[jeff]

SO I know every test is different but does anyone have any insight on what has been heavily tested recently? I take the exam Monday and I need to narrow my focus….Thanks!

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

[Determined CPA]

I agree – I don't really understand measurement

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[OnMyWay732]

Got ya…well if you have any specifics that you happen to get stuck on or don't fully get why Becker is saying to do something, feel free to post.

Quick advice: For translation it's just memorization on what parts of the financials to use which FX rate.

For transaction, just remember, the purchase in Year 1 is the beginning and if they don't get rid of it that year, then December 3, Year 1 is the end. Then the price it is at December 31, Year 1 is now the beginning price for Year 2, and use that for any time they would sell it in Year 2.

AUD - July 2014 - 76
REG - August 2014 - 82
FAR - November 2014 - 78
BEC - January 2015 - 81

DONE!!!!

Used Becker online. Who needs a text when you can burn your eyes out staring at the screen for months on end?

"Let me tell you something you already know. The world ain't all sunshine and rainbows. It is a very mean and nasty place and it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain't how hard you're hit; it's about how hard you can get hit, and keep moving forward. How much you can take, and keep moving forward. That's how winning is done!"

[Anonymous]

@OnMyWay,

Weighted Average for Income accounts?

What are the other rates?

[OnMyWay732]

Correct on income statement.

For Balance sheet, you break out monetary and non-monetary.

Balance sheet monetary items use the year-end FX rate.

Balance sheet non-monetary items use the historical rate at the day that asset/liability was acquired.

AUD - July 2014 - 76
REG - August 2014 - 82
FAR - November 2014 - 78
BEC - January 2015 - 81

DONE!!!!

Used Becker online. Who needs a text when you can burn your eyes out staring at the screen for months on end?

"Let me tell you something you already know. The world ain't all sunshine and rainbows. It is a very mean and nasty place and it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain't how hard you're hit; it's about how hard you can get hit, and keep moving forward. How much you can take, and keep moving forward. That's how winning is done!"

[salring]

okay good night folks it's been awesome studying FAR with you, I hope we can meet again in another section. Am ready for my test tomorrow 9.00am.

[OnMyWay732]

Good luck @salring!

AUD - July 2014 - 76
REG - August 2014 - 82
FAR - November 2014 - 78
BEC - January 2015 - 81

DONE!!!!

Used Becker online. Who needs a text when you can burn your eyes out staring at the screen for months on end?

"Let me tell you something you already know. The world ain't all sunshine and rainbows. It is a very mean and nasty place and it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain't how hard you're hit; it's about how hard you can get hit, and keep moving forward. How much you can take, and keep moving forward. That's how winning is done!"

[salring]

Thanks and good luck to you too @onmyway!!

[Future Ninja]

Good night too Salring. Best of luck. Let us know your experience. don't forget to eat chocolate bar and banana 45 minutes before your exam. ^_^

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Anonymous]

Ugh.

Gov't and bonds.

Bonds and Gov't.

[Future Ninja]

@Nick – how's your test?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Anonymous]

on Friday

[hudnetj]

@onmyway do you have Becker? Why on page F2-51 (its the Kristi Corporation example that lists the translation and remeasurement method side by side) is Inventories (at cost) on the balance sheet remeasured using the weighted average? All they're saying is because it was acquired evenly and sales were made evenly throughout the year. Is this just a general understanding I should know, if it is evenly throughout the year apply weighted average? is this just for inventory or anything?

BEC - 76
REG - 76
FAR - 77
AUD - 63, 89

DONE!!

CPA 3/15

[OnMyWay732]

@hudnetj…I do remember that. This is the only time I've seen this, but I think their rational is what you said. Purchases were made evenly throughout the year. Since Inventory is purchased throughout the year you aren't going to go back to each individual piece of inventory and mark that one piece at the historic rate. (which you normally do with non-monetary). If they said every piece of inventory was purchased on March 5, then you would use only that date's FX rate

AUD - July 2014 - 76
REG - August 2014 - 82
FAR - November 2014 - 78
BEC - January 2015 - 81

DONE!!!!

Used Becker online. Who needs a text when you can burn your eyes out staring at the screen for months on end?

"Let me tell you something you already know. The world ain't all sunshine and rainbows. It is a very mean and nasty place and it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain't how hard you're hit; it's about how hard you can get hit, and keep moving forward. How much you can take, and keep moving forward. That's how winning is done!"

[hudnetj]

ahhh yeah that makes sense now.. thanks! Pretty much just memorization of what rates to use and where to plug and I should be good

BEC - 76
REG - 76
FAR - 77
AUD - 63, 89

DONE!!

CPA 3/15

[Determined CPA]

Fara Co. reported bonds payable of $47,000 on December 31, 20X1, and $50,000 on December 31, 20X2. During 20X2, Fara issued $20,000 of bonds payable in exchange for equipment. There was no amortization of bond premium or discount during the year. What amount should Fara report in its 20X2 statement of cash flows for redemption of bonds payable?

answer $17,000

Bonds payable on 12/31/X1 (beginning inventory) $47,000

Plus bonds issued in 20X2 20,000

---

Subtotal 67,000

Less bonds payable on 12/31/X2 (ending inventory) 50,000

---

Bonds redeemed in 20X2 (presumably for cash) $17,000

In my mind, the payable went up 3000 and then we added another 20000 payable so why isn't the ending payable 23000?

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[Author]

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