FAR Study Group April May 2017 - Page 63

Viewing 15 replies - 931 through 945 (of 1,619 total)
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  • #1554688
    aatoural
    Participant

    @WannaFree – Thanks. I guess gotta memorize that! 🙁

    Does anybody that use Becker can explain to me SIM 3 in Chapter 3 Problem 2?

    The answer is:

    Dr Bad Debt Expense 72,060
    Cr Allow 72,060

    My issue is that when I calculate the ending balance from the adjusted Aging schedule I never get the 107,060. The rest I got correctly.

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

    #1554693
    SallyCPA
    Participant

    I've been hearing a lot about shareholders equity sims and calculating RE balances but becker has very little sims or details on this…anyone else know what/how to supplement this?

    #1554696
    Anonymous
    Inactive

    @SallyCPA In Becker, F7 Sim 2 #1 is a great example of completing an analysis of stockholders equity. I went over that one this week and took notes on it and felt way more comfortable afterwards. I feel like a big focus on that section is being able to understand the how to handle the Par vs. Cost method.

    #1554700
    Anonymous
    Inactive

    Ive also been working through Becker F1 Sim 2 #5 to brush up on my adjusting JE's. I feel that thats a good example of it. I also believe that there is an awesome adjusting JE sim in Mock Exam #2 for Becker, might be worth going over again in detail after hearing everyone mention all the JEs popping up.

    #1554754
    SallyCPA
    Participant

    @CPaulA Thank you! I kind of skipped over the shareholders equity sim in Becker when I first went through it because its worded so weirdly but its definitely a sim they would test on lol

    #1554819
    SallyCPA
    Participant

    So just attempted the DRS sim on the AICPA website…lets just say it wasn't pretty. The concepts aren't terribly hard its just the amount of information and the way its presented.

    #1554822
    Jj
    Participant

    Struggling with notes payable. Any tips?

    #1554894
    Grasshopper
    Participant

    Going to sit for FAR at the end of May, but honestly freaking out that it won't be enough time from here till then. I am behind schedule. My Audit Score expires 10/04 and with the extended score release, that really minimizes my opportunities to re-test.

    #1554910
    sydalexomar
    Participant

    @wannafree From my experience on the FAR test – All of the SIMS required you to input an adjusting number in the statement… for example, adjusting the income statement for certain expense accounts given the supporting documents. I remember there were supporting documents ab equity in earnings and interest income and the totals were incorrect on the statement , so you had to calculate and figure out the specific number to adjust to for all accounts it affected on the face. I had documents that affected other accounts such as, prepaid expenses, cogs, sales, r&d expenses….etc… all of the adjustments affected multiple entries because they were all figured into the wrong accounts on the face

    #1554961
    CPAIN2K17
    Participant

    Finished the Wiley test bank and copying all their flash cards this weekend. Now time to hit these ninja MCQs like they owe me money. 16 days til test day!

    #1554964
    Anonymous
    Inactive

    That type of sim sounds very similar to Becker F1 Sim 2 #6. Im gonna take another look at it and make some notes. Thanks for the tip @Sydey Omar

    #1554985
    mtaylo24
    Participant

    OK, just did my days worth of actual work, now its time to hop back on these Ninja MCQs. Only two more weeks left!

    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)

    #1555066
    mtaylo24
    Participant

    @aatoural – Just hit R&d in Ninja, here are my takeaways…

    – equip with alternative future uses – capitalized and depreciated over useful life
    – do not include anything that happens in commercial production
    – do not include research for existing products

    Good expenses

    -design of jigs, molds, dies for new technology
    -lab research at new knowledge
    -services performed by other company for your company (exclude services you perform for other companies)
    -Equipment for current project only (expensed in full)
    -Development or improvement of techniques and processes

    Jigs Molds

    Routine design – not R&d
    design for new technology – R&D

    Amortization

    Amortize patent or trademark
    Goodwill is not amortized
    legal costs (successful capitalized/unsuccessful expensed)

    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)

    #1555071
    Wannafree
    Participant

    Thanks Sydney Omar,appreciated .It will help.

    #1555122
    mtaylo24
    Participant

    I just got a bunch of incorrects in Gleim because I left the cell blank rather than putting “no entry required”. Do you think the real exam works this way?

    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)

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