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WELCOME. PLEASE START HERE!
1. Welcome to Farhat Lectures -
2. How to Use This Course & Resources
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3. Choosing the Right CPA Discipline
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4. CPA Exam Study Tips & Common Questions
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🚀Introduce Yourself1 Topic
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🚨🚨🚨2026 AICPA Released Questions1 Topic
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REVIEW/REFRESH BASIC ACCOUNTING MODULE🚀Start Strong: Master the Basics Before You Advance. MIles
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📖Basics Of Accounting3 Topics2 Quizzes
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📖Adjusting Entries8 Topics2 Quizzes
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📖Financial Statements4 Topics
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📖Closing Entries4 Topics2 Quizzes
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📖Reversing Entries3 Topics2 Quizzes
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1.1) INCOME STATEMENT📖Uses & Limitations Of The Income Statement2 Topics1 Quiz
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📖Income Statement - Content, Format & Elements5 Topics
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📖Unusual Gains/Losses & Noncontrolling Interest4 Topics
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📖Discontinued Operations5 Topics2 Quizzes
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📖Foreign Currency Transactions3 Topics1 Quiz
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1.2) COMPREHENSIVE INCOME📖Comprehensive Income5 Topics2 Quizzes
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🎯Comprehensive Test: Comprehensive Income + AICPA Questions1 Quiz
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🎯Comprehensive Test: Discontinued Operations & Foreign Currency Transactions2 Quizzes
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1.3) BALANCE SHEET📖Balance Sheet Overview16 Topics1 Quiz
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🚨🚨HOW TO SOLVE SIMULATIONS (TUTORIAL + VIDEO EXAMPLES)✅ FAR CPA Exam Simulation Tutorial + 2024 and 2025 AICPA Video Questions18 Topics2 Quizzes
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1.4) NOTES TO FINANCIAL STATEMENTS📖Notes To Financial Statements2 Topics
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1.5) FAIR VALUE MEASUREMENTS & DISCLOSURES📖Fair Value Measurements9 Topics1 Quiz
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🎯Test: Fair Value Accounting + AICPA Questions1 Quiz
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1.6) SEC REPORTING REQUIREMENTS📖Public Company Reporting4 Topics1 Quiz
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1.7) Interim Financial Reporting📖 Interim Financial Reporting2 Topics
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1.8) REVENUE RECOGNITION📖Revenue Recognition 5 Steps16 Topics2 Quizzes
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📖Sales Returns & Allowances4 Topics
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📖Bill & Hold3 Topics
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📖Accounting For Sales On Consignment1 Topic
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📖Warranty & Upfront Fees4 Topics
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📖Repurchase Agreement Options3 Topics
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📖Incremental Cost Of Obtaining A Contract & Cost To Fulfill A Contract1 Topic
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📖Refund Liabilities & Rights Of Return1 Topic2 Quizzes
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📖Contract Modification3 Topics
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🎯AICPA Questions: Revenue Recognition1 Quiz
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1.10) ACCOUNTING CHANGES & ERROR CORRECTIONS📖Accounting Changes5 Topics2 Quizzes
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📖Changes In Estimates3 Topics1 Quiz
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📖Changes In Reporting Entity2 Topics2 Quizzes
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📖Error Analysis12 Topics2 Quizzes
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🎯Comprehensive Test: Changes in Accounting Principles + AICPA Questions1 Quiz
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1.11) SPECIAL PURPOSE FRAMEWORK📖Special Purpose Framework12 Topics1 Quiz
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🎯AICPA Questions: Cash to Accrual1 Quiz
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1.12) SUBSEQUENT EVENTS📖Subsequent Events2 Topics1 Quiz
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2.1-1) CASH & CASH EQUIVALENTS📖 Cash & Cash Equivalents4 Topics2 Quizzes
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📖 Bank Reconciliation6 Topics2 Quizzes
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2.1-2) TRADE & NOTES RECEIVABLE📖Account Or Trade Receivable12 Topics2 Quizzes
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📖Notes Receivable6 Topics2 Quizzes
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📖Discounting Notes Receivable3 Topics
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📖Pledging & Factoring Receivable6 Topics
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2.1-3) PAYABLE & ACCRUED LIABILITIES📖Current Liabilities12 Topics3 Quizzes
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📖Short-Term Obligations Expected To Be Refinanced3 Topics2 Quizzes
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📖Payroll Liabilities9 Topics
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📖Accounting for Self-Insurance2 Topics
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📖Asset Retirement Obligation3 Topics
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📖Exit Disposal2 Topics
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🎯AICPA Questions: Cash and Receivables2 Quizzes
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2.2) CONTINGENCIES & COMMITMENTS📖Loss Contingency & Estimated Liability6 Topics
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📖Premium & Coupon Explained6 Topics
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📖Warranty Cost7 Topics2 Quizzes
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🎯Test: Payables and contingencies1 Quiz
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2.3) INVENTORY📖Perpetual Versus Periodic6 Topics2 Quizzes
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📖FOB Shipping & Destination3 Topics
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📖Period & Product Cost4 Topics
