FAR Study Group Q1 2015 - Page 57

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  • March 2, 2015 at 9:23 pm #654999
    Anonymous
    Inactive

    @ excel monkey

    Audit is my next exam if I pass FAR. Did you already apply for the NTS?

    I am not sure if I need to apply for the Audit NTS or wait until the scores are out so I can apply for another FAR NTS. Can someone share what the best approach is?

    March 2, 2015 at 9:33 pm #655000
    Determined CPA
    Participant

    You can apply for audit nts while waiting for far. Only time you cant apply for an NTS for an exam if you already have an NTS for that exam or if you took the exam and failed, you will need to wait a few days before you can get a new NTS.

    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.

    March 2, 2015 at 11:47 pm #655001
    Future Ninja
    Participant

    @Determined CPA i'll be cheering on you on March 10th.

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    March 3, 2015 at 12:00 am #655002
    Anonymous
    Inactive

    @ Determined CPA

    Thank you! I will go ahead and apply for my Audit NTS. Keeping my fingers crossed for you!

    March 3, 2015 at 1:45 pm #655003
    jbarwick
    Member

    For the people that have studied and been below a 75, do you know what caused that? Was it a lack of studying such as slacking off here or there? Too much material in too little time such as 5 weeks instead of something like 10-12 weeks? I keep telling myself to stay the course and a 75 will come but another part of me thinks I am just going to bomb even if I feel solid on the material.

    Journey Started - January 2015
    FAR - 4/2015 - Passed
    AUD - 7/2015 - Passed
    BEC - 8/2015 - Passed
    REG - 11/12/2015 - Passed

    March 3, 2015 at 2:07 pm #655004
    Determined CPA
    Participant

    Thank you guys!! In TOTAL freakout mode!!!!!

    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.

    March 3, 2015 at 4:27 pm #655005
    jeff
    Keymaster

    Post by Another71.
    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
    March 4, 2015 at 2:40 am #655006
    jbarwick
    Member

    Cash Paid to Suppliers =

    + COGS

    – Decrease in Inventory

    + Decrease in A/P

    1,200,000 – 50,000 + 100,000 = 1,250,000

    Journey Started - January 2015
    FAR - 4/2015 - Passed
    AUD - 7/2015 - Passed
    BEC - 8/2015 - Passed
    REG - 11/12/2015 - Passed

    March 5, 2015 at 4:40 pm #655007
    jbarwick
    Member

    Quick rant on wording:

    Includes vs. Including. Is there a difference I should study? University X has 15,000 in assets, 9,000 in liabilities (including 300 deferred revenue), what is the net asset balance? Answer is 6,000 but in previous questions prior to NFP, you would add 9,000 + 300 = 9,300 for a difference of 5,700.

    I feel like I am getting tricked by simple wording more than anything. FAR is going to come down to a few questions I missed the answers for due to small semantics.

    Journey Started - January 2015
    FAR - 4/2015 - Passed
    AUD - 7/2015 - Passed
    BEC - 8/2015 - Passed
    REG - 11/12/2015 - Passed

    March 5, 2015 at 8:19 pm #655008
    mommyof3texans
    Participant

    Question help please – Ninja question on Non monetary exhanges:

    Dahl Co. traded a delivery van and $5,000 cash for a newer van owned by West Corp. The following information relates to the values of the vans on the exchange date:

    Carrying Value Fair Value

    Old van $30,000 $45,000

    New van 40,000 50,000

    Dahl's income tax rate is 30%. What amounts should Dahl report as gain on exchange of the vans?

    I don't understand why this is considered to have commercial substance per the answer explanation that there is a significant difference to risk,timing, or amount of cash flows. Just the fact it is new vs. old is supposed to tell me this? The FV plus cash of old van equals FV of new van.

    Can someone explain it so it makes more sense.. I'm struggling with these exchanges. Thank you

    BEC - 02/21/15 - 82
    FAR - 05/29/15 - 82
    AUD - 07/09/15 - 93
    REG - 11/14/15 - 80

    All done!!!

    March 10, 2015 at 3:15 pm #655009
    Anonymous
    Inactive

    joining this group – passed AUD so now all I have left if FAR. Im 25 years out from school and work in a completely different industry so to say this has been a challenge is the understatement of the year!

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