[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]

12/31/X1

D Forward Contract receivable 60000

C Gain on cash flow hedge (OCI) 60000

Year 2

I found a good example here page 11 www. wiley.com/college/kieso/update. pdf

So the best I could come up with is:

01/31/X2

D Cash 140000

C Forward contract 60000

C Gain on CF 80000 (oci)

02/01/X2

D Cash 710000

D Gain on CF 140000 (OCI)

C Sales revenue 850000

I would appreciate if somebody could correct this, I never really understood CF hedges

[jennibfox]

@magatha12 – You will have plenty of time. Just try to get as much practice in before the exam. You just need to focus. The first test I let my emotions and doubt get the best of me. I wasted a lot of time worrying about getting everything done. My suggestion is to review the parts you are fuzzy on. I feel like Ninja helps you to realize which areas are your weaker ones.

FAR - JULY 2014 - PASSED
BEC - MAY 2015 - PASSED
REG - AUG 2015 - PASSED
AUD - AUG 31 2015

[jennibfox]

@magatha12 – You will have plenty of time. Just try to get as much practice in before the exam. You just need to focus. The first test I let my emotions and doubt get the best of me. I wasted a lot of time worrying about getting everything done. My suggestion is to review the parts you are fuzzy on. I feel like Ninja helps you to realize which areas are your weaker ones.

FAR - JULY 2014 - PASSED
BEC - MAY 2015 - PASSED
REG - AUG 2015 - PASSED
AUD - AUG 31 2015

[Delta_Diva_]

I don't really understand how on 12/31/Year 1, it was a gain for $60,000. The price was $85, then it dropped to $79.

FAR:68,71,70,72 (Rematch 7/2/14)
AUD:88
REG:76
BEC:75

[Delta_Diva_]

Becker answer is…

12/31/Year 1

DR Cash flow hedge $60,000

CR Other Comp. Income $60,000

1/31/ Year 2

DR Cash flow hedge $80,000

CR Other Comp. Income $80,000

FAR:68,71,70,72 (Rematch 7/2/14)
AUD:88
REG:76
BEC:75

[Anonymous]

And when is this gain reversed out of OCI and how?

FV of oil on 31/12/X1 is 79 per barrel, but XYZ could sell it for 85, so the difference is unrealized gain ($6 * 10000)

[Jspann225]

@anjanja The gain is reversed when company XYZ sells the inventory to a third part. They would sell the inventory for $71

Cash/AR 710,000 D

Inventory 710,000 C

OCI 140,000 D

Gain on Hedge(I/S) 140,000 C

FAR - 93 - 7/1/14
AUD - 94 - 7/25/14
REG - 92 - 8/30/14
BEC - 89 - 10/6/14

[Anonymous]

Jspann225,

I am not sure that the gain on CF hedge directly makes it the income statement, at least that's what the book says

[Anonymous]

and what the entry for receiving 140000 cash would be?

[Anonymous]

I found some discrepancies on pension calculations between CPAexcel and NINJA notes. NINJA notes uses actual return on plan assets instead of expected return, and there's no amortization of previous gains/losses. This is different from CPAexcel and my intermediate accounting book. Is this a mistake?

[HopefulCPA0601]

@Diane: for actual versus expected, I believe you use the greater of the two

For amortization of gains and losses – calculate using the corridor approach

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

[Jspann225]

I don't if anyone has been on the AICPA website to see some of the questions they release, but I think it may be really helpful. I know all of those questions are included in our study material, but on the website they actually tell you whether the questions is considered easy, hard, or medium. I was actually pleasantly surprised by some of the questions they considered hard.

FAR - 93 - 7/1/14
AUD - 94 - 7/25/14
REG - 92 - 8/30/14
BEC - 89 - 10/6/14

[Cpachance]

I am taking an audit retake on July 18th. I have then scheduled FAR for August 28th. Is it possible to study enough in this time frame? it will be my first time taking FAR. Any advice on study tips. I am using Becker.

[HopefulCPA0601]

@cpachance – not sure how you are with the material or how quickly you absorb info. For me FAR has been the monster that wont let me pass and finally be done, but other people struggle with other sections. I think taking the audit retake right away is a good idea so the info is fresh in your head. Then start studying FAR and see how you feel about 10 days before, if you don't feel ready then push it to October. If you feel you are ready, go for it!

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

[RandomAlt]

@Jspann225 … They have release questions on the AICPA website? Do you have a direct link?

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[Author]

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