[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

[Anonymous]

@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.

[Anonymous]

I am struggling with some of the earlier chapters because it feels like I have never looked at this before. I am trying to retain as much as I can. It can be allot All the different FS.

Then I start working of my diff between USGAAP/IFRS and FASB/GASB NFP. Tried to find way to make it tie together so its easy to remember.

Installment Sales still bane of my existence, Equity and Derivitives Uughh… Dont mention remembering all the journals.

[Anonymous]

I am struggling with some of the earlier chapters because it feels like I have never looked at this before. I am trying to retain as much as I can. It can be allot All the different FS.

Then I start working of my diff between USGAAP/IFRS and FASB/GASB NFP. Tried to find way to make it tie together so its easy to remember.

Installment Sales still bane of my existence, Equity and Derivitives Uughh… Dont mention remembering all the journals.

[W_HAMILTON]

Ugh, I still can't get motivated to adequately prepare for FAR. Even though I have started doing the lectures and some of the homework / simulations, I'm not fully going through them like I have in the past. I just finished Becker F4 and didn't even feel like doing the homework because it's so math intensive and takes sooooooo long. I'm gonna try to start going through the lectures so at least I know I have covered all the material and then go back and work as many problems as I have time for.

I scheduled my exam date for October 19th, right before the window closes so that I'll make the first wave of score releases. I've done relatively well on the exams so far and majored in accounting and got a master's degree in accounting as well, so I've covered all this material before, it's just mainly a refresher and getting used to the types of questions and simulations the exam will have.

If you were me, would you just try to plow through FAR in the next couple of weeks and keep the October 19th deadline? Or would you push the exam date back a few weeks till the next score release window closes? The October 19th deadline is just a self-imposed one; I wanted to be able to apply for jobs and say that my FAR score is pending release, rather than either push back applying for a new job or say that I have yet to take FAR. What do you guys think I should do?

REG - 93 (7/30/13)
BEC - 90 (8/19/13)
AUD - 98 (8/31/13)
FAR - 84 (10/19/13)

[W_HAMILTON]

Ugh, I still can't get motivated to adequately prepare for FAR. Even though I have started doing the lectures and some of the homework / simulations, I'm not fully going through them like I have in the past. I just finished Becker F4 and didn't even feel like doing the homework because it's so math intensive and takes sooooooo long. I'm gonna try to start going through the lectures so at least I know I have covered all the material and then go back and work as many problems as I have time for.

I scheduled my exam date for October 19th, right before the window closes so that I'll make the first wave of score releases. I've done relatively well on the exams so far and majored in accounting and got a master's degree in accounting as well, so I've covered all this material before, it's just mainly a refresher and getting used to the types of questions and simulations the exam will have.

If you were me, would you just try to plow through FAR in the next couple of weeks and keep the October 19th deadline? Or would you push the exam date back a few weeks till the next score release window closes? The October 19th deadline is just a self-imposed one; I wanted to be able to apply for jobs and say that my FAR score is pending release, rather than either push back applying for a new job or say that I have yet to take FAR. What do you guys think I should do?

REG - 93 (7/30/13)
BEC - 90 (8/19/13)
AUD - 98 (8/31/13)
FAR - 84 (10/19/13)

[nbad311]

NYC, I didnt notice my REG testlets getting harder for the exam I passed. If you are exceptionally well-prepared, there probably truly wasnt anything you would have found “hard”. As someone said, difficulty is in the eye of the beholder

REG - 65, 70, 80!
BEC - 35, 62, 79!
AUD - 73, 75!
FAR - 65, 73, 70, 75! DONE.

[nbad311]

NYC, I didnt notice my REG testlets getting harder for the exam I passed. If you are exceptionally well-prepared, there probably truly wasnt anything you would have found “hard”. As someone said, difficulty is in the eye of the beholder

REG - 65, 70, 80!
BEC - 35, 62, 79!
AUD - 73, 75!
FAR - 65, 73, 70, 75! DONE.

[Anonymous]

this question in cpaexcel tripped me up

Tag Question

Tell Corp.'s 2005 income statement had pre-tax financial income of $38,000 in its first year of operations. Tell uses an accelerated cost-recovery method on its tax return and straight-line depreciation for financial reporting.

The differences between the book and tax deductions for depreciation over the five-year life of the assets acquired in 2005, and the enacted tax rates for 2005 to 2009 are as follows:

Book over (under) tax Tax rates

2005 $(8,000) 35%

2006 $(13,000) 30%

2007 $(3,000) 30%

2008 $10,000 25%

2009 $14,000 25%

There are no other temporary differences. Tell elected early application of FASB Statement No. 109, Accounting for Income Taxes. In Tell's December 31, 2005 balance sheet, the gross non-current deferred income tax liability and the income taxes currently payable should be

Gross non-current deferred income tax liability Income taxes currently payable

$6,000 $7,500

$6,000 $10,500

$4,800 $9,000

$4,800 $10,500

Correct!

The gross non-current deferred income tax liability at the end of 2005 refers to the sum of each future taxable difference (taxable income above pre-tax financial income), multiplied by the FUTURE ENACTED tax rate for that year.

