Comment

Comment by Veronica Black on August 31, 2010 at 12:25pm

I just checked and I passed FAR by the skin of my teeth with a 76 woo hoo!!!

Comment by Amanda M on August 31, 2010 at 6:25am

I scheduled for my retake November 1st - hope I can pull it off this time :) Trying to stay focused and my confidence up!

Comment by musk on August 28, 2010 at 11:10pm

thanks...

Comment by kingsley on August 28, 2010 at 3:22pm

well nm the first one I got wrong 2nd question they have specialized skills that they would have paid for anyway and the last 2 they can get anyone to do so its not a contribution and the third one since NFP use the accrual method of accounting securities are valued at fair value.

Comment by musk on August 28, 2010 at 3:10pm

actually i need how the answers r those..anyone ?

Comment by kingsley on August 28, 2010 at 2:55pm

answered all those correct BEAST MODE

Comment by musk on August 28, 2010 at 2:49pm

which of the following has an effect on the excess of revenues over expenditures?

a. Purchase of fixed assets.

b. Payment to a debt-service fund.

c. Special items.

d. Proceeds from the sale of capital assets.

Explanation

Choice "a" is correct.



CPAA

nongovernmental not-for-profit animal shelter receives contributed services from the following

individuals valued at their normal billing rate:

Veterinarian provides volunteer animal care $8,000

Board members volunteer to prepare books for audit 4,500

Registered nurse volunteers as receptionist 3,000

Teacher provides volunteer dog walking 2,000

What amount should the shelter record as contribution revenue?

a. $8,000

b .$11,000

c. $12,500

d. $14,500

Explanation

Choice "c" is correct.



CPAA

nongovernmental, not-for-profit organization received the following donations of corporate stock during

the year:

Donation 1 Donation 2

Number of shares 2,000 3,000

Adjusted basis $8,000 $5,500

Fair market value at time of donation 8,500 6,000

Fair market value at year end 10,000 4,000

What net value of investments will the organization report at the end of the year?

a. $12,000

b. $13,500

c. $14,000

d. $14,500

Explanation

Choice "c" is correct.

Comment by musk on August 28, 2010 at 2:49pm

thanks...good luck to u too...

Comment by Jocelyn Larson on August 28, 2010 at 1:30pm

It's 52,000 b/c it's a three year non-cancelable contract with a minimum of 200,000 units @ .10 ($20k) to be purchased each year (total of $60k). Then you back out the 80,000 units that you've already purchased (80,000 units @ .10 = $8k), which equals $52k.

You have to recognize the loss and liability immediately (conservatism), so that's why you recognize all three years up front.

Glad to know that someone else if spending their Saturday with their FAR book, too! Good luck!

Comment by musk on August 28, 2010 at 1:02pm

plz how to solve this
On

January 2 of the current year, LTTI Co. entered into a three-year, non-cancelable contract to buy up to

1 million units of a product each year at $.10 per unit with a minimum annual guarantee purchase of

200,000 units. At year end, LTTI had only purchased 80,000 units and decided to cancel sales of the

product. What amount should LTTI report as a loss related to the purchase commitment as of December

31 of the current year?

a. $0

b. $8,000

c. $12,000

d. $52,000 ans

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