[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

[MCLKT]

OMG, NoLifeCPA, I'm so glad I held off on coming back to CARinBIG! You basically just spelled out the translation I was going to try to do…. THANK YOU!

For real, without this website, I wouldn't have a chance to pass. Thank you all for chiming in and helping 🙂 ((hugs))

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

[Anonymous]

err kind of confused : especially this mcq in becker is adding to my confusion :

BECKER mcq :00494 : How NI is reported in consolidation before and after acquisition date?

As per question :parent NI: $210,000 and Sub NI : $ 70,000.

the consolidation NI at year end is $210,000 as per Becker answer … urgghhh really? and the answer explanation is, consolidation NI is same as parent income if equity method is used.. and equity method is not even mentioned in the question.. x-(

[MCLKT]

NAM… I want to say someone has asked about that question before?… ugh, I will try to find the thread, it may have even been decided to be incorrect??? Don't take my word for it, let me look around first. But hold off on your frustration 🙂

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

[gobias]

Well I just finished reworking the F7 mcq's. >90% on SE, EPS, and CF. Then 72% on the optional questions.

what.the.fuck.

Granted, the optional questions are only on SE. But still. Not happy right now.

F - 86
R - 90
A - 97
B - 91

[nolifecpa]

@Nam

can you post the whole question and answer? my becker expired a long time ago

REG-65,71,74,73,70,74,79
BEC-60's,60's,69,71,76*,78
FAR-67,66,65,79
AUD-54,60's,65,83*,69,80
*expired

DONE

[MCLKT]

Sorry Nam, I can't find it.

HEEEYYY Gobias!!! I think you were the person with the question I was thinking about. Will you look at the question Nam is asking? I think you might be able to help her out…

Or maybe your question before wasn't the same one? But didn't you have an equity questions a while back that seemed really confusing and maybe wrong?

PS your are doing great 90% wow!!! I'm getting ready to start my practice exam, see you all on the other side!

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

[peetree]

Nam! I know that question. Look at the financial statements provided, you'll see the equity earnings in the subsidiary are already included. You wouldn't add them again to be 280,000.

That's a tricky one just because they give you so much more info than needed.

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

[mjp44]

Glad the topic today pertains to business consolidations. I am struggling with this topic because I never really covered this topic in my accounting classes and now i am trying to learn it! I am not familiar with the CARINBIG mnemonic. Can someone use it in a brief example? Is it just a tool to help calculate goodwill?

I struggle with the questions that ask how should the consolidated financial statements report a particular account (I.e. inventory) I try to view the financial statements as if it is one company and remove any excess/intraentity exchangesthat may overvalue the account. One particular question which was asking about the carrying value of the inventory account of sub really tripped me up. I had difficulty grasping the carrying value of the inventory.

Any tips for these questions? I have been getting in the 50s on the practice exams (Gleim) covering this topic. Hoping i only see like 1 question regarding this topic on the exam 🙂

FAR- PASSED (11/13)
REG- PASSED (2/14)
BEC- PASSED (5/14)
AUD- PASSED (8/14)

If it's important to you, you will find a way. If it isn't, you will find an excuse.

[peetree]

Remember @mjp gross profit on the original sale to the sub needs to be allocated to any remaining inventory and COGS.

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

[Anonymous]

thanks and <3 u my far fam ..@peetree : darn i dint notice that lol ol .. feeling much better now..

@MJP44: my lil notes for I/C

1) INVENTORY : remove sale, cogs and profit ( inventory on hand and inventory sold outside) Eg p(parent) sol sold inventory to S(Subs) for 200 and $150 cost = GP($50)

STEP 1 * to record originl JE i/c SALES on P books

DR AR $200

CR I/C sales $200

* to record Cogs and remove inventory from P books( as inventory is sold to S)

DR COGS $ 150

CR INVE $150

STEP 2 – record Orignal JE on Subs books

Dr Inventory 200

CR AP 200

STEP 3 – eliminate I/C sale, cogs , GP on inventory (lets say ending inventory (EI) is 20 units )

DR SALES 200

CR COGS 150

CR GP on EI 20/100*50 10

CR GP on inventory sold 80/100*50 40

[Anonymous]

2) DEBT – if one member of affiliated group acquired debt from outside then:

* retire debt

* recognise Gain/loss

EG P issued bonds fro 200 with Face value 100

STEP 1 – original JE on parent's book

DR cash 200

CR Bond pyble 100

CR premium 100

Sub bought the bond for $150

STEP 2 – write original JE on Subs book

DR BOND investment 150

CR CASH 150

STEP 3 elimante I/C (retire Debt and recognise G/L)

DR BOND pyble 100

DR Bond premium 100

CR Bond Investment 150

CR G/L 50

[Anonymous]

3) I/C on sale of LAND

1) eliminate G/L on sale of land and adj new BV to original amount.

4) I/C sale on mach & Equip

* eliminate G/L on sale

* adjust BV and accumulation dep to original amount

* adjust depreciation expense

EG:

P sold equip to S with BV $100 ACC DEP: $20 for $120

Step 1 : original JE on PS books:

Dr cash 120

DR acc dep 20

CR BV of asset 100

CR G/L 40

STEP 2 original JE on subs books

DR machine 120

CR cash 120

dep exp fpr 10 yrs

DR DEP 12

CR ACC DEP 12

STEP 3 : eliminate I/C Gain and loss and adjust BV & Accm dep to org amt

DR G/L 40

CR machin at org amt ( 120-100) 20

CR ACC DEP at orig amt 20

and last step in step 4 is to adjust dep expense

dep on original BV = 100 /10: $10

DEp on new BV – $120/10= $12

$2 is over booked

DR ACC DEP $2

CR DEP EXP $2

[Anonymous]

alrighty time to move to chapter 4 – gotto finish this todayyyyyyyyyy

Happy studyinggggg

[to_be_a_CPA]

Well FAR fam, it has been a very productive weekend!!! I was able to get through the last three chapters in the wiley text book including the MCQs. So now i will have a little over two weeks to rework the MCQs. Now I need to come up with a plan for review.

Happy Studying!!!

AUD- 61,76-PASS!!!
BEC-60,71,76-Pass!!!
REG-66,78-PASS!!!
FAR-71, 81-Pass!!!
MD Candidate

Becker Self Study expired now using Wiley Text Book and Test Bank

[peetree]

I didn't get nearly as much as I wanted to get done this weekend guys.

I still have to get through re-working F10 again but I could be so much worse off. The plan for the evening is to finish it up so I can start pounding down progress tests this week.

The good news is….F1-F9 I was averaging a 90% on the MCQs all without using the TEXT! I'm pretty happy that all the material is sticking somewhere in my head.

Good luck tonight everyone, I'll be checking in when I need a kick in the rear saying, “keep studying!”

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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