FAR Study Group October November 2013 - Page 73

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  • October 5, 2013 at 10:35 pm #477007
    Monir
    Member

    That's a huge mystery ! Some ppl get lots of mathematical and some ppl get conceptual questions. You never know what they are gonna test you and it's stink ! 1 or 2 SIMs usually wordy but one of them could be free -test. When I took REG and I told myself “there is no way I will pass” however I passed. Stay positive and move on your next one !! I am sure it's gonna be long waiting for you.

    October 5, 2013 at 10:35 pm #477076
    Monir
    Member

    That's a huge mystery ! Some ppl get lots of mathematical and some ppl get conceptual questions. You never know what they are gonna test you and it's stink ! 1 or 2 SIMs usually wordy but one of them could be free -test. When I took REG and I told myself “there is no way I will pass” however I passed. Stay positive and move on your next one !! I am sure it's gonna be long waiting for you.

    October 5, 2013 at 11:58 pm #477009
    mjp44
    Member

    During the year, Pitt Corp. incurred costs to develop and produce a routine, low-risk computer software product, as follows:

    Completion of detail program design $13,000

    Costs incurred for coding and testing to establish technological feasibility 10,000

    Other coding costs after establishment of technological feasibility 24,000

    Other testing costs after establishment of technological feasibility 20,000

    Costs of producing product masters for training materials 15,000

    Duplication of computer software and training materials from product masters (1,000 units) 25,000

    Packaging product (500 units) 9,000

    In Pitt's December 31 balance sheet, what amount should be capitalized as software costs?

    A 54000

    B 57000

    C 59000

    D 69000

    Ans: 59000 (24K+20+15)

    My question why wouldnt you include Duplication of software costs and packaging product costs? These are considered part of inventory so wouldnt they be part of capitalized costs as it hits the balance sheet?

    FAR- PASSED (11/13)
    REG- PASSED (2/14)
    BEC- PASSED (5/14)
    AUD- PASSED (8/14)

    If it's important to you, you will find a way. If it isn't, you will find an excuse.

    October 5, 2013 at 11:58 pm #477078
    mjp44
    Member

    During the year, Pitt Corp. incurred costs to develop and produce a routine, low-risk computer software product, as follows:

    Completion of detail program design $13,000

    Costs incurred for coding and testing to establish technological feasibility 10,000

    Other coding costs after establishment of technological feasibility 24,000

    Other testing costs after establishment of technological feasibility 20,000

    Costs of producing product masters for training materials 15,000

    Duplication of computer software and training materials from product masters (1,000 units) 25,000

    Packaging product (500 units) 9,000

    In Pitt's December 31 balance sheet, what amount should be capitalized as software costs?

    A 54000

    B 57000

    C 59000

    D 69000

    Ans: 59000 (24K+20+15)

    My question why wouldnt you include Duplication of software costs and packaging product costs? These are considered part of inventory so wouldnt they be part of capitalized costs as it hits the balance sheet?

    FAR- PASSED (11/13)
    REG- PASSED (2/14)
    BEC- PASSED (5/14)
    AUD- PASSED (8/14)

    If it's important to you, you will find a way. If it isn't, you will find an excuse.

    October 6, 2013 at 1:47 am #477011
    Anonymous
    Inactive

    Probably because now it has gone into market, (part of inventory/regular business). Once the item is completed you stop capitalizing the cost. Cost incurred therein would be expenses.

    October 6, 2013 at 1:47 am #477080
    Anonymous
    Inactive

    Probably because now it has gone into market, (part of inventory/regular business). Once the item is completed you stop capitalizing the cost. Cost incurred therein would be expenses.

    October 6, 2013 at 3:39 am #477013
    NYCaccountant
    Participant

    One word of advice – know everything!

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

    October 6, 2013 at 3:39 am #477082
    NYCaccountant
    Participant

    One word of advice – know everything!

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

    October 6, 2013 at 4:13 am #477015
    Anonymous
    Inactive

    @NYC I wish I could know everything its just feasible at the moment. Because one minute I can tell you the answer the next I am doubting myself.

    Its the little rules that sometimes get me. Like for instance rules for Modified Infrastructure approach choosing not to depr asset, I forgot those until I read them again a couple of minutes ago..

    Which cpa review did you use?

    I just feel you never know with these exams.

    October 6, 2013 at 4:13 am #477084
    Anonymous
    Inactive

    @NYC I wish I could know everything its just feasible at the moment. Because one minute I can tell you the answer the next I am doubting myself.

    Its the little rules that sometimes get me. Like for instance rules for Modified Infrastructure approach choosing not to depr asset, I forgot those until I read them again a couple of minutes ago..

    Which cpa review did you use?

    I just feel you never know with these exams.

    October 6, 2013 at 4:17 am #477018
    Anonymous
    Inactive

    DJN,

    I started bonds today as well. It seems to be a bit easier but I agree. Doing more MCQ for leases makes them a little easier to understand. I'll be through bonds by the end of Monday hopefully. No idea how I'm going to remember all of this information.

    October 6, 2013 at 4:17 am #477086
    Anonymous
    Inactive

    DJN,

    I started bonds today as well. It seems to be a bit easier but I agree. Doing more MCQ for leases makes them a little easier to understand. I'll be through bonds by the end of Monday hopefully. No idea how I'm going to remember all of this information.

    October 6, 2013 at 4:44 am #477020
    NYCaccountant
    Participant

    I Used Wiley and they asked me broad questions in the first testlet. The next two were more detail oriented but still like 2-3 lines. They asked me very specific questions, but I don't think I passed because I did not notice any changes in difficulty and did not have long computational questions.

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

    October 6, 2013 at 4:44 am #477088
    NYCaccountant
    Participant

    I Used Wiley and they asked me broad questions in the first testlet. The next two were more detail oriented but still like 2-3 lines. They asked me very specific questions, but I don't think I passed because I did not notice any changes in difficulty and did not have long computational questions.

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

    October 6, 2013 at 5:17 am #477022
    Anonymous
    Inactive

    @NYCaccountant remember, difficulty is in the eye of the beholder. Or should I knowledge, because whats easy for me might be difficult for the next person. Sounds like you knew your stuff keep the faith.

    Its not over till fat lady sings.

    Also using Wiley, and some Becker I just wish I could study more but my brain says no.

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