[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]

It goes to Fidelity or some Company that then invests it into various hedge funds.

Example my Company has it going to Fidelity both my contributions and the companies matched contributions.

Then Fidelity will invest it into bonds or stock or whatever I decide it should be invested in. As they get returns on the investment my pension balance grows etc.. So by the time I retire – i have a good payout to cover me in my old age.

For the CPA exam you don't need to worry about that part 🙂

[jrosen92770]

According to Becker's formula it say's Benefits Paid to Retirees.

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]

Thanks Kenada!

[jrosen92770]

Kenada – Isn't that a Defined Contribution Plan as opposed to a Defined Benefit Plan?

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 just read in wikipedia that it's forbidden in US (unfunded pension), unless I misunderstood

As Kenada said it's probably not relevant to the exam, I just like to see the whole picture

[Anonymous]

Hmmmmm You know it could be the Contribution plan that we do at my company.

I know that once the pension asset money goes to the administration, they manage it on behalf of the company and invest the funds so that it can grow.

Employees if they leave the employment can take the pension that they contributed as that Vests immediately. The portion the company matched does not vest unless you have been employed for 5 yrs with them. Then its vest for you to take with your if you happen to move jobs.

I wouldn't worry too much Anna – as it won't show up on the exam – that side of Pensions that is. They will focus more on A SPIDER… creepy crawly pensions.

[jrosen92770]

What is SPIDER? Is that like Becker's SIR AGE (Service cost, Interest Cost, Returns, Amort of Prior Svc Cost, Amort Gain/Loss and existing net obligations?

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]

yes it is 🙂 – its A-SPIDER

[jrosen92770]

I believe in yall that you can pass this thing.

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 hope so – i still don't get Govt Accounting

Like Ok I know we have 3 fund types. The accrual methods and the FS statements for each of them.

1. General Fund – Modified Accrual – GSD-CD (Funds)

Statement of Revenue, Expenditure, Change in Fund balance

Balance-sheet

2. Propierty Fund – Accrual – IE (Funds)

Statement of Revenue, Expenses, Change in Net Assets.

Statement of Net Assets

Statement of Cash Flows

3. Fiduciary Funds – Accrual -APIP (Funds)

Statement of Revenue, Expenditure, Change in Fund balance

Balance sheet

Now we I don't get what is the purpose of Govt Wide FS ? How does this fit the Picture?

Like I know its Two statements

Statement of Net Position and Statement of Activities. – Accrual basis, Economic Measurement focus etc.

So what funds come here ? The General Funds plus Internal Service Fund ?

[NJPRU]

86 MCQs down.. 101 to go. haha

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

Confusion Here – I thought for Modified Accrual you only account for revenue when its

1. Available – Include Revenue to be received within 60days of the next period.

2. Measurable

The general fund of Miller City levied property taxes of $700,000 for year 1. The city, which reports on a calendar year, expected the taxes to be collected in the following manner:

• $500,000 during year 1

• $100,000 during the first 60 days of year 2

• $90,000 during the remainder of year 2

• $10,000 is estimated to be uncollectible

On the government-wide Statement of Activities prepared in accordance with GASB 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, what amount should be reported for property tax revenues for the year ended December 31, year 1?

$500,000

$690,000

$700,000

$600,000

So why is the answer 690,000 in this case ?

[NJPRU]

*sings*

I see a little silhouetto of a man,

Scaramouche, Scaramouche, will you do the Fandango?

Thunderbolt and lightning,

Very, very frightening me.

(Galileo) Galileo.

(Galileo) Galileo,

Galileo Figaro

Magnifico.

*sings*

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

IM GOING TO BE A CPA!!!!!

[jrosen92770]

That's hilarious…I just had on We will…We Will Rock You…I got a little desperate and listened to “Eye of the Tiger”….

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]

Kenada, I really have no idea.. I was tossing between 590k and 600k.

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

IM GOING TO BE A CPA!!!!!

[Author]

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