[jeff]

Welcome to the Q2 2017 CPA Exam Study Group for FAR. 🙂

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[HoldMyBeerCPA]

Finally, I'm through all the lectures and my initial set of notes. The question is, with 26 days and 90 minutes until my exam, what the heck do I do now?

Review weak areas?
Re-write notes?
MCQs and SIMS until I go blind in one eye?

These are the most important of unanswered questions.

[mtaylo24]

@turbosandwich 3, 1………………………………………………………………………………………………………………………………………………..2

#teamnonotes

them scores though

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[HoldMyBeerCPA]

@mtaylo, I'm assuming you're recommending going ham sandwich on the MCQs? Currently, I'm using the Roger and Ninja test banks. Don't think I would have the patience for Gleim's test bank 🙂

[Anonymous]

@TurboSandwich ok you gotta tell me how were you able to finish these lectures so soon? Did you sleep at all?

[mtaylo24]

@turbo Gleim has 20 study units, about an average of 130 questions per unit, so it takes me a day to do a whole unit including sims, and that's without reading/notes/audios/lectures. Well, I found out I failed March 21, and I'm already on ch 17 after 14 days. You can do that, but you will only have 9 days of review, unless you find some other way to tackle it. I'm personally going to drop Gleim and switch to Ninja when I'm about 2-3 weeks out from my exam. I find that cranking Ninja MCQ helps me more leading into the exam, since the questions are shorter and I can get through them faster.

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[HoldMyBeerCPA]

@automn: I consistently have lectures playing throughout the day. During my drive, at work, chores, video games, you name it. Mind you these were only for sections which I read beforehand or had a great grasp on prior to studying.

For other areas I struggle with I played the lectures after taking notes to fill in gaps and reinforce my understanding.

Also, I skipped videos that were easily explained in the book (I did play some during my commutes, however) and the class question videos unless the book was not clear in the explanation of that answers.

But, ever since I started studying I've been running on 5 hours of sleep tops :/

@mtaylo, I may try to review and re-write notes for the rest of this week and hit MCQs at full speed for the last three weeks. Maybe a practice exam or two(even though practice exams are known as the devil by some).

[mtaylo24]

Sounds like a plan….I might actually do a few exam rehearsals myself this time

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[aatoural]

Guys please feed back on how terrible exam is in comparison to bfore. I am terrified!!!

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[aatoural]

On December 31, 20X2, the Board of Directors of Maxy Manufacturing, Inc. committed to a plan to
discontinue the operations of its Alpha division. Maxy estimated that Alpha's 20X3 operating loss would
be $500,000 and that the fair value of Alpha's facilities was $300,000 less than their carrying amounts.
The estimate for 20X3 turned out to be correct. Alpha's 20X2 operating loss was $1,400,000, and the
division was actually sold for $400,000 less than its carrying amount. Maxy's effective tax rate is 30%.
In its 20X3 income statement, what amount should Maxy report as loss from discontinued operations?
a. $350,000
b. $500,000
c. $420,000 CORRECT
d. $600,000

I understand that the loss from ops. in Y2 of $500K net of tax = $300 is part of it. I just don't understand the other $120K.

Can someone explain please?

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[Anonymous]

Your FV= 300,000 less sold it for 400,000 less . your total loss is 600K (500 operating loss and 100K from impairment) *(1-0.3)=420,000

Maybe someone else can go on more details, i dont think i can find the right way to explain it… 🙁

[Anonymous]

@TurboSandwich thank you!

[HoldMyBeerCPA]

It's questions like this that make me panic, I mean I BARELY remember that stuff from the lectures. I would've spent 5 minutes on the exam trying to recall it and guessed the wrong answer.

How in the heck are we supposed to recall this ocean of information without studying for one year?!

[aatoural]

@automn3 – tat was perfect. Simple explanation. thanks!!

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[Anonymous]

Drawing a blank: GAAP does not allow revaluation/restoration? Restoration ok if its held for sale right?

[mtaylo24]

You talking about impairment losses? Cant reverse under GAAP but can under IFRS

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Author]

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