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📖Cost Flow Assumptions (FIFO, LIFO etc.)6 Topics2 Quizzes
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📖Inventory Errors6 Topics1 Quiz
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📖LIFO Reserve3 Topics
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📖LIFO Liquidation2 Topics
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📖Dollar Value LIFO6 Topics2 Quizzes
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📖Lower Of Cost Or Net Realizable Value11 Topics2 Quizzes
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📖Relative Sales Value Method Lump Sum Purchase3 Topics1 Quiz
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📖Purchase Commitment3 Topics1 Quiz
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📖Estimating Inventory Using Gross Profit5 Topics2 Quizzes
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📖Retail Inventory Method4 Topics2 Quizzes
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🎯Comprehensive Test : Inventory1 Quiz
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2.4) LONG-TERM CONSTRUCTION CONTRACT📖Long-Term Construction Contract12 Topics2 Quizzes
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📖Introduction To Investments3 Topics
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3.1-1) FINANCIAL INSTRUMENTS📖Debt Securities Available For Sale5 Topics
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📖Debt Securities Held To Maturities5 Topics
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📖Accounting For Debt Securities3 Topics2 Quizzes
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📖Equity Securities5 Topics2 Quizzes
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📖Impairment Of Value Of Debt Investment CECL5 Topics1 Quiz
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📖Statement Of Comprehensive Income & Reclassification Adjustment6 Topics1 Quiz
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📖Financial Instruments Disclosures1 Topic1 Quiz
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3.1-2) EQUITY METHOD📖Equity Method4 Topics2 Quizzes
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🎯6.1) Extra CPA Exam Questions Solved by Professor Farhat3 Topics
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💡CT Marketable Securities and Investments: 11 AICPA Questions1 Quiz
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3.2-1) PROPERTY, PLANT & EQUIPMENT📖Cost Basis11 Topics2 Quizzes
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📖Interest Capitalization7 Topics2 Quizzes
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3.2-2) DEPRECIATION & IMPAIRMENT📖Depreciation18 Topics2 Quizzes
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📖Depletion Expense5 Topics2 Quizzes
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📖Disposition Of Property, Plant & Equipment5 Topics1 Quiz
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📖Impairment Losses7 Topics1 Quiz
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📖Asset Held For Sale3 Topics
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🎯Test: Fixed Assets including Interest Capitalization and Impairment + AICPA Questions1 Quiz
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3.3) INTANGIBLE ASSETS📖Intro To Intangible Assets6 Topics2 Quizzes
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📖Impairment Of Intangibles3 Topics
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📖Goodwill & Goodwill Impairment7 Topics2 Quizzes
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📖Accounting For Computer Software1 Topic1 Quiz
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📖Research & Development Cost6 Topics1 Quiz
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📖Start-Up & Initial Operating Losses4 Topics
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📖Franchisee Accounting2 Topics
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📖Cloud Computing Arrangement1 Topic
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🎯Intangible Assets and Software Cost1 Quiz
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4.1) PRESENT VALUE & ANNUITIES📖Intro To Time Value Of Money3 Topics1 Quiz
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📖Present Value Of Single Amount4 Topics2 Quizzes
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📖Present Value Of Annuity4 Topics
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📖Future Value Of Annuity5 Topics1 Quiz
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📖Present Value Of Bond Computation & Deferred Annuity6 Topics
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📖Debt Covenant2 Topics
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4.2) BONDS📖Bonds11 Topics
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📖Issue Bond Between Interest Payments7 Topics
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📖Types Of Bonds2 Topics1 Quiz
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📖CPA Exam Question: Bonds Payable3 Topics2 Quizzes
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📖Fair Value Options For Liabilities3 Topics
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📖Notes Payable4 Topics2 Quizzes
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🎯Test: Bonds and Other Non current Liabilities + AICPA Questions1 Quiz
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4.3) DEBT RETIREMENT & RESTRUCTURING📖Debt Retirement4 Topics1 Quiz
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📖Debt Restructuring7 Topics2 Quizzes
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4.4) LEASES📖Intro To Leases4 Topics1 Quiz
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📖Operating & Finance Lease9 Topics2 Quizzes
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📖Leases- Financial Statement Presentation & Disclosures4 Topics
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🎯Test: Leases AICPA Questions1 Quiz
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5.1) DEFERRED TAXES📖Introduction To Deferred Taxes3 Topics
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📖Deferred Tax Liabilities4 Topics
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📖Deferred Tax Asset & Valuation Allowance7 Topics1 Quiz
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📖Temporary & Permanent Differences7 Topics2 Quizzes
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📖Uncertain Tax Position3 Topics1 Quiz
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📖CPA Exam Questions & MCQs10 Topics
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📖Net Operating Loss5 Topics
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📖Enacted Future Tax Rates3 Topics2 Quizzes
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🎯Test: Income Taxes + AICPA Questions1 Quiz
