[mgoloubenko]

I was just reviewing governmental funds and decided to share a helpful way that my Becker instructor taught us, some people remember this by the GRSSP funds but I found this more helpful, before you fill up on gas you must remove “dgascap” – the gas cap.

DG(A)SC(A)P

FAR 4/9/12- PASSED
BEC 7/13/12- PASSED
AUD 8/16/12- Ughhh 71, Rematch: 90!!!
REG-12/6/12 PASSED

USC MAcc- Fight on!

They say good things come to those who wait, but only those things that are left by those who hustle.

[jtcali]

CAR IN BIG was a good mnemonic from Becker for consolidating. You have to eliminate the subsidiary's “CAR” – Common Stock, APIC, and Retained Earnings.

[jeff]

NINJA FAR:

Governmental Funds for the MMA fans out there…

GSP-CD

Georges St. Pierre (is from) CanaDa

[Witchkizzle]

I saw a funny one the other day. It isn't really relevant in this conversation though, unless you still struggle with this.

The order of operations was always taught to us with something like Please Excuse My Dear Aunt Sally, but the one I saw was Please Excuse My Dope A** Swag.

Comes with a funny picture and everything.

Texas CPA
Licensed 03/12

[gns121584]

@mgolou what does that stand for? I don't have Becker and am studying for FAR. Good luck on your upcoming test 🙂

AUD - PASSED - 84 -(11/21/11)
REG - PASSED - 83 -(1/17/12)
BEC - PASSED - 86 -(2/28/12)
FAR - PASSED - 84 -(5/14/12)
I AM DONE!!!!

[jenuno01]

Becker has great ones! GRASPP SE PAPI, and CARINBIG are a must for FAR! I remember I could calculate any consolidation problem using CARINBIG… I also create my own, but they are in Spanish lol =P.

Class of 2012

[gns121584]

@jenuno – Can you share what those are please?

AUD - PASSED - 84 -(11/21/11)
REG - PASSED - 83 -(1/17/12)
BEC - PASSED - 86 -(2/28/12)
FAR - PASSED - 84 -(5/14/12)
I AM DONE!!!!

[mgoloubenko]

DG(a)SC(a)P- is all of the governmental accounting funds that use modified accrual basis of accounting: debt service fund, general fund, special revenue fund, capital projects fund, and permanent fund (the a's are just fillers to make it sounds like the gas cap)

FAR 4/9/12- PASSED
BEC 7/13/12- PASSED
AUD 8/16/12- Ughhh 71, Rematch: 90!!!
REG-12/6/12 PASSED

USC MAcc- Fight on!

They say good things come to those who wait, but only those things that are left by those who hustle.

[gns121584]

Thank you!

AUD - PASSED - 84 -(11/21/11)
REG - PASSED - 83 -(1/17/12)
BEC - PASSED - 86 -(2/28/12)
FAR - PASSED - 84 -(5/14/12)
I AM DONE!!!!

[Anonymous]

I like the GALS BARE (for Fund Balance/balance sheet) and GOES BARE (for Change in Fund Balance/Income statement) for reconciling Governmental Fund F/S to government-wide F/S. the BARE just explains the basis of accounting and can be disregarded when doing the calculations.

GALS BARE =

Graspp fund balance

+Assets (noncurrent)

-Liabilities (noncurrent)

+Service fund balance from Internal Service revenue

GOES BARE=

Graspp – change in fund balance

-Other financing sources

+Expenditures from capital outlay (net of depreciation)

+Service income from Internal service revenue

To remember where the additions and subtractions go, I just think of the movie 21 Jump Street. The number 21 will tell me when to subtract. I subtract the 2nd item in GALS and the 1st item in GOES.

[jenuno01]

Sure! This is the elimination entry for Consolidations:

C-ommon Stock-DR

A-PIC-DR

R-et Earnings-DR

I-nvestment in Sub-CR

N-on Cont Interest-CR

B-ook Value Adjsments to FV-DR or CR

I-dentifiable Intangibles-DR

G-oodwill-DR or Gain-CR

Hope this helps. Becker, please don't sue me.

The CAR can very well be subsittuted for 1 Total Equity amount.

Class of 2012

[PistolPete]

REG:

Calculating the realized gain on like kind exchanges: “New Boots NOT Old” (Like if you were buying new boots)

New = FMV (price you would pay)

+Boot (boots…get it?)

Not Old = Subtract NBV of old

Netting mortgages: Debt relieved = Boot received (it rhymes)

FAR - 68, 79
AUD - 82
REG - 71, 71, 80
BEC - 76

CMA
Part 1: October 2013
Part 2: January 2014

[jenuno01]

GR(a)SPP SE PAPI

GOVT FUNDS

General Fund

R- Revenue, Special

(a)

S- Services, Debt

P- Projects, Capital

Permanent

PROPRIETARY

S-Service, Internal

Enterprise

FIDUCIARY

Pension Trust

Agency Trust

Private Purpose Trust

Investment Trust

Class of 2012

[Anonymous]

Correct me if I am mistaken, but make sure when you use CAR IN BIG, you debit CAR using begging of year equity and not the amount at year end.

[jenuno01]

@Dual, umm… that I don't know for sure… it's been awhile! From what I can remember, the whole entry is to eliminate the Sub's accounts, so wouldn't you want to eliminate year-end amounts?

If you are correct though (which you very well could be), that is a good point!

Class of 2012

[Anonymous]

Parent and sub keep separate accounting records throughout the year and at the end of the year you eliminate inter-company sales, accounts receivables, dividends, loans and then you eliminate the ending equity accounts. This takes the net income of the sub and puts it on the parents books through the elimination of the equity accounts. You have to use the ending account balances not the beginning.

[Author]

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