[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

[todd6414]

Im bugging out. Using Becker and Im on my second go around through the chapters, MCQ's, SIMs. There is just so much information you really have to get down. Test is 10/19. Im also using the flash cards and Ninja audio. Progress tests are killing me, especially chap 2. Is the best review to just keep taking progress tests? I still havn't taken the practice tests also. I just don't feel like I did studying for Reg or BEC the 3rd time. The mcq's are so long that I think it inhibits me from mastering the material because all my concentration is on reading and understanding the question.

AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH I hate this!!!

[Tncincy]

@NYCaccountant

Don't worry yourself about how someone passes and leave four sims blank. They must have gotten every mcq correct. But even so, they are telling their story. We just have to study and pass. Unfortunately, there is no easy way. So study the sims too it is…….

@Todd6414,

We feel your pain…..Why can't the questions be a simple one or two line question? No we have to make ourselves read this long passage full stuff that is unrelated only to answer d. none of the above.

Hey, Good luck studying……..

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

@NYCaccountant

Don't worry yourself about how someone passes and leave four sims blank. They must have gotten every mcq correct. But even so, they are telling their story. We just have to study and pass. Unfortunately, there is no easy way. So study the sims too it is…….

@Todd6414,

We feel your pain…..Why can't the questions be a simple one or two line question? No we have to make ourselves read this long passage full stuff that is unrelated only to answer d. none of the above.

Hey, Good luck studying……..

It begins with a 75
Been here too long as a cheerleader....ready to pass

[carpeCPA]

Hey guys, I need help with a Becker FAR 10 question. I think I've missed it about 4 times in a row (I take a break between answering so I don't just memorize answers.)

WHY do we use $350,000 instead of $360,000. I thought partnership formations were at fair value of the asset?

On January 2, Smith purchased the net assets of Jones' Cleaning, a sole proprietorship, for $350,000, and commenced operations of Spiffy Cleaning, a sole proprietorship. The assets had a carrying amount of $375,000 and a market value of $360,000. In Spiffy's cash-basis financial statements for the year ended December 31, Spiffy reported revenues in excess of expenses of $60,000. Smith's drawings during the year were $20,000. In Spiffy's financial statements, what amount should be reported as Capital-Smith?

a. $415,000

b. $400,000

c. $410,000

d. $390,000

Explanation:

Choice “d” is correct, $390,000 Capital-Smith at December 31.

Balance, January 2 $ 350,000

Revenues in excess of expenses 60,000

Drawings (20,000)

Balance, December 31 = $ 390,000

REG - 93 (Jul'13)
FAR - 97 (Dec '13)
AUD - 99 (May '14)
BEC - Jul '14

Becker Self Study/Ninja Notes/Ninja Audio/Ninja MCQ/Wiley Test Bank/Wiley Book

[carpeCPA]

Hey guys, I need help with a Becker FAR 10 question. I think I've missed it about 4 times in a row (I take a break between answering so I don't just memorize answers.)

WHY do we use $350,000 instead of $360,000. I thought partnership formations were at fair value of the asset?

On January 2, Smith purchased the net assets of Jones' Cleaning, a sole proprietorship, for $350,000, and commenced operations of Spiffy Cleaning, a sole proprietorship. The assets had a carrying amount of $375,000 and a market value of $360,000. In Spiffy's cash-basis financial statements for the year ended December 31, Spiffy reported revenues in excess of expenses of $60,000. Smith's drawings during the year were $20,000. In Spiffy's financial statements, what amount should be reported as Capital-Smith?

a. $415,000

b. $400,000

c. $410,000

d. $390,000

Explanation:

Choice “d” is correct, $390,000 Capital-Smith at December 31.

Balance, January 2 $ 350,000

Revenues in excess of expenses 60,000

Drawings (20,000)

Balance, December 31 = $ 390,000

REG - 93 (Jul'13)
FAR - 97 (Dec '13)
AUD - 99 (May '14)
BEC - Jul '14

Becker Self Study/Ninja Notes/Ninja Audio/Ninja MCQ/Wiley Test Bank/Wiley Book

[carpeCPA]

Two more questions:

1) Does anyone know when customized/specifically made goods are considered sold? I know it's not the same as a normal product sale but cannot identify the correct rules.

2) Does anyone have an suggestions for remembering when to add/subtract/capitalize those random costs not really discussed in Becker?

For example:

– issue costs on notes = capitalize and amortize (i believe) for both FIRS and GAAP

– bond issue costs = (still getting there)

– clean-up costs in involuntary conversion = add to loss

I get so confused by these because I can't seem to commit them to memory….

Thank you!!

