[Q2] FAR Study Group 2014 - Page 143

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  • February 6, 2014 at 9:58 pm #183478
    jeff
    Keymaster

    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

Viewing 15 replies - 2,131 through 2,145 (of 6,668 total)
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  • March 31, 2014 at 12:58 am #562646
    Anonymous
    Inactive

    C

    March 31, 2014 at 1:02 am #562647
    stoleway
    Participant

    Correct answer is B

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    Mass-CPA

    March 31, 2014 at 1:04 am #562648
    Anonymous
    Inactive

    Which of these expenses are capitalized?

    A. Business start up costs

    B. Interest of software for internal use

    C. R&D Costs

    D. Product Costs

    March 31, 2014 at 1:05 am #562649
    Anonymous
    Inactive

    So you don't have to accrue an allowance for bad debt for a major customer unless the event happens before the balance sheet date? Interesting

    March 31, 2014 at 1:06 am #562650
    stoleway
    Participant

    B. Interest of software for internal use ?

    REG -63│ 84!!
    BEC- 59│70│ 71 │78!
    AUD- 75!
    FAR- 87!

    Mass-CPA

    March 31, 2014 at 1:07 am #562651
    Anonymous
    Inactive

    Correct!

    March 31, 2014 at 1:08 am #562652
    Anonymous
    Inactive

    Can you name the 4 enhancing characteristics of useful information?

    March 31, 2014 at 1:09 am #562653
    stoleway
    Participant

    @CPAMommyof3

    I don't know about that aspect, but I think it will not be wise for a company to assume that an account will be uncollectible just because a customer suffered a plant explosion. That's my understanding in this scenario.

    REG -63│ 84!!
    BEC- 59│70│ 71 │78!
    AUD- 75!
    FAR- 87!

    Mass-CPA

    March 31, 2014 at 1:11 am #562654
    stoleway
    Participant

    Every ……….Enhancing characteristic

    Coach………Comparability

    Values……..Verifiability

    Their…………Timeliness

    Uniform………Understability

    REG -63│ 84!!
    BEC- 59│70│ 71 │78!
    AUD- 75!
    FAR- 87!

    Mass-CPA

    March 31, 2014 at 1:12 am #562655
    Anonymous
    Inactive

    Gotcha–I read it as their plant exploded, they will have no sales and therefore they can't pay their debt. We should at least accrue something for the bad debt because they are a major customer of ours. Confusing accounting scenarios. Ha.

    March 31, 2014 at 1:13 am #562656
    Anonymous
    Inactive

    Love that! Correct!

    March 31, 2014 at 1:14 am #562657
    Anonymous
    Inactive

    What 2 sections of the Income statement require an EPS calculation?

    March 31, 2014 at 1:15 am #562658
    stoleway
    Participant

    A consignee paid $500 freight for goods sent to him by consignor, how would you (consignee) record this in your Journal?

    REG -63│ 84!!
    BEC- 59│70│ 71 │78!
    AUD- 75!
    FAR- 87!

    Mass-CPA

    March 31, 2014 at 1:16 am #562659
    stoleway
    Participant

    Income before extraordinary gain or loss

    Income after extraordinary gains or loss?

    REG -63│ 84!!
    BEC- 59│70│ 71 │78!
    AUD- 75!
    FAR- 87!

    Mass-CPA

    March 31, 2014 at 1:20 am #562660
    Anonymous
    Inactive

    I believe the cost to ship the goods to the consignee would be at the expense of the consignor so I think it would be a reimubrseable costs, not to be expensed in the consignee's books. So I would book a receivable from the consignor and Credit Cash?

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