[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

[Guti]

This is the reason why I gave you that example. Originally I also thought that the asset needed to be different to have a commercial substance, but then I saw a question where the assets were the same Truck for a truck ,but one of the trucks was newer and for hauling larger cargo and it qualified as having commercial substance. So if you trade your 2014 Honda for a Mercedes of the same year, you will have commercial substance and probably a lemon.

FAR-84
AUD-
REG-
BEC-

[Guti]

How are you guys doing on Becker's progress test? Or WTB cummulative tests?

FAR-84
AUD-
REG-
BEC-

[Anonymous]

^^ Right- my point was that if they don't say anything about cash flows changing or specifically saying that it has or lacks commercial substance or gives you any other information related, and the two different items being exchanged are the same, then assume it lacks commercial substance.

[Guti]

jrosen92770, im trying red bul so i can stay awake too. Celia Cruz helps too.

FAR-84
AUD-
REG-
BEC-

[NJPRU]

Gian – you should have been in here the entire time! Welcome to the family. 😛

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

IM GOING TO BE A CPA!!!!!

[Guti]

Thanks NJP, I dint feel ready 2 months ago. I was only going to confuse you guys with my questions and answers, but now I can learn from you all and at the same time help a bit.

FAR-84
AUD-
REG-
BEC-

[HopefulCPA0601]

wow guys PV calcs are NOT my thing. Anyone have an easy way to remember this or answer questions?

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[Anonymous]

Hiya Gain – I am using the WTB and so far I see more Red Bars than Green ones.

A few topics I am at 84 / 80 %..

Most I am sitting at 70 / 72 % and a small reason is I don't read the Qs or I get lost in Translation.

Debt Restructure I am at 63 so that one is my lowest. –

Lets see if today's topics I can get some more Green Bars..

[Anonymous]

PV Fundamentals is my Next batch – That i think will be another one I get low 60's in.

Anyone that is good at this topic – pls help us!!

[NJPRU]

You mean PV of Annuity Due vs PV of Ordinary Annuity?

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

IM GOING TO BE A CPA!!!!!

[HopefulCPA0601]

@NJPRU – yes, and even getting an understanding of what formula i am supposed ot be using and what the question is asking from me.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[Anonymous]

Yes Please 🙂

[Anonymous]

For example this Question –

How I can i tell if it is a Future Value verse Present Value

To me Future value means – you will be paying amount X at Y3. So you figure out how much X is now.

Present value – you know what the amount is now – but you see how much it will valued at in Y3.

On November 1, year 1, a company purchased a new machine that it does not have to pay for until November 1, year 3. The total payment on November 1, year 3, will include both principal and interest. Assuming interest at a 10% rate, the cost of the machine would be the total payment multiplied by what time value of money concept?

Future amount of annuity of $1.

Present value of annuity of $1 plus the present value of $1.

Future amount of $1.

Present value of $1.

[Anonymous]

Like as far as which rate to use when determining interest income vs. interest expense? I'm going through the PV fundamental questions on Wiley right now

[NJPRU]

I'm at work right now and will also be reviewing this tonight. I will be online around 7pm est and this is the first subject in my review material. I'm sorry I can't help sooner, but I'll leave you with the basic cocept that Annuity Due is due at the time time the liability is taken, i.e. the liability was signed on 1/1 the partial payment would be on that day.. however for an ordinary annuity, the partial payment is due at a later date rather than the date you took responsibility of the liability.. i.e you entered into the liability @ 1/1 however the partial payment isn't due until 12/31.

I'll throw out some exampls and explanations as i go through it later. sorry again that i cant help sooner.

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

IM GOING TO BE A CPA!!!!!

[Author]

Replies