[Q1] FAR Study Group 2014 - Page 187

Viewing 15 replies - 2,791 through 2,805 (of 3,728 total)
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    Replies
  • #528204
    jasonrobbins
    Member

    “-Let's say you wrote that $17 AR and your customer says they'll actually pay you. Well gosh darn it, you wrote it off! No worries, you'll just reinstate AR and then collect as normal =)

    Dr. AR 17

    Cr. AFDA 17

    Dr. Cash 17

    Cr. AR 17

    Why are you increasing AR and AFDA by the same amount?

    If the invoice was for $17, why would you increase the AFDA for $17?

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

    DONE!

    10/1/12 to 2/28/14

    #528241
    jasonrobbins
    Member

    “-Let's say you wrote that $17 AR and your customer says they'll actually pay you. Well gosh darn it, you wrote it off! No worries, you'll just reinstate AR and then collect as normal =)

    Dr. AR 17

    Cr. AFDA 17

    Dr. Cash 17

    Cr. AR 17

    Why are you increasing AR and AFDA by the same amount?

    If the invoice was for $17, why would you increase the AFDA for $17?

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

    DONE!

    10/1/12 to 2/28/14

    #528206
    stoleway
    Participant

    Thanks you guys, I think I'm getting the concepts now.

    Let me go master this part and I will hit you up with my notes receivable question later

    REG -63│ 84!!
    BEC- 59│70│ 71 │78!
    AUD- 75!
    FAR- 87!

    Mass-CPA

    #528243
    stoleway
    Participant

    Thanks you guys, I think I'm getting the concepts now.

    Let me go master this part and I will hit you up with my notes receivable question later

    REG -63│ 84!!
    BEC- 59│70│ 71 │78!
    AUD- 75!
    FAR- 87!

    Mass-CPA

    #528208
    Mel
    Participant

    I should have done about 100 MCQs by now but work stuff keeps coming up on my day off!! It never fails, ish hits the fan as soon as i'm gone!! Ok back to studying

    #528245
    Mel
    Participant

    I should have done about 100 MCQs by now but work stuff keeps coming up on my day off!! It never fails, ish hits the fan as soon as i'm gone!! Ok back to studying

    #528210
    KRina
    Member

    @Tee, I have been away for a while cos of work and studying. Thanks for your last advice about studying Jeff's 20day method , I did, moved my exam a week ahead and took it today.

    Ninja notes if you have are very important and helpful. My exam MCQ & SIMS was all the little things we dont concentrate such as bonds etc..

    Anyways, government/nonprofit is a most know…. so keep that in mind.

    So Ninja notes, AICPA released questions and sample very very helpful for last minute review.

    Good luck to you all. This was my last session and I hope I don't get to study again after march 7th

    #528247
    KRina
    Member

    @Tee, I have been away for a while cos of work and studying. Thanks for your last advice about studying Jeff's 20day method , I did, moved my exam a week ahead and took it today.

    Ninja notes if you have are very important and helpful. My exam MCQ & SIMS was all the little things we dont concentrate such as bonds etc..

    Anyways, government/nonprofit is a most know…. so keep that in mind.

    So Ninja notes, AICPA released questions and sample very very helpful for last minute review.

    Good luck to you all. This was my last session and I hope I don't get to study again after march 7th

    #528212

    Awesome KRina! Crossing my fingers for you 🙂 Thanks so much for following up with the tips!

    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

    #528249

    Awesome KRina! Crossing my fingers for you 🙂 Thanks so much for following up with the tips!

    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

    #528214
    Anonymous
    Inactive

    @jasonrobins

    The increase of AFDA with a credit is how you reinstate the previously written off AR. It's reversing the writeoff. That's how you put the AR back on the books.

    Only once it's back on the books can you collect. Remember AFDA will adjust as AR and it's related aging does (balance sheet account).

    #528251
    Anonymous
    Inactive

    @jasonrobins

    The increase of AFDA with a credit is how you reinstate the previously written off AR. It's reversing the writeoff. That's how you put the AR back on the books.

    Only once it's back on the books can you collect. Remember AFDA will adjust as AR and it's related aging does (balance sheet account).

    #528216
    lvr21
    Member

    Thanks for the explanations Cricket & Mommy!!

    I went to the gym and did a hard workout. I ended it with 20 minute walk uphill “incline” studying my “fact nuggets” and je's!

    Feeling MUCH better although sore! haha!

    Let's do this!!

    {R: PASSED!! (I passed one!)}
    {B: PASSED!! (Halfway there!)}
    {F: PASSED!! (1 left!!!)}
    {A: PASSED(I am done!!)}

    #528253
    lvr21
    Member

    Thanks for the explanations Cricket & Mommy!!

    I went to the gym and did a hard workout. I ended it with 20 minute walk uphill “incline” studying my “fact nuggets” and je's!

    Feeling MUCH better although sore! haha!

    Let's do this!!

    {R: PASSED!! (I passed one!)}
    {B: PASSED!! (Halfway there!)}
    {F: PASSED!! (1 left!!!)}
    {A: PASSED(I am done!!)}

    #528218

    Ok, lvr21 beginning 2/29 I'm starting your gym routine lmao

    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

Viewing 15 replies - 2,791 through 2,805 (of 3,728 total)
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