Lore Co. changed from the cash basis of accounting to the accrual basis of accounting during the year just ended. The cumulative effect of this change should be reported in Lore's financial statements for the year as a

The CPA Financial Accounting and Reporting (FAR) section covers US GAAP, IFRS, and governmental accounting, focusing on financial statement preparation, balance sheet accounts, and complex transactions.

Key concepts include revenue recognition (ASC 606), leases (ASC 842), business combinations, bonds, inventory, and governmental accounting, with a 50/50 mix of MCQs and simulations.