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5.2) STOCKHOLDERS' EQUITY📖Issuing Common Stock10 Topics2 Quizzes
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📖Preferred Stock3 Topics2 Quizzes
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📖Retained Earnings4 Topics1 Quiz
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📖Treasury Stock12 Topics2 Quizzes
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📖Book Value Per Share4 Topics
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📖Stock Subscriptions & Stock Rights3 Topics1 Quiz
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📖Dividends5 Topics2 Quizzes
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📖Property & Liquidating Dividend4 Topics
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📖Stock Dividend & Stock Split6 Topics
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📖Statement Of Stockholder's Equity2 Topics
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🎯Test: Stockholders’ Equity1 Quiz
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5.3) EARNINGS PER SHARE📖Basic EPS8 Topics1 Quiz
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📖Diluted EPS10 Topics2 Quizzes
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🎯Test: Earnings Per Share + AICPA Questions1 Quiz
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5.4) STATEMENT OF CASH FLOWS📖Introduction To The Statement Of Cash Flows4 Topics2 Quizzes
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📖Operating Section: Indirect Method4 Topics2 Quizzes
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📖Direct Method Operating Section: NOT covered on the CPA exam but helpful for converting cash to accrual and vice versa4 Topics2 Quizzes
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📖How To Prepare The Operating Section Statement Of Cash Flows2 Topics
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📖Investing Section4 Topics
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📖Financing Section3 Topics2 Quizzes
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📖Comprehensive Example1 Topic
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🎯Test: Statement of Cash Flows + AICPA Questions1 Quiz
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6.1) BUSINESS COMBINATIONS & CONSOLIDATIONS📖Introduction To Consolidation4 Topics
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📖Elimination Entries Of The Investment In Subsidiary2 Topics
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📖Balance Sheet Eliminating Entries2 Topics1 Quiz
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📖Elimination Of Non Depreciable Assets2 Topics1 Quiz
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📖Inventory Eliminating Entries2 Topics1 Quiz
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📖Elimination Of Depreciable Assets2 Topics1 Quiz
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📖Elimination Of Bonds Payable2 Topics1 Quiz
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📖Consolidated Financial Statements4 Topics1 Quiz
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📖Pushdown Accounting1 Topic2 Quizzes
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🎯Test: Business Combinations and Consolidations + AICPA Questions1 Quiz
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6.2) FINANCIAL STATEMENT ANALYSIS📖Financial Statement Analysis6 Topics
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📖Ratio Analysis10 Topics1 Quiz
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📖Variance Analysis2 Topics2 Quizzes
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📖Comprehensive Practice Financial Statement Analysis5 Topics
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🎯Test: Ratio Analysis1 Quiz
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6.3) PARTNERSHIPS📖Partnership10 Topics1 Quiz
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6.5) NOT-FOR-PROFIT ACCOUNTING📖Introduction To Not-For-Profit Accounting / Statement Of Financial Position2 Topics
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📖Statement Of Activities2 Topics
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📖Statement Of Cash Flows2 Topics
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📖Contribution Revenue, Contribution Of Services & Donated Material6 Topics
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📖Example2 Topics2 Quizzes
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📖Accounting For Health Care Providers4 Topics1 Quiz
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🎯Test: Not For Profit AICPA Questions1 Quiz
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7.1) GOVERNMENTAL ACCOUNTING OVERVIEW📖Introduction To Governmental Accounting2 Topics
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📖Objective Of Financial Reporting For State & Local Governments3 Topics1 Quiz
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📖Governmental Accounting Standards Board (GASB)3 Topics2 Quizzes
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📖Fund Accounting3 Topics1 Quiz
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📖Elements of Governmental Financial Statements2 Topics1 Quiz
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📖Governmental Funds4 Topics1 Quiz
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📖Proprietary Funds2 Topics1 Quiz
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📖Fiduciary Funds2 Topics1 Quiz
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📖Modified Accrual Accounting3 Topics1 Quiz
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📖Government-Wide Financial Statements2 Topics2 Quizzes
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🎯Test: Government Accounting and Reporting + AICPA Questions1 Quiz
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what is the ordinary annuity formula
Hi Yousef,
For an ordinary annuity (equal payments at the end of each period), the main formulas are:
1. Present Value of an Ordinary Annuity
PV = P × ((1 − (1+r)^−n ) / r)
P = payment each period
r = interest rate per period
n = number of periods
2. Future Value of an Ordinary Annuity
FV = P × ((1+r)^n – 1 ) / r)
Same variables as above, but this gives the value at the end of n periods.
In practice for exam questions, we usually look these factors up in the tables, but these are the underlying formulas.
I hope this helps!
where can i find mcqs to practise?
Hello Kanika,
I’ve added the quiz to FAR Miles.
If you are enrolled into a different course, please let me know.
Hey guys, you have the wrong result in the formula ‘10,000*4.546 = 34,460’…
Hey Alexey,
I’ve corrected the typo in the video and PPT file.
Thank you for bringing this to our attention!