[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

[Anonymous]

Thanks so much. If it was related to a different asset other than land (like inventory), would it be revalued then? Or are they always reported at the cost of the acquirer on that date?

[Anonymous]

Thanks so much. If it was related to a different asset other than land (like inventory), would it be revalued then? Or are they always reported at the cost of the acquirer on that date?

[Anonymous]

At acquisition yes. But yearly, first you value inventory separately using the different valuation methods depending on the method right up or down. Then consolidate inventory asset.

Its best to treat each set of books separately for valuation purposes, then do what different policies dictate then consolidate.

[Anonymous]

At acquisition yes. But yearly, first you value inventory separately using the different valuation methods depending on the method right up or down. Then consolidate inventory asset.

Its best to treat each set of books separately for valuation purposes, then do what different policies dictate then consolidate.

[Anonymous]

Thank you…got it.

[Anonymous]

Thank you…got it.

[Jigar]

Hi Everyone,

I am planning to take FAR on 18th Oct. Feeling Scared and Nervous…. I am using Wiley for my question and stimulations. is it good or i should rely on something else?

[Jigar]

Hi Everyone,

I am planning to take FAR on 18th Oct. Feeling Scared and Nervous…. I am using Wiley for my question and stimulations. is it good or i should rely on something else?

[iwantmylifeback_]

When are marketable securities “monetary” and when are they “nonmonetary”

BEC 85
AUD 99
REG 88
FAR 93

[iwantmylifeback_]

When are marketable securities “monetary” and when are they “nonmonetary”

BEC 85
AUD 99
REG 88
FAR 93

[Anonymous]

I am gonna throw it out there someone will correct me. I am exhausted:

Monetary available cash if you were to flip it now = 90 days rule from purchase date

Non monetary = take longer to flip for cash but eventually you will get cash Bond Premiums, Lease premium/discount etc.

This is the best I can do with one eye open.

[Anonymous]

I am gonna throw it out there someone will correct me. I am exhausted:

Monetary available cash if you were to flip it now = 90 days rule from purchase date

Non monetary = take longer to flip for cash but eventually you will get cash Bond Premiums, Lease premium/discount etc.

This is the best I can do with one eye open.

[Nevergiveup2012]

Hi guys, i need help with Governmental Accounting (F8)

Q# CPA-04673

Dayne county's general fund had the following disbursements during the year.

payment of principal on long term debt $100,000

Payments to vendors $500,000

Purchase of a computer $300,000

What amount should Dayne report as expenditures in its governmental funds statement of revenues, expenditures, and changes in fund balance?

The answer is $900,000 (all of the above). I am a little bit confused because I thought only the debt service fund would repay the principal + interests on the LT debt. The role of government fund is to transfer the $$ to Debt Service fund from which the repayment of principal will come out of.

Please…shed some lights on this issue. I can't seem to my head around Governmental Accounting. Thank you

BEC - 86 (8/31/12)
AUD - 97 (11/18/12)
REG - 83 (5/12/13)
FAR - 91 (12/2/13)
Done!!!

[Nevergiveup2012]

Hi guys, i need help with Governmental Accounting (F8)

Q# CPA-04673

Dayne county's general fund had the following disbursements during the year.

payment of principal on long term debt $100,000

Payments to vendors $500,000

Purchase of a computer $300,000

What amount should Dayne report as expenditures in its governmental funds statement of revenues, expenditures, and changes in fund balance?

The answer is $900,000 (all of the above). I am a little bit confused because I thought only the debt service fund would repay the principal + interests on the LT debt. The role of government fund is to transfer the $$ to Debt Service fund from which the repayment of principal will come out of.

Please…shed some lights on this issue. I can't seem to my head around Governmental Accounting. Thank you

BEC - 86 (8/31/12)
AUD - 97 (11/18/12)
REG - 83 (5/12/13)
FAR - 91 (12/2/13)
Done!!!

[iwantmylifeback_]

@Eliabraham – I mean, when doing a transaction remeasurement, when would a marketable security be monetary and remeasured at a current rate and when would it be nonmonetary and be remeasured at a historical rate.

BEC 85
AUD 99
REG 88
FAR 93

[Author]

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