How to Use the Universal CPA platform?
Intended reader: If you are currently using the Universal CPA trial or recently purchased the Universal CPA course, then this step-by-step walkthrough will explain how to use the platform. The video below was published and walks through each of the steps detailed below: Step 1) When you first login, the first screen you will see […]More
Universal CPA Content Summary
The Universal CPA course is 100% mapped to the AICPA blueprints for AUD, BEC, FAR, and REG. Using the link below, you can access a Google sheet that is maintained by the Universal content team that details the amount of content by chapter/module in the Universal CPA course. You will find details on the amount […]More
Difference between read and write access?
In the IT section of the CPA exam, candidates should be familiar with the difference between read and write access and what type of access is appropriate for a given scenario. Read access allows the user to only view or read the contents. Write access allows the user to view and modify the contents. So […]More
What is the difference between the restricted, committed and assigned fund balance in government accounting?
If you’re studying for the FAR section of the CPA exam, you should be familiar with the difference between these fund balances in government account. Below is an excerpt from GASB: Restricted – The restricted fund balance category includes amounts that can be spent only for the specific purposes stipulated by constitution, external resource providers, or through enabling […]More
2022 CPA Exam Pass Rates
The AICPA releases the pass rates for each section of the CPA exam on a quarterly basis. The results for 2022 by quarter (as released) are shown in the table below: The table below provides the 2021 pass rate information by quarter. Observations by Universal CPA AUD: AUD continued to decline from an average pass […]More
Current Expected Credit Loss (CECL) Model
For debt securities classified as available-for-sale and held-to-maturity, the current expected credit loss (CECL) model will be applicable. Under the CECL model, a company will assess all available relevant information when estimating an expected credit loss over the life of the debt security. This includes historical events, current conditions, and future expectations. This method is […]More
Impact of Debit and Credit for each Financial Statement Account
To understand double entry accounting, you should understand how a debit or credit impacts each financial statement account (income statement and balance sheet). You need to ask yourself… …“Does a debit increase or decrease the account?. .. Does a credit increase or decrease an account? “ The Universal CPA team maintains a list of the […]More
Is land reported at fair value on the balance sheet?
Land is always reported at historical cost on the balance sheet and would remain at historical cost since land is not depreciated. In addition, there is no fair value adjustment unless the land is sold or is part of a transaction. The reason we carry other items are fair value is that there is intent […]More