[jeff]

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

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

[Jj]

Becker doesn't really have any either. I know the system of a DRS is usually check off 1 of 5 correction options. Theres one in the 1st Becker mock exam that requires you to look through various documents and email to figure out what should be disclosed/accrued, but would that be considered a DRS? For something so heavily tested you think Becker would have added more in their program.

[mtaylo24]

For the AICPA sample test I got a 100% on the 5 MCQs…Got 7/12 on sim 1. On sims 2, 3, and 4 (research) I got 100%, and for the DRS I got 3/5

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)

[CPAIN2K17]

I just did the AICPA practice exam and got about the same as you mtaylo. Got all the yes/no right on the first sim but missed 2 of the amounts. Oh and I missed the research because I tried to speed through it (will not make that mistake on test day), other than that got everything right. Hopefully that is a good sign… We shall see in about 4 days.

[mtaylo24]

@cpain2k17 Where the heck was the $600 in legal fees in the DRS…i read $800. Plus how would one know to delete the EPS line?

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]

yea! i got that one wrong. It didn't even cross my mind to delete it, even though I had no idea how they came up with the those numbers.

[CPAIN2K17]

Read note 6 in the notes to the F/S – legal costs were 200 in year 8 and 800 in year 9, which is a $600 increase.

I deleted the EPS line because if you look at the notes to the FS, note number 2 shows the EPS calculations which already include the outstanding warrants for diluted EPS, so none of those answers would work so I deleted the line.

[mtaylo24]

HAHA thanks, not sure why I wasn't looking for the “change” in legal fees.

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)

[Jj]

I just did the sample test. I got 1 mcq wrong (gov), first sim- 100%, second sim- 1/4, third sim- 100%, 4th sim (research) managed to use the wrong paragraph and section, I suck at those. fifth sim- 100%. mtaylo so basically we did well in different areas. I don't get the second sim I thought change in dep method and useful life is prospective and they didn't change until year 4?

[Jj]

wow that's embarrassing- in relation to my last post, double declining balance for sim 2, I was doing double declining straight line lol, I think its time for bed..

[CPAIN2K17]

@beantown yes the accounting estimate change is treated prospectively that is why the first part is “no entry” because there is no entry made except for the next year of depreciation which would be the 46,080 remaining balance of the asset divided by the new useful life of 12 years(15 years minus 3 years already depreciated) = 3,840 debit depreciation expense and credit accumulated depreciation

[Jj]

@cpa2k17 I got that sim 100% correct, I got Sim 2 wrong because I was rushing through and put 30,000 for dep year 1-3, straight line instead of doing double declining. Don't know how I managed that.

[dbacpa]

I took FAR earlier today/yesterday. I will say a few things without giving too much away, obviously. The hardest part for me was that you cannot see all of your sims at one time. You have to submit 3 testlets for SIMs instead of 1. I wish I would have spent more time on the earlier sims rather than budgeting so much time for the last testlet because I finished with 25 minutes left. Last tip, when they say anything is fair game on FAR, they mean ANYTHING! With that being said, if you study and put the time in, you will do just fine in my opinion. It is not impossible as some make it out to be. I used Becker and there were no questions that I've never heard of before. I had a SIM in a very weak area of mine(of course) and I think that will be my downfall. But everything was fair and I believe if you put the time in, you won't have any surpises.

[Esai]

I've done about 700 MCQs in wiley since I finished the material last week, and Ive been trending at 65%.
my exam is on the 31st, do i have any chance at passing this thing.

[mtaylo24]

Good morning

Album Co. issued 10-year, $200,000 debenture bonds on January 2. The bonds pay interest
semiannually. Album uses the effective interest method to amortize bond premiums and
discounts. The carrying value of the bonds on January 2 was $185,953. A journal entry was
recorded for the first interest payment on June 30, debiting interest expense for $13,016 and
crediting cash for $12,000. What is the effective interest rate for the debenture bonds?

A. 6%
B. 7%
C. 12%
D. 14%

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)

[Alwaysunny]

mtaylo24- I'm hoping its B. Is it?

[Author]

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