[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]

I picked 600 but it came back at 690k..

This answer is correct. The use of full accrual accounting in the preparation of the government-wide Statement of Activities results in reporting $690,000 for property tax revenues in year 1. Under full accrual accounting, property tax revenues are reported in the year levied, net of expected refunds and estimated uncollectible taxes. In this question, property tax revenues reported in year 1 would consist of the $700,000 levied minus the $10,000 estimated to be uncollectible. Note that collection of $100,000 of property taxes in year 2 during the first 60 days and the collection of $90,000 during the remainder of year 2 have no effect on the amount of revenue reported in year 1 using full accrual accounting. Under the modified accrual basis of accounting that is used for the governmental fund statements, the date of collection of property tax revenues in the following year had an effect on the amount of revenue reported in the current year.

Man this Govt Accounting is pissing me off. LOL

[Anonymous]

Never mind – I know what I did wrong – miss read the question

[NJPRU]

So did I.. I knew I should have done it with the “levied” amount but for whatever reason I double guessed myself.

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

IM GOING TO BE A CPA!!!!!

[UHC2005]

Started my final review with a set of 30 MCQs over some of the older sections I covered and was promptly kicked the jimmy by them. Not panicking yet, but it's going to be a long 9 days…

Using Ninja MCQ, NINJA Notes, Audio, Flashcards and BLITZ, and 2014 Wiley Text

FAR - (61,63)
AUD - (68)

Keep Calm and RTMFQ

Accountant, what is best in life? To crush your MCQs, see them driven before you, and hear the lamentation of their SIMS!

[Anonymous]

I have 40 more Mcqs today and then calling it a day.. My Goal was 300 .. I will have reach 240. So fell a bit short and its mostly because of Govt Accounting. Sigh…

[Anonymous]

Can someone give me an example of a exchange transaction and a non exchange transaction.

Thank you!

[Anonymous]

An exchange transaction would be fines & penalties and property tax and non exchanged (derived revenue) would be sales tax and income tax.

[Anonymous]

Interfund Activity is classified as follows: 2 [RN]

Reciprocal Interfund Activity [RIA]

Nonreciprocal Interfund Activity [NIA]

RIA includes ETT, the so-called Exchange-Type Transactions between funds:

1. Interfund Loans

…..a. Interfund Receivables => Due From

…..b. Interfund Payables => Due To

2. Interfund Services Provided & Used

NIA represents NET, the so-called Non-Exchange Transactions between funds:

1. Interfund Transfers

…..a. Taxes: From PF to GF

…..b. Pledged Revenues: From SRF to DSF

2. Interfund Reimbursements

I hope it makes sense to you, Kenada because honestly tonight, I doesn't make sense to me as I again looked over these notes, which I wrote more than 2 weeks ago.

I am hoping this will make sense again when I revisit my entire government accounting notes next week.

[Anonymous]

Joe- thanks for posting that eliminating transaction example- it did help! I did a bunch of sims and homework questions and I think I got it figured out.

[Anonymous]

I got this Definition from Wiley in one the questions.

Imposed nonexchange transactions are taxes and other assessments by governments that are not derived from underlying transactions. Examples include property taxes, special assessments, and fines and forfeits.

So Exchange transactions would be Income tax and Sales tax Right ?

[NJPRU]

“Believe you can and you’re halfway there.” –Theodore Roosevelt

🙂

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

IM GOING TO BE A CPA!!!!!

[Tootsie]

I'm on the pensions/income tax chapter today (final review). I think the leases/bonds chapter is my beast. Anyways, 3 more days of studying, aaaaaaaaaaaaah! Then I can have some freedom for a couple of weeks, yesssssssssss!

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[Anonymous]

I typed that in backwards! Yep youre right @brainfarts

[CPAfit]

@amanda how are you feeling about the exam now and what's your last day strategy?

[Anonymous]

I have kind of mixed of feelings about it…on one hand, I don't feel ready at all and on the other hand, I don't know what else I could do to feel more ready. I plan on just doing as many multiple choice questions and sims as I can over the next two days and then Thursday morning I'll do a Becker practice test, review for a little bit and stop studying at noon. How are you feeling?

[Author]

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