[jeff]

I’ve had a few requests for April/May Study Groups…March will be here before you know it.

In order to take an early April exam, you should begin studying…now. 🙂

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[NJPRU]

@Mammabear – I haven't done leases yet so I'm not sure if different rules apply to capitalization, but based on what I know, I would say A.

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[jrosen92770]

45 is correct.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[Anonymous]

You are correct NJPRU!

[jrosen92770]

I say A mommabear

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[missbehaved8907]

@ CPAMommy – A?

REG (08/2011 - 73)
AUD (01/2013 - 63) (04/2013 - 72)
FAR (11/2013 - 61) (02/2014)- 71)
BEC - No attempt

[Anonymous]

@JRo–Is it 152K?

[Anonymous]

You guys are right–It's A

[jrosen92770]

You are correct $152k

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[Anonymous]

When only a few assets (not a reporting unit) acquired in a business combination accounted for using the acquisition method are being tested for recoverability, all goodwill that arose from that transaction should

A Not be allocated to only part of a reporting unit..

B Be allocated to all asset groupings equally.

C Be allocated equally to only those assets being tested.

D Be allocated to all asset groupings using the relative fair values of long-lived tangible and intangible assets.

[missbehaved8907]

I say ending obsolescence is $152,000

REG (08/2011 - 73)
AUD (01/2013 - 63) (04/2013 - 72)
FAR (11/2013 - 61) (02/2014)- 71)
BEC - No attempt

[NJPRU]

Deficits accumulated during the development stage of an entity should be

A. Capitalized and written off in the first year of principal operations.

B. Capitalized and amortized over a 5-year period beginning when principal operations commence.

C. Reported as organization costs.

D. Reported as a part of equity.

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Anonymous]

@NJPRU–Is it C–Like start up costs

[jrosen92770]

NJ I am saying C as well.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[jrosen92770]

Momma I am saying B

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[NJPRU]

Actually mamma – it's D:

A development stage enterprise must present financial statements in conformity with GAAP together with certain additional information accumulated since inception. Cumulative net losses must be disclosed in the equity section of the balance sheet.

And remember cumulative expenses are shown in a separate column in Cash Flows and Income Statement. It's not until they start making substantial revenue that they discontinue that process.

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Author]

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