[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!

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

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

[Peterman25]

@CPAHOPEFUL – your govt question (bleh)..is the answer C or is it D? I see the garage as being either part of the special revenue/projects fund = modified accrual = expenditure. and if not in the special fund then the general fund as an expenditure.

Answer D would be if the garage is in the capital projects fund so non of the answers are correct. that's my rationale for both answers. ugh govt acctg.

BEC 7/14 - PASS
FAR 10/14 - PASS
AUD 1/15 - PASS
REG 4/15 - PASS

AZ license - Official 8/20/2015

[Peterman25]

@CPAHOPEFUL –

royalty revenue would be accrued for just the 20% of $$ produced in 2002. payment history shouldn't matter.

C = $149,000

BEC 7/14 - PASS
FAR 10/14 - PASS
AUD 1/15 - PASS
REG 4/15 - PASS

AZ license - Official 8/20/2015

[Peterman25]

A company that wishes to disclose information about the effect of changing prices in accordance with ASC 255 Financial Accounting and Changing Prices, should report this information in

A – body of the F/S

B – notes to the F/S

C – MD&A to the shareholders

D – Supplementary info to the F/S

BEC 7/14 - PASS
FAR 10/14 - PASS
AUD 1/15 - PASS
REG 4/15 - PASS

AZ license - Official 8/20/2015

[Anonymous]

D?

Peterman, the answer to the government question was B. I know since you like myself have studied with the Roger book, a lot of these Ninja MCQs on Gov't are going to be tough at first. GREAT practice though.

[Anonymous]

So to get 149,000 what exactly did you add?

[Anonymous]

So to get 149,000 what exactly did you add?

[golfball7773]

I was getting 159K but then I realized it doesn't matter when the payment dates are because revenue is accrued.

So here is my calculation:

400K – 50K = 350K (Only want current year) * .2 = 70K

325K * . 20 = 65K

70K * .20 = 14K

70

65

14

= 149K

AUD - NINJA in Training
BEC - 86
FAR - NINJA in Training
REG - NINJA in Training

AUD - 71, 73

BEC - 74, 86

REG - 77*

FAR - 57

*expired

(I have been trying to become a CPA since 2013). only one test down.......

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[ThumbsUp]

Thank you for your responses, I definitely believe in Quality over Quantity.

AUD- 22, Just missed it...maybe next time!
REG- 14, so close!!!

[Peterman25]

Golfball is correct.

Revenue is accrued so you need to come up with the amount for X2 Cash received does not affect accrued revenue on the I/S.

400+325+70-50 = 745 *.2 = $149,000

BEC 7/14 - PASS
FAR 10/14 - PASS
AUD 1/15 - PASS
REG 4/15 - PASS

AZ license - Official 8/20/2015

[Peterman25]

Which of the following statements meet the measurement and recognition criteria for landfill closure and post-closure costs?

A.

Landfills should only be accounted for in the general fund.

B.

Total landfill liabilities should be recognized in the general long-term debt account group.

C.

Expense recognition should begin when waste is accepted and should continue through the post-closure period.

D.

Equipment and facilities included in estimated total current cost of closure and post-closure care should not be reported as capital assets.

BEC 7/14 - PASS
FAR 10/14 - PASS
AUD 1/15 - PASS
REG 4/15 - PASS

AZ license - Official 8/20/2015

[golfball7773]

I am guessing D.

AUD - NINJA in Training
BEC - 86
FAR - NINJA in Training
REG - NINJA in Training

AUD - 71, 73

BEC - 74, 86

REG - 77*

FAR - 57

*expired

(I have been trying to become a CPA since 2013). only one test down.......

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[Peterman25]

D is correct

BEC 7/14 - PASS
FAR 10/14 - PASS
AUD 1/15 - PASS
REG 4/15 - PASS

AZ license - Official 8/20/2015

[Anonymous]

Thanks golfball, and also how do you differentiate between remeasure and translation?

[Anonymous]

Talton Co. installed new assembly-line production equipment at a cost of $185,000. Talton had to rearrange the assembly line and remove a wall to install the equipment. The rearrangement cost $12,000 and the wall removal cost $3,000. The rearrangement did not increase the life of the assembly line but it did make it more efficient. What amount of these costs should be capitalized by Talton?

A.

$185,000

B.

$188,000

C.

$197,000

Correct D.

$200,000

---

I know both amounts should be capitalized, but for what reason. Originally I thought it was because the arrangement and wall removal where needed to get the equipment into working condition and ready for use, but the answers suggests the amounts are capitalized because they are post-acquisition costs that increase efficiency. So, which is it?

[Peterman25]

he City of Curtain had the following interfund transactions during the month of May:

Billing by the internal service fund to a department financed by the general fund, for services rendered in the amount of $5,000

Transfer of $200,000 from the general fund to establish a new enterprise fund

Routine transfer of $50,000 from the general fund to the debt service fund

What was the total reciprocal interfund activity for Curtain during May?

A.

$5,000

B.

$55,000

C.

$200,000

D.

$255,000

BEC 7/14 - PASS
FAR 10/14 - PASS
AUD 1/15 - PASS
REG 4/15 - PASS

AZ license - Official 8/20/2015

[Author]

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