FAR Study Group January/February 2013 - Page 35

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  • January 24, 2013 at 10:38 pm #399799
    peetree
    Member

    @MCLKT you were right.

    It's all mucked up! 😀

    Actually those “GRaSPP” funds are easy if you think of them as cash basis with deferred income I feel like. We'll see what it is like this weekend when I get to F-9 which is Government wide reporting and not-for profit accounting.

    The goal is to finish F-8 tomorrow, Get through F9 and a little bit of F10 by Sunday night, and finish F10 on Monday with the remainder of my time before exam as review and multiple choice questions.

    …Looks like me and the library will very good friends this weekend. I already warned the girlfriend.

    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

    January 25, 2013 at 3:21 am #399800
    jamesb
    Member

    @MCLKT…what I was looking for about what to when Prior Service Cost.

    Prior Serivce Cost increase your obligation to pay more Pensions.

    OCI….XX

    ………PBO or Asset..XX

    DTA…XX

    …DTA Benefit-OCI XX

    how to record Gains and Loses.. I know Gain reduces PBO and Losses Increase

    @Nam..can you explain JE # 4 on F6-17. Isnt that Amortization of Prior Service Cost

    AUD: TBA-
    FAR Done
    BEC Done

    Becker
    NINJA for AUD

    January 25, 2013 at 4:08 am #399801
    MCLKT
    Participant

    PBO is an Actuary account. It's not a Financial Statement Account. So you don't make JE against PBO.

    Amortization of Prior Service Cost is also an actuary account, not FSA. Those numbers are used by the Actuary to determine the Pension Expense.

    Maybe (SIRAGE) is helpful when calculating Pension Expense:

    Service Cost

    + Interest (Beg PBO * rate)

    – Return on Assets

    +Amortization

    -Gain/Loss Expected

    = Expense

    Ok, I'll bow out because I REALLY don't think I'm doing a good job at explaining.

    SORRY James!

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

    January 25, 2013 at 4:10 am #399802
    MrsBing
    Member

    So, I've been working on the first group of MCQ's in F-2 and been getting mainly the cash to accrual basis questions wrong and for the life of me, I just couldn't figure most of them out. A lot of the explantions weren't helping and finally I get an explantion that makes sense. This probably seems so basic, but when converting net income from cash to accrual, one of way's is to add increases in current assets, subtract decreases in current assets, add decreases in current liabilities and subtract increases in current liabilities.

    I just feel so much better now, all is not lost. 🙂

    Back to studying.

    Becker, Wiley Test Bank, and Ninja 10 Point Combo!

    FAR: 89
    REG: 87
    AUD: 92
    BEC: 75
    Ethics: 90

    Licensed Arizona CPA

    January 25, 2013 at 1:58 pm #399803
    peetree
    Member

    @MrsBing I find that on those questions (and most questions) when I write it all out on a piece of paper. It is much easier for me to understand and get back to the amount I'm looking for.

    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

    January 25, 2013 at 3:01 pm #399804
    HustlinHustlin
    Member

    Good to see my FAR family is doing well!

    I have definitely gotten a few curve balls these last couple weeks. Between finding out my Grandma is terminally ill and starting her radiation to being extremely busy at work, I haven't been able to stick to my schedule.

    So…long story short – I rescheduled for the first time. It's funny how a reschedule can make you feel hopeful and disappointed at the same time. I wish I would have taken advantage of my time better. To whoever questioned me at the beginning of the month about being behind schedule to take it the 9th – YOU WERE RIGHT! It's hard to come from BEC and AUD to this exam which is so intensive and beyond me.

    I have the whole weekend to conquer. New plan is to start using Wiley Test Bank, retying notes and then taking sets of MCQ until I can score consistently.

    I am going to have to go back over the last chapters since I skimmed them just trying to get through the material.

    MUST. PASS. FAR.

    B 71 - 79 EXPIRED
    A 69 - 75 EXPIRED
    R 65 - 48 - 45
    F 56 - 61 - 65 - 64

    Becker, Wiley Test Bank, Wiley Text and Ninja Notes

    "The fish who keeps on swimming is the first to chill upstream" -311

    Experience - Done, like WAAAY done.
    Still need 30 more credits, in basket weaving (gotta love new CA requirements)

    January 25, 2013 at 3:21 pm #399805
    Anonymous
    Inactive

    Good luck hustin, make use of every second now.. FAR is overwhelmng,,,

    this weekend i am off to TX to visit my family.. but that said i will take my books and will try to revise my best friend FAR ..

    MCLKT :howz your prepration going?

    Happy studying FAR soldiers hahahah – i am trying to use every possible word to keep me motivated.. 🙂

    January 25, 2013 at 3:55 pm #399806
    jamesb
    Member

    @MCLKT…I made a typo is my previous post. You are correct, PBO are not FSA.

