In this video, we walk through 5 FAR CPA exam practice questions about preparing financial statements using the cash basis or modified cash basis of accounting.

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00:00 Intro
01:23 Question 1: Calculating Cash Basis Income
03:54 Question 2: Calculating Cash Income Based on Changes in Accounts Receivable and Accounts Payable
07:20 Question 3: PP&E and Liabilities - Cash vs. Modified Cash Basis
14:10 Question 4: COGS - Cash vs. Modified Cash Basis
16:58 Question 5: Accrued Interest and Income Tax - Cash vs. Modified Cash Basis
20:35 Pillar Topics