FSA

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nogiveup

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I think this year the FSA getting much simpler than the past. Not many questions on the effects on LIFO/FIFO, CAPITALIZE/EXPENSING, CAPITAL LEASE/OPERATING LEASE.

I marked down the wrong answer on the Q on mgmt compensation/qualification. I put down MD&A, it s/b proxy. I don't know why, but first thing in my mind after reading the Q is the choice bt. footnote and MD&A.

Remember the other Q asking the fin. statement(statement in income, cf, footnote, equity). What is the answer?
 
ha i've never heard of a statement of income changes i think i put that one as being the odd one out - maybe that and income statement are the same thing just worded differently
 
Damn, really? I thought it was MD&A.

Footnotes, all others are finanical statements required.

I agree, suprised by the lack of those questions. Happy really.
 
i think we're talking 2 diff topics.. the management qualification is proxy and i'm talking about the statements required.. i dont think MD&A was there
 
I put the income statement of changes as well since I've never heard of that term either... but then again, I only used Schweser after CFAi Quant...
 
I too did the same: posting MD&A and footnotes, respectively. I guess i got the first one wrong if it was the proxy that discloses the compensation arrangements.
 
For_the_Children97 Wrote:
-------------------------------------------------------
> I put the income statement of changes as well
> since I've never heard of that term either... but
> then again, I only used Schweser after CFAi
> Quant...


Hehe, that was my reasoning as well.
 
I thought employee benefits were in the footnotes... I suppose mgt comp isn't exactly employee benefits though right? damn
 
but i thought proxy's were only for issues upon which the shareholders get to vote on. Isn't mgt comp determined by the compenssation committee of the board?
 
I said changes in shareholder equity. I would swear i've used 10-ks and 10-qs without them but you ALWAYS have footnotes. Could be wrong.

I think the change in income or whatever they called it was just a red herring.
 
I guess the last one is the answer, bsheet, statement of income changes and third are all part of standard statements.
 
i picked change in statement of income. that's really @#$%& of them if they meant an income statement. the purpose of the test isn't to trick everyone by calling it something different. confirmed with my friend who is a CPA that he would have picked that as well.

proxy for the other one though.
 
Statement of Income = Income Statement...i think under IFRS it's called Statement of Income, that's the "trick".

I picked Equity as it doesn't require its own statement.
 
I picked MD&A after a long argument in my head, I thought change in statement of income was probably discussed somewhere in the CFAI text with some strange reasoning. I could be wrong, after all I am the guy who got the stupid "downward sticky" question wrong.



Edited 1 time(s). Last edit at Monday, June 9, 2008 at 07:03PM by Hank0414x.
 
I picked Statement of change in Income. There does not seem any statement on this name/purpose. The Income Statement is the statement of the whole period, it never reflect any comparision (change) to its previous years.

The other one is Proxy Statement for sure.
 
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