    I meant to say:

    OCI….XX

    ………Pension Benefit Liability or Asset..XX

    Deferred Tax Asset…XX

    …Deferred Tax Benefit-OCI…XX

    Yes, SIRAGE do help. I thought you were NOT using Becker, this is why I didn't mention SIRAGE before.

    SIRAGE==total expense or cost for Pensions, which will Increase your Expense and Liability right.

    When you are Amortizing Prior Service Cost, does it goes to OCI or Expense cost?

    thanks

    AUD: TBA-
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    January 25, 2013 at 3:59 pm #399807
    jamesb
    Member

    Everyone!

    Lets see, if you can do this Equity Problem.

    On January 1, 2010, ABC acquired 10% of DF Company for $100,000. On that date, the total book value and fair value of DF's net assets was $900,000. Any difference between cost and fair value is attributable to goodwill. In 2010, DF reported net income of $60,000 and paid dividends of $30,000. On January 1, 2011, ABC bought another 10% of DF for $100,000, and on that date, the book value and fair value of DF's net assets still was $900,000 (the fair value of DF did not change during 2010). ABC concluded that its 20% ownership now allowed it to significantly influence DF's operations. In 2011, DF reported net income of $80,000 and paid dividends of $40,000.

    Required:

    Prepare all journal entries for ABC for 2010 and 2011, assuming no change in fair value of the DF stock during that time period.

    Solution: I will post it soon. want to see, if y'all could answer this

    AUD: TBA-
    FAR Done
    BEC Done

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    NINJA for AUD

    January 25, 2013 at 4:00 pm #399808
    MCLKT
    Participant

    Have fun in TX Nam! It's always refreshing to visit the fam. I hope you are able to get a little done while you are there.

    PS – we are both testing on the 28th!!! Yay!!!

    @Hustlin, don't feel bad for rescheduling at all. I think putting off my Aud exam this last go round was the best choice.

    I'm signing off for a week or so. I'm forcing myself to be very disciplined, NO internet!

    Study well,

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

    January 25, 2013 at 4:49 pm #399809
    Anonymous
    Inactive

    @jamesb 1) 10-20% – Cost method

    Therefore Unrealized G/L goes to I/S

    • Jan 1, 2010

    DR Investement in DF 100,000

    CR Cash 100,000

    (No G/L recognized since its cost method )

    • Dr Cash 3,000

    Cr Dividend Income 3,000

    2) 20% – more (Equity Mehod)

    • Jan1, 2011

    Dr Investment in DF 90,000

    Dr Goodwill 10,000

    Cr cash 100,000

    Dr Cash (div 40,000*.20) 8,000

    Cr Investment 8,000

    Now the tricky part we have to revalue form 10 to 20% i.e from cost to equity

    DR Retained Earning 17,000

    Cr Investment 17,000

    I am not sure 🙁 looking forward to solution lol

    January 25, 2013 at 4:49 pm #399810
    Anonymous
    Inactive

    @mclkt: good luck . will miss your posts ..:-(

    January 25, 2013 at 5:42 pm #399811
    Anonymous
    Inactive

    So good to see everyone still plugging away!

    I scheduled my exam for Feb 15th. I severely underestimated the energy it would take to work full-time and study. I'm getting a measly 2 hours/weekday. I'm trying to stick to ELL. Lunch times are impossible at my office and by the time I get home I'm exhausted. Hopefully, setting a date will motivate me to power through. I'm very hesitant to say I am “ready” to test. I felt “ready” last time and that didn't work out so well. I'm scoring well on MCP's and intend to continue doing MCP's while referring to Ninja Notes until test day.

    Besides MCP's, how else do all of you “wrap it up” approaching test day?

    @HustlinHustlin sorry to hear about your grandmother … that is not easy in the best of times.

    January 25, 2013 at 6:10 pm #399812
    jamesb
    Member

    @MCLKT..I am waiting for your solution…(I just read your post…..good luck)

    @Nam…The Tricky part got you wrong :-(.

    Here is the solution..https://postimage.org/image/dhw40xb4h/

    AUD: TBA-
    FAR Done
    BEC Done

    Becker
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    January 25, 2013 at 6:55 pm #399813
    peetree
    Member

    Just took a 90 question progress test over the first 8 sections of Becker and got an 88% on it!!!!

    feeling really good about my progress. Need to touch up some of my notes on some topics that I had blatantly misunderstood.

    Assets held for disposal can be revalued up to their original cost…. Whodathunkit

    Good luck this weekend FAR FAM.

    Goals for me: Get as FAR (pun intended) into F9 and F10 as possible so I can start final review and practice tests

    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

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