[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

[mindjet]

@LSNYC ..all the best for ur results..just curious… is it tougher than the Becker review exams?

FAR 02/28/2013

[henryv]

@Nam yes if you're getting goodwill/gain from acquisition.

FAR - 92 02/2013
AUD - 90 05/2013
REG - 85 10/2013
BEC - 80 12/2013

I'M DONE. THANK YOU LORD!

[Anonymous]

about to start chapter 4 ..

tick tock less then 48 hours.. :/

[MCLKT]

OMGOMGOMGOMGOMG

https://media.tumblr.com/tumblr_m93o6h7zGQ1r1i0lk.gif

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

[Anonymous]

calm down

the test is doable. I just studied some of the wrong stuff

[MCLKT]

For Government financial statements: Is the term Net Position just another name for Net Assets?

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

[Anonymous]

Govt accounting – use modified accrual accounting so they use NET FUND which is not equal to net asset.

wheras govt wide fi/s – use full accrual , where they can use financial position as net asset ..

darn we are reading too much MCLKT ..:-/ i think https://25.media.tumblr.com/tumblr_luoz1m2dXv1r6aoq4o1_250.gif

[Anonymous]

urghh another area where i get kind of confused..

so here is the lil flash card

Ending inventory calculation in consolidation

NET ENDING INVENTORY = EI – I/C profit on Ending inventory

[mindjet]

@mclkt ..the old name was NET ASSETS and the new name is NET POSITION

FAR 02/28/2013

[MCLKT]

@nam and MINDJET, thank you! I found my *update* notes. (I have 2011 books, but 2012 cram). So I have to make sure I am only looking at the updated notes. Statements for GOVT:

Gov't Wide :: Net Activities

Gov't Wide :: Net Position

Gov'tal fund :: Balance Sheet

Gov'tal fund :: Rev, Expend,change Fund Balance

Proprietary fund :: Net Position

Proprietary fund :: Rev, Expens,change Net Position

Proprietary fund :: Cash Flow DIRECT ONLY

Fiduciary fund :: Fiduciary Net Assets

Fiduciary fund :: change Fiduciary Net Assets

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

[MCLKT]

Nam, I always use the same formula, then back into anything missing using simple algebra:

Beg Invnentory

+ purchases

– ending inventory

=========

COGS

they usually give enough info to back into End. Inv. by using the other components.

Sometimes they don't give COGS directly, so you have to use another equation to solve for COGS and plug.

Sales

– COGS

=========

GP

and

GP% = GP/Sales

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

[mindjet]

I think we three (nam, mclkt and me) r the only ones waiting to give the exam on last day.

FAR 02/28/2013

[MCLKT]

I think so too. Well, when did/is/are Yemdross & cpahopeful sitting? I think tomorrow…

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

[mindjet]

In self constructed assets, how do u calculate actual interest ? Is it the total of all the borrowings interest during the period or the one specifically borrowed for the construction?

FAR 02/28/2013

[MCLKT]

Mindjet, I don't know off the top. My notes read:

Capitalization of interest for fixed assests: buildings only construction – capitalize only lesser of avoidable or actual. Also can capitalize assets constructed for sale. Do NOT capitalize interest for assets in use or ready for use or idle land.

Not the best notes, lol.

Ok:

Actual interest is the amount for the specific construction as well as additional interest on other borrowings.

Avoidable interest is the average accumulated expenditures multiplied by the appropriate interest rates.

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

[Author]

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