FAR Study Group October November 2017 - Page 24

  • This topic has 970 replies, 134 voices, and was last updated 8 years ago by Anonymous.
Viewing 15 replies - 346 through 360 (of 970 total)
  • Author
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  • #1647751
    EStone
    Participant

    Well that was a chart that looked nice before I posted it but once I hit submit I guess the format got messed up.

    #1647908
    lampy44
    Member

    How are are you guys preparing for simulations? I am in my final weeks of review and using Ninja. Thanks!

    #1647955

    @Iampy44,
    As to:
    “How are are you guys preparing for simulations? I am in my final weeks of review and using Ninja. Thanks!”

    Pretty much everything, such as:

    – Reading the book, taking notes of illustrations, JEs, calculation format, chapter by chapter.

    – Imagining source documents/FS tracing/vouching, Ratio & FS Analysis, Balancing/Adjusting of FS worksheet, correction of errors scenario. Thinking on how an accountant will do bookkeeping and an auditor auditing a FS, including troubleshooting of FS as well.

    – Do MCQs, and the same time making notes for possible SIMs on same topics.

    – Of course, since I have the FAR Ninja Sniper package, I will definitely take advantage of the SIMs/MCQs this time, add more notes taken from Ninja's Plus videos, Blitz, Books, Notes & other items that went with my Sniper package.

    – Recently finished FAR/REG/BEC Ninja Plus videos, but likely will comeback for the SIMs preparation videos, few days before my exams.

    – Also, I will briefly read SIMs from my pre-2015 Becker/Wiley. They are not the same outline, especially with the new DRS, but the concepts and learning are still there.

    – Practice time management, via mock exams.

    – Lastly, visit AICPA's website again, for the Sample Test practices & Research tool.

    Good luck.

    #1647992
    JJK94
    Participant

    Green Co. had the following equity transactions at December 31:

    Cash proceeds from sale of investment in Blue Co. (carrying value – $60,000) $75,000
    Dividends received on Grey Co. stock 10,500
    Common stock purchased from Brown Co. 38,000

    What amount should Green recognize as net cash from investing activities in its statement of cash flows at December 31?
    Why are we not adding the non operating incomes(10500) from investment in CASH FLOW FROM INVESTING ACTIVITIES?

    #1648181
    Jen-J
    Participant

    @sri94 – dividends received is an operating activity.

    #1648309
    IwannabeaCPA2017
    Participant

    I got the right answer but I totally guessed. What is this question really saying?
    Q: A transaction was reported as a nonmonetary exchange of assets. Under which of the following circumstances should the exchange be measured based on the reported amount of the nonmonetary asset surrendered?

    Is this saying the new assets FV = FV received, hence, lack commercial substance?
    But then the explanation threw me off.. It stated if the transaction had commercial substance then Fair value approach should be used..

    #1648385
    kara
    Participant

    Hi everyone,

    My name is Kara and I am new to this site as well as to The CPA Exam.

    I will be taking my first exam on Halloween, FAR.

    As it is approaching I am worried about not getting all the way through Becker. I don't know if
    I should spend more hours and get through it or take this week to take a practice test to see
    what I need to work on. How long did everyone do practice tests? Becker said I would need 2 weeks
    I feel as if that would be hard because I would start to memorize questions after the second time
    taking it.

    Open to all opinions and advice as this is my first exam and I am feeling really nervous.

    #1648414
    Lentilcounter
    Participant

    @estone thanks! Our answers matched up. I think you just have one typo in one of the values of the initial journal entry (face value amount+bond premium)



    @Iwannabeacpa2017

    When the transaction lacks commercial substance (assuming no boot is received or given), both parties record the asset received at the book value of the asset surrendered (book value method) and no gain or loss is recognized. If the transaction has commercial substance, you are using fair value (fair value method) and recognizing gain or losses. See below.

