Exam (elaborations)
CPA FAR EXAM QUESTIONS AND 100% CORRECT ANSWERS
- Course
- Institution
CPA FAR EXAM QUESTIONS AND 100% CORRECT ANSWERS...
[Show more]
Content preview
CPA FAR EXAM QUESTIONS AND 100% CORRECT ANSWERSWhat is the Pneumonic for the 4 Quarters
JAJULIO : Q1: Jan, Feb, March ; Q2: April May June ; Q3: July August September ; Q4:
October November December
LIFO Pneumonic
LIFO LEI LGP
BRI CDC
Beg Carry amount * Effective Rate = Interest Expense - Cash Paid = Discount Amortized
= Ending Carry Amount
What are the 3 Governmental Funds
Governmental, Fiduciary, Proprietary
Pneumonic for Governmental Funds
G: Governmental (Modified Accrual)
G: General
SR: Special Revenue
CP: Capital Project
D: Debt Service
P: Permanent
Pneumonic for Proprietary Funds
P: Proprietary Funds (Accrual)
EN: Enterprise
,IS: Internal Service
Pneumonic for Fiduciary Funds
F: Fiduciary Funds (Accrual)
PEN: Pension
IT: Investment Trust
PP: Private Purpose Trust
C: Custodial Funds
Pneumonic for 5 Steps for Revenue Recognition
I: Identify the Contract with a customer
S: Identify the Separate performance Obligation
T: Determine the Transaction Price
A: Allocate the transaction price to the separate performance obligation
R: Recognize Revenue based upon either "point in time" or "over time"
Pneumonic for Other Comprehensive Income
P Pension adjustments
Certain gains and losses from defined benefit pension plan accounting
U Unrealized Gains and Losses (Available for Sale Debt Securities and Hedges)
Available for sale debt securities
Cash flow hedges
F Foreign Currency Items
Foreign Currency translation adjustments
I Instrument Specific Credit Risk
Liabilities for which the fair value option is elected
,MIC
Market Approach
Income Approach
Cost Approach
BASE
B: Beginning Retained Earnings
A: Add Income
S: Subtract Dividends
E: Ending Retained Earnings
Pneumonic for Land Depletion
R: Residual Value (Subtract)
E: Extraction/development cost
A: Anticipated restoration cost
L: Land Purchase Price
Pneumonic for Acquisition Method? What letters do I debit and Credit?
C: Common Stock Subsidary
A: APIC subsidary
R: Retained Earnings Subsidary
I: <Investment in Subsidary>
N: <Noncontrolling Interest>
B: Balance Sheet adjusted to fair value
I: Identifiable intangible assets fair value
G: Goodwill
Dr: CAR BIG
CR: IN
, Pneumonic for Classifying a Lease for the Lessee:
O: Ownership of equipment transfer at end of lease?
W: Written purchase option that the lessee is "reasonably certain" to exercise?
N: NPV of the lease payments equal or substantially exceed assets fair value?
E: Economic life of the asset contained with the lease term?
S: Is the Asset specialized such that it has no alternative use to the lessor at lease-end?
If yes to ANY it's a FINANCE LEASE. If not to ALL, it's an OPERATING LEASE.
Bank DOE
Bank:
D: + Deposits in transit
O: - Outstanding Checks
E: +/- Errors
Book: (BIDENS)
B: Book
I: + Interest Earned
D: + Deposits Collected
E: +/- Erros
N: - NSF Checks
S: - Service Charges
LEG
L: line of Business its a major one
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77858 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now