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CjsrParticipantOK but but …. “has temporary taxable differences that will reverse during the next year and add to taxable income.” Soooo … the phrase “during the next year” governs the phrase “add to taxable income” as well as the phrase “will reverse.” That's the kind of thing that seems ambiguous to me and trips me up. English.
BEC Jan 2016 83 Becker FastPass
REG Jan 2016 83
AUD May 2016 92
FAR Jul 2016 74
FAR Mar 2017. 91 Becker book + NINJA 10-point comboBEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016Becker FastPass with in-class videos
CjsrParticipant@scared_cpa, it helped me with bonds when I stopped thinking of it as a loan you made to someone, and started thinking of it as a deal. You're buying a deal from them to pay you x amounts at x times, that's the only way that the coupon rate matters. I remember the class where this hit me, on my third go-round with bonds.
BEC Jan 2016 83 Becker FastPass
REG Jan 2016 83
AUD May 2016 92
FAR Jul 2016 74
FAR Mar 2017. 91 Becker book + NINJA 10-point comboBEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016Becker FastPass with in-class videos
CjsrParticipant@Spartans92, I'd say you got it right for the right reason – you knew it had to be more than 202,000. That's how we play divide and conquer with mcqs.
BEC Jan 2016 83 Becker FastPass
REG Jan 2016 83
AUD May 2016 92
FAR Jul 2016 74
FAR Mar 2017. 91 Becker book + NINJA 10-point comboBEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016Becker FastPass with in-class videos
CjsrParticipant@Spartans92 That 1/2 thing you're remembering, maybe from doing the amortization of discount/premium with semiannual payments?
BEC Jan 2016 83 Becker FastPass
REG Jan 2016 83
AUD May 2016 92
FAR Jul 2016 74
FAR Mar 2017. 91 Becker book + NINJA 10-point comboBEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016Becker FastPass with in-class videos
CjsrParticipantThank you, mtaylo and mckan! My access to Becker expired in October, and I decided instead of paying for that whole section again I would go with the Ninja 10-point Combo instead. But I don't think Becker had an option to isolate the IFRS questions. I'm rereading the Becker book along with Ninja. I think it will be good to have the Ninja mcqs as a fresh test bank.
I'm also making my own flash cards on 5 x 7 cards, not really flash cards because I put all the info on one side only because it annoys me to have to flip cards. So maybe just my way of taking notes of the things especially that need to be memorized.
BEC Jan 2016 83 Becker FastPass
REG Jan 2016 83
AUD May 2016 92
FAR Jul 2016 74
FAR Mar 2017. 91 Becker book + NINJA 10-point comboBEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016Becker FastPass with in-class videos
CjsrParticipantOn differences between GAAP and IFRS, Becker has a summary section with 71 items. Ninja book presents this differently, but I count roughly 25 items covered. These differences seem arbitrary to me. For most FAR concepts, I try to make up a story where a procedure makes sense. I know I can't just memorize 71 items that are different, I need brain space for nonmonetary transactions and sale leasebacks and such. Any hints on mastering IFRS?
BEC Jan 2016 83 Becker FastPass
REG Jan 2016 83
AUD May 2016 92
FAR Jul 2016 74
FAR Mar 2017. 91 Becker book + NINJA 10-point comboBEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016Becker FastPass with in-class videos
CjsrParticipant@NYaccounting – The question just asks about the service cost component, which is 300k, so tax effect is 90k. Isn't it kind of strange to phrase a question this way? Instead of just asking a question about temporary tax differences? So this becomes a question where you have to think about tax differences AND about where the various parts of pension-related accounts end up on the balance sheet, two completely separate topics in my head.
