate levels. The reader receives instruction on significant topics of taxation, such as capital transactions, the taxation of estates, partnerships, C corporations, S corporations, and corporate distributions, with a view to evaluating the tax consequences of corporate structure and transactions. Volume 2 walks the reader through taxation at the individual level with explanations of filing status, determination of income, exclusions, deductions for adjusted gross income, deductions from adjusted gross income, and computation of tax liability.

Included in Volume 2 is a review of managerial accounting, which encompasses job order and process costing, standard costs and capital budgeting. Volume 2 presents these topics in sufficient depth and detail to enable the reader to understand the underlying principles which are basic to cost accounting and to apply these principles to the solution of problems.

Volume 2 presents an overview and explanation of two distinct sets of financial statements for governmental accounting. In the short term, the financial statements are fund-based statements which are specific to purpose and program objective. In the long term, the financial statements are government-wide and comprehensive, with a view to reporting on government as an entity. The principles of governmental accounting are extended to form a basis for a system of accounting for nonprofit organizations.