[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

[ZSRizvi]

Okay this problem from F4 is just ridiculous.

On July 1, Year 1, Rey Corp. purchased computer equipment at a cost of $360,000. This equipment was estimated to have a six-year life with no residual value and was depreciated by the straight-line method. On January 3, Year 4, Rey determined that this equipment could no longer process data efficiently, that its value had been permanently impaired, and that $70,000 could be recovered over the remaining useful life of the equipment. What carrying amount should Rey report on its December 31, Year 4 balance sheet for this equipment?

Apparently the answer is to divide the $70,000 by 3.5 years not 3 years to come to the correct answer of $50,000.

Last time I checked January Year 4 – December Year 6 consisted of 3 years not 3.5.

Or is there something I'm missing?

BEC (July 2013)
FAR (OCT 2013)
REG (NOV 2013)
AUD (JAN 2014)

The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

I have a long...long...journey ahead of me.

[ZSRizvi]

Okay this problem from F4 is just ridiculous.

On July 1, Year 1, Rey Corp. purchased computer equipment at a cost of $360,000. This equipment was estimated to have a six-year life with no residual value and was depreciated by the straight-line method. On January 3, Year 4, Rey determined that this equipment could no longer process data efficiently, that its value had been permanently impaired, and that $70,000 could be recovered over the remaining useful life of the equipment. What carrying amount should Rey report on its December 31, Year 4 balance sheet for this equipment?

Apparently the answer is to divide the $70,000 by 3.5 years not 3 years to come to the correct answer of $50,000.

Last time I checked January Year 4 – December Year 6 consisted of 3 years not 3.5.

Or is there something I'm missing?

BEC (July 2013)
FAR (OCT 2013)
REG (NOV 2013)
AUD (JAN 2014)

The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

I have a long...long...journey ahead of me.

[Anonymous]

@ZS Ugh yeah that looks like a typical Becker problem for sure. I totally understand what you are saying

I'm sure in Becker world they will say something like “When you see that July 1 year 1 you have to immediately think half a year!” I can hear the guy's voice saying it lol

On a serious note, I think that the original asset had a six year life that would start in July Year 1. So I guess they are saying six years from that date. It's worded very tricky though

[Anonymous]

@ZS Ugh yeah that looks like a typical Becker problem for sure. I totally understand what you are saying

I'm sure in Becker world they will say something like “When you see that July 1 year 1 you have to immediately think half a year!” I can hear the guy's voice saying it lol

On a serious note, I think that the original asset had a six year life that would start in July Year 1. So I guess they are saying six years from that date. It's worded very tricky though

[ZSRizvi]

Ah that's probably it.

I've done the problems from F1-F5 and the only reason I seem to be getting them wrong (for the most part) is because they're worded so strangely OR I just don't read it thoroughly.

In any case…I hope that isn't the scenario on exam day. 😐

BEC (July 2013)
FAR (OCT 2013)
REG (NOV 2013)
AUD (JAN 2014)

The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

I have a long...long...journey ahead of me.

[ZSRizvi]

Ah that's probably it.

I've done the problems from F1-F5 and the only reason I seem to be getting them wrong (for the most part) is because they're worded so strangely OR I just don't read it thoroughly.

In any case…I hope that isn't the scenario on exam day. 😐

BEC (July 2013)
FAR (OCT 2013)
REG (NOV 2013)
AUD (JAN 2014)

The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

I have a long...long...journey ahead of me.

[Anonymous]

Yeah don't sweat it, I am the same way! I feel like a lot of times I know the material but it's more about learning how to answer questions the way they want. Or the worst is when they put a double negative like “not unearned” or something odd like that, who the hell talks like that? LoL

I know it sounds weird but the way I force myself to read the whole problem is I read the last sentence of the problem first, then read it from the beginning and then I read each answer from d-a. I know how ridiculous that sounds but for some reason it makes me read each of the answer and really process the problem a bit more. I tend to rush on things I know and then sometimes make mistakes. Everyone is a different test taker though

[Anonymous]

Yeah don't sweat it, I am the same way! I feel like a lot of times I know the material but it's more about learning how to answer questions the way they want. Or the worst is when they put a double negative like “not unearned” or something odd like that, who the hell talks like that? LoL

I know it sounds weird but the way I force myself to read the whole problem is I read the last sentence of the problem first, then read it from the beginning and then I read each answer from d-a. I know how ridiculous that sounds but for some reason it makes me read each of the answer and really process the problem a bit more. I tend to rush on things I know and then sometimes make mistakes. Everyone is a different test taker though

[NYCaccountant]

Am I the only one using Wiley? Seems everyone uses Becker.

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

[NYCaccountant]

Am I the only one using Wiley? Seems everyone uses Becker.

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

[Anonymous]

I was thinking about getting the WTB once I get through Becker so that I have some fresh questions.

[Anonymous]

I was thinking about getting the WTB once I get through Becker so that I have some fresh questions.

[h0wdyus]

NYCaccountant

Thanks for the Good wishes. This is the first one. I do plan to go at it at a fast pace for the remaining 3. Hoping God will still be answering my prayers. 🙂 :). Just wondering if you had anything in mind.

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[h0wdyus]

NYCaccountant

Thanks for the Good wishes. This is the first one. I do plan to go at it at a fast pace for the remaining 3. Hoping God will still be answering my prayers. 🙂 :). Just wondering if you had anything in mind.

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[so1913]

I'll be using WTB for my FAR retake now that my Becker has expired.

AUD - 90 Pass
REG - 70,61,81 Pass DONE DONE DOOOOONNEEE!!!!!!!!
BEC - 79 - Pass
FAR - 70,82 - Pass

[Author]

Replies