[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

[jeff]

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

[Future Ninja]

did you know that:  NFP = Statement of financial position, statement of activities, and statement of cash flows

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

[Future Ninja]

did you know that:

The NFP account equation uses the term “net assets” for equity. Its accounting equation is assets equal liabilities plus net assets.

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

[Troblin]

@Gabe

I think my confusion is the wording of the multiple choice questions. Thanks, I think that my confusion primarily the wording of the multiple choice questions:

i.e “The fund most likely used by a social board securing debt to finance the construction of an expanded network of K-12 schools and the rennovation of existing facilities.”

-Capital projects vs Debt Services. My initial thought is debt services, but I guess since the question does not indicate that the fund is primarily setup to finance existing debt, this is not the correct answer.

The link is very helpful in discerning the difference tho. Thanks.

FAR: 85(11/22/2014) - Becker(full)/Ninja MCQ (5 day cram)
AUD: 79 (2/1/2015) -Becker/Ninja MCQ/Ninja Notes
REG: 84(4/19/2015) -Becker/Ninja MCQ/Ninja Notes
BEC: 83 (7/13/2015) -Becker/Ninja MCQ/Ninja Notes

Date I Got My Life Back!: 8/4/2015 🙂

[Future Ninja]

my final two weeks for FAR.

did you know that:  Functional classification in the statement of activities or notes to the financial statements = required classification of reporting expenses of all NFP

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

[Future Ninja]

did you know that:

 NFP = Raising cash through borrowings is a financing activity. Using cash to purchase fixed assets is an investing activity

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

[Future Ninja]

NFP is killing me. I got 42% WTH.

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

[Anonymous]

Whoa, you are taking FAR already in a month's span of studying? That is tough, but props to you if you pull it off.

[Anonymous]

Three weeks out from FAR and I still need to get through Govt, NFP and misc chapters 🙁

I guess I'm officially joining the study group

[jeff]

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

[mb0363]

In preparing its cash flow statement for the year ended December 31, Reve Co. collected the following data:

Gain on sale of equipment $ (6,000)

Proceeds from sale of equipment 10,000

Purchase of A.S., Inc. bonds (par value $200,000) (180,000)

Amortization of bond discount 2,000

Dividends declared (45,000)

Dividends paid (38,000)

Proceeds from sale of treasury stock (carrying amount $65,000) 75,000

My question is, how would you guys classify each item for the Statement of Cash Flows?

I came across this question in Becker and I'm having a hard time classifying the pieces and understanding why.

BEC - PASS
AUDIT - PASS
REG - PASS
FAR - PASS

[mb0363]

Green Co. had the following equity transactions at December 31:

Cash proceeds from sale of investment in Blue Co. (carrying value – $60,000) $75,000

Dividends received on Grey Co. stock 10,500

Common stock purchased from Brown Co. 38,000

What amount should Green recognize as net cash from investing activities in its statement of cash flows at December 31 under U.S. GAAP?

a. $37,000

b. $75,000

c. $47,500

d. $85,500

Choice “a” is correct. Net cash from investing activities should include the cash received from the sale of the investment in Blue Co. offset by the cash paid to purchase the common stock from Brown Co.:

My confusion continues. My answer was B. To me, Common stock is equity therefore I automatically assume this is a financing activity.

BEC - PASS
AUDIT - PASS
REG - PASS
FAR - PASS

[Future Ninja]

@cpahopeful11 – thanks dude. make it solid 3 weeks. had serious fight with my demanding boyfriend. I wish he is into accounting but unfortunately not. after an emotional week of just slacking off, here i am back to my feet. I choose this career over him. sad but let's face it. we've been through a lot so let's get a reward from it. I tried to reschedule but there's no open day and time close to release date. so how are you doing for FAR? any tips you can give? I would appreciate it.

Let's bang it up baby. Whose better than us? Nobody. by Peter Olinto.

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

[lab2008]

@ Future Ninja – hang in there! it seems like it's best not to have friends or boyfriends (or a job haha) with CPA.

Question to anyone:

What is the difference between recoverable amount and replacement cost?

The text says to use the lower of when using the current cost method.

3 out of 4 passed and sitting for FAR on May 31. Will lose credit for Audit if I don't pass FAR by Aug 4. I love leases and bonds.

[Pandarama]

mb0363 – Here's the part that I've learned to memorize bc I always had issues remember it:

Operating: + Dividends RECEIVED, – Interest PAID, – Equipment gain

Financing: dividends PAID

BEC - 80
AUD - 64, 75 - credit lost, 90!!
REG - 73, 74, 83
FAR - 61, 72, 85

Feels good finishing on my best note. Time to watch the mailbox.

[Author]

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