How should one prepare for CA Final Financial Reporting exam?
Financial Reporting being my favourite subject. I feel that am a right person to answer this.First of all let me say about my self. I have cleared my CA in May 2015. I hope you guys know about the Financial Reporting paper in that attempt. That's the most lengthiest ever in the history (24 pages). I have started the exam, writing very well so far so good. Then after one hour I realised that I have completed one and half section only. Then only I looked the balance part and felt shocked. It was colossal. My hands are cold, sweat is pouring out. I don't have any clue. I thought I may not complete even 50 percent paper. But somehow I speeded up and attempted 80 marks. I got 71.At the end of the day my preparation helped me in the accuracy. Steps for strong preparation of FR paper:a) Understand the syllabus. Find out the compulsory questions. For example questions from consolidation and amalgamation. These questions are to be surely preparedb) Love the accounting standards. Never read the raw standards just like that. Always follow one good author who simplified the accounting standards. I read books of Mr. MP Vijayakumar.c) Practice as many practical questions as possible in case of Accounting standards. While you are doing them try to read the relevant paragraphs in the standards.Hope the above simple things will help you boost your FR preparations. I suggest to go for classes since you will be able to understand the concepts well. These small concepts will help in building your future since you will be working mostly in finance profiles.At the end I would like to conclude with a quote “Let the attempt be fail, but never fail to attempt”
How does a U.S. ex-pat prepare financially for the move back to the USA in order to rent or buy a home?
You are kidding, right? Why would you move back - especially now.I don’t see any advantage in living in the US. I didn’t 15 years agoI don’t see one today.Compare what you have where you are, to what you’ll have in the US.Compare the costs.Compare the hassles.Compare the verbal assaults and political assaults.Compare the horrible medical care.Compare the cost of medical and pharmaceuticals.Compare the sweetness of the people in the foreign countrywith the hatred and bigotry in the US growing.Compare how beautiful the people are where you are now livingand how UGLY people are and behave in the US.Compare the risk of your being beaten for saying your opinionin the US.You really want to live under those conditions?I don’t.Good luck!
When buying a new home, should I sell my old one or rent it out?
The decision to sell your old home vs renting it out depends both on your financial situation and your interest and willingness to be a landlord. A few things to consider include:Do you need equity from the old home for a downpayment on the new one?Will a lender qualify you to own both homes?How much will the insurance company raise your rates? (owner-occupied homes usually have lower rates for parts of the policy)How much will your property taxes go up? (in some states, you may lose certain exemptions if the home isn't owner occupied)If you decide to rent the old home, do you have funds to cover times between tenants and repairs on both homes?Is there a good market for rentals where the old home is located, so you receive enough in rent to cover mortgage, property taxes, insurance, and other expenses?Is the old home appreciating rapidly in value? If so, it might make sense to hang on to it if other factors work.Do you really want to be a landlord? Will you live close enough to manage ther property? Do you have the time to take complaint calls and fix things? Can you deal with potential damage to the property? Or is the home newer and easier to manage?
Financial Accounting transaction?
Apr. 1 Stockholders invested $18,000 cash in exchange for common stock of the corporation. Dr Cash 18,000 Cr Common Stock 18,000 1 Hired a secretary-receptionist at a salary of $375 per week, payable monthly. No entry 2 Paid office rent for the month $900. Dr Rent Expense 900 Cr Cash 900 3 Purchased architectural supplies on account from Burlington Company $1,300. Dr Supplies 1,300 Cr Accounts Payable 1,300 10 Completed blueprints on a carport and billed client $1,900 for services. Dr Accounts Receivable 1,900 Cr Service Revenue 1,900 11 Received $700 cash advance from J. Madison to design a new home. Dr Cash 700 Cr Unearned Service Revenue 700 20 Received $2,800 cash for services completed and delivered to M. Svetlana. Dr Cash 2,800 Cr Service Revenue 2,800 30 Paid secretary-receptionist for the month $1,500. Dr Wages Expense 1,500 Cr Cash 1,500 30 Paid $300 to Burlington Company for accounts payable due. Dr Accounts Payable 300 Cr Cash 300
How do couples financially stay afloat when on maternity leave?
My husband and I have been married for five years. We are talking about starting family. (I am not pregnant yet.) We got married young and struggled the first three years of our marriage financially. Now we are doing great. We have purchased new-to-us cars and a new house in the past two years. As excited as I am to start a family, I am scared that our financial situtation will revert back to what it once was. We can save enough money to make it through me being off work for six weeks post birth, but is there anything that we can do in order to ensure some money coming into our household to help make up for my lost income. Yes, my husband works, and he thinks that I worry too much about not having enough money. He even said that he would take a second job, if it came down to that. I have heard that women can get short term disability, but my mother in law told me that is only if there are complications. What if we have a normal pregnancy....is there anything I can do to prepare for lost income other than save until the time comes?