[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]

Thanks NJPRU! I was thinking that it only occured if an event prompted it so that makes sense now that I know what determination means. It's stuff like that that will trip me up on the exam. Hopefully it won't be as ridiculously tricky as AUD.

[NJPRU]

Mom, what's the matter? i thought everyone liked how vague the AUD questions were! lol

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

Uh oh. IFRS will be the death of me too teetee. Boooooo

[NJPRU]

Let's do another IFRS question shall we?

On July 1, Year 5, Wistar Corp. issued 1,000 of its 6%, 10-year, $1,000 face amount bonds with detachable stock warrants at 110. Each warrant could be redeemed for one share of Wistar’s common stock at a specified option price of $25 per share. Immediately after issuance, the fair value of the bonds without the warrants was $1,080,000, and the fair value of the warrants was $120,000. Under IFRS, Wistar will record the warrants at

A. 120,000

B. 2,500

C. 0

D. 20,000

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

Oh yeah. LOVED AUD!!!! Where's my mean faced emoticon????

[stoleway]

Answer is D.

Under IFRS, you will assign the FV of the bond first and Residual value will be allocated to the warrant

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

Mass-CPA

[Anonymous]

I'll go with what stoleway said, since I really don't know. 🙁

[NJPRU]

Yes stoleway is correct and for that reason as well.

I think my problem is that i know the IFRS concepts when I study them, I'll have no idea at test time lol. they should make an IFRS test (i mean, after we all take FAR and pass, they then can add an additional exam, lol)

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

IM GOING TO BE A CPA!!!!!

[teeteenounouche]

I'll go with the consensus…D

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[NJPRU]

I'm just shooting off questions to you guys during my review of Noncurrent Liabilities:

Mann Corp.’s liability account balances at June 30, Year 2, included a 10% note payable in the amount of $3.6 million. The note is dated October 1, Year 1, and is payable in three equal annual payments of $1.2 million plus interest. The first interest and principal payment was made on October 1, Year 2. In Mann’s June 30, Year 3, balance sheet, what amount should be reported as accrued interest payable for this note?

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

IM GOING TO BE A CPA!!!!!

[teeteenounouche]

Is it 270,000?

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[How many letters do you need]

180K?

MBA,CMA,CPA, CFF?, ABV?

[NJPRU]

Before I tell you the answer, can you explain to me how you got to your answer?

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

IM GOING TO BE A CPA!!!!!

[Guti]

I think is E.

FAR-84
AUD-
REG-
BEC-

[NJPRU]

I see what you did there How Many. 😉

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

IM GOING TO BE A CPA!!!!!

[Author]

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