[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

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

[Anonymous]

Good luck Jpowell & Hopeful on Thursday. Y'all are right at the cutoff so at least you only have a 7 day wait. Don't get hung up on your practice exam scores. You've put in plenty of sweat equity in studying; it'll pay off. Hopefully we're all celebrating together on 8/21!

I'm about a week in for studying AUD and it's so bizarre that I haven't touched my calculator once or had to work a single computation. Definitely a shift in mindset after REG & FAR.

[jpowell31]

thanks @bobcat. i'm missing obvious things that i KNEW at one point though. it's like i'm high and lost everything. it's terrifying. but hopefully luck is on my side with what i get and i am done with this. otherwise i'll be restting FAR and AUD… which i don't even know i could handle at this point.

yep with AUD there is almost NO calculations i feel like… bizarre. but at this point i miss it!

[HopefulCPA0601]

Thanks @bobcat!!!

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[ijustwant76]

Hi,

Can anyone hook me up with a PDF of the latest Matrix of Financial Statements Required for Various Funds from Becker?

I'm working off the Becker 2012 and would appreciate the latest as some names have changed it appears. It's in F8, around pg 73. Thanks in advance!!!

[HopefulCPA0601]

@ijustwant76: the only thing that changes is that instead of using the term “net assets” in the titles of all the statement that have it, they changed it to “net position”. everything else on that matrix remains the same

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[D C]

@HopefulCPA0601

Mathematically i figured out the 750, but don't know conceptually why it makes sense lol.

BV @ End of Year 3

Under DDB (book): 183.75

Under S/L (tax): 210

now switch in Y4 to S/L from DDB for book. 183.75/14=13.125 new depr exp per yr for book

book – tax = difference

13.125 – 15= 1.875

Difference * Tax rate= adj to DTA/DTL

1.875 *.4 = .750

I'm thinking since depreciation difference leads to a liability if the expense enters the tax first (in this case higher by 1.875), you have to reduce any previous DTA.

Just my theory.. no way I could do this problem in under 1.5 mins on the exam…this one would be an educated guess and move on and come back to if there is time… lol

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[D C]

@ijustwant76

try this .. https://sites.google.com/site/farnotes/gas-34/government-wide-statement-of-net-assets

if not google is there… unless someone has them scanned…

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[D C]

A transaction was reported as a nonmonetary exchange of assets. Under which of the following circumstances should the exchange be measured based on the reported amount of the non-monetary asset surrendered?

a. When the entity’s future cash flows are expected to change as a result of the exchange.

b. When the timing of future cash flows of the asset received differs significantly from the configuration of the future cash flows of the asset transferred.

c. When the transaction lacks commercial substance.

d. When the transaction has commercial substance.

This goes back to my question yesterday regarding what is used as total consideration for when calculating the proportion of g/l to recognize in non-monetary assets..

Whats the answer?

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[jpowell31]

d

[LKD CPA]

I would say c. When the transaction lacks commercial substance. It will be an even – even exchange, therefore based on the reported amount of the asset surrendered, not on the fair value that asset.

Is this the right answer?

FAR: 74, 83
REG: 76
BEC: 77
AUD: 89

[jpowell31]

i am about 5 minutes away from a meltdown. i am getting just about everything wrong. i don't know what to do…move on, take a break, cry, or keep focusing on the weak areas and risk losing more info from other sections. @)%*@^(#(%!*!

[HopefulCPA0601]

@DC – thank you!! that completely makes sense.. why didnt i figure that out earlier. yikes this is scaring me now.

As for your question, i choose option C. All the other options deal with an exchange that has commercial substance, so C is the odd man out.

Also, in an exchange that lacks commercial substance, you calculate gain based on FV of asset given up – BV of asset given up. But you only recognize all or a portion of that gain to the extent you received boot. Cash received divided by (fv of asset received + boot received) give you the proportionate amount of gain you recognize.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[LKD CPA]

@jpowell – Step away, take a break, breathe very deeply and stretch. Go outside and close your eyes for few minutes and just take in the sounds of life around you.

When you get back into study mode change up your routine. Are you just hammering out MCQ's? If so, next time read them out loud. When I get frustrated I switch it up and I s-l-o-w-l-y read each question out loud to someone (my husband, kids, dog, fish – yeah I seriously do this) and then I explain to them the reason why I'm picking each answer. I pretend as though I'm teaching them.

You can do this!

FAR: 74, 83
REG: 76
BEC: 77
AUD: 89

[pia ach]

I remember seeing a post few months back where someone had matched the becker FAR chapters to the WTB..not able to find it now…can someone help me out to match FAR 1 & 2..

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[LKD CPA]

@pia – Is this it? https://www.another71.com/cpa-exam-forum/topic/wiley-test-bankbecker-book

FAR: 74, 83
REG: 76
BEC: 77
AUD: 89

[Author]

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