REG - 93 (Jul'13)
FAR - 97 (Dec '13)
AUD - 99 (May '14)
BEC - Jul '14

Becker Self Study/Ninja Notes/Ninja Audio/Ninja MCQ/Wiley Test Bank/Wiley Book

[carpeCPA]

Two more questions:

1) Does anyone know when customized/specifically made goods are considered sold? I know it's not the same as a normal product sale but cannot identify the correct rules.

2) Does anyone have an suggestions for remembering when to add/subtract/capitalize those random costs not really discussed in Becker?

For example:

– issue costs on notes = capitalize and amortize (i believe) for both FIRS and GAAP

– bond issue costs = (still getting there)

– clean-up costs in involuntary conversion = add to loss

I get so confused by these because I can't seem to commit them to memory….

Thank you!!

REG - 93 (Jul'13)
FAR - 97 (Dec '13)
AUD - 99 (May '14)
BEC - Jul '14

Becker Self Study/Ninja Notes/Ninja Audio/Ninja MCQ/Wiley Test Bank/Wiley Book

[finne]

Thought I'd jump into the party here instead of posting a new thread. I'm trying to wrap my mind around pensions (using Wiley) and it's literally driving me crazy trying to do the MCQ. I never covered any of this in my college classes and I feel like I'm not getting it. One thing that's bugging me is I can't figure out the difference between Accumulated Benefit Obligation and Pension Benefit Obligation. The definition's in the book sound the same to me and it keeps tripping me up on the MCQ. Anybody have any insight?

REG - 85
AUD - 99
FAR - 89 - w/ NINJA Audio and Blitz
BEC - 91

Using Wiley - books and test bank - 6 months - all 4 first time

[finne]

Thought I'd jump into the party here instead of posting a new thread. I'm trying to wrap my mind around pensions (using Wiley) and it's literally driving me crazy trying to do the MCQ. I never covered any of this in my college classes and I feel like I'm not getting it. One thing that's bugging me is I can't figure out the difference between Accumulated Benefit Obligation and Pension Benefit Obligation. The definition's in the book sound the same to me and it keeps tripping me up on the MCQ. Anybody have any insight?

REG - 85
AUD - 99
FAR - 89 - w/ NINJA Audio and Blitz
BEC - 91

Using Wiley - books and test bank - 6 months - all 4 first time

[Anonymous]

@Finne, Pension Benefit Obligation… do you maybe mean either Pension Benefit Liability or Projected Benefit Obligation… ?

@Rache1 – “Does anyone know when customized/specifically made goods are considered sold” – I remember a question on this from (I think) the WTB. Of course I can't find it now (ha!) but I recall it having to do with the goods being done and set aside, so in a state that available for pick-up/delivery to the buyer. Sorry for not phrasing this better, if I come across the exact MCQ I'll post on it again.

[Anonymous]

@Finne, Pension Benefit Obligation… do you maybe mean either Pension Benefit Liability or Projected Benefit Obligation… ?

@Rache1 – “Does anyone know when customized/specifically made goods are considered sold” – I remember a question on this from (I think) the WTB. Of course I can't find it now (ha!) but I recall it having to do with the goods being done and set aside, so in a state that available for pick-up/delivery to the buyer. Sorry for not phrasing this better, if I come across the exact MCQ I'll post on it again.

[Anonymous]

@Finne, Pension Benefit Obligation… do you maybe mean either Pension Benefit Liability or Projected Benefit Obligation… ?

@Rache1 – “Does anyone know when customized/specifically made goods are considered sold” – I remember a question on this from (I think) the WTB. Of course I can't find it now (ha!) but I recall it having to do with the goods being done and set aside, so in a state that available for pick-up/delivery to the buyer. Sorry for not phrasing this better, if I come across the exact MCQ I'll post on it again.

[Anonymous]

@Finne, Pension Benefit Obligation… do you maybe mean either Pension Benefit Liability or Projected Benefit Obligation… ?

@Rache1 – “Does anyone know when customized/specifically made goods are considered sold” – I remember a question on this from (I think) the WTB. Of course I can't find it now (ha!) but I recall it having to do with the goods being done and set aside, so in a state that available for pick-up/delivery to the buyer. Sorry for not phrasing this better, if I come across the exact MCQ I'll post on it again.

[NYCaccountant]

PBO= Discounted future benefits expected to be paid based on current and future salaries. Assumes salary increases.

ABO= Discounted future benefits expected to be paid based just on current salaries. Does not assume salary increases.

Obviously we know people generally get raises and such over time, so the PBO is used. Difference between PBO and fair value of plan assets equals funding status of the plan.

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

[NYCaccountant]

PBO= Discounted future benefits expected to be paid based on current and future salaries. Assumes salary increases.

ABO= Discounted future benefits expected to be paid based just on current salaries. Does not assume salary increases.

Obviously we know people generally get raises and such over time, so the PBO is used. Difference between PBO and fair value of plan assets equals funding status of the plan.

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

[Author]

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