[MCLKT]

Tootsie started an AUD study game if you haven’t checked it out. It’s ctually fun! (spoken like a true CPA candidate)

Let’s try it out!

“……. a game where we post FAR questions to help us study and if you know the answer, post it and ask another question. I’ll go first.

Q. How is it the Tax Expense calculated and where is it located on a Personal Financial Statement?

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Anonymous]

account for dividends on the date of declaration.

dr Dividends declared

cr dividends payable

[Anonymous]

Ok, another question:: when do you write down your inventory value using IFRS?

[peetree]

ooo IFRS

Inventory is written down when it is deemed that the utility of inventory is no longer as great as their cost. Under IFRS, you'll follow the lower of cost or market which has no middle value like GAAP but merely compares cost to net realizable value.

I believe IFRS allows the write up of previously written down inventory and allows you to take the write up directly against COGS up to the original write down.

“What are the procedures of a Quasi re-organization?”

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[gobias]

Transfer contributed capital to retained earnings to reduce the deficit.

How do you calculate cash received when discounting a note at a bank?

F - 86
R - 90
A - 97
B - 91

[peetree]

Take the note at maturity and multiply that total by the discount rate being offered by the bank.

e.g. 4 months left on the note (12% discount rate times 4/12 times the note value at maturity)

“What fund should be used for a government that is receiving money from one entity and transferring it to another entity?”

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[Anonymous]

Q. How is it the Tax Expense calculated and where is it located on a Personal Financial Statement?

I don't think anyone clearly answered this question so I will add some more to it.

Net Assets (Estimated Current Value) – Net Assets (Basis) = Estimated Tax

Estimated Tax is then plugged in to: Assets (Estimated Current Value) – Liabilities (Estimated Current Value) = Net Assets (Estimated Current Value) – Estimated Tax= Net Worth

Also for a Quasi reorganization

Revaluing Assets:

Dr. RE (Write Down)

Cr. Assets (Write Down)

Then Eliminating the Deficit:

Dr. PIC (Deficit)

Cr. RE (Deficit)

Is the revaluing of the asset always a credit entry? Can someone clarify this for me?

Also my question is,

What are the JE's for converting Preferred Stock to Common Stock? On each line, add how it's calculated.

[Anonymous]

what do you mean by period of benefit and how is it treated under US and IFRS?

[HustlinHustlin]

@Peetree – Agency Fund. It acts a custodian or agency for the government.

Going through this chapter now, hope I'm right!

B 71 - 79 EXPIRED
A 69 - 75 EXPIRED
R 65 - 48 - 45
F 56 - 61 - 65 - 64

Becker, Wiley Test Bank, Wiley Text and Ninja Notes

"The fish who keeps on swimming is the first to chill upstream" -311

Experience - Done, like WAAAY done.
Still need 30 more credits, in basket weaving (gotta love new CA requirements)

[SeattleAccountant]

@peetree,

a pass-thru type usually called Agency fund.

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[Author]

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