[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

[CPAfit]

@joe that's it man keep it up

[jrosen92770]

Zubairs – How are you coming? What time is it for you?

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

[CPAfit]

@joe it's 1:00 am here and I'm in bed already reviewing ninja notes. I don't why but I'm really confused right now. It's like I haven't prepared at all and the last two weeks have been nothing but waste 🙁 I'm gonna do all the mcqs and sims I can tomorrow coz on Wednesday I'll just review the notes and any area I don't feel comfortable with. What do you say, sounds like a good plan?

[CPAfit]

Good night everyone see you all tomorrow

[Anonymous]

see you tomorrow Zubair !

@ Joe – doing Govt accounting and i totally suck at this..

[Anonymous]

Balances as of 12/31:

Big Bank

Bank Balance= 7000

Deposits in Transit= 1500

Balance= 8500

Small Bank:

Bank Balance: 7000

Outstanding checks: 9000

Balance: (2000)

What is the cash balance at 12/31?

[Anonymous]

Amanda_88,

is it 8500?

[jrosen92770]

8500 under GAAP and 6500 under IFRS?

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]

For me GOV is ok, it's NFP that I have NFClue

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]

I am the Opp Joe – Govt I haven't a clue – NFP is fine I get it and I actually like it..

Oh dear.. – how do I get better at Govt since that is more heavily test…

[jrosen92770]

What part of GOV ales you?

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]

Why is the answer Expenditures ?

Which of the following accounts should Moon City close at the end of its fiscal year?

Vouchers Payable.

Fund balance—Unreserved.

Reserved for Encumbrances.

Expenditures.

So the Opening JE is

Dr Estimated Revenue Control

…………CR Appropriation Control

…………Cr Other Financing Control (if there is anything)

…………Cr Budgetary Fund Balance ( If Revenue is greater than Appropriations otherwise its a Dr)

To Close this JE – isn't it the exact opposite ?

[jrosen92770]

Zubairs – It sounds like you have reached a point of diminishing returns. When I get to that point, I take a break and/or do something else unrelated. What really helps me is to go for 30 minutes fast paced walk.

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]

I get confused between the funds like

What is the difference between the Government Fund and Government Wide fund ?

Everything I see feels like all the funds are intertwined together to make a huge spider web and i am get lost.

PS. Posted a question on Page 48 about Govts..

[Anonymous]

Hmm not sure about IFRS Joe but under US GAAP, yes it is 8500 for US GAAP and the negative balance would be a liability.

[Author]

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