[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for FAR. 🙂

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

[Holly]

I am so disappointed in my trending score in NINJA! 68

BEC - 79
REG - 85
AUD - 5/27/16

[T Rev]

@HRSexton You can get your trending score up by working the “missed last time seen” questions. I do a good 20 or 30 of them at the end of a day's study session to shore up the concepts while the critical thinking steps are still in my mind from when i got it wrong. If you are worried that this will skew your measure of how prepared you actually are, then you should really be going by your average score shown in the progress report.

I like to think of the trending score as how well I have mastered the material presented to me so far, as opposed to the entire FAR body of knowledge.

[mckan514w]

I haven't seen a question on this but an answer from another question made me wonder- in Non-Profit- you are suppose to report any pledges / unconditional promises expected to be collected within one year net of estimated uncollectibles… The explanation goes on to say that if the pledge is expected to be collected over multiple periods it should be reported at its PV. Would that be the Present Value of the Net? For instance you receive a pledge of 200 to be given to you over a period of three years and you estimate 5% of it will be uncollected– so would you report at the Present Value of 200 or 190??

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[Sticky Nicky]

probably PV of net

[Sticky Nicky]

less than 48 hours away,,,my anxiety is thru the roof,,stressin harddd

[mckan514w]

ooh GOOD LUCK Sticky!!! You totally have this!!! (and agree that I think it is probably PV of net- but geeeesh one never knows 🙂 …..

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[cdn]

So I just did 1st final review for Becker- and did so poor on MCQ and good on SIM – and exam in 2 weeks. Feeling very disappointed:(

[Iceman6]

Good luck Sticky! Hopefully all of us that have FAR left see a passing score and can be done with this whole exam

[aatoural]

@Sticky – GOOD LUCK! You got this!!!

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[GiniC]

@mckan514w and @Sticky Nicky –

I haven't seen them combine those either (hopefully only one of the answers will be in the choices!!!) but based on other receivables, I would say PV of gross. You don't reduce the value of a note receivable before calculating the PV to record it, and pledges are basically the same thing – except that what you count as interest for the note you count as contribution revenue for the pledge.

[GiniC]

@mckan514w – on the OCI/AOCI topic – there is a CHOICE about displaying Comprehensive Income at the bottom of the Income Statement, or presenting a separate, independent Statement of Comprehensive Income – so Sticky was right about option b being wrong because the separate statement is optional not required; C and D are definitely wrong (AOCI is part of equity, not the other way around; and comprehensive income is part of income statements (whichever presentation) for all reporting periods) so A has to be the correct choice.

[Sticky Nicky]

Where does this question say that the donor stipulated the principle be held? Stupid

Alpha Hospital, a large not-for-profit entity, has adopted an accounting policy that does not imply a time restriction on gifts of long-lived assets. Alpha received investments subject to the donor's requirement that investment income be used to pay for outpatient services. Indicate the manner in which this transaction affects Alpha's financial statements.

Incorrect A.
Increase in unrestricted revenues, gains, and other support

B.
Increase in temporarily restricted net assets

C.
Increase in permanently restricted net assets

D.
No required reportable event

Explanation
When investments are donated and the principal of those funds cannot be expended, those investments are permanently restricted. Therefore, Alpha must record an increase in its permanently restricted net assets.

[GiniC]

@Sticky Nicky –

When they stipulate that the income is to be used for a specific purpose, that USUALLY means the investment itself can't be sold off – or else there would be no income to use for the specified purpose. Not always, but more often than not.

[waffle_house]

@Sticky Nicky

“received investments subject to the donor’s requirement that investment income be used to pay for outpatient services” – permanently restricted because the principle will remain but any income from the investment goes to temp restricted.

Any donor stipulation I would assume permanently restriction unless time passage will lift the restriction then I assume temporary restriction (even if 20 years down the road).

[Sticky Nicky]

yes i know but they usually say the principle cannot be spent,,,this is the only one where it doesnt…i figured since it was never stipulated it can be unrestricted,,,ive seen questions that say the investment can be sold

[Author]

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