[jeff]

FAR Resources:

Free FAR Notes & Audio – https://www.another71.com/cpa-exam-study-plan

FAR 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

FAR Score Release: https://www.another71.com/cpa-exam-scores-results-release

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

[HopefulCPA0601]

I have reached a point of no more brain power.. what do i do?!?!?!

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[Guti]

Britney, look at the long thread Becker final vs actual, you are good to go according like 30 different individuals. I have not seen someone with a 65 or above on the practice test and then failing the real one. Good luck.

FAR-84
AUD-
REG-
BEC-

[Guti]

Britney, look at the long thread Becker final vs actual, you are good to go according like 30 different individuals. I have not seen someone with a 65 or above on the practice test and then failing the real one. Good luck.

FAR-84
AUD-
REG-
BEC-

[Guti]

Hopeful, try redbull or the Promodoro technique.

FAR-84
AUD-
REG-
BEC-

[Guti]

Hopeful, try redbull or the Promodoro technique.

FAR-84
AUD-
REG-
BEC-

[smsingla]

I need help with the following question from WTB

Solen co. and Nolse co. exchanged similar trucks with fair values in excess of carrying amounts. In addition, Solen paid Nolse to compensate for the difference in truck values and the transaction lacks commercial substance. As a consequence of the exchange, solen recognizes,

A. a gain determined by the proportion of cash paid to the total consideration

B. a loss determined by the proportion of cash paid to the total consideration

C. a gain equal to the difference between the fair value and carrying amount of the truck given up

D. Neither loss nor gain.

I thought the answer should be B because of conservatism and also on my notes from Yaeger Review says that.

But in WTB answer is C. Explanation is that exchanges that lack commercial substance are recorded at book value. Therefore, gains on these exchanges are recognized only to the extent that boot is received. Since no boot is received by solen, neither a gain nor loss would be recognized.

It doesn't tell anything about tht why any loss is not recognize

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[smsingla]

I need help with the following question from WTB

Solen co. and Nolse co. exchanged similar trucks with fair values in excess of carrying amounts. In addition, Solen paid Nolse to compensate for the difference in truck values and the transaction lacks commercial substance. As a consequence of the exchange, solen recognizes,

A. a gain determined by the proportion of cash paid to the total consideration

B. a loss determined by the proportion of cash paid to the total consideration

C. a gain equal to the difference between the fair value and carrying amount of the truck given up

D. Neither loss nor gain.

I thought the answer should be B because of conservatism and also on my notes from Yaeger Review says that.

But in WTB answer is C. Explanation is that exchanges that lack commercial substance are recorded at book value. Therefore, gains on these exchanges are recognized only to the extent that boot is received. Since no boot is received by solen, neither a gain nor loss would be recognized.

It doesn't tell anything about tht why any loss is not recognize

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[Zackrampage]

@sms according to becker and Jeff when cashflows exchanged r not sognificantly different we use the bookvalue and therefore a gain is recgnized up to tje amout received for solen and opposite for amount given up by other person.

FAR - 62 , End of aug 2015
BEC - 67, 67
AUD - TBD
REG - TBD

[Zackrampage]

@sms according to becker and Jeff when cashflows exchanged r not sognificantly different we use the bookvalue and therefore a gain is recgnized up to tje amout received for solen and opposite for amount given up by other person.

FAR - 62 , End of aug 2015
BEC - 67, 67
AUD - TBD
REG - TBD

[lvr21]

@stovy

DONT LET IT GET IN YOUR HEAD!! I felt I needed to “yell” that to you! Good luck! Give it everything you have!

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[lvr21]

@stovy

DONT LET IT GET IN YOUR HEAD!! I felt I needed to “yell” that to you! Good luck! Give it everything you have!

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[stovy40]

Thanks, lvr. I will go with the logic that the Becker final exams are more difficult than the real thing, and I will just add the 10-15 points to my 60 something and hope that's enough tomorrow!

AUD - 90 (07/05/13)
REG - 87 (08/29/13)
BEC - 84 (12/02/13)
FAR - 82 (02/10/14)

[stovy40]

Thanks, lvr. I will go with the logic that the Becker final exams are more difficult than the real thing, and I will just add the 10-15 points to my 60 something and hope that's enough tomorrow!

AUD - 90 (07/05/13)
REG - 87 (08/29/13)
BEC - 84 (12/02/13)
FAR - 82 (02/10/14)

[Anonymous]

You've got this stovy40! I have heard from many people that the Becker questions are harder than the actual exam. You'll do great. Let us know how it goes tomorrow.

[Anonymous]

You've got this stovy40! I have heard from many people that the Becker questions are harder than the actual exam. You'll do great. Let us know how it goes tomorrow.

[Author]

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