[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

[mb0363]

@gabe Becker taught them by the definition of the terms themselves. Derived revenue comes from the govt doing something AKA sales. and Imposed comes from the govt not doing anything AKA property taxes, fines, and wealth. Remember that income tax you are doing something so that would NOT be imposed revenue.

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

[mb0363]

For the second:

JE for Purchase order (Guess)

DR Encumbrance

CR Budgetary Control

When received (Eliminate Guess)

DR Budgetary Control

CR Encumbrance

(Book Actual Cost)

DR Expenditures

CR Vouchers Payable

So technically Encumbrance Decreased and Expenditures Increased. Ans is A.

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

[mb0363]

@ron do you use becker? I don't think i've seen becker touch on this or maybe its slipped my mind….thanks for posting! ill have to check when i get to reviewing that section.

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

[Gabe]

@mb thanks! I just found the GASB 33:

Derived tax revenues, which result from assessments imposed on exchange transactions (for example, income taxes, sales taxes, and other assessments on earnings or consumption)

Imposed nonexchange revenues, which result from assessments imposed on nongovernmental entities, including individuals, other than assessments on exchange transactions (for example, property taxes and fines)

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

[Gabe]

@mb that question was actually a Becker one lol.

So PO is approved

DR encum

CR reserve for encum

Received:

DR fund bal reserved for encum

CR encumb

Paid:

DR exp

CR vouchers pay

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

[mb0363]

@gabe, is it? gah!!!! so much information yall. can hardly keep it all straight. Ill be heading over to leases and bonds after my review of govt/nfp is done. =

Also, Thanks for posting that JE I have the JE's stuck in my brain as a credit to budgetary control but I have to keep in mind the exam might show reserve for encumbrances too.

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

[Gabe]

@mb yep! I'm reviewing NFP/Govt then moving on to bonds as well 🙂

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

[juuustin]

Imposed vs. derived is easier to remember if you just think that there is an underlying transaction on derived revenue (hence, the revenue is derived from the transaction). If there isn't an underlying transaction, then it is imposed.

Property taxes are imposed because there is no transaction that gives rise to them.

Sales, use, and income tax are all derived from specific transactions (purchase of a good, earning of income)

MD Candidate: 10/1/14

FAR - 87 (11/23/14)
REG - 87 (1/30/15)
BEC - 89 (4/19/15)
AUD - 98 (5/30/15)

Ethics - 100

Experience - In Progress!

[Gabe]

thanks @Juuustin. After reading the GASB statement thinking of derived as having an underlying transaction is going to save me

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

[Anonymous]

I'm taking three days off of work next week to get ready for this. I don't feel prepared at all 🙁

[Robert Bentman]

Hey everyone,

I am using Becker and I'm having a lot of trouble for some reason with F6 – accounting for income taxes (deferred taxes, benefits etc.) I try to set up the problems using the diagram that is used in the book with the Income statement on the left, differences in the middle and financial statement on the right. Obviously this is not working for me and I'm not sure why but it is just not clicking. I have re-watched the lecture and I have read the section twice now.

If anybody can please tell me your way of approaching these problems or anything that may help I would greatly appreciate it.

[mccaberp]

@Robert Bentman

What exactly are you having trouble with? Read the questions very carefully and try and determine what is being asked. A lot of the Becker questions seem more complicated than they actually are if you read carefully and determine what's being asked.

AUD: Pass
REG: Pass
BEC: Pass
FAR: Pass

First try CPA. Thank god. God bless America.

[mb0363]

GASB 34 establishes financial reporting standards for state and local government. Basic financial statements and required supplementary information for general purpose governments should consist of:

a. Liftable financial statements, notes to the financial statements, and statistical schedules.

b. Basic financial statements and required supplementary information introduced after the basic financial statements.

c. General purpose financial statements, notes to the financial statements, combining financial statements and statistical schedules.

d. Management's Discussion and Analysis, Basic Financial Statements and Required Supplementary Information.

ANS D.

Is this a poorly worded question? I answered B just because how it was worded. It didn't ask for required reporting, it asked for basic fs and required supplementary information…

EDIT-

nevermind…stupid mistake. although MDA is not titled “required supplementary information” it is categorized as such.

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

[mdlynch3]

In its December 31, Year 1, balance sheet, Fleet Co. reported accounts receivable of $100,000 before allowance for uncollectible accounts of $10,000. Credit sales during Year 2 were $611,000, and collections from customers, excluding recoveries, totaled $591,000. During Year 2, accounts receivable of $45,000 were written off and $17,000 were recovered. Fleet estimated that $15,000 of the accounts receivable at December 31, Year 2, were uncollectible. In its December 31, Year 2, balance sheet, what amount should Fleet report as accounts receivable before allowance for uncollectible accounts?

a. $75,000

b. $82,000

c. $67,000

d. $58,000

Answer is A, can someone please help with this one?

FAR - 84 (11/26/2014)
REG - 82 (5/15/2015)
AUD - 90 (7/20/2015)
BEC - 88 (2/26/2015)

[salring]

Ninja thanks for posting the solution to the problem from yesterday, am glad I got some of it but clearly I still have alot of work to do before am ready.

[Author]

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