[jeff]

Welcome to the Q3 2016 CPA Exam Study Group for FAR.

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

AUD - 79
BEC - 80
FAR - 76
REG - 92

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

[Operation_CPA]

Can someone explain to me if this is correct for exchanges that lack commercial substance?

Boot is paid = No gain (if under 25%) –> If over 25% recognized all of the gain
………..To get percentage –> Boot paid / FV given = % (then use rules above)

Boot is received = recognize a proportion of the gain (If under 25%) –> If over 25% recognize all of the gain
……….To get percentage –> Boot received / FV received = % (then use rules above)

FAR - 76 (Lost credit), 76
AUD - 80
BEC - 76
REG - 75

Truly I tell you, if you have faith as small as a mustard seed, you can say to this mountain, "Move from here to there," and it will move. Nothing will be impossible for you.

[drcpa]

Hey guys,
the governmental is very confusing, any advise?

AUD - NINJA in Training
BEC - NINJA in Training
FAR - 72
REG - NINJA in Training

If You Fail to Plan, You Plan to Fail

If You Fail To Plan, You Plan to Fail

[Operation_CPA]

@drcpa

Practice makes perfect on that stuff. Rewrite the funds over and over again (GRSPP SE PAPI) and know the main items that belong in each fund. For example: Special Revenue includes gas tax. Try seeing it “big picture” before getting the small little details down, this really helped me.

Just a sample of what I am referring to:

Governmental funds use: Modified accrual accounting and have a current financial resources measurement focus. Governmental funds include the “GRSPP funds” –> General, Special Revenue, Debt Service, Capital Projects, Permanent. Then list what goes in each fund, etc.

FAR - 76 (Lost credit), 76
AUD - 80
BEC - 76
REG - 75

Truly I tell you, if you have faith as small as a mustard seed, you can say to this mountain, "Move from here to there," and it will move. Nothing will be impossible for you.

[Author]

Replies