FAR Study Group April/May 2013 - Page 89

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    Topic
  • #176441
    tmturner74
    Member

    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

Viewing 15 replies - 1,321 through 1,335 (of 1,364 total)
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  • #418138
    Anonymous
    Inactive

    Be careful with the foreign exchange G/L on AFS. Debt securities go to the I/S (under IFRS) and equity to the IS.

    #418139
    MustPass1988
    Member

    I can't study for this thing anymore! I've put in close to probably 400 hours & done nearly 2700 MCQ's…if I dont' know it by now I'm not going to know it by Wednesday. I studied a couple hours each day this week & I'll go over consolidations, NFP, and governmental tonight and CF and practice exam tomorrow. I realized that I was overstudying when each question in the bonds section (which I've already done 4 times) was taking me 10 minutes to read thru because my brain wasn't processing anything correctly. I feel pretty comfortable with everything except Cash Flows. I just want this to be over!

    AUD: PASSED [81]; Expired, retaking August 23rd
    BEC: PASSED [83]; Expired, retaking July 11th
    REG: PASSED [83]
    FAR: FAILED [64]; Retaking May 23rd

    #418140
    monty
    Member

    @MustPass1988 you most deferentially have more experience than I when it comes between the comparison of the difficulty of Becker's study material (i.e. how well it prepares you for the test) and the difficulty of the actual test.

    I have the impression that the test will not be has hard as the Becker practice exams.. However, I will leave no room for error, Today I put in another 12 hours and tomorrow I will put in 12 more…

    My employer paid for the study material but I have lost (or invested) about 400 hrs my own time and at this point if I was to put a value to my time it will be at about $200 per hour so that is about $80k that I have invested in this one test…

    Once I get my CPA my hourly rate will go up to about $350 so the more time it takes me the more time it will take me to recuperate the time invested…. (Cost of opportunity.) Something to think about.

    #418141
    jgrfan1
    Member

    @ Monty

    If your rate is $200/hr then Jeff owes you like $10k.

    JK, bro. I'm right w/ you on the time commit – it is a sunk cost so can't make any decisions based on it. Good luck this week.

    BEC - 5/2012 - 91
    AUD - 8/2012 - 89
    REG - 1/2013 - 90
    FAR - 5/2013 - 88
    Wife, 2 kids and a job

    #418142
    MustPass1988
    Member

    I need help understanding this consolidation problem from the Wiley testbank (BCC-0022)

    On 1/1/Y1, Neel issued 400,000 additional shares of $10 par common stock in exchange for all of Pym Corps Common stock. Immediately before this combination, Neel's SE was 16,000,00 and pym's was 8,000,000. On 1/1/Y2 the FV of Neels common stock was $20 per share and the FV of pym's assets was 8,000,000. Neel's net income for the year ended Dec. 31 Year 2 exclusive of any consideration fo Pym was 2,500,000. Pym's net income for the year was 600,000. During Year 2, Neel paid dividends of 900,000 and Pym paid dividends of 900,000.

    What is consolidated SE at the end of year 2?

    The answer is 16,000,000+8,000,000+2,500,000+600,000-900,000= 2,620,000.

    I thought that in a business consolidation, to calculate stockholders equity after the consolidatoin, the acquiree's balances were always debited, leaving only the acquirer's stockholders equity to be considered. I don't understand this problem at all.

    AUD: PASSED [81]; Expired, retaking August 23rd
    BEC: PASSED [83]; Expired, retaking July 11th
    REG: PASSED [83]
    FAR: FAILED [64]; Retaking May 23rd

    #418143
    jgrfan1
    Member

    @MustPass

    Pym's Div > NI after Neel acquires. It is treated as a liquidating dividend on Neel's BS. That is what the 900k subtraction is. Watch out for this one – I just picked up on it the last frew days.

    BEC - 5/2012 - 91
    AUD - 8/2012 - 89
    REG - 1/2013 - 90
    FAR - 5/2013 - 88
    Wife, 2 kids and a job

    #418144
    MustPass1988
    Member

    So I guess I don't understand why Pym's balanaces are added into the balance then. I thought that to calculate stockholders equity, you ONLY considered the acquirer's balances and the acquiree's balances were just eliminated?

    AUD: PASSED [81]; Expired, retaking August 23rd
    BEC: PASSED [83]; Expired, retaking July 11th
    REG: PASSED [83]
    FAR: FAILED [64]; Retaking May 23rd

    #418145
    jgrfan1
    Member

    Too deep for this board – reivew BCC throughly.

    BEC - 5/2012 - 91
    AUD - 8/2012 - 89
    REG - 1/2013 - 90
    FAR - 5/2013 - 88
    Wife, 2 kids and a job

    #418146
    MustPass1988
    Member

    Ok, does anyone else have any input on that? I'm getting 90% and higher on business consolidations , just don't understand that one.

    AUD: PASSED [81]; Expired, retaking August 23rd
    BEC: PASSED [83]; Expired, retaking July 11th
    REG: PASSED [83]
    FAR: FAILED [64]; Retaking May 23rd

    #418147
    Anonymous
    Inactive

    Took Memorial Weekend off to spend with my kids and husband as they were in desperate need of attention! Regretting it now, as I have FAR on May 30th and just got a 60% on my practice exam. I have taken and passed three parts of this exam in the past couple months and have had no life. I was so burned out by the time I got to FAR, I thought taking a weekend off would help energize me. Hopefully though, not at the cost of failing this last exam.

    Lots of praying going on here, and long days of studying cramming for Thursday…

    Best wishes to everyone taking this beast this week!!!

    #418148
    monty
    Member

    @cptnmorgan Don't worry… I did not take the week off, invested over 400 hours, I have been studying like hell and just got a 55% on my final practice exam… lol nothing else that can be done from my part… I did my best.. and even if that is a 55% I will be happy if I am able to scrape by with a 75% tomorrow..

    #418149
    qobao
    Member

    Re: MustPass1988

    The acquisition happened on 1/1/Y1. The question asks to determine the consolidated SE on 12/31/Y2 (subsequent to acquisition). That's why the income and retained earnings are added to reflect the results of operations since the acquisition date.

    If the question asks to determine the consolidated SE on 1/1/Y1 (at the acquisition date), ONLY considered the acquirer's balances and the acquiree's balances were just eliminated.

    FAR: 05/28/13 (88)
    REG: 08/27/13 (90)
    AUD: 12/31/13 (84)
    BEC: 02/25/14 (81)

    #418150
    lmendez2
    Member

    @cptnmorgan Don't worry I didnt take the weekend off and I am not scoring well on the progress tests or the simulations (in fact I cannot do a full simulation without looking at the answer) just stay positive and be confident

    That's what I am doing and my test is tomorrow 🙂 you will pass!

    @monty I wish you the best for tomorrow!

    FAR 5/29/13 75
    REG 7/27/13 84
    BEC 08/31/13 84
    AUD 11/02/13 89

    #418151
    Anonymous
    Inactive

    @lmendez2



    @monty

    good luck tomorrow!! confidence and READING THE QUESTION is key 🙂

    #418152
    Qlad
    Member

    @monty, imendez2

    I am all smiles to read i am not the only one in this bad situation…i just wish to do the complete exam calmly ( need a little miracle from almighty)..

    All the best guys….let's hope we all come home winning this battle tomorrow!

    FAR 72,71,81 🙂
    AUD 64,71, 72, 75 🙂 I'm done !!!
    REG 73, 74, 74, 84 🙂
    BEC 76 🙂

Viewing 15 replies - 1,321 through 1,335 (of 1,364 total)
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