BEC Jan 2016 83 Becker FastPass
REG Jan 2016 83
AUD May 2016 92
FAR Jul 2016 74
FAR Mar 2017. 91 Becker book + NINJA 10-point comboBEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016Becker FastPass with in-class videos
CjsrParticipantCjsrParticipantConversion of preferred shares:
700,000 x 1/6 equals 116,667
680,000 x 1/3 equals 226,667
720,000 x 5/12 equals 300,000
684,000 x 1/12 equals 57,000
Total 700,334Done the other way:
700,000 x 1 equals 700,000
(20,000) times 10/12 equals (16,666)
40,000 x 1/2 equals 20,000
(36,000) x 1/12 equals (3,000)
Still 700,334What am I missing? Something right in front of my face? Difference between a 74 and 75.
BEC Jan 2016 83 Becker FastPass
REG Jan 2016 83
AUD May 2016 92
FAR Jul 2016 74
FAR Mar 2017. 91 Becker book + NINJA 10-point comboBEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016Becker FastPass with in-class videos
CjsrParticipantIs anyone here using the Ninja far book? Look at book 1, section 3, “Financial Reporting,” p. 47, showing a statement of cash flows, direct method, with reconciliation to net income at the bottom. On the direct part, it has cash flow from operations as $102. On the reconciliation, it has net cash flow from operations as $106. The totals come out right. I think the difference is that income tax expense was 46, change in income taxes payable was +5, for income taxes paid of 41, however there was a gain on retirement of bonds that was taxable at $4. Thus, even though the little worksheet on taxes paid on p.48 says $41, the cash flow direct section says $45, thus the difference between 102 and 106. Shouldn't there be a separate line somewhere for this? I thought the direct section and the reconcile to net income section were supposed to match. I have spent hours on this.
BEC Jan 2016 83 Becker FastPass
REG Jan 2016 83
AUD May 2016 92
FAR Jul 2016 74
FAR Mar 2017. 91 Becker book + NINJA 10-point comboBEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016Becker FastPass with in-class videos
CjsrParticipant@Bondvillain, B? The equity won't be taxed until it's received, then only 20% will be taxed. .2 x .3 x 180000 equals 10800. Very similar problem in Becker F6. Had to look it up. How to remember all this without having to look it up ….
BEC Jan 2016 83 Becker FastPass
REG Jan 2016 83
AUD May 2016 92
FAR Jul 2016 74
FAR Mar 2017. 91 Becker book + NINJA 10-point comboBEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016Becker FastPass with in-class videos
CjsrParticipantFor me, the linchpin of governmental accounting is the concept of encumbrance. You encumber funds in order to keep people from overspending their budgets, I.e. to make sure everyone knows that money is committed. Everything else makes sense around that.
BEC Jan 2016 83 Becker FastPass
REG Jan 2016 83
AUD May 2016 92
FAR Jul 2016 74
FAR Mar 2017. 91 Becker book + NINJA 10-point comboBEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016Becker FastPass with in-class videos
CjsrParticipantAha! And we can't just debit “bonds payable” because at the end we still have to really write a check for $100K.
BEC Jan 2016 83 Becker FastPass
REG Jan 2016 83
AUD May 2016 92
FAR Jul 2016 74
FAR Mar 2017. 91 Becker book + NINJA 10-point comboBEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016Becker FastPass with in-class videos
CjsrParticipantOK, Kieso Weygandt Warfield 14th Ed p. 714. “Companies report bond discounts and bond premiums as a direct deduction from or addition to the face amount of the bond.” “Report” I.e. on balance sheet, vs. “record” in ledger? Words have technical meanings. Same section in KWW also notes that “Discount” is a contra account, not an asset, and “Premium” is an “adjunct” = liability valuation account. This is starting to gel a little.
BEC Jan 2016 83 Becker FastPass
REG Jan 2016 83
AUD May 2016 92
FAR Jul 2016 74
FAR Mar 2017. 91 Becker book + NINJA 10-point comboBEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016Becker FastPass with in-class videos
CjsrParticipant“net bonds payable” equals “carrying amount”? Is this what we're saying?
BEC Jan 2016 83 Becker FastPass
REG Jan 2016 83
AUD May 2016 92
FAR Jul 2016 74
FAR Mar 2017. 91 Becker book + NINJA 10-point comboBEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016Becker FastPass with in-class videos
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