FAR Study Group July August 2013 - Page 54

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  • #437041
    NYCaccountant
    Participant

    Thanks @MintsRGood

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #437042
    Mike1987
    Member

    What's every ones plan for review. For the other section I usually keep on memorizing all the past chapters formulas and mnemonics at least once a week. However, for FAR i'm have not been doing this. I'm currently on F-10 of Becker and my Exam is on 8/31. I've done all the HW and Sims up to this point, unlike the other sections it takes me forever to work through these problems. So maybe I will be able to redo all the HW at most upto 3 times, hopefully that will be enough.

    #437043
    zakahracw
    Participant

    These percentage of completion problems are driving me crazy!

    It seems that sometimes we use cumulative incurred costs for calculations and other times we don't. What's the difference? I am using Becker btw.

    ~Z

    "Live your Best Life"

    #437044
    Anonymous
    Inactive

    @NYCaccountant I passed FAR with Wiley book and test bank, and I just sat for FAR based on those 2 resources and feel pretty confident on it. However, I did supplement some with NINJA Audio for BEC and a teeny bit for FAR. I think the audio might've been more for my nerves than anything else(!), but Jeff does have many little memory tricks that helped out some. For FAR, Jeff offered NINJA Blitz for a week free, so I watched through all the videos once. But, I think I could have passed with just the Wiley materials. When I purchased the NINJA Audio, my goal was just to be getting the test bank, but I found A71 and saw that for just a few dollars more I could get the NINJA materials, so I decided it couldn't hurt. My thought has always been that I didn't want to spend more on my materials than I spent on the test, so that's why I didn't buy Becker, Yaeger, etc; however, at the same time, for the extra $100 or so that I paid to get notes and audio + test bank instead of just test bank, I figured that the extra $25 per exam was worth it to help make sure I passed!

    @Mike1987 I've never been good at rote memory…so memorizing all the formulas and mnemonics has never been an option for me. So, my study strategy was to read through my book from cover to cover (I use Wiley books, no lectures), and then do every question in the test bank. In all honesty, I didn't quite get every question, because we had family things come up (father-in-law collapsed, couldn't breathe, and was airlifted to the hospital…during the time that I'd gotten off work for final prep…), but that was my plan. It's worked well for me on non-CPA exams and got me through my first CPA exam, so it's the strategy I'm clinging to until if/when it lets me down…!

    #437045
    Anonymous
    Inactive

    Double-post…sorry.

    @zakahracw Do you have some examples both ways? The percentage of completion stuff is weird and confusing. 😐 But I can't think of an example that doesn't use cumulative costs but is percentage of completion, so not sure what's going on!

    #437046
    NYCaccountant
    Participant

    Can someone please provide an example of the initial entry for recognition of unrealized gains/losses for Pensions?

    I know that unamortized prior period costs and other gains/losses go to OCI, but in cases of a loss, what is the

    credit? I'm thinking the initial entry would be:

    Unrealized service cost Dr. 1,000 – Example

    ?????? Cr. 1,000

    Also, I am assuming that when you later reclassify the amortization expense from OCI to income from continuing operations, you would need to post a reclassification adjustment in OCI.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #437047
    qatar_cpa
    Member

    @NYCaccountant

    i think the J/E will be

    OCI 1000 Dr

    accrued pension liability 1000Cr

    FAR = 31 /August
    REG = 30 /OCT
    BEC = 28/NOV
    Auditing = 01 Jan

    Yaeger 2013 Home Study
    Guam State
    follow me @abdirahmansh

    #437048
    jeff
    Keymaster
    #437049
    NYCaccountant
    Participant

    Thanks @ Qatar_CPA I thought the only time gains and losses flow through to the PBO are when they are amortized. The

    Unamortized portion stays in OCI. So they can't become a liaility unitl they become apart of pension cost, and from

    there they would flow to the PBO. Assuming the PBO exceeds the fair value of the plan assets, you would then need to accrue a liability for the difference. I just need the original entry recording the unamortized gain/loss into OCI. Your method would work, assuming no reclassification will be needed. I'll do some more researching into this.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #437050
    Anonymous
    Inactive

    Please help! I am finished F-7 and moving on to the F-8 lecture and I am doing my first progress test on F-1 through F-6 and I just drew a blank on practically every other question 🙁 Exam is scheduled for 8/9 and I need some help/advice on how to retain all of this material! All of the percentages and greater/lesser of is just all mixed up in my head now. Feeling very discouraged. I've taken notes religiously for F1-F6 but haven't made note cards and at this point to go back and make them Im not sure would be beneficial.

    #437051
    sbarkerACPA
    Participant

    I am struggling with pensions. Anyone have a way of putting this in layman terms. Please!!

    BEC: 74;81
    AUD: 77
    REG: 71; 80
    FAR: 78
    License for CPA----APPROVED
    CPA Class of 2013

    #437052
    Mike1987
    Member

    @CPA Dilemma, I'm sorry I don't have anything specific except to do as many MCQs as possible. I would type my notes for the ones I got wrong and see if I can recall all of them without looking and why I got them wrong after each session of MCQs. This really helped me to retain the info in a short period of time. It worked for my first section because I barely did any review until after I finished the videos and realized I forgot almost everything with 2 weeks to go.

    #437053
    Anonymous
    Inactive

    The following information pertains to a sale and leaseback

    of equipment by Mega Co. on December 31, 2003:

    Sales price $400,000

    Carrying amount $300,000

    Monthly lease payment $3,250

    Present value of lease payments $36,900

    Estimated remaining life 25 years

    Lease term 1 year

    Implicit rate 12%

    What amount of deferred gain on the sale should Mega report

    at December 31, 2003?

    a. $0

    b. $ 36,900

    c. $ 63,100

    d. $100,000

    I think PV of least pmt -36900 > than 90% of asset value-36000. Is a capital asset?

    So all gain deferred

    However answer says it is an operating lease and all gain is recognised.

    Please help me

    #437054
    Anonymous
    Inactive

    @bikram it is an operating lease because it fails the 90% test and 75% test. All the gain is recognized because the present value of the minimum lease payments is 10% or less of the fair value of the property. In this case it's only 9.2% (36,900/400,000).

    #437055
    Anonymous
    Inactive

    yes

    Thank you

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