[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

[Anonymous]

The 2 required sections for EPS are Income from Continuing Operations and Net Income. You MAY record EPS for income from Extraordinary Items and for Income from Discontinued Operations, but it isn't required.

[Anonymous]

What is a Sinking Fund Bond and how many years of disclosures are required for it?

[stoleway]

Gotcha- continuing operations and Net income. cool

So you're right on the consignment accounting, the receivable can also be debited as Consignment in.

When consignment in are debited it becomes Receivable for the consignee, it becomes payable when its credited.

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

Mass-CPA

[Anonymous]

Ah–Consignment In. Don't remembering reading that concept before. Thanks!

[stoleway]

I know sinking fund is set aside to discharge non-current liabilities(obligations), it includes investment, dividend earned on the investment and interest revenue. I forgot the disclosure part:(

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

Mass-CPA

[Anonymous]

Hey Stoleway–When is your test? Is there a particular area(s) you are struggling with? Since it's just us I could quiz from those areas to help coincide with what you are studying if you think that would help you.

[Anonymous]

I have that sinking fund bonds require 5 years of disclosures. Not a majorly important fact. I'm just going through my notes and asking random concept/facts to help them stick. I haven't taken any new WTB quizzes so I don't have any new incorrect questions to ask.

[stoleway]

My test will probably be on April 29th, see below for the chapters I have NOT covered. I'm using Gleim

EQUITY

Business Combinations and Consolidated Financial Reporting

Derivatives, Hedging, and Other Topics

Statement of Cash Flows

Governmental Accounting

Governmental Reporting

Not-for-Profit Accounting and Reporting

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

Mass-CPA

[Anonymous]

I haven't used Gleim, but I'll avoid questions on those topics so this actually helps us both.

[stoleway]

Litigation $20 was accrued in yr1, $10 was settled in yr2. How will you treat this in your current and prior financial statements?

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

Mass-CPA

[Anonymous]

In year 1, I would DR Expense $20 and CR Liablity $20. In year ,2 I would DR Liability $20, CR Expense $10, CR Cash $10. I wouldn't change the 1st year financials except to update the disclosure to show the result of the litigation.

[Anonymous]

Which of the following is a method to generate cash from AR?

Assignment, Factoring, Both, or Neither

[jrosen92770]

factoring

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]

Hey FARiends….I am on for a little bit.

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

[stoleway]

Remember when you accrue a possible loss, you don't debit expense, you debit loss, and credit liability.

Yr 1 financial statement will not change, and the disclosure for yr1 is enough. So you wouldn't change anything in yr 1

In yr 2 you will remove the liability by debiting liability for $20, credit cash $10, credit gain $10 (loss recovery).

I have to bounce to finish off my power weekend, I will be back in 2hrs time:)

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

Mass-CPA

[Author]

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