FAR Study Group – Q1 2018 - Page 19

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  • February 21, 2018 at 6:45 pm #1717709
    Apii
    Participant

    Hi Tim, can you tell me in how many weeks you covered gleim book. I had read Becker earlier but now I am only reading gleim …it's definitely not motivating but your score is my inspiration to me.. and gleim is to the point …I am liking it gradually

    February 22, 2018 at 1:41 am #1717826
    Anonymous
    Inactive

    @Apii, it’s good that you’re liking your Gleim book. You should perhaps read it, take down important notes, and do practice tests per topic. What test bank are you using? NINJA MCQ software program would be a good supplement for your Gleim book.

    February 22, 2018 at 7:21 am #1717855
    Williams
    Participant

    The Gleim test back is absolutely the best, it's horribly tough, but will definitely get you prepared. The videos are absolutely worthless, chapter outlines are excellent but the videos for some chapters only cover half the outline. Therefore I started using Roger videos and the videos of Bob Monette which I bought from Ninja. Costs me quite a bit but i'm willing to pay whatever it takes to pass these test. Goodluck to you all.

    February 22, 2018 at 10:56 am #1717922
    Tim
    Participant

    @Apii

    I'm going slow and steady low-stress pace of one section per window. So that gives me ~10 weeks to cover the material and 2 weeks for final review. The caveat to this method is it doesn't leave a lot of time for re-takes so I need to prepare enough that I'm almost guaranteed to pass when I take it.

    February 22, 2018 at 1:16 pm #1717990
    Anonymous
    Inactive

    I am using Gleim. The videos actually help me before I start reading the chapter. It's not ideal videos, but it gives you an idea what to expect. So when you read the chapters you already know what you are reading which makes it easier to understand. Only thing is I am NOT working Gleim the way they suggest me to. I am just literally going through 4/5 quizzes and 3 SIMS per chapter and making sure I know how to do them. I am not trying to score well before moving on. I literally just hit submit quiz even before attempting them – and then look at the solutions and understand how they did it. Once I finish all 20 units I will practice the problems. I will have 5 weeks to review for FAR once I am done reading all the chapters and understanding how those problems work. Plus I am studying full time (40 hours) per week. Let's see if I can go against the Gleim recommendation and do well.

    February 23, 2018 at 10:05 am #1718465
    Apii
    Participant

    @ amor & Tim
    Thanks for your replies..and everyone who have given their views on gleim…the language of book is tough compare to others. So it seems that taking notes is essential for later week reviews.. I normally read the concept and work on MCQ.. I had scheduled my test on March 8 and with gleim book I don't think I would be prepared for exam …I had scheduled it because I work on reverse pressure and don't want to miss this quarter window

    Anyways thanks for replies guys…keep studying and focusing on soon to be CPA

    February 24, 2018 at 12:51 pm #1718959
    apriljones7
    Participant

    Hello… I also hav Gleim and I don't like the videos or the book (more in details and complex compared to other study material) but I am taking what you said and just read, take notes and do the quizzes and SIMS. Thanks to everyone for sharing their tips

    FAR- NINJA IN PRACTICE
    AUD-
    REG-
    BEC-

    February 24, 2018 at 11:08 pm #1719200
    efrummy
    Participant

    ninja: Question #: 261 Category: 2C Inventory
    Based on a physical inventory taken on December 31, 20X1, Chewy Co. determined its chocolate inventory on a FIFO basis at $26,000 with a replacement cost of $20,000. Chewy estimated that, after further processing costs of $12,000, the chocolate could be sold as finished candy bars for $40,000. Chewy's normal profit margin is 10% of sales. Under the lower of cost or market rule, what amount should Chewy report as chocolate inventory on its December 31, 20X1, balance sheet?

    A. correct
    $28,000

    B.
    $26,000

    C. incorrect
    $24,000

    D.
    $20,000

    According to my calculation of lower or cost to market, my answer is 24. Ceiling is 28k (40-12), floor 24 (28-(40*.1), RP 20. Middle is 24 which is lower than cost of 26.

    Please advise.

    February 25, 2018 at 12:34 pm #1719290
    cpanda
    Participant

    Has anyone figured out how to do the last AICPA sample test SIM for tests during April?

    Oak Co. is preparing its financial statements as of and for the year ended December 31, year 5. Review the exhibits above to identify any adjustments required to the draft income statement for the year ended December 31, year 5.

    Does anyone know how the interest expense adjustment of 11,250 was found? (Box C13)

    February 25, 2018 at 1:35 pm #1719317
    mskcle
    Participant

    @efrummy it is 28,000 because FIFO uses lower of cost or NRV not lower of cost or market (LIFO/Retail). Because it is lower of cost or NRV, you are comparing the cost of $40 to the NRV of $28 (40-12) in which $28 is lower.

    February 27, 2018 at 4:44 pm #1720642
    Anonymous
    Inactive

    When does the Q2 Study Group get going? I'm taking 4/2

    February 27, 2018 at 5:09 pm #1720669
    SONA
    Participant

    Hey remember the rules have changed GAAP & IFRS except 2 kind of businesses(still lower of cost or market), all other are now LOWER OF COST or NRV.

    Now the question is what is the cost the answer should be cost 26000 or NRV 28000. Answer should be $26000.

    @mskcle, don't you think 40K is selling price which includes profit + the cost, SO how would 40K be compared with 28K for LOWER OF COST OR NRV?

    February 27, 2018 at 5:17 pm #1720672
    mskcle
    Participant

    @SONA you are correct, the answer should be 26k.. just looked at the problem on Ninja, don't know why op of the question put 28k as being correct. Cost is 26k NRV is 28k, choose the lower= 26k is the answer.

    February 27, 2018 at 9:32 pm #1720820
    SONA
    Participant

    Can anyone please do the Journal entry of the following:

    Payment for the early retirement of long-term bonds payable (carrying value $740,000) $750,000

    February 28, 2018 at 12:24 am #1720897
    Jott
    Participant

    bonds payable DR 740,000
    loss on bond retirement DR 10,000
    cash CR 750,000

    this forum seems to remove formatting that is unfortunate

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