    Lacks commercial substance and no boot given or received:

    Debit new asset (carrying value of the asset given up)
    Credit old asset (carrying value of old asset)

    total consideration % = cash received/FV of old asset

    No commercial substance and boot given (<25% of total consideration)

    Debit new asset (carrying value of asset given up + cash paid)
    Credit cash paid
    Credit old asset (carrying value of asset)

    No commercial substance and boot received (<25% of total consideration)

    Debit new asset (plug)
    Debit cash received
    Credit old asset (carrying value of asset)
    Credit partial gain on exchange (FV of old asset-book value of old asset)*(cash received/FV of old asset)

    Commercial substance (potential journal entries made by both parties)

    Debit new asset (FV of asset given up)
    Debit accumulated depreciation (asset given up)
    Debit cash received
    Debit loss if any (BV of asset given up-FV of asset given up)

    Credit old asset at historical cost
    Credit cash given
    Credit gain if any (FV of asset given up – BV of asset given up)

    BEC = 72 (6/08/16)
    FAR = ?
    REG = ?
    AUD = ?

    #1648442
    Anonymous
    Inactive

    @Kara, if you don't think you will get all the way through Becker, I would move the test. And 2 weeks minimum for review is needed….Are you working as well or only studying?

    #1648447
    Anonymous
    Inactive

    @lampy44-for SIMS-I would just do as many as you can in preparation. I would go through Ninja SIMS and attempt them at least once and then go back to Becker and do/redo all the DRS ones and all the ones with JEs. That's my plan for my review phase anyway….

    #1648493
    Jen-J
    Participant

    @kbarnes93 – how close are you to being done? My exam is the same week as yours and I'm finishing up Chapter 10 now – if you're working full time that's about where you need to be right now. If you're not working full time, you could probably be a little further behind, or maybe take some time off work. Can you push your exam back? I'd try to get it done by the end of the testing window (12/10), but otherwise you may need more time.

    #1648622
    CPWAT
    Participant

    Hey guys, working on a NFP question. Below two transactions incurred in year 2 of a NFP and the question is asking me what the program expense is on the statement of activities.

    Interest payment on short-term bank loan in Year 2 1,000

    Principal payment on short-term bank loan used for
       program services in Year 2 20,000

    The answer is 1000 instead of 21000.

    Both transactions decrease the net asset of the NFP but why do they exclude 20000 from program expense?

    #1648700
    kara
    Participant

    @anyatver:

    I am on module 7. I think I will get through it this week and weekend. That leaves a full week to take a practice exam and see where I need to study and then the weekend before take the second mock exam. I don't want to move my test due to a tight schedule I want to have completed the test. I do work full time but I am an auditor and we are in a down time currently, So I am literally studying almost 50 hours through the week and then another 5-8 hours on the weekend. The last past two weeks.

    #1648714
    kara
    Participant

    JenJ
    I have been on and off working on it full time, currently right now I am working on it about 60 hours a week. I am on 7, the last chapters aren't that long as I have looked ahead. I will be on chapter 8 before the end of the day tomorrow. I should finish it up this weekend. Leaving me with taking a mock exam Monday, seeing where I am at and cleaning up each module, then Second exam on the weekend. I am also going to get practice test off of AICPA. Personally after talking to others today I feel as if I will be okay if I get those practice tests in. We have to remember that Becker goes in depth compared to what the actual test does multiple choice questions wise. Simulations will be a different story I plan on taking 2 full days to practice those. Let me know what your thoughts are. I don't feel as if I should push it back because I will still have a full week plus weekend.

    #1648718
    kara
    Participant

    JenJ
    I have been on and off working on it full time, currently right now I am working on it about 60 hours a week. I am on 7, the last chapters aren't that long as I have looked ahead. I will be on chapter 8 before the end of the day tomorrow. I should finish it up this weekend. Leaving me with taking a mock exam Monday, seeing where I am at and cleaning up each module, then Second exam on the weekend. I am also going to get practice test off of AICPA. Personally after talking to others today I feel as if I will be okay if I get those practice tests in. We have to remember that Becker goes in depth compared to what the actual test does multiple choice questions wise. Simulations will be a different story I plan on taking 2 full days to practice those. Let me know what your thoughts are. I don't feel as if I should push it back because I will still have a full week plus weekend. Have you taken any exams before or is this your first one?

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