FAR Study Group Q1 2016 - Page 51

Viewing 15 replies - 751 through 765 (of 835 total)
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  • #746681
    nib
    Participant

    hello friends ,

    pls help me to u/s following mcq

    Tree City reported a $1,500 net increase in fund balance for governmental funds. During the year, Tree purchased general capital assets of $9,000 and recorded depreciation expense of $3,000. What amount should Tree report as the change in net position for governmental activities?

    ans= $7,500

    The reconciliation of the $1,500 increase in governmental fund balances (modified accrual basis) to the government-wide change in net position (full accrual basis) involves adding back the expenditure recorded in the governmental funds when the capital assets were purchased ( + $9,000) and subtracting the depreciation expense required with full accrual ( – $3,000).

    #746682
    marqzho
    Participant

    Awwwwwwww. The wait is killing me now!!!!! I wanna burn all FAR material tomorrow !!!!!!!!!

    REG 90
    FAR 95
    AUD 98
    BEC 84

    #746683
    MaLoTu
    Participant

    Yes, Marqzho! When I finish all 4 I would love to burn my books! I have this weird thing about getting rid of them yet =(

    #746684
    Claudia408
    Participant

    marqzho – can you help me out on this JE? In the Roger book, TB#1, page 25-23 number 6… can't get this JE to balance.

    BEC - 75 (3x)
    AUD - 78 (3x)
    REG - 67, 66, Aug 1
    FAR - 54, Sept 8

    #746685
    marqzho
    Participant

    Claudia408

    can't find the question, are you using 2015 version?

    REG 90
    FAR 95
    AUD 98
    BEC 84

    #746686
    Kemi22
    Participant

    Just to say THANK YOU to every person who helped me here especially Marqzho and MaLoTu and Makiu and wombataholic … I beat FAR with an 80, finally.

    Good luck to everyone. If I could, you can, too!

    2010:
    BEC: 74, 71, 74, 75
    AUD: 71, 74, 83
    REG: 71, 76
    FAR: (I quit) 34, 45

    2015:
    BEC: 79
    AUD: 78
    REG: 67, 76
    FAR: 56 (trial run), 74, 74, 74, 80!
    Thank God. Your prayers are always answered! Do not give up. Thank you St. Joseph Cupertino.

    #746687
    nib
    Participant

    @ kemi22

    congrats

    pls guide us how you manage it ???

    #746688
    Josh
    Participant

    I'm going to try something “nuclear” and off my social media and focusing on FAR in April and REG next. I'm a “professional night owl,” which may help me stay in tough with events on Oriental side of the world?

    I need to improve a lot, which I believe comes through habitual “active studying”. I used to just listen to the audios and do the recommended study steps in the traditional order, but now I sing audios and work MCQ's after dinner. They say Ninja is the toughest software in CPA Review. I believe that from studying for AUD and using it to pass BEC that it forces me to do accounting.

    Congrats, kemi22!!

    Bin, try this, do you know what encumbrances outstanding at year end should be reported as for state or local governments?

    I've seen a few more around CAFR if you like.

    My recommendations for further mnemonics are to try YouTube, or brainscape among others. I'd like to try Ninja Blitz, myself. I saw a few videos out there around governmental. I hear most people like audio-visual humor. Someone told me I learn best by doing.

    I believe if you read authoritative literature a lot, you'll begin to pick up certain themes on which to focus.

    In addition to another71, I'm thankful for the AICPA. I didn't realize how easy it is to join societies and go to live meetings even at accounting firms. I don't work in accounting, so maybe that and radio are ways I can immerse myself? We went to a meeting this last week. I think my non-accountant friend got as much out of it as I did from what I've heard from him, although he said I light up explaining financials to non-financial donors.

    Let's do this.

    #746689
    nib
    Participant

    @ Claudia408

    pls post your question .

    #746690
    theunexperienced
    Participant

    Just want to pop in here and give some motivation! You guys got this. Just put you head down and really try to learn the material!

    FAR - 75 (2/25/16)
    AUD - 80 (4/8/16)
    REG - 80 (6/10/16)
    BEC - 79 (7/19/16)

    You only get one shot with the spirit bomb.

    #746691
    marqzho
    Participant

    Kemi

    Congrats!!!
    Glad that I could help !

    I pass it too! 🙂

    REG 90
    FAR 95
    AUD 98
    BEC 84

    #746692
    Claudia408
    Participant

    @marqzho – congrats on passing! really, was there any doubt!?!?

    dang, no i'm using the 2016 version…UGH!! I hate how Roger's TBs in the book aren't the same online. Let me see if i can type it out….

    BEC - 75 (3x)
    AUD - 78 (3x)
    REG - 67, 66, Aug 1
    FAR - 54, Sept 8

    #746693
    Claudia408
    Participant

    @kemi – great job hanging in there in since 2010 – did you study at all for FAR in 2010?

    BEC - 75 (3x)
    AUD - 78 (3x)
    REG - 67, 66, Aug 1
    FAR - 54, Sept 8

    #746694
    Claudia408
    Participant

    I'm on Stmt of Cash Flows using the Direct Method. For Proceeds of Sales of Equipment, what is the amount in the cash flows and what is the JE?

    Facts:
    – During 201 equipment with an original cost of $50,000 was sold for cash, and equipment costing $125,000 was purchased.
    – Depreciation expense for the period is $88,000, but the increase in accumulated depreciation is $65,000

    BEC - 75 (3x)
    AUD - 78 (3x)
    REG - 67, 66, Aug 1
    FAR - 54, Sept 8

    #746695
    marqzho
    Participant

    Claudia408
    is it the one asking the proceeds from sale of equipment?

    In direct method, proceeds from sale of equipment will be a JE like this:

    Dr. Cash
    Dr. Acc. Dep
    Dr. Loss
    Cr. equipment
    Cr. Gain

    So in this question, we need to find what Dr. Cash. We know we have a loss of $7000. We know equipment cost $50000. We don't know the Acc. Dep in the equipment sold. now you need to draw a T -account for Acc. Dep
    https://imgur.com/IQTA9lS

    Then you know Acc. Dep for this sold equipment is 23,000. so we put everything in the JE:
    Dr. Cash ??????<——————PLUG = 20000
    Dr. Acc. Dep 23000
    Dr. Loss 70000
    Cr. equipment 50000
    Cr. Gain 0

    REG 90
    FAR 95
    AUD 98
    BEC 84

Viewing 15 replies - 751 through 765 (of 835 total)
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