[jeff]

Welcome to the Q2 2016 CPA Exam Study Group for FAR.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

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

[marqzho]

Year 2 Jan 2 : 50k
Year 3 Jan 2 : 50k
Year 4 Jan 2 : 50k
…
Year 20 Jan 2: 50k = So total is 1m

House brought an annuity on December 31 Year 1 for $418,250 to cover this 950k
“Year 3 Jan 2 : 50k
Year 4 Jan 2 : 50k
…
Year 20 Jan 2: 50k”

So total $ House need to put
Year 1 Dec 31 : $418,250
Year 2 Jan 2 : $50,000
Total = $468,250

REG 90
FAR 95
AUD 98
BEC 84

[Spartans92]

Thanks again Marqzho! You the best! just curious, are you chinese? based on the last name..

BEC- PASS

[Just3Letters]

I don't understand this “subscription for common stock” stuff. Can anybody explain what is happening here?

Authorized common stock is sold on a subscription basis at a price in excess of par value. Additional paid-in capital should be recorded when the subscribed stock is

Contracted for. -CORRECT
Paid for.
Issued.
Authorized.

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[marqzho]

Spartans92
I am.LOL

REG 90
FAR 95
AUD 98
BEC 84

[Sashidharp]

Just had my FAR exam today for the fourth time.
Had no time to complete one question in particular. It was a simulation regarding cash flow statement. The question itself was soo huge that it took me nearly 15minutes to just read it. Good that i have skipped to other questions. I could atleast complete those. And at the end i ended up with no time to answer this question. For the record i had a little more than hour and a half for simulations and that wasnt enough.

A little advice here would be, make sure you are left with atleast 2 hours for the simulations section.

[marqzho]

subscription for common stock = Credit sale on common stock

When contract
Dr. Receivable 100
Cr. CS Subscripted 20
Cr. APIC CS 80

When paid
Dr. Cash 100
Cr. Receivable 100
Dr. CS Subscripted 20
Cr. CS 20

REG 90
FAR 95
AUD 98
BEC 84

[mckan514w]

Can someone translate this into “english” for me… I am so lost!!! (and so screwed after reading Sashidharp's review of FAR– 2hours for sims- YIKES!)

enterprise funds are to be reported in separate columns as major funds based on these criteria:

“The total of assets and deferred outflows of resources, the total of liabilities and deferred inflows of resources, revenues, or expenditures/expenses of that individual governmental or enterprise fund are at least 10 percent of the corresponding element(s) total (total assets and deferred outflows of resources, total liabilities and deferred inflows of resources, and so forth) for all funds of that category or type (that is, total governmental or total enterprise funds), and

“The same element(s) that met the 10 percent criterion…above is at least 5 percent of the corresponding element total for all governmental and enterprise funds combined.”

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

[Spartans92]

Haha that's some nonsense right there mckan! but basically your governmental wide F/S is classified into government and enterprise (GraSPP +S) and E. Note: fiduciary is NOT included. Now what is considered a major fund?? Two test. The 10% of your Total Govt OR Total Enterprise AND 5% of your Total Govt AND Total Enterprise. Put this into perspective, let's say you have total governmental asset of 1Million and Enterprise 2 Mill. So any funds that are 10% bigger than your govt OR enterprise meets that requirement but remember it needs to also meet the 5%. Then you add both and get 3Mill and any funds over 5% of 3Mill meets the other test. Also, General Fund is ALWAYS major regardless whether meeting the test.
Hope that helps. If I remember correctly F8 has a question that illustrates this concept really well. Good Luck!

BEC- PASS

[mckan514w]

Thanks Spartan- yes that definitely clarifies it and I was definitely going in the right direction– Think the answers on these things are confusing me more than the actual questions themselves- am totally over thinking…

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

[Just3Letters]

Isn't there a new FASB pronouncement stating the discontinued operations/extraordinary items are reported before tax in continuing operations now?

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[mckan514w]

yes 3letters- went into effect in 2015 I think- all of my material from Rogers keeps saying remember if it is unusual in nature and / or infrequent in occurrence recognize it as a separate line item part of operating income-

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

[Just3Letters]

Thanks! Becker and Wiley seem to have both not updated the MCQ related to that topic. As long as I remember it on the exam!

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[KJ]

After missing reading this forum yesterday and day before.. I just read page 12 & 13, feels like I don't remember FAR at all!! Wow what a feeling…No i think I am hungry and I can't focus 🙂

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[KJ]

Well at least that is what I want to believe that I am hungry…I will be back guys!!!

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[Just3Letters]

lol welcome back Kanwal… go eat something good!

Debits and Credits don't do much in the form of calories

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[Author]

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