[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

[NJPRU]

Thats what I did stoleway – the lease years were less than the useful life, so you would use lease years and then you always use the PV amount.

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

Yes D is the answer.

Thanks Jenni 🙂

So is sales lease the same as sales lease back? I thought i read that sales lease back can either to capital or operating.. Maybe I am confusing things..

[UHC2005]

Kenada, no they're not the same thing. A sales leaseback is when the entity sells the item and then leases it from the entity they sold it to. In your case above, Tell is leasing the item with intent to buy.

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!

[stoleway]

@kenada….

There is a different between sales type leases and sales leaseback.

With sales lease back, the lessor sells the asset and then immediately or later on lease it back from the buyer.

So the lessor becomes the lessee after leasing the equipment or the property back.

LESSOR becomes LESSEE in sales lease back. hope this makes sense

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

Mass-CPA

[cpain2015]

Has anyone who has taken the FAR exam recently used the NINJA MCQ. Just wanted to know how much they helped.

Thanks~!

FAR - 73, 75 PASSED
AUD - 74, 96
BEC - 79
REG - 89! Done. I'm a CPA!!

[Anonymous]

Ok do Sales type and sales leaseback are then one and the same thing.. Ok got it 🙂

[HopefulCPA0601]

@kenada – they are not the same thing. sales leaseback you are selling and leasing back, and based on a few tests you determine how much gain you may have to recognize

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

[jennibfox]

I wouldn't say they were one in the same — Becker Explains it

Sale (in substance)

Lessee = Capital Lease (GAAP) / Finance Lease (IFRS)

Lessor = Sales-type or Direct Financing Type (GAAP) / Finance Lease (IFRS)

A Sale Leaseback is when the owner of a property (seller-lessee) sells the property and simultaneously leases it back from the purchaser-lessor.

Hope this makes since!

FAR - JULY 2014 - PASSED
BEC - MAY 2015 - PASSED
REG - AUG 2015 - PASSED
AUD - AUG 31 2015

[Anonymous]

Okay warrants question makes sense now. Expense of 32000 was already recorded at the same time when estimated liability, at the end of Y1, I forgot how it works

[jennibfox]

Are there any good links to journal entries or have you all put a list together yourself? Are you all studying journal entries for the SIMS?

FAR - JULY 2014 - PASSED
BEC - MAY 2015 - PASSED
REG - AUG 2015 - PASSED
AUD - AUG 31 2015

[stoleway]

The City of Middleton maintains a vehicle garage. This activity services and repairs all of the vehicles owned by the government. The garage is reported as an Internal Service Fund because a charge is performed for all work done at an amount equal to 10 percent above cost. Most of the work performed in the garage relates to the servicing of the city's bus service although some work is carried out on vehicles used in other activities. Because there is a user charge to the public, the bus service is recorded by the city as a business-type activity. In connection with the preparation of government-wide financial statements, which of the following statements is true?

A This Internal Service Fund will be included as a governmental activity.

B This Internal Service Fund will be included as a business-type activity.

C This Internal Service Fund will be included as a component unit.

D This Internal Service Fund will not be included in the government-wide financial statements.

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

Mass-CPA

[HopefulCPA0601]

A

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

[stoleway]

I also chose A but the answer says B….Im confused…lol

Because there is a user charge for the services performed, Internal Service Funds are included by a state or local government as a Proprietary Fund. However, on government-wide financial statements, Internal Service Funds are reported based on the activities that benefit from their work. Here, the bus service (a business-type activity) is the primary beneficiary of the work of the vehicle garage. Because the main connection is with a business-type activity, the Internal Service Fund is also reported as a business-type activity.

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

Mass-CPA

[NJPRU]

A.

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

IM GOING TO BE A CPA!!!!!

[NJPRU]

I refuse to believe that's true and I will continue saying its a governmental activity. lol

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

IM GOING TO BE A CPA!!!!!

[Author]

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