[Q3] FAR Study Group 2014 - Page 78

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  • July 11, 2014 at 10:47 pm #598633
    ahugemistake
    Participant

    I would think non monetary because you are going to receive services for the cash paid.

    FAR - 78*
    AUD - 66, 79
    REG - 73, 76
    BEC - 79

    July 11, 2014 at 11:14 pm #598634
    Anonymous
    Inactive

    I thought that was monetary – value is fixed in monetary terms

    July 11, 2014 at 11:17 pm #598635
    samdiegoCPA
    Member

    Monetary items are units of currency held and assets and liabilities to be received or paid in a fixed or determinable number of units of currency.

    Examples of monetary assets are cash and cash equivalents, marketable debt securities, trade receivables, notes receivable and other receivables.

    Examples of monetary liabilities are trade payables, accrued expenses and other payables, taxes and withholding taxes payable, borrowings and notes payable. All assets and liabilities that do not meet the definition of monetary items are classified as non-monetary. Examples of non-monetary assets are prepaid expenses, inventories, advances paid on purchases, marketable equity investments, investments in associates, property, plant and equipment, intangible assets and deferred tax assets.

    AUD: 84
    REG: 84
    BEC: 79
    FAR: 83

    July 11, 2014 at 11:21 pm #598636
    Anonymous
    Inactive

    samdiegoCPA,

    Thanks!

    July 12, 2014 at 3:06 am #598637
    EYNewHire
    Member

    I just want to say good luck to all that have taken it and all who are soon to. This thread was awesome and had/has tons of information. Onto the Audit thread…

    July 12, 2014 at 3:35 am #598638
    Ajaz0810
    Participant

    Question for anyone who has used NINJA MCQ. Are the SIMS good practice for the exam? I have been doing well and hoping that it isn't cause they are too easy. Thanks

    FAR 62, 66, 78
    AUD 66, 55, 74, 72
    BEC 79
    REG

    July 12, 2014 at 3:59 am #598639
    Anonymous
    Inactive

    Am a bit confused, please can someone explain when to compound interest on the face amount on a note payable and when not to. Sometimes when answering questions, it is compounded and sometimes it is not compounded.

    For example, if $100,000 notes payable with 10% interest was issued,and will mature in Year 2

    Year 1: Interest Expense of $10,000(I understand this)

    Year 2; Is interest expense 10,000 or $11,000(the year 1 interest was compounded ) for year 2?

    Your help will be appreciated

    July 12, 2014 at 4:42 am #598640
    HopefulCPA0601
    Member

    Can someone please explain what the performance indicator is in nonprofit accounting?

    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

    July 12, 2014 at 5:13 am #598641
    Tncincy
    Participant

    Hope study is going well….I had a very long session with stockholder equity. Taking a nap,,, to get ready for my 3:30 a.m session. Power weekend for me.

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    July 12, 2014 at 5:27 am #598643
    samdiegoCPA
    Member

    @presso pretty sure it's not $11,000 for year 2. I am going to bed now but if someone doesn't answer in the morn, I'll look at my notes.

    @HopefulCPA0601 This is all I have in my notes for performance indicator:

    Statement of Operations: One line shown for “excess of revenues over expenses” which is the performance indicator.

    -Items that MUST be reported separately from the performance indicator: Equity transfers, receipt of restricted contributions, contributions of long-lived assets, unrealized G/L on investments, restricted investment returns, extraordinary items, discontinued operations, and accounting changes.

    -Note disclosure must indicate the policies adopted by the entity to determine what is and what is not included in the performance indicator.

    AUD: 84
    REG: 84
    BEC: 79
    FAR: 83

    July 12, 2014 at 1:48 pm #598644
    Anonymous
    Inactive

    presso

    Payment would only include the amount of interest in this case, principal amount stays the same, so no change in interest expense.

    July 12, 2014 at 1:51 pm #598645
    Anonymous
    Inactive

    I have a question. What would be the JE for contingent consideration?

    A purchased 100% of the outstanding common stock of B in an acquisition by issuing 20,000 shares of its $1 par common stock that had a fair value of $10 per share and providing contingent consideration that had a fair value of $10,000 on the acquisition date.

    D Investment 210000

    C C/S 20000

    C APIC 180000

    C What? 10000 just a Contingent liability account?

    July 12, 2014 at 2:12 pm #598646
    Tncincy
    Participant

    anjanja,

    I think you are looking for a ontingent liability account. I was looking that up and didn't find anything specific or different. is this a mcq? in which section?

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    July 12, 2014 at 2:15 pm #598647
    Tncincy
    Participant

    Time to start study….how I want to stay in bed. Hope everyone have a strong study weekend planned. I need to do at least 100 mcq's today, maybe 200. ( I know that's pushing it, but hey) Finishing up stock holder equity and on to partnership.

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    July 12, 2014 at 2:16 pm #598648
    Anonymous
    Inactive

    Yeah this mcq from ninja, it doesn't ask for the JE, I was just curious

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