[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]

haha! My Becker Professor always told us “I hope i never see you guys again” after the completion of her course.

I hope to never see you guys again 🙂 …hoping for a Q4 pass!

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

[OnMyWay732]

Yours too…Good luck! In my experience, REG was nothing compared to FAR. I didn't do overwhelming but the study material is much easier to go through and each question doesn't take minutes to figure out. It's just a straight question and answer. Hardly any math

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!"

[jeff]

Gov't Universities report revenues net of bad debts and tuition waivers.

I don't know if the questions are apples and apples or not, but NINJA is correct.

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

[Gabe]

@mb can you find the exact becker question?

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

[mb0363]

For the fall semester of Year 1, Ames University assessed its students $3,000,000 for tuition and fees. The net amount realized was only $2,500,000 because scholarships of $400,000 were granted to students, and tuition remissions of $100,000 were allowed to faculty members' children attending Ames. What amount should Ames report for the period as unrestricted current fund gross revenues from tuition and fees?

a. $2,600,000

b. $3,000,000

c. $2,900,000

d. $2,500,000

hmmm…so they are different. now im confused.

Becker Specifically asks for gross.

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

[NoraU]

Good luck to everybody testing in November! Reading through your posts helps my understanding a lot. Wish I could be as helpful in return.

BEC 05/12/14 77
REG 08/25/14 82
FAR 11/25/14 80
AUD 02/25/15 72, 05/15/15 98! DONE!!!!!!!!!!!!!!!!!!!!!!

[OnMyWay732]

Saturday is going to be brutal. No clue about the Scholarship question. Went over that part once but unfortunately didn't have enough time to give it the time it needed (along with other parts of not-for-profit). Might be doing not-for-profit again tonight and just review all tomorrow. I don't know if I'm looking for pointers or jsut a reason to vent at this point

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!"

[golfball7773]

so the difference comes down to gross revenues and operating revenues. Is there a difference when we are talking state funded schools?

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

*expired

[Gabe]

A company exchanged land with an appraised value of $50,000 and an original cost of $20,000 for machinery with a fair value of $55,000. Assuming that the transaction has commercial substance, what is the gain on the exchange?

A.

$0

B.

$5,000

C.

$30,000

D.

$35,000

Maybe it's the wording…but what's the JE

DR New machinery 55

CR Land 20

CR Gain 35

BUT answer key says gain is 20 (50k-20k)

Anyone?

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

[Future Ninja]

@Gabe – I think when there is a commercial substance the order of priority would be:

1) fair value of the asset given

2) fair value of the asset received

3) book value of the asset given.

Entry would be:

New machinery $50,000

Old Land $20,000

Gain $30,000

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

[mb0363]

My question is, how can you tell if a transaction has commercial substance or doesnt?

Amble, Inc. exchanged a truck with a carrying amount of $12,000 and a fair value of $20,000 for a truck and $4,000 cash. The fair value of the truck received was $16,000. At what amount should Amble record the truck received in the exchange under U.S. GAAP?

a. $9,600

b. $16,000

c. $12,000

d. $13,600

What in this problem indicates commercial substance?

Also, found this problem on NINJA that confused the crap out of me:

On March 31, 20X1, the Winn company traded in an old machine that had a carrying amount of $16,800, and a fair value of $14,500. Winn paid a cash difference of $6,000 for a new machine having a total cash price of $20,500. The exchange should include recording:

A. no gain or loss.

B. $3,700.

C. $2,300 loss on exchange.

D. $2,300 impairment loss.

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

[Mehwish]

I'm sure you will all do great. 🙂

[Future Ninja]

Thanks Mehwish. mine will be tomorrow. re-reading notes tonight and will eat meal good for 3 persons so I can sleep tonight. ^_^ then tomorrow will have a good light breakfast with chocolate and banana. ^_^ this is why I gained weight from 110lbs to 140lbs.

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

[OnMyWay732]

wish I had one more week

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, I was just thinking that.

[Author]

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