CPA FAR Exam-Operating Leases-Journal Entries-Lessee-By Darius Clark

When FASB changed the operating lease rules, the CPA Exam allowed candidates to prepare for changes in the AICPA blueprint. The CPA Exam is testing lease accounting rules in a more meaningful way which include the journal entries for lessee and lessor. NASBA and the AICPA are asking more journal entry questions regarding the new operating lease and finance lease rules. With operating leases, some of the issues are, do you show the right of use asset and lease liability on the balance sheet or not? Do you recognize interest expense or not? Do you amortize the right of use asset or not? How is lease expense determined? This You Tube Video covers the basics of the new operating lease rules and explains the journal entries. After you like and subscribe ‪@DariusClarki75‬ go to CPAexamTutoring.com and get on i-75 and take i-75 to your next pass.  Other terms and topics for the CPA FAR exam multiple choice and simulation include Accounting, debit, credit, journal entry, ledger, sub-ledger, rollback, accruals, deferrals, cash basis, accrual basis, accrued liabilities, accrued expenses, prepaid expenses, unearned revenue, earned revenue, expenses, expenditure, income, gain, loss, realization, recognition, current assets, current liabilities, net income, working capital, MD&A, summary of significant policies, footnotes, disclosures, financial statements, balance sheet, income statement, stockholders’ equity, concentrations, estimates, subsequent events, segment reporting, FASB Framework, Fair value framework, relevance, faithful representation, consistency, conservatism, materiality, accounts receivable, gross and net, bad debt expense, credit loss, allowance for doubtful accounts, write-offs and recovery, factoring, pledging, assigning, discounting a note, revenue recognition, contract with customer, variable consideration, input and output methods, incremental costs, Bill and Hold, re-purchase agreements, sale with right of return, refund liabilities, contract modifications, gift cards, franchise and royalty, gift card, licensing, long term construction, percentage of completion,  software, cloud based, accounting changes, estimate, principle, error corrections, restatement, retrospective, research and development, interim reporting, retained earnings, Fixed asset valuation, land improvements, betterment, capitalization of interest, impairment. Patent, intangible, goodwill, equity method, indefinite life, finite, straight-line depreciation, double declining, sum of the years digits, depletion, units of production, composite, operating lease finance lease, lessor, lessee, minimum lease payment, bargain purchase, guaranteed residual value, sales type lease, sale leaseback, time value of money, ordinary annuity, annuity due, payroll tax, sales tax, contingent liabilities, purchase commitments, bonds, present value, effective interest, bond extinguishment, troubled debt, cash equivalents, bank reconciliation, statement of cash flows, operating, investing, financing, asset retirement obligations, accrued interest, common stock, preferred stock, treasury stock, cumulative, convertible, participating, dividend, cost, retirement, par value, appropriated, quasi-reorganization, statement of changes in stockholders’ equity, OCI, other comprehensive income, stock option, rights, bundled securities, debt securities, available for sale, financial instruments, trading, held to maturity, mark to market, fair value net income, equity, cash surrender life insurance, foreign currency, export, import, hedging, translation, re-measurement, fair value hedge, cash flow hedge, interest rate swap, business combinations, acquisition, non-controlling, eliminating, inter-company inventory, consolidated financial statements, proprietary funds, governmental funds, fund balance, fiduciary funds, budget, other financing sources, uses, encumbrances, major funds, non-major funds, fund level reporting, government wide reporting, reconciliation, modified accrual, full accrual, required supplementary information, CAFR, Not for profit, program, support, conditional, unconditional, with restriction, without restriction, endowment, functional expenses, basic earnings per share, fully diluted, options, warrants, permanent differences, temporary difference, income tax expense, deferred, valuation allowance, net operating loss, perpetual, periodic, errors, consignment, cost of goods sold, FIFO, LIFO, Dollar Value LIFO, Weighted Average, Moving Average, Pension, Ratios, Non-Monetary Exchanges, Commercial Substance, accretion, partnership, liquidation.

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