[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

[Spartans92]

You got this Just3!

BEC- PASS

[Just3Letters]

I'm thinking of moving my test forward to maybe 5/6 or 5/7 because I'm getting pretty burnt out but I'm not sure if it's worth $35 bucks

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

[MaLoTu]

@kdawg – this is my third attempt at FAR. I got a 61 doing basically what you did. The second time I did the same thing except I added writing notes and I got a 70 (exception for this was I did the whole book in 12 days). This time I am basically doing the same thing, but giving myself a little more time to work out the kinks. My NTS was expiring last time and I had to rush to sit for it.

By adding notes and going back through everything again I think you will score about 7-10 points higher than your first try. I went from 61 – 70 on FAR and 67 -74 on BEC. You were so close I am sure you will get it this time.

[MaLoTu]

Just3Letters – if you feel confident push it up … totally worth the $35 and if you wait too long you may start forgetting what you know now.

[Spartans92]

There are certainly pros and cons just3.. Good side is if you feel confident get it over with and move on to another section. Downside of moving up what if you get a 74 and that extra week could help you. Either way, it is up to you to make the final decision. I have only heard of people moving back 🙂 so that says you are on the right path! As Olinto says, You're on your way to be a CPA BABY!

BEC- PASS

[Just3Letters]

There weren't any other dates that worked so that helped me decide! Guess I'm just going to have to stare at these problems for a couple more weeks!

I agree Spartans,

It's going to just help me!

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

[Spartans92]

FAR is actually fun! So I dont mind doing it for another week..though I should move on to BEC after the 3rd lol. Just bumming around and preparing for my exams next week 🙂 Good Luck!

BEC- PASS

[Just3Letters]

So I'm a little confused on the difference between a “conditional pledge” and a “temporarily restricted pledge”

I get that conditional is something that you may or may not ever get as revenue

Temporarily restricted is something that you will definitely get as revenue in the future…

Is that the only difference? Whether or not the pledge is 100% assured in the future?

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

[Just3Letters]

.

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

[Just3Letters]

Potterville Charities is staging its annual fundraising appeal. The organization views this as a major ongoing activity that serves to fund the mission of the organization. In exchange for a $500 donation, contributors receive a flowerpot valued at $15. Potterville will recognize contributions for each donation in the amount of:

A. 485
B. 15
C. 0
D. 500

I said 485 because I thought that contribution revenue is net of any consideration given in return. However, the answer is D, 500. Can somebody please explain?

Also, sorry for the spam of posts. About half the time I post on here it doesn't update so I don't know if the post is even working :/

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

[MaLoTu]

J3L – my best guess for the contribution being $500 is because they are not purchasing the flowerpot for $500, it is just given, so the price of the flowerpot doesn't have to be removed, like it would if they were paying for a plate of dinner at $500 or a theater ticket.

[Spartans92]

Just3, the call of the question is asking for CONTRIBUTION! How much did we get.. we do not need to net them unless the question was asking for contribution revenue which isn't in this case.

Also, to answer your first Q. Conditional pledge is like a refundable advance or whatever the term they use in becker lol basically a liability because you may have to return to the donor if conditions are not met. Temporarily restricted will be revenue because the restrictions can be lifted through passage of time or activities. Hope that helps.

BEC- PASS

[Just3Letters]

Awesome! Thanks for the help Ninjas 🙂

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

[Stilgoin]

@Just3 I think when you report contribution on your federal taxes, you net the amount, so you would report contributing $485, but with an NFP where fundraising is a major activity, the total amount of contribution is reported and the fundraising item is expensed.

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[Josh]

Thanks, Jeff and another71 for Blitz, listened to most of them again since the last time I saw them available in my course; just in time for my exam in 2 days; over 3000 MCQ's, 3000 Flashcard including Ninja Flashcardss; time to approach Ninja Practice Exams or study sessions again looking for 85's+ because I exhausted my other review and I believe, Ninja is that good; watching the videos on stuff I'm still struggling with may make the difference

[Author]

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