Only 2008 and 2009 generate taxable differences, because in those years tax depreciation is less than book depreciation (taxable income above pre-tax financial income): ($10,000 + $14,000)(.25) = $6,000.

The term “gross” in the question means before considering the netting effect of the other two years that would, by themselves, produce deferred tax assets (2006 and 2007), and therefore reduce the gross deferred tax liability for reporting purposes.

Income tax payable at the end of 2005 equals 35% of taxable income. Taxable income is the $38,000 pre-tax financial income, less the $8,000 excess of tax depreciation over book depreciation, or $30,000. Therefore, income tax payable is .35($30,000) = $10,500. The computation of taxable income uses the CURRENT tax rate.

[Anonymous]

this question in cpaexcel tripped me up

Tag Question

Tell Corp.'s 2005 income statement had pre-tax financial income of $38,000 in its first year of operations. Tell uses an accelerated cost-recovery method on its tax return and straight-line depreciation for financial reporting.

The differences between the book and tax deductions for depreciation over the five-year life of the assets acquired in 2005, and the enacted tax rates for 2005 to 2009 are as follows:

Book over (under) tax Tax rates

2005 $(8,000) 35%

2006 $(13,000) 30%

2007 $(3,000) 30%

2008 $10,000 25%

2009 $14,000 25%

There are no other temporary differences. Tell elected early application of FASB Statement No. 109, Accounting for Income Taxes. In Tell's December 31, 2005 balance sheet, the gross non-current deferred income tax liability and the income taxes currently payable should be

Gross non-current deferred income tax liability Income taxes currently payable

$6,000 $7,500

$6,000 $10,500

$4,800 $9,000

$4,800 $10,500

Correct!

The gross non-current deferred income tax liability at the end of 2005 refers to the sum of each future taxable difference (taxable income above pre-tax financial income), multiplied by the FUTURE ENACTED tax rate for that year.

Only 2008 and 2009 generate taxable differences, because in those years tax depreciation is less than book depreciation (taxable income above pre-tax financial income): ($10,000 + $14,000)(.25) = $6,000.

The term “gross” in the question means before considering the netting effect of the other two years that would, by themselves, produce deferred tax assets (2006 and 2007), and therefore reduce the gross deferred tax liability for reporting purposes.

Income tax payable at the end of 2005 equals 35% of taxable income. Taxable income is the $38,000 pre-tax financial income, less the $8,000 excess of tax depreciation over book depreciation, or $30,000. Therefore, income tax payable is .35($30,000) = $10,500. The computation of taxable income uses the CURRENT tax rate.

[Anonymous]

i guess i didnt know what a gross deferred tax liability was? because netting it up would produce a deferred tax asset of $1,200 am i right?

[Anonymous]

i guess i didnt know what a gross deferred tax liability was? because netting it up would produce a deferred tax asset of $1,200 am i right?

[NotAgain]

Hi Everyone– Working on MCQs in the Wiley Test Bank right now, and I'm confused by this question.

Mr. & Mrs. Carson are applying for a bank loan and the bank has requested a personal statement of financial condition as of December 31, year 3. Included in their assets at this date are the following:

*1,000 shares of Alden Corporation common stock purchased in year 3 at a cost of $50,000. The quoted market value of the stock was $75 per share on December 31, year 3

*A residence purchased in year 1 at a cost of $120,000. Improvements costing $15,000 were made in year 9. Unimproved homes in the same area are currently selling at approximately the same levels as year 1.

In the Carsons' December 31, year 3 personal statement of financial condition, the above assets should be reported at a total amount of:

A) $170,000

B) $195,000

C) $185,000

D) $210,000

The answer given in the TB is D. What I don't understand is why improvements made to the house in YEAR 9 would be included in their statement of financial condition for YEAR 3. Anyone else agree that this must be a typo?? The question in the testbank is MISCA-0007. Thanks in advance.

[NotAgain]

Hi Everyone– Working on MCQs in the Wiley Test Bank right now, and I'm confused by this question.

Mr. & Mrs. Carson are applying for a bank loan and the bank has requested a personal statement of financial condition as of December 31, year 3. Included in their assets at this date are the following:

*1,000 shares of Alden Corporation common stock purchased in year 3 at a cost of $50,000. The quoted market value of the stock was $75 per share on December 31, year 3

*A residence purchased in year 1 at a cost of $120,000. Improvements costing $15,000 were made in year 9. Unimproved homes in the same area are currently selling at approximately the same levels as year 1.

In the Carsons' December 31, year 3 personal statement of financial condition, the above assets should be reported at a total amount of:

A) $170,000

B) $195,000

C) $185,000

D) $210,000

The answer given in the TB is D. What I don't understand is why improvements made to the house in YEAR 9 would be included in their statement of financial condition for YEAR 3. Anyone else agree that this must be a typo?? The question in the testbank is MISCA-0007. Thanks in advance.

[Anonymous]

@NotAgain Improvements would increase the fair value of asset. You would need to capitalize major improvements against the asset. If they just replaced few roof tiles that's minor improvement since it does not increase the life/value of asset.

[Anonymous]

@NotAgain Improvements would increase the fair value of asset. You would need to capitalize major improvements against the asset. If they just replaced few roof tiles that's minor improvement since it does not increase the life/value of asset.

[Author]

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