8/12/2019 2013 Financial Update - Text

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Becker CPA ReviewFinancial Course Textbook and Lecture Errata/Clarifi cations

2013 Exam Edition

DatePage and Item

NumberErrata/Clarifications

11/1/13F1

Pages F1-37

to F1-39

These pages have been revised for 2014 (V1.0) to reflect the current presentation anddisclosure rules for other comprehensive income.

Click herefor a link to printable replacement pages that can be substituted for thecorresponding pages in your 2013 Financial textbook.

2/7/13

F7-9Item VI.1.Treasury

StockCost Method

On the fourth line up from the bottom of the page, instead of "original selling price" itshould say "reacquisition cost."

The complete sentence should read:

The account "additional paid-in capital from treasury stock" is credited for gainsand debited for losses when treasury stock is reissued at prices that differ fromthe reacquisition cost.

2/7/13F8-25

Item E.

Example titled EncumbrancesUnder the first paragraph of the Example is a statement in italics: Journal entry to setup the encumbrance and reserve for encumbrance in budgetary accounts in the generalfund:

This statement should read: Journal entry to set up the encumbrance in budgetaryaccounts in the general fund:

This journal entry does not involve reserve for encumbrance.

2/7/13

F8-45Item 4.b.

Activi ty isClosed atYear-end

The closing entry in item 4.b. references an account titled "Bond Issue Proceeds" inerror. The account should be "Transfers from the capital projects fund" consistent withthe title of the original entry in item B.2 on page F8-43.

The source of the transfer is bond premium; however, the account referenced should betransfers.

The full closing entry should be:

DR. Transfers from the capital projects fund 80.000DR. Transfers from the special revenue fund 250,000DR. Transfer from the capital projects fund 40,000DR. Other revenues 36,000

CR. Fund balance, restricted for debt service 126,000CR. Expenditures interest 30,000CR. Expenditures principal 250,000

2/7/13

F9-23Example #2ProgressiveTownship

There is a red X through the amount $500,000 (Proceeds from the Issuance of Long-term Debt). This red X is covering the wrong amount. It should be covering the amount$1,800,000 (Net revenue from enterprise funds.) In the multi-media, the spoken lectureis correct.

http://www.becker.com/sites/default/files/f1_new_pages.pdfhttp://www.becker.com/sites/default/files/f1_new_pages.pdfhttp://www.becker.com/sites/default/files/f1_new_pages.pdf

8/12/2019 2013 Financial Update - Text

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Becker CPA ReviewFinancial Course Textbook and Lecture Errata/Clarifi cations

2013 Exam Edition

11/1/13F9

New Appendix

A new F9 appendix titled "Government Combinations and Disposals of GovernmentOperations (GASB 69)" has been added to the 2014 (V1.0) Financial textbook. Theseconcepts become testable on the Financial exam on January 1, 2014.

Click herefor link to a printable version of this appendix that can be added to your 2013

Financial textbook.

11/1/13F10

New Topic

A new topic, "Liquidation Basis of Accounting" has been added to the 2014 (V1.0) F10lecture. This concept becomes testable on the Financial exam on January 1, 2014.

Click herefor link to a printable version of this new topic that can be added to your2013 Financial textbook.

http://www.becker.com/sites/default/files/f9_new_pages.pdfhttp://www.becker.com/sites/default/files/f9_new_pages.pdfhttp://www.becker.com/sites/default/files/f10_new_pages.pdfhttp://www.becker.com/sites/default/files/f10_new_pages.pdfhttp://www.becker.com/sites/default/files/f10_new_pages.pdfhttp://www.becker.com/sites/default/files/f9_new_pages.pdf