samdiegocpa – I scored so high because I remembered a lot from school so becker was mostly a refresher of things I already knew. I didn't take gov't & nonprofit, so that was literally the only new thing I had to learn. I've also been an accounting tutor since I've been in school – really forces you to remember everything.
For statement of cash flows, just try and classify everything as either a cash inflow or a cash outflow. You have to memorize a few things, like what goes in each section, but there's not much to that. Here's how I think of it (indirect method):
Operating:
Don't memorize current assets go down, add back, etc. Just understand the inflows and outflows. So for accounts receivable, if A/R go down, you got cash = inflow = add back. If A/R goes up, it's like a loan to the customer purchasing an item = outflow = subtract. You can do this with every account, or if you know one, the rest of current assets follow.
Same goes for current liabilities:
Accounts payable would be the opposite, down = paid off loan = outflow = subtract.
Non-cash expenses, like depreciation, require you to “cancel” them out because you only want the cash effect. That means non-cash expenses are added back. Gains/losses follow the same rules as non-cash expenses, add back loss, subtract gain.
Investing:
proceeds from sale = inflow = add
purchase = outflow = subtract
Financing:
issue bonds = inflow = add
issue stock = inflow = add
retire bonds = outflow = subtract
issue dividends = outflow = subtract
FAR 97
REG 91
AUD 5/30/14
BEC 7/11/14
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