[forever4]

Wiley Question –

This is the question about statement of net position asking what categories net position should b reported in

1. Net investment of capital ass, net of current lib.

2. unrestricted

3. restricted.

The answer is both 2 and 3.

And explanation: This answer is correct because one of the categories of net position is “net investment in capital assets.” One of the categories listed in the question states,”invested in capital assets, net of current liabilities,”which is not a correct category.

So i’m confused. The question states investment not invested. Is it wrong?

Can you guys please tell me about stmt of net position? I thought gov wide FS only include stmt of net ass and stment of activities?

Thanks

FAR 5/14 88 PASSED!
REG 7/13 74 :((((((((....! I cant believe it!!!! I studied so hard...
REG retake 11/29 -> 89!!!!!!!!!!!!!!!!!!!
BEC 10/11/12 -> 84!!!!!!!!!!!!!
AUD 10/25/12 -> 95!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I'm DONE! OMG 8 months of hard work.

I SHALL PASS. BECAUSE IT'S ME, SO EVERYTHING WILL BE OK!

[Anonymous]

Is this question for Not for Profit? Instead of govt?

[forever4]

It is the government question! I think it is even in the textbook question too! Not just the testbank!

FAR 5/14 88 PASSED!
REG 7/13 74 :((((((((....! I cant believe it!!!! I studied so hard...
REG retake 11/29 -> 89!!!!!!!!!!!!!!!!!!!
BEC 10/11/12 -> 84!!!!!!!!!!!!!
AUD 10/25/12 -> 95!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I'm DONE! OMG 8 months of hard work.

I SHALL PASS. BECAUSE IT'S ME, SO EVERYTHING WILL BE OK!

[Anonymous]

I found alot wrong ..Sigh

[Wiley CPA Exam Review]

@forever4 is there any chance you have the Question ID? I'll check on it and report back.

[ledgermaven]

I have been trying the 2012 sims and noticed that far sim 0019 has the taxable income as 626,600 when I calculate it should be 614,600.

600,000

+12,000

-7,800

-15,000

+900

+500

+24,000 = 614,600. The + and – all agree with the answer, but the addition they arrive at is wrong as far as I can tell.

Thanks.

PS the calculator fuzzes out if I move it around the screen, it has a hard time being refreshed if it goes from one place to another.

[D]

I found quite a few while studying for REG, however I didn't take note of the question ID (its kind of hard to think of that while studying for such a huge test). This time around while studying for AUD I'm going to mark down each and every one and send it in.

**************************
AUD: 77  (Jan 2016)
BEC: 80  (May 2016)
REG: (rematch May 2017)
FAR: (rematch Apr 2017)
**************************

----------
AUD - 74, 77! (1/2016)
BEC - 80! (5/2016)
REG - tbd (8/2016)
FAR - tbd

Study materials: NINJA MCQ/Audio/Notes

"I can do ALL things through Christ who strengthens me!"
----------

[Anonymous]

Wiley Review Person,

FINM-0020 Listed Below (BEC). I hope this isn't a violation of your copyright or licensing agreement, but Becker has this exact same question and they answer it with letter D. I have the 2011 Wiley Test Bank, but I am pretty sure this question is definitely D.

“The theory underlying the cost of capital is primarily concerned with the cost of

Answers

A: Long-term funds and old funds.

B: Short-term funds and new funds.

C: Long-term funds and new funds.

D: Any combination of old or new, short-term or long-term funds.

Answer Explanations

A: This answer is incorrect. Refer to the correct answer explanation.

B: This answer is incorrect. Refer to the correct answer explanation.

C:

Answer C is correct. The theory underlying cost of capital is related to existing long-term financing and obtaining new long-term financing.

D: This answer is incorrect. Refer to the correct answer explanation.

Hint

What does the cost of capital relate to?

[forever4]

@Wiley

GOV-00064 is the one!

FAR 5/14 88 PASSED!
REG 7/13 74 :((((((((....! I cant believe it!!!! I studied so hard...
REG retake 11/29 -> 89!!!!!!!!!!!!!!!!!!!
BEC 10/11/12 -> 84!!!!!!!!!!!!!
AUD 10/25/12 -> 95!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I'm DONE! OMG 8 months of hard work.

I SHALL PASS. BECAUSE IT'S ME, SO EVERYTHING WILL BE OK!

[ledgermaven]

Hi Wiley testbank guy, just found that online mcq STK-0076 has a duplicate question right after the first one, calculating EPS.

Cheers

[Wiley CPA Exam Review]

Thanks All!

@forever4 and others we'll look into and post back.

@BDO-Baby that particular question was posted before (link below), we checked and here's the deal: our answer is the AICPA provided answer. Further discussion at original thread.

Thread link: https://www.another71.com/cpa-exam-forum/topic/similarsame-mc-from-becker-wiley-%E2%80%93-pls-help

Living list of Test Bank Corrections here: https://wileycpa.custhelp.com/app/answers/detail/a_id/10715

[Author]

Replies