[Q1] FAR Study Group 2014 - Page 180

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  • February 20, 2014 at 9:21 pm #528135
    smsingla
    Member

    I m with you sam

    REG 81
    BEC 74,65,78
    FAR 79
    AUD 85 DONE!!!

    February 20, 2014 at 10:36 pm #528100
    samdiegoCPA
    Member

    I really know gain and loss contingencies! (super easy) I THINK I had a SIM on this back in 2012… I hope I get it again :X

    AUD: 84
    REG: 84
    BEC: 79
    FAR: 83

    February 20, 2014 at 10:36 pm #528137
    samdiegoCPA
    Member

    I really know gain and loss contingencies! (super easy) I THINK I had a SIM on this back in 2012… I hope I get it again :X

    AUD: 84
    REG: 84
    BEC: 79
    FAR: 83

    February 20, 2014 at 11:20 pm #528102
    jasonrobbins
    Member

    I am confused why the answer below is $20,000. I thought it would be 0 because in the year of the amendment, there is no amortization. Amortization doesn't begin until year 2…

    Jan Corp. amended its defined benefit pension plan, granting a total credit of $100,000 to four employees for services rendered prior to the plan's adoption. The employees, A, B, C, and D, are expected to retire from the company as follows:

    “A” will retire after three years.

    “B” and “C” will retire after five years.

    “D” will retire after seven years.

    What is the amount of prior service cost amortization in the first year?

    Answer: $20,000 (100,000 / 5 yr avg)

    AUD- 97 1x
    REG- 81 1x
    BEC- 79 1x
    FAR- 88 1x

    DONE!

    10/1/12 to 2/28/14

    February 20, 2014 at 11:20 pm #528138
    jasonrobbins
    Member

    I am confused why the answer below is $20,000. I thought it would be 0 because in the year of the amendment, there is no amortization. Amortization doesn't begin until year 2…

    Jan Corp. amended its defined benefit pension plan, granting a total credit of $100,000 to four employees for services rendered prior to the plan's adoption. The employees, A, B, C, and D, are expected to retire from the company as follows:

    “A” will retire after three years.

    “B” and “C” will retire after five years.

    “D” will retire after seven years.

    What is the amount of prior service cost amortization in the first year?

    Answer: $20,000 (100,000 / 5 yr avg)

    AUD- 97 1x
    REG- 81 1x
    BEC- 79 1x
    FAR- 88 1x

    DONE!

    10/1/12 to 2/28/14

    February 20, 2014 at 11:27 pm #528104
    teeteenounouche
    Member

    Just guessing:

    Total 20 yrs of service between the employees before retirement

    20 yrs/100K credit = 5K

    5K*4 employees = 20K amort per year

    Ok,I guess my “guess” is wrong, that's why I hate pensions

    Florida:
    AUD: 73, 81! Thank you Lord!
    BEC: 73, 77! Thank you Lord! and WTB
    REG: 71, 82! Thank you Lord! and A71
    FAR: 72, 78! Thank you God and my Mommy in Heaven!

    CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

    February 20, 2014 at 11:27 pm #528139
    teeteenounouche
    Member

    Just guessing:

    Total 20 yrs of service between the employees before retirement

    20 yrs/100K credit = 5K

    5K*4 employees = 20K amort per year

    Ok,I guess my “guess” is wrong, that's why I hate pensions

    Florida:
    AUD: 73, 81! Thank you Lord!
    BEC: 73, 77! Thank you Lord! and WTB
    REG: 71, 82! Thank you Lord! and A71
    FAR: 72, 78! Thank you God and my Mommy in Heaven!

    CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

    February 20, 2014 at 11:41 pm #528106
    samdiegoCPA
    Member

    Teetee – I had that question like 2 weeks ago and I calculated it the same way. Faaaaaaack

    As for the rest of the explanations. No idea.

    AUD: 84
    REG: 84
    BEC: 79
    FAR: 83

    February 20, 2014 at 11:41 pm #528141
    samdiegoCPA
    Member

    Teetee – I had that question like 2 weeks ago and I calculated it the same way. Faaaaaaack

    As for the rest of the explanations. No idea.

    AUD: 84
    REG: 84
    BEC: 79
    FAR: 83

    February 20, 2014 at 11:45 pm #528108
    teeteenounouche
    Member

    lmao! Ok so I'm 2 weeks behind and my exam is one week away!! staying here till midnight I guess…

    Florida:
    AUD: 73, 81! Thank you Lord!
    BEC: 73, 77! Thank you Lord! and WTB
    REG: 71, 82! Thank you Lord! and A71
    FAR: 72, 78! Thank you God and my Mommy in Heaven!

    CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

    February 20, 2014 at 11:45 pm #528143
    teeteenounouche
    Member

    lmao! Ok so I'm 2 weeks behind and my exam is one week away!! staying here till midnight I guess…

    Florida:
    AUD: 73, 81! Thank you Lord!
    BEC: 73, 77! Thank you Lord! and WTB
    REG: 71, 82! Thank you Lord! and A71
    FAR: 72, 78! Thank you God and my Mommy in Heaven!

    CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

    February 21, 2014 at 12:04 am #528110
    Guti
    Participant

    Tetee, have you gone over all the IFRS VS Gaap differences or you are leaving that for last?

    FAR-84
    AUD-
    REG-
    BEC-

    February 21, 2014 at 12:04 am #528147
    Guti
    Participant

    Tetee, have you gone over all the IFRS VS Gaap differences or you are leaving that for last?

    FAR-84
    AUD-
    REG-
    BEC-

    February 21, 2014 at 12:09 am #528112
    teeteenounouche
    Member

    I have been reviewing them as I go…but I will do a complete review this weekend…I seem to be leaving everything to this weekend, lol well I must be burned out b/c I am getting questions wrong from not reading the entire question…definitely will get a good night's sleep this time next week…

    Florida:
    AUD: 73, 81! Thank you Lord!
    BEC: 73, 77! Thank you Lord! and WTB
    REG: 71, 82! Thank you Lord! and A71
    FAR: 72, 78! Thank you God and my Mommy in Heaven!

    CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

    February 21, 2014 at 12:09 am #528149
    teeteenounouche
    Member

    I have been reviewing them as I go…but I will do a complete review this weekend…I seem to be leaving everything to this weekend, lol well I must be burned out b/c I am getting questions wrong from not reading the entire question…definitely will get a good night's sleep this time next week…

    Florida:
    AUD: 73, 81! Thank you Lord!
    BEC: 73, 77! Thank you Lord! and WTB
    REG: 71, 82! Thank you Lord! and A71
    FAR: 72, 78! Thank you God and my Mommy in Heaven!

    CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

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