[jeff]

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

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

[Wannafree]

Which chapter or topic you are preparing for SIM ? Based on Becker's review materials I see they are insisting on FS. They have given examples of Income stmt ,BS ,Cash Flows and increased JE ,accordingly I am hoping they may ask Income statement or BS from given trial balance or may give Cash flows ( direct method ).
your thoughts are appreciated .

[mtaylo24]

Its been a bloodbath since I've started to mix it up and do random sessions on Gleim. I'm glad that I can see a little bit of each chapter but now I can barely score over a 50%.

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)

[mtaylo24]

@WannaFree You can get a sim on anything…Its all fair game!

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)

[AFSD]

Does anyone know where to find some sort of schedule or table that summarizes the US GAAP vs. IFRS difference.

[Anthony]

Becker books has a pretty good chart of all the differences.

[mtaylo24]

Does anybody have an alternate way of solving this problem?

Mann, Inc., has a bonus plan covering all employees. The total bonus is equal to 10% of Mann’s preliminary (prebonus, pretax) income reduced by the income tax (computed on the preliminary income less the bonus itself). Mann’s preliminary income for the year is $200,000 and the income tax rate is 40%. How much is the bonus for the year?
A. $10,800
B. $12,000
C. $12,500

Answer (C) is correct.
The problem requires setting up simultaneous equations because it has two unknowns, the bonus and the tax. Set the tax (T) equal to 40% of income of $200,000 minus the bonus. Set the bonus (B) equal to 10% of the $200,000 income minus taxes. Solve for T and then substitute the resulting value for T in the bonus equation.

T=.4($200,000 – B)
T=$80,000 – .4B
B=.1($200,000 – T)
B=$20,000 – .1($80,000 – .4B)
B=$12,000 + .04B
.96B=$12,000
B=$12,500 bonus

D. $20,000

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)

[Anonymous]

hmm does this make sense?
0.04*200,000=8,000
(0.1*200,000)-8,000=12,000
1-0.04x=12,000
x=12,000/0.96

[krstnam]

@wannafree I'm trying to do the most comprehensive SIMS available. I found one that has you basically do a statement of cashflows from scratch doing the direct and indirect method.

I found another SIM that wants you to do the journal entries for a capital lease from the perspective of the leasee and leasor. Basically – if it looks long, I've been doing them LOL.

[mtaylo24]

@automn3 That's perfect! Thank you!

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)

[Anonymous]

Great! it's shorter, i only did few examples and it worked. 🙂

[Wannafree]

@ksrtnam “most comprehensive SIMS available” ,do you have any list ? I am doing the long SIM too , once bitten twice shy ,LOL
My gut feeling is they will test on Income statement and one table of B/S,data tab will have Trial balance and one item will be former extra ordinary item and one deferred tax asset and liabilities. Just to catch those who are still reading IDEA ( old material ) of Tim Gearty. LOL
If they want to make sure I fail then Calculating the Pension expense under ABO , PBO and reconciliation and all the disclosures .
Trying to derive my own SIM based on new Becker's review.I have changed to IDA ( nothing extraordinary about it ) I am headed towards freedom.

[mtaylo24]

@wannafree, Practicing sims are a must. I just got rocked on a segment reporting sim (srs) and I froze with segment reporting on the DRS I just worked. Those questions are usually set up all nicely for you when working MCQs, not the case with the sim I came across. Sims just force you to dig deeper into the concepts. I try to do 5 for every 100 MCQs.

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)

[SallyCPA]

Does anyone else feel like Becker has so much more emphasis on their revenue recognition (specifically chapter 1 in 2017 Becker) than NINJA MCQ does? I really struggled going through Becker on that topic but there seems to be far fewer questions on it in NINJA..I'm wondering if this is more like the real exam..

[Wannafree]

@SallyCPA,Yes I noticed the change and it seems to me that Becker's has really changed the review based on new format.

[krstnam]

@wannafree – I'm also doing the skills practice – not necessarily watching all the videos, just answering the questions. They seem to be pretty comprehensive. Here are SIMS/Skills Practice I've been keeping on my radar (I'm scoring high in government so I've gone pretty light in those areas except consolidation).
F3 SIM1 Q5
F3 SIM2 Q2 and 3
F4 SIM1 Q 1-4
F4 SIM2 Q2 and 4-6
F5 SIM1 Q1 and 2
F6 SIM1 Q1 and 3
F6 SIM3 Q4
F8 SIM1 Q2
F8 SIM2 Q1 and 7

Then for skills practice
F3 M6
F4 M3
F6 M1-M3
F7 M4
F8 M2
F10 M4

My list of SIMS – I picked areas I know that I need to review – obviously I went heavy on chapters 3-6. They are kinda J/E centered because that's where I thought I need improvement.

[Author]

Replies