[tmturner74]

Is it ok to start a FAR Study Group? I retook Audit yesterday and although I don’t have a gut feeling either way if I passed or not, I am going to start on FAR. I am using Becker self-study and purchased the Ninja Notes for FAR.

I am looking forward to reading a/b everyone’s progression. Good Luck!

 

Aud- 11/28/12 (72), 02/27/13 (72), 04/06/2013 77!!
FAR-tbd
BEC-tbd
REG-tbd

[Anonymous]

can some body help me with foreign currency accounting

when we do re-measurement or translate

for Income statement we use weighted average for both

but for balance sheet for item we may use historical rate in re-measurement and current rate for translation

can some one explain to me where is the differences between them in BS

and what is the logic to use weighted average for inventory in one of them and the other we use current rate ?

[nashville79]

Prior Period Adjustments (Change in Principle, Entity or Errors), what would the JE look like? Debit to Retained Earnings?

[nashville79]

Prior Period Adjustments (Change in Principle, Entity or Errors), what would the JE look like? Debit to Retained Earnings?

[Tncincy]

@AnasAg – I don't quite understand your question, but you may get a better understanding in the ASC topic 830, which addresses the issues related to foreign currency and translation of foreign currency statements. I'm on inventory right now….things is just moving too slow for me :-((. Tme to pick it up a bit.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

@AnasAg – I don't quite understand your question, but you may get a better understanding in the ASC topic 830, which addresses the issues related to foreign currency and translation of foreign currency statements. I'm on inventory right now….things is just moving too slow for me :-((. Tme to pick it up a bit.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Theo]

I don't think I can hear another person say the word “again”!!!!!! It's driving me crazy right now! I need another lecturer for my next exam review. Any suggestions?

AUD 01/17/2013 (92)
REG 02/28/2013 (85)
FAR 04/26/2013 (85)
BEC 05/30/2013 (88)

[Theo]

I don't think I can hear another person say the word “again”!!!!!! It's driving me crazy right now! I need another lecturer for my next exam review. Any suggestions?

AUD 01/17/2013 (92)
REG 02/28/2013 (85)
FAR 04/26/2013 (85)
BEC 05/30/2013 (88)

[MustPass1988]

I'm halfway through F2 and I'm already over FAR. Pretty sure ill never want to do another journal entry after this exam

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[MustPass1988]

I'm halfway through F2 and I'm already over FAR. Pretty sure ill never want to do another journal entry after this exam

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[namaci]

I have a quick question, I'm studying for FAR and I came accross this from Becker:

Red and White formed a partnership in Year 1. The partnership agreement provides for annual salary allowances of $55,000 for Red and $45,000 for White. The partners share profits equally and losses in a 60/40 ratio. The partnership had earnings of $80,000 for Year 2 before any allowance to partners. What amount of these earnings should be credited to each partner's capital account?Red and White formed a partnership in Year 1. The partnership agreement provides for annual salary allowances of $55,000 for Red and $45,000 for White. The partners share profits equally and losses in a 60/40 ratio. The partnership had earnings of $80,000 for Year 2 before any allowance to partners. What amount of these earnings should be credited to each partner's capital account?

ReD White

a.$40,000 $40,000

b.$43,000 $37,000

c.$44,000 36,000

d.$45,000 $35,000

According to becker the solution is B, which I really don't get because if they own 60% and 40% then after the salary allowances they would have a loss of $20,000, which will give Red $12,000 and White $8,000. However, becker chooses the ending capital account balances as the correct answer???

Help Please!!!!!!

[namaci]

I have a quick question, I'm studying for FAR and I came accross this from Becker:

Red and White formed a partnership in Year 1. The partnership agreement provides for annual salary allowances of $55,000 for Red and $45,000 for White. The partners share profits equally and losses in a 60/40 ratio. The partnership had earnings of $80,000 for Year 2 before any allowance to partners. What amount of these earnings should be credited to each partner's capital account?Red and White formed a partnership in Year 1. The partnership agreement provides for annual salary allowances of $55,000 for Red and $45,000 for White. The partners share profits equally and losses in a 60/40 ratio. The partnership had earnings of $80,000 for Year 2 before any allowance to partners. What amount of these earnings should be credited to each partner's capital account?

ReD White

a.$40,000 $40,000

b.$43,000 $37,000

c.$44,000 36,000

d.$45,000 $35,000

According to becker the solution is B, which I really don't get because if they own 60% and 40% then after the salary allowances they would have a loss of $20,000, which will give Red $12,000 and White $8,000. However, becker chooses the ending capital account balances as the correct answer???

Help Please!!!!!!

[lbi18]

@namaci

The best way to do this question is to just break it down, step by step. The partnership had earnings of $80,000 (BEFORE any salary allowances), and Red receives a salary of $55,000 while White receives a salary of $45,000.

After accounting for the salary allowances from the partnership profit, there is a $20,000 loss that each partner will share based on their ratios. Red absorbs $12,000 of the loss (20,000 x 60%) and White absorbs the remaining $8,000 (20,000 x 40%).

So, Red received a salary of $55,000 less the $12,000 loss attributable to him (55,000 – 12,000 = 43,000). White received a salary of $45,000 less the $8,000 loss attributable to him (45,000 – 8,000 = 37,000).

Hope this helps!

FAR - 85
AUD - 99
REG - 85
BEC - 10/4/13 (Waiting)

Using Becker Self-Study

[lbi18]

@namaci

The best way to do this question is to just break it down, step by step. The partnership had earnings of $80,000 (BEFORE any salary allowances), and Red receives a salary of $55,000 while White receives a salary of $45,000.

After accounting for the salary allowances from the partnership profit, there is a $20,000 loss that each partner will share based on their ratios. Red absorbs $12,000 of the loss (20,000 x 60%) and White absorbs the remaining $8,000 (20,000 x 40%).

So, Red received a salary of $55,000 less the $12,000 loss attributable to him (55,000 – 12,000 = 43,000). White received a salary of $45,000 less the $8,000 loss attributable to him (45,000 – 8,000 = 37,000).

Hope this helps!

FAR - 85
AUD - 99
REG - 85
BEC - 10/4/13 (Waiting)

Using Becker Self-Study

[namaci]

@lbi18 Thanks so much! You saved my day 🙂

[namaci]

@lbi18 Thanks so much! You saved my day 🙂

[Author]

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