[jeff]

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

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

[Jj]

thanks, I just looked over them quick, glad theyre not in there.

[aatoural]

Has anybody tried the new Mockk exams in becker?

How have you guys have scored on it if so?

I am trying to see how I stand.

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

[hccpa]

I took the first Becker mock exam and made a 60. I didn't even want to attempt the second one.

[aatoural]

what did you find harder? Sorry, I just want to see where i stand.

I scored 74% in the first exam last Sunday, but I thought the SIMS were too easy and that both MCQs test lest were difficult (meaning what i would classify as a hard testlet in actual exam).

I just took the second now and scored actually lower, 71%. The MCQs had some random conceptual stuff that we tend to forget to go over and some tricks. The SIMS were more elaborated than the first one and I think that is why I got lower score. There was a SIMS for depreciation that was a catastrophe, but it is good to study material if you decide to take it. Honestly.

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

[hccpa]

I agree with you about the SIMS being easier and the MCQ being difficult on the first one. The MCQ is what got me so I've really been practicing those since I took it on Wednesday. I take the real exam tomorrow so I don't want to crush what little confidence I have the night before the exam, so I'll pass on taking the second one lol. I don't feel prepared at all and I feel like a 60 shows for it, but I did worse than that on BEC mock exams and passed so we'll see (even though that was before the changes). I'm just ready to get it over with.

[aatoural]

Don't let it get to you. Im sure you will be fine. Best of luck on your exam!!!

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

[mtaylo24]

This one gets me every time:

Arthur Corporation uses the dollar-value last-in, first-out (LIFO) method to measure its inventories. Historical information indicates the following:

Year — Inventory at End-of-Year Prices — Price Index — Inventory at Base-Year Prices

1 — $100,000 — 100 — $100,000
2 — 102,440 — 104 — 98,500
3 — 121,000 — 110 — 110,000

During Year 4, inventory at end-of-year and base-year prices totaled $125,440 and $112,000, respectively. The ending inventory at LIFO cost for Year 4 is

A. $113,390
B. $113,330
C. $113,240
D. $112,000

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]

I took the first Becker mock exam yesterday and scored a 77%. Like others have stated, the MCQ seem to be more difficult then the SIMS. Plan to take the 2nd Becker mock exam tomorrow – will keep you posted.

As of now – I am trying to hit all questions that I have flagged (the ones I got wrong the first time around) to re-do.

[Anonymous]

@mtaylo24

I chose B – $113,330… (let me know if you agree)

I basically used the index ratios that was provided and multiplied by the “squeezed” base number for all three instances/years.

Yr.1 BASE CY Total
100,000 100,000 100,000
(1,500)* 2,440* (1,560) [(1,500) x 1.04]
Yr.2 98,500 102,440 98,440
11,500* 18,560* 12,650 [11,500 x 1.10]
Yr. 3 110,000 121,000 110,090
2,000* 4,400* 2,240 [2000 x 1.12] to get the 1.12 I did this: 125,400 / 112,000
Yr. 4 112,000 125,400 113,330

*Squeezed number

[mtaylo24]

@cpamadman i usually pick that answer too but thats not it

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)

[HottyToddy]

I scored 83% on both Becker mock exams. So far Ive always made 10-15 points higher on the real exam than on the Becker mock exams. But the FAR one had very short sims, so I don't think it will be a very good representation of the real exam since your not pressed for time.

[mtaylo24]

The answer is A

1.) The 98,500 gets multiplied by 100% since we had liquidating layer.
2.) 11,500 (110,000-98,500) * 1.10 = 12,650
3.) 125,440 / 112,000 = 1.12
4.) 2,000 (112,000 – 110,000) * 1.12 = 2,240
5.) 98,500 + 12,650 + 2,240 = 113,390

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)

[mcgr]

For those using Becker, I have a question with F4 Module 7, Example 2 (pg 75). Why in the elimination entries is APIC recorded as 400,000 but Olinto's (subsidiary) 12/31/x1 APIC is 500,000? Both acquisition date and year end eliminating entries reflect the 400k. Is this just a typo, or is there a reason for the increase/decrease in APIC?

Thanks!

[mcgr]

Definitely a typo, total SE for Olinto is shown as 1,900,000 with C/S of 1,000,000 and R/E of 500,000

[mtaylo24]

This one is a good “we're not going to give you all of the info so FIGURE IT OUT!” question we might see on the actual. Any takers?

On January 2 of the current year, Otto Co. purchased 40% of Penn Co.’s outstanding common
stock. The carrying amount of Penn’s depreciable assets was $1,000,000 on January 2. Penn’s
depreciable assets had an original useful life of 10 years, and a remaining useful life of 5 years.
Otto recognized $8,000 amortization for the current year ending December 31 related to its
investment in Penn due to the excess of fair value over book value on these assets. What was the
fair value of Penn's depreciable assets on January 2 of the current year?

A. $100,000
B. $900,000
C. $1,000,000
D. $1,100,000

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)

[Author]

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