[jeff]

FAR Resources:

Free FAR Notes & Audio – https://www.another71.com/cpa-exam-study-plan

FAR 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

FAR Score Release: https://www.another71.com/cpa-exam-scores-results-release

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[lvr21]

Sorry guys! I have another question!

Pensions. I am working on the return on plan assets portion of net periodic pension cost. When do you use option 1(actual retur on plan assets) or option 2 (expected return on plan assets)? If only the expected percentage rate is given, then I would use the expected rate (and visa versa for actual), but if both are given which do I use??

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

[rvcpa]

A foreign subsidiary’s functional currency is its local currency, which has not experienced significant inflation. The weighted-average exchange rate for the current year would be the appropriate exchange rate for translating

Wages expense Sales to customers

yes yes

yes no

no yes

no no

I clicked A which I am sure is the right answer but it is telling me this. Is it wrong?

This answer is incorrect. Per ASC Topic 830, the weighted-average exchange rate is used to translate revenues, expenses, gains, and losses from the functional currency to the reporting currency. Both wages expense and sales to customers fall under this rule and should be translated using the weighted-average exchange rate.

[lvr21]

Sorry guys! I have another question!

Pensions. I am working on the return on plan assets portion of net periodic pension cost. When do you use option 1(actual retur on plan assets) or option 2 (expected return on plan assets)? If only the expected percentage rate is given, then I would use the expected rate (and visa versa for actual), but if both are given which do I use??

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

[lvr21]

@ Rigo

I'm with you! The answer is even telling you to use weighted average. I say A is the correct answer and the answer choice is just messed up for some reason!

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

[lvr21]

@ Rigo

I'm with you! The answer is even telling you to use weighted average. I say A is the correct answer and the answer choice is just messed up for some reason!

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

[rvcpa]

@lvr21– thank you!!!! I'm on my last few days of studying and do not need wiley messing up the little confidence I have lol

[rvcpa]

@lvr21– thank you!!!! I'm on my last few days of studying and do not need wiley messing up the little confidence I have lol

[Quinacridone]

I just got the stupid thing. Sorry. Sometimes I am so blind. I've looked at that percentage of completion problem over and over and over and kept getting it wrong.

After, this, I'm moving back to pensions for the rest of the day. I need to get those solid. Nail biting time for this test.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[Quinacridone]

I just got the stupid thing. Sorry. Sometimes I am so blind. I've looked at that percentage of completion problem over and over and over and kept getting it wrong.

After, this, I'm moving back to pensions for the rest of the day. I need to get those solid. Nail biting time for this test.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[Quinacridone]

On the foreign currency translation, I think A is correct also. My understanding is that all income statement items use the weighted average.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[Quinacridone]

On the foreign currency translation, I think A is correct also. My understanding is that all income statement items use the weighted average.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[TaRenee]

Today is my last study day before the exam! Spending 6 hours in the library JUST going through the CD to REVIEW JOURNAL ENTRIES… then calling it a day to rest up!

REG [75] 02.27.13(1)
AUD [82] 04.15.13(1)
BEC [79] 05.29.13(1)
FAR [62] 08.26.13(1) [76] 02.24.14(2) - God is able!!! 🙂

Licensed NC CPA

[TaRenee]

Today is my last study day before the exam! Spending 6 hours in the library JUST going through the CD to REVIEW JOURNAL ENTRIES… then calling it a day to rest up!

REG [75] 02.27.13(1)
AUD [82] 04.15.13(1)
BEC [79] 05.29.13(1)
FAR [62] 08.26.13(1) [76] 02.24.14(2) - God is able!!! 🙂

Licensed NC CPA

[Anonymous]

Good luck! Let us know how you feel afterwards!

[Anonymous]

Good luck! Let us know how you feel afterwards!

[Author]

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