[jeff]

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

[jstay]

cpahopeful, its 8.2. 8.2 is the median number between the 3 and it is lower then the original cost

janelle- i started out doing the latter- which was whole lecture then mcq. someone at work suggest i do part of lecture then the corresponding homework, i liked this way better.

[Anonymous]

I'm not a lecture type of person so I completely scrapped that. But for BEC when I did get something out of the lectures, I would watch it and then do the HW.

Jstay, but if the OC is in the middle of the ceiling and floor, isn't RC irrelevant?

[janellesherman]

Thanks! I've done a little bit of both, sometimes I have a really hard time keeping focused for the whole 3-4 hours (I'm sure you feel my pain on this) I'm going to try breaking it out a little bit more, I think I'll feel less pressure to get it all done in one night that way as well.

REG - 71.71.79
BEC - 66
FAR - 60
AUD - 67

[sstephenson]

I have used Becker and I take each topic within a chapter and watch the lecture, then homework related to that topic. I find it is much easier to break it up.

REG - 75
BEC - 76
AUD - 76
FAR - 84, DONE 11/9/14!

[jstay]

cpahopefule, nope you just take the lower of cost or market, regardless of where the original cost is located

[husker4]

VIE question: if Company X owns 50% and absorbs profits and Company Y owns 50% and absorbs losses, who consolidates? neither?

[jstay]

company x? complete guess

[Anonymous]

Um, good question not sure who the parent company is, but I'll also go with the one absorbing the profits.

For NFP entries, all expenses go to UNA. So would it just be

DR UNA

CR Cash

Or would it be

DR Expenses

CR Cash

?

And for Cash Flows, common stock is excluded from investing and financing, correct?

Lastly, are encumbrances and reserve for encrumbances liability accounts that increase when credited?

[jstay]

for your nfp question, i think second entry however, it would come out unrestricted net assets.

SCF- isnt common stock issued part of an inflow from financing.

and encumbrances- recorded when a purchase order is issued

issued:

Dr: encumbrance

cr: reserve for encumbrance

received goods:

dr reserve for encumbrances

cr encumbrance

-note that encumbrance are always for same amount

[Anonymous]

CPAHOPEFUL11

Dividends received are Operating inflows. Dividends Paid are Financing outflows. Issuance of Stock, Financing Inflow.

[jstay]

@ancel, but what about issuance of C/S that would be a finance inflow right?

[Anonymous]

Yes, I was editing while you were asking.

[jstay]

ahh thanks! good luck on saturday! hopefully your last exam!!!!

[Anonymous]

Interesting, on one of the simulations I ran across it was for neither so I wasn't sure.

Jstay, I get the JEs for both, but they would be increased when credited right?

[jstay]

i dont think they are “liability accounts” its more of a promise to buy goods but its not definite. Encumbrances are increases when debited and decreased when credited. reserve for encumbrance are vice versa

[Author]

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