[Q3] FAR Study Group 2014 - Page 69

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  • July 7, 2014 at 12:10 am #598493
    RandomAlt
    Member

    @samdiegoCPA

    I found it through Bisk. If you google search “Bisk Supplemental” it is the first link that pops up (https://www.cpaexam.com/support/). They have for 2012-2014 for all 4 sections.

    I like the Bisk supplement because they give actual explanations as to why they answer is correct (Becker would just give the correct answer)

    Jeff was also pretty much right about the release questions being in the test banks. I did 2013 & 2014 release questions today. I hadn't seen 2014 int he CPAexcel test bank yet, but I'm pretty sure I saw at least 95% of the 2013 questions in there.

    FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
    BEC - [08/31/2014 --> 86]
    AUD - [11/24/2014 --> 88]
    REG - [02/14/2015 --> 92]

    July 7, 2014 at 12:39 am #598494
    Anonymous
    Inactive

    Does anyone know how to find 2013 AICPA released questions?

    July 7, 2014 at 1:00 am #598495
    Tarheelgirl
    Member

    @magatha – I haven't gotten much studying done today either…so tired of looking at questions. Tomorrow is go over my handmade flashcards which includes J/Es, read over my notes, and any last minute topics I want to review. May do a few MCQs while I am at work but other than that just light review. I will have to go to bed early, my Prometric center is about 45 minutes away. 🙁

    FAR - 46, 79 (7/8/14)
    AUD - 56, 59, 2/23/15 3rd times a charm!
    BEC - 69, 74 Really??
    REG - April, I hope. Fingers crossed!

    July 7, 2014 at 1:01 am #598496
    JamesBJames
    Participant

    Usually typing something like ‘2013 AICPA released questions” brings up some website where the questions are hosted.

    You have Becker though, don't you? I think every single one of the released questions is already in the Becker software.

    FAR: May 1st, 2014 - 91
    AUD: May 29th, 2014 - 97!
    BEC: July 16th, 2014 - 91
    REG: August 29th, 2014 - 88

    Licensed December 2015

    Feel free to add me on LinkedIn by clicking my username!

    July 7, 2014 at 1:12 am #598497
    Anonymous
    Inactive

    They don't come up in google search anymore…and yes I do hv becker. True..they shld all be in Becker..

    July 7, 2014 at 1:27 am #598498
    RandomAlt
    Member

    @2014 CPA

    Ummm…look at the post 5 above this one

    FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
    BEC - [08/31/2014 --> 86]
    AUD - [11/24/2014 --> 88]
    REG - [02/14/2015 --> 92]

    July 7, 2014 at 1:27 am #598499
    RandomAlt
    Member

    Deleted double post

    FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
    BEC - [08/31/2014 --> 86]
    AUD - [11/24/2014 --> 88]
    REG - [02/14/2015 --> 92]

    July 7, 2014 at 1:58 am #598500
    TimmyUW
    Participant

    Hi I have a question about the four criteria for capital lease, could anyone help?

    The third criterion: The lease term is at least 75% of the remaining estimated economic life of the leased asset at inception. Should this be 75% of the estimated economic life of the leased asset or “remaining estimated economic life”?

    Thank you!

    July 7, 2014 at 4:16 am #598501
    EYNewHire
    Member

    @TimmyUW it is 75% of the remaining economic life (i.e. time period from the start of the lease to when the equip/building etc becomes “scrap”) vs the non cancelable portion of the lease.

    July 7, 2014 at 5:36 am #598503
    Anonymous
    Inactive

    @TimmyUW and EYNewHire Have they actually used “remaining estimated economic life” in the question or study material? Since it's a capital lease, it is considered as if it's a purchase of the asset therefore the purchaser will determine what is the “new” estimated economic life of the “new” asset purchased? I'm just curious since I have not seen the term “remaining estimated economic life” used in my review materials, or maybe it was, but I'm not really paying attention to it.

    July 7, 2014 at 6:21 am #598504
    EYNewHire
    Member

    @CPAby2015. Let's say we lease a car with an economic life when it's new of 10 years. We lease this car when it is 2 years old. You wouldn't base your calculations off of 10 years because you can't use all ten years and the lease term could only be for 8 years max because no one is going to sign a lease for longer than the car can be useful.

    I'm not sure if they use the term “remaining estimated useful life”. They may use just “remaining useful life” which is the same thing as it is just an estimate.

    Edit: I use economic and useful interchangeably as they mean the same thing in this context.

    July 7, 2014 at 12:26 pm #598505
    Tootsie
    Member

    I did the 2014 released questions and found them a bit more difficult than the previous released questions. The sims were not bad at all (hoping they will be like this on the actual exam…yeah right! :-P). Good luck to everyone testing this week! Let's slay this beast!!

    FAR - 76
    AUD - 88!!! DONE!!!!!!!!
    BEC - 76
    REG - 77

    never, never, never give up

    July 7, 2014 at 1:18 pm #598506
    jstay
    Participant

    I have never felt so in-confident while studying for an exam..not even testing until August 27th

    July 7, 2014 at 1:22 pm #598507
    TimmyUW
    Participant

    @CPAby2015 I agree with @EYNewHire. Some materials just say “economic life of the asset”, however, some materials say “remaining economic life or expected economic life”.

    In my opinion, “Expected economic life” means the economic period of time during which an asset is useful to the lessee at inception of the lease. Thus, in the example by @EYNewHire, we should use 8 years rather than 10 years.

    Let's change the number of the example. If the car has 10 years' economic life when it is new; the lessee leases the car when it has been used for 6 years and the lease term is 3 years. Assume all other capital lease criteria are not met. Is this lease a capital lease or an operating lease.

    I think it should be a capital lease. Since the remaining economic life is 4 years and 3/4=75%. Hope it helps.

    July 7, 2014 at 2:32 pm #598508
    Anonymous
    Inactive

    I just need to vent a little. I started using becker this week(after using CPAexcel for about 3 weeks) and my still getting only 40-50% on the MCQs. It's just frustrating for me, I feel that nothing is clicking even if it is my second time looking over the material. With that said, 2 more months to prepare…

    BTW, what did everyone use to study present value? I am so lost on that topic

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