[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]

Can someone please help me understand eliminations during consolidations?

If anyone is using becker, its F3 and the questions are CPA-00427 and CPA-00435. They both appear to be consolidating yet in one of them they are requiring us to take into account the non controlling interest when calculating total equity where as the other isn't requiring the non controlling interest when consolidating?

Can someone please explain the difference and when we should account for the non controlling interest?

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.

[Gabe]

@cpa can you post the example?

CPA, CFE
CISA- Experience will be completed by August 2016

[Gatorgirl1231]

The first question is wanting the total of Stock Holder's Equity.

The second question is just looking for Common Stock.

Florida Candidate

AUD: 77
REG: 86
FAR: TBD
BEC: 79 (Expired)

[Gatorgirl1231]

When looking for Total Stock Holders Equity the Non Controlling Interest plays a part.

Florida Candidate

AUD: 77
REG: 86
FAR: TBD
BEC: 79 (Expired)

[Determined CPA]

Isn't common stock part of equity?

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.

[Gatorgirl1231]

Yes it is, but in Common Stock NCI is not taken into consideration…

However, One question was asking for the total which is where NCI is taken into account.

In common stock NCI is not taken into account.

Florida Candidate

AUD: 77
REG: 86
FAR: TBD
BEC: 79 (Expired)

[Determined CPA]

ok thank you gatorgirl! i appreciate the help!

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.

[Future Ninja]

did you know that:

Depreciated equipment sold in exchange for a note receivable is an example of Realization concept.

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:

when a US public company needs guidance in accounting for and reporting complex derivative transaction that entered into with a European subsidiary most likely to find the appropriate guidance in the FASB accounting standards codification.

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:

SFAC # 7: elements of PV = UVOTE

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

[Future Ninja]

hey anyone has the mneumonic for the process of issuing FASB accounting standards update? kindly share please. thank you.

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

[Future Ninja]

im nervous as hell. taking FAR this Friday.

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:

an exposure draft is issued after approval by at least 9 members of the IASB.

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

[Gatorgirl1231]

No problem Determined CPA… made me feel good that I could actually answer that… Taking FAR tomorrow and all I want to do is cry.

Florida Candidate

AUD: 77
REG: 86
FAR: TBD
BEC: 79 (Expired)

[Future Ninja]

@Gatorgirl1231 – im sending you good vibes. Best of luck to all of us.

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

[Author]

Replies