[tmturner74]

Is it ok to start a FAR Study Group? I retook Audit yesterday and although I don’t have a gut feeling either way if I passed or not, I am going to start on FAR. I am using Becker self-study and purchased the Ninja Notes for FAR.

I am looking forward to reading a/b everyone’s progression. Good Luck!

 

Aud- 11/28/12 (72), 02/27/13 (72), 04/06/2013 77!!
FAR-tbd
BEC-tbd
REG-tbd

[MrsBing]

thanks bcjapser, I need to start reading these questions more carefully. I know the answers, but the wording of some of these questions are killing me. There were quite a few trick questions in the partnership section of Becker.

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[Anonymous]

Theo- Thanks for the tip. I didn't reread for Aud either, I might just go through and read some stuff that I had trouble with. I usually don't have trouble picking up concepts so I thought it might just be a nice way to ensure I didn't miss anything. Lets be serious, there is probably marginal benefit to actually doing that. Glad to hear your test went well! I will see you in BEC forum. I start that after FAR but I don't know if I'll be able to sit before the end of the window, sadly.

[Anonymous]

Theo- Thanks for the tip. I didn't reread for Aud either, I might just go through and read some stuff that I had trouble with. I usually don't have trouble picking up concepts so I thought it might just be a nice way to ensure I didn't miss anything. Lets be serious, there is probably marginal benefit to actually doing that. Glad to hear your test went well! I will see you in BEC forum. I start that after FAR but I don't know if I'll be able to sit before the end of the window, sadly.

[Anonymous]

Mrs. Bling- I agree. My audit professor in college told me I read with a fine toothed comb… I took that as a compliment 🙂 With that said, those partnership questions about the goodwill and bonus method when a partner is paid out get me almost everytime!

[Anonymous]

Mrs. Bling- I agree. My audit professor in college told me I read with a fine toothed comb… I took that as a compliment 🙂 With that said, those partnership questions about the goodwill and bonus method when a partner is paid out get me almost everytime!

[gchantur]

Alright boys and girls, Moving on to the fifth chapter MCQs.

@Theo, if you could elaborate how different your exam was from what you expected would be great! like compared to Final Exam of Becker, maybe?

Good luck to you people!

~G

FAR - May 16th --- 83
AUD - August 2nd --- 81
BEC - December 2d --- 76
REG - February 10th---77
Ethics - February 23rd - 98

[gchantur]

Alright boys and girls, Moving on to the fifth chapter MCQs.

@Theo, if you could elaborate how different your exam was from what you expected would be great! like compared to Final Exam of Becker, maybe?

Good luck to you people!

~G

FAR - May 16th --- 83
AUD - August 2nd --- 81
BEC - December 2d --- 76
REG - February 10th---77
Ethics - February 23rd - 98

[RGlazier12]

Hy Corp. bought Patent A for $40,000 and Patent B for $60,000. Hy also paid acquisition costs of $5,000 for Patent A and $7,000 for Patent B. Both patents were challenged in legal actions. Hy paid $20,000 in legal fees for a successful defense of Patent A and $30,000 in legal fees for an unsuccessful defense of Patent B. What amount should Hy capitalize for patents?

I understand that 65,000 would be capitalized from Patent A's sucessful acquisition and defense. However, why is the entirety of Patent B expensed? I know Patent B's legal expenses would be expensed immediately, however, I don't understand why you would expense the entirety of Patent B? Wouldn't you test it for impairment, and then expense the impairment identified?

CPA Candidate - Becker In-Class Study

AUD - January 10th, 2013 - PASSED 95
REG - February 28th, 2013 - PASSED 81
BEC - April 11th, 2013 - PASSED 85
FAR - May 30th, 2013 - PASSED 85
ETHICS - May 2013 - PASSED 95

[RGlazier12]

Hy Corp. bought Patent A for $40,000 and Patent B for $60,000. Hy also paid acquisition costs of $5,000 for Patent A and $7,000 for Patent B. Both patents were challenged in legal actions. Hy paid $20,000 in legal fees for a successful defense of Patent A and $30,000 in legal fees for an unsuccessful defense of Patent B. What amount should Hy capitalize for patents?

I understand that 65,000 would be capitalized from Patent A's sucessful acquisition and defense. However, why is the entirety of Patent B expensed? I know Patent B's legal expenses would be expensed immediately, however, I don't understand why you would expense the entirety of Patent B? Wouldn't you test it for impairment, and then expense the impairment identified?

CPA Candidate - Becker In-Class Study

AUD - January 10th, 2013 - PASSED 95
REG - February 28th, 2013 - PASSED 81
BEC - April 11th, 2013 - PASSED 85
FAR - May 30th, 2013 - PASSED 85
ETHICS - May 2013 - PASSED 95

[Anonymous]

Because anytime a patent is unsuccessfully defended, it is presumed that the Patent is impaired and should be written off immediately.

[Anonymous]

Because anytime a patent is unsuccessfully defended, it is presumed that the Patent is impaired and should be written off immediately.

[rjcpa]

You have to expense all of patent B because you dont have a patent to cap. it to since it was an unsucessful defence. Its not an asset because it is not your patent.

FAR - 10/3/12 - 86
BEC - 11/27/12 - 70 1/14/13 - 81
AUD - 4/4/13 - 87
REG - 7/8/13 - 80

[rjcpa]

You have to expense all of patent B because you dont have a patent to cap. it to since it was an unsucessful defence. Its not an asset because it is not your patent.

FAR - 10/3/12 - 86
BEC - 11/27/12 - 70 1/14/13 - 81
AUD - 4/4/13 - 87
REG - 7/8/13 - 80

[rjcpa]

You have to expense all of patent B because you dont have a patent to cap. it to since it was an unsucessful defence. Its not an asset because it is not your patent.

FAR - 10/3/12 - 86
BEC - 11/27/12 - 70 1/14/13 - 81
AUD - 4/4/13 - 87
REG - 7/8/13 - 80

[rjcpa]

You have to expense all of patent B because you dont have a patent to cap. it to since it was an unsucessful defence. Its not an asset because it is not your patent.

FAR - 10/3/12 - 86
BEC - 11/27/12 - 70 1/14/13 - 81
AUD - 4/4/13 - 87
REG - 7/8/13 - 80

[Author]

Replies