FAR Study Group Q1 2015 - Page 35

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  • January 23, 2015 at 8:48 pm #654665
    rossk
    Member

    Unrealized gain on AVS under IFRS goes to OCI or Income statement?

    January 23, 2015 at 9:00 pm #654666
    Determined CPA
    Participant

    OCI

    It's the ‘U' in PUFE(R) – if you're using Becker.

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 23, 2015 at 9:35 pm #654667
    rossk
    Member

    Thanks, yes I am using Becker but for some reason I had this confusion that gains and losses on securities under IFRS are reported in I/S.

    January 23, 2015 at 11:40 pm #654668
    omalloy
    Member

    “Fundraising activities include publicizing and conducting fundraising campaigns, maintaining donor lists, conducting special fundraising events, preparing and distributing fundraising manuals and other materials, and other activities involved with soliciting contributions. Membership development activities are separate from fundraising activities when members receive significant benefits. The presence of member benefits is indicated by the brochure.”

    So would I oversimplify if I put in my notes: Fundrasing=donor vs. Membership development activities=member

    FAR 65, 70, 78
    REG 64, 76
    BEC 70, 80
    AUD 81

    Ethics 96

    Péter un plomb

    January 24, 2015 at 5:08 am #654669
    Anonymous
    Inactive

    @DeterminedCPA I am testing Feb 6th!! I'm so nervous!! Last one and I'm done as well!! As I continue to write out my success “Belinda Joseph, CPA” it becomes real. Good luck!!

    January 24, 2015 at 7:18 pm #654670
    Anonymous
    Inactive

    @shanek327 This is a great question. I'm taking Becker FAR for the first time and have the same experience you do:

    1) View lecture – “Feelin' good. I CAN DO THIS!!”

    2) Do homework – “WTF just happened?!?! Confidence, come back to me!! Where are you going…”

    3) Do simulations – “Okay, these are easier than HW but I'm missing easy stuff because my brain is fried from MCQ. Argh”

    Rinse and repeat

    January 24, 2015 at 10:36 pm #654671
    Anonymous
    Inactive

    @ablepaul15

    I am in the same situation as you. Taking FAR as my first exam on Febr. 27th. I took a progress test today and did so badly (47%!!!) , I lost my confidence and feel like need to relearn everything… ugh…some were very silly mistakes…

    I am in F7 in Becker at this time. If I do not see an increase in my test scores as the date approaches, I am thinking to postpone the exam.

    Advice from the group: At what score on the progression tests do you decide to move on to the next chapter?

    January 24, 2015 at 11:02 pm #654672
    Determined CPA
    Participant

    Anyone getting close to their 500 questions for the challenge?? I def have ‘last test syndrome' and do not want to study anymore!!!

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 25, 2015 at 12:55 am #654673
    Determined CPA
    Participant

    Has anyone done Becker question CPA-05085?

    Im having a hard time understanding where the 800,000 GP rec is coming from. Im getting GP of 1,200,000??

    Sorry I cant post the question here. Becker doesn't let you copy and paste and its a funky question.

    Thanks!

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 25, 2015 at 2:16 am #654674
    jinjuujii
    Participant

    I only did ~ 100 questions so far… so much more to go 🙁 Don't think I can get this 500 MCQ

    FAR: 2-27-2015

    January 25, 2015 at 2:27 am #654675
    Determined CPA
    Participant

    jinjuujii – I think its better to NOT do 500 but understand and retain information from the questions you are doing! I have never met the 500 challenge! Just knowing that others are doing questions this weekend helps motivate me, that's why I love when Jeff does this!

    Misery loves company?? OK, I guess you can call it that LOL

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 25, 2015 at 3:35 am #654676
    excel monkey
    Participant

    Determined CPA –

    The 800,000 of GP in YR1 is 40% of the total GP of the job based on YR1 numbers. Total GP for the job is 2,000,000 (5M-1.8-1.2). The 40% comes from the ratio of costs incurred to date/total project costs, so in the problem we incurred 1.2M to date, and estimate 1.8M to complete. So, we have incurred 40% of the total costs (1.2M/3.0M) we can recognize 40% of the profit, or 800,000 (2M*40%). I'd be curious to hear how you got $1.2.

    FAR - 91
    AUD - 88
    BEC - 86
    REG - 79

    January 25, 2015 at 2:36 pm #654677
    omalloy
    Member

    Tack, Inc., reported a retained earnings balance of $150,000 on December 31, 20X1. In June 20X2, Tack discovered that merchandise costing $40,000 had not been included in inventory in its 20X1 financial statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, 20X2?

    A.

    $190,000

    B.

    $178,000

    C.

    $150,000

    Incorrect D.

    $122,000

    Reported retained earnings (12/31/X1) $150,000

    Correction of error:

    INCREASE in income* $40,000

    Less income taxes (30%) 12,000

    Prior period adjustment 28,000

    Adjusted beginning retained earnings $178,000

    ========

    Why would you add merchandise costing $40,000 (not been included in inventory)? I thought since it is an additional expense that would reduce NI and RE.

    FAR 65, 70, 78
    REG 64, 76
    BEC 70, 80
    AUD 81

    Ethics 96

    Péter un plomb

    January 25, 2015 at 3:23 pm #654678
    Determined CPA
    Participant

    excel monkey – thank you! That's what happens when you do questions for 10 hours straight, by the 10th hour, you are seeing things!!

    I re-did the question this morning and got it right, thank God (this is supposed to be an easy question!).

    I was taking the 1,200 and dividing it by the GP of 2,000 and getting 60%.

    Thank you.

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 25, 2015 at 3:25 pm #654679
    Determined CPA
    Participant

    omalloy – think of the equation A = L + E

    If inventory is 40,000 less than it should be then this is what would happen:

    Without the 40,000 in inventory : A = L + E; 100,000 = 50,000 + 50,000

    With the 40,000 in inventory: A = L + E; 140,000 = 50,000 + 90,000

    Inventory is in the asset account, liabilities doesn't change and equity (RE) will need to increase to make this equation tie.

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

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