[jeff]

Resources:

Free Study Planner + FAR NINJA Notes (Governmental Accounting): https://www.another71.com/cpa-exam-study-plan/

FAR Exam Experience: https://www.another71.com/cpa-exam-forum/topic/far-exam-experience-official-thread

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

@mindjet : lol ya and i wish February has 31 days :-/ .. LOL

@mcclkt: i think yemdroes and cpa hopeful are taking exam tomorrow…

and capitalization the interest —-> only during the construction, not before or after the construction and its is calculated on actual cost or actual money spent on construction.

if capitalize interest is less then actual interest i.e %rate * borrowed money = capitalized the whole interest.

@yemdroes and cpahopeful!! – wishing you all the best , go punch in the FAR face https://24.media.tumblr.com/tumblr_lvo8l1suWy1r6aoq4o1_500.gif

rooting for you guys and good luck to all of US…

POWER NIGHT whole NIGHT !!!

[Anonymous]

Good luck to everyone! Tried reading through the post to catch up but thought not to just in case it stresses me out, lol. Going over IFRS and government once again before bed. Happy studying! I have my exam at 8 am , ah crickets! Keep studying!! Were all doing so well!!

[MCLKT]

Good luck!

I will not have a powernight tonight, I'm a party pooper.

Time to catch up on sleep. I'm going to work MCQ for 2 hours then bed time.

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[mindjet]

Thanx NAM….i got it hopefully…if i don't forget it by 28th again…all the best cpahopeful.

FAR 02/28/2013

[mindjet]

another confusion…in non-monetary exchanges, when do u calculate gain in proportion to cash??

forgetting all the small details in panic.

FAR 02/28/2013

[Anonymous]

its ok mindjet….

i just finished revising non monetary exchange and its still fresh..

Step 1- analyze whether its monetary or non monetary exchange. i made lots of silly mistakes. any transaction which doesn't generate revenue or effect cash flow is consider non- monetary.

Step 2 only consider gain when you revived boot. gain is calculated as follow FV of machine given – BV of the machine given.

Step 3 – now here is the crazy rule if boot received is less then 25% then prorate the gain.

Formula= gain* boot received/ fv of asset given

JE

Dr new machine (plug in )

DR boot received

Cr old machine

Cr gain prorate

if its more then 25% – recognize entire gain..

dont stress lol though i m stressing out as well. 🙁

[mindjet]

Thanx nam…u explained really well…it made the picture very clear…just one more thing 🙂 if gain is < 25% of what? amount?

FAR 02/28/2013

[mindjet]

i am trying to find this topic frantically but don't remember which chapter had it…

FAR 02/28/2013

[Anonymous]

—->formula for the % = cash or boot received/ fv of the asset given if this is as below:

if its 25% or more recognize entire gain i.e fv of asset given – bv of asset given

if its is less then 25 %= prorate the gain ( fv of asset given -bv of asset given)* boot received/fv of asset given.

[Anonymous]

oh its chapter 2 in becker, they have well explained example as well.

[mindjet]

Oh thank u nam…u r my savior today…

FAR 02/28/2013

[LSNYC]

Mindjet – I am not using Becker so I'm not sure, but I did use Wiley and I would say its mixed, some questions easier some harder….. Not much help I'm sure….

You will all do amazing! Kick ass Thursday!!!

A - 61, 91!!
B - 78!
F - 76!!!
R - 71, 73, 74, 69, 77!!!!

Finally done!

This is my 2nd attempt at the exam, I had two parts passed (failed many) and I stupidly quit, big mistake. Now I'm back and with a vengeance!

[MCLKT]

Good Night FAR FAM.

One more day of review and then this will all be over… until I begin my REG studies. FML

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Anonymous]

I cant sleep. or better start revising lease & bonds..I just realized that i completely missed the retail inventory section. :-/

[peetree]

@mclkt Take a break before you start studying REG

I took a 4 day break after my exam before I cracked open my REG book. It was sublime.

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[Author]

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