[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

[Zackrampage]

Rewriting NFP, even though that's my strongest area lol

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

[pia ach]

Under percentage of completion method, to calculate % of completion = total cost to date / total estimated cost of contract. Does the total estimated cost include cost incurred to date? I see two questions in becker one in which it includes and the other it ignores. Can someone please explain .

Thanks

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[pia ach]

Under percentage of completion method, to calculate % of completion = total cost to date / total estimated cost of contract. Does the total estimated cost include cost incurred to date? I see two questions in becker one in which it includes and the other it ignores. Can someone please explain .

Thanks

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[stoleway]

@pia ach

cost incured to date is not the same as estimate. FUTURE ESTIMATE cost is added to TOTAL COST INCURRED to date to arrive at TOTAL COST for the current year.

%Completion=Cost Incurred to date/ Total cost (cost incured to date + estimated future cost)

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[stoleway]

@pia ach

cost incured to date is not the same as estimate. FUTURE ESTIMATE cost is added to TOTAL COST INCURRED to date to arrive at TOTAL COST for the current year.

%Completion=Cost Incurred to date/ Total cost (cost incured to date + estimated future cost)

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[pia ach]

Let me write down the 2 questions

1) Construction contract $9,000,000

Actual costs incurred and paid $2,000,0000

Estimated costs to complete $6,000,000

% of completion = total cost to date / total estimated cost of contract.

= 2,000,000/8,000,000 = .25

Current year Gross proft = (9,000,000-8,000,000)* 25%= 250,000

2) Construction contract $20,000,000

Total costs $16,000,000

Current year costs $2,000,000

% of completion = 2,000,000/16,000,000= .125

Current year GP = (20,000,000-16,000,000)*.125= $500,000

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[pia ach]

Let me write down the 2 questions

1) Construction contract $9,000,000

Actual costs incurred and paid $2,000,0000

Estimated costs to complete $6,000,000

% of completion = total cost to date / total estimated cost of contract.

= 2,000,000/8,000,000 = .25

Current year Gross proft = (9,000,000-8,000,000)* 25%= 250,000

2) Construction contract $20,000,000

Total costs $16,000,000

Current year costs $2,000,000

% of completion = 2,000,000/16,000,000= .125

Current year GP = (20,000,000-16,000,000)*.125= $500,000

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[pia ach]

Thanks stoleway i did not see your post, now it makes sense. I had got my formula wrong too, it is total cost not total estimated cost.

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[pia ach]

Thanks stoleway i did not see your post, now it makes sense. I had got my formula wrong too, it is total cost not total estimated cost.

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[stoleway]

@pia ach

Youre welcome, im currently on this chapter and its all coming up well. I tend to forget much of the information as I move on to other chapters…lol

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[stoleway]

@pia ach

Youre welcome, im currently on this chapter and its all coming up well. I tend to forget much of the information as I move on to other chapters…lol

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Zackrampage]

Something I don't recall from Becker or Ninja notes, but came up in WTB. Explanation said its a number of units

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

[Zackrampage]

Something I don't recall from Becker or Ninja notes, but came up in WTB. Explanation said its a number of units

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

[rvcpa]

I've going over the questions in wtb for the second time and they seem much easier now. I think its time to jump onto something else. I have becker but hate that the progress tests dont show the answer afterwards. Should I do the becker hw, continue with weaker wiley areas or do some note rewriting? maybe attacks wiley sims?

[rvcpa]

I've going over the questions in wtb for the second time and they seem much easier now. I think its time to jump onto something else. I have becker but hate that the progress tests dont show the answer afterwards. Should I do the becker hw, continue with weaker wiley areas or do some note rewriting? maybe attacks wiley sims?

[Author]

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