[jeff]

Welcome to the Q1 2016 CPA Exam Study Group for FAR.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[hitmi]

Regarding the Question about the comparising between conceptual and calculation. in my last FARE exam i was shocked the amount of the conceptual quetions i got . i can say they where around 80% of the MCQs. Good luck all of You

FAR 06/09/2016 | 2014 (42) Didn't Study for it | 2015 (54)
Audit (66) i was expecting (99)

will Ninja MCQs make the difference in 09 June, Lets wait!

[hitmi]

Can You please help me with this question in plane Words ?

On July 1, Year 1, Ran County issued realty tax assessments for its fiscal year ended June 30, Year 2. On
September 1, Year 1, Day Co. purchased a warehouse in Ran County. The purchase price was reduced by a
credit for accrued realty taxes. Day did not record the entire yea~s real estate tax obligation, but instead records
tax expenses at the end of each month by adjusting prepaid real estate taxes or real estate taxes payable, as
appropriate. On No\€mber 1, Year 1, Day paid the first of two equal installments of $12,000 for realty taxes. What
amount of this payment should Day record as a debit to real estate taxes payable?
a. $4,000
b. $8,000
C. $12,000
d. $10,000

FAR 06/09/2016 | 2014 (42) Didn't Study for it | 2015 (54)
Audit (66) i was expecting (99)

will Ninja MCQs make the difference in 09 June, Lets wait!

[marqzho]

hitmi

on7/1/x1, the county assess the property tax. It was $24000 a year (2 installment $12000 each)

on 9/1/x1, We purchase the warehouse for $10000(just making this up)(“The purchase price was reduced by a credit for accrued realty taxes”)
Dr. Warehouse 10000
Cr. Cash 96000
Cr. Property tax payable 4000

on 09/30/x1, we record the first month tax expense (“records tax expenses at the end of each month by adjusting prepaid real estate taxes or real estate taxes payable”)
Dr. Property tax expense 2000
Cr. Property tax payable 2000

on 10/31/x1, we record the 2nd month tax expense (“records tax expenses at the end of each month by adjusting prepaid real estate taxes or real estate taxes payable”)
Dr. Property tax expense 2000
Cr. Property tax payable 2000

on 11/1/x1, we made a payment of $12,000
Dr. Property tax payable 8000
Dr. Prepaid Property tax 4000
Cr. Cash 12000

I maybe wrong BTW LOL please post the answer with your question so I know I won't throw out incorrect things.

REG 90
FAR 95
AUD 98
BEC 84

[Texan_176]

I am really confused with Lecture 6.05 of Roger Review.

This has to do with Foreign Investees when it comes to Foreign Currency Transactions.

We learn that when the Transactional and Functional currency are the same you Remeasure and it hits the Income Statement.

When the Functional and Reporting Currency are the same you Translate and it hits the Balance Sheet.

I am okay to that point.

When he talks about Translation of Financial Statements he mentions the translation adjustment hits OCI which makes sense but he opens by saying Translation of Financial Statements is done when the local currency is the functional currency. This does not agree with what a Translation is defined as.

The same problem exists with the Remeasurement of Financial Statements section. It says this is done when the functional currency is the reporting currency.

It would have been easier to just scan the pages and link to them but copyrights don't allow for that.

If someone who has Roger understands do post. Most Foreign Currency stuff on the test is maybe 2 questions tops and I would think they ask more about forward exchange contracts and hedges but this section just derailed my understanding of things a bit.

BEC 11/29/14 77 (Roger)
AUD 2/23/15 60 (Roger) 4/13/2015 83 (Roger & Ninja MCQ)
REG 5/30/2015 66 (Roger & Ninja MCQ(7 hours only)) 8/23/2015 78 (Roger & Ninja MCQ)
FAR 11/23/2015 60 (Roger & NINJA MCQ) 2/24/2016 74 (Roger & NINJA MCQ) 5/25/2016 83 (Roger+Roger CRAM & NINJA MCQ/NOTES)
Texas Ethics Exam 92%

Licensed TX CPA Aug 2016

[marqzho]

Texan_176

your first half is wrong and your second half is right.

Case 1
you are US base company ( USD has the greatest econ impact on you). you buy a machine from Canada using CAD. So Now Transactional is CAD, functional and reporting is USD. So the transaction you made in CAD need to remeasure (as if the transaction had originally occurred at the functional currency). The Remeasurement will hit the I/S

Case 2
you are a subsidiary of aUS company. You do most of the business with Canada (CAD has the greatest econ impact on you). Now Transactional and Functional would both be CAD. You will record all your transaction in CAD. Since your parent company is a US company, when they prepare the consolidated F/S, they will have to show your number in USD. The procedure converting Functional to Reporting is called Translation, gain and loss hit B/S

REG 90
FAR 95
AUD 98
BEC 84

[hitmi]

Many Thanks marqzho. Your answers always make sense.

here is becker sollution it doesn't make any sense for me at least.

Choice “b” is correct. $8,000 debit to real estate taxes payable and $4,000 debit to prepaid real estate taxes,

as
of Dec 31, Year 1.
Key: DR (CR) Real estate Prepaid
tams payable RIF fa)ffis
9/1/Year 1 Real estate closing statement credit (4,000)
(July & Aug = 2/12 x 24,000)
9/30/Year 1 Accrue Sept. (1/12 x 24,000) (2 ,000)
1 0/30/Y ear 1 Accrue Oct. (1/12 x 24,000) .(2..QQ.Q)
Sub Total (8,000)
11/1/Year 1 Payment of $12,000 debited to .8..ililll 4.illlQ
Balance -0 4,000
e> DeVry/

FAR 06/09/2016 | 2014 (42) Didn't Study for it | 2015 (54)
Audit (66) i was expecting (99)

will Ninja MCQs make the difference in 09 June, Lets wait!

[Anonymous]

Well I took my exam yesterday and it was brutal. With the MCQs I think it went well, had questions out of left field which is typical and the second testlet was very hard (tried to rush thru but nontheless finished it on 1 hour) which I think is good. But for Sims I know I totally bombed one, did not know what to do and honestly it was from a topic I had never studied in spite of hitting the review phase on Ninja and reading the whole book. I had two research Sims so I do not think that the Sim that I bombed was pretest. I felt my exam had a lot of calculations some of them basic but some of them pretty difficult, specially in the second testlet.

So I guess you never know with these exams exactly how it went but right now I feel like I failed specially bc of that Sim and the two research questions that I am not so sure of(the other ones I think I did a little better than average). We will see on Feb 4th…

[Anonymous]

Hey all,

First time using NINJA Notes and MCQ. I figured I will also be using this forum a lot the next few days if needed.

I take my exam Thursday and must pass in order to be done. If I fail, REG drops off at the end of Feb.

Good luck to everyone!

AUD: 68, 71, 76
BEC: 81
FAR: 74,70,61,74, Jan 7th – MUST PASS
REG: 70, 77 (Expires Feb 2016)

[Anonymous]

@ Cortes, I hope you did well. On my last FAR exam I got a SIM that did not have a clue how to solve it. Becker has only one page on that topic and they said it is never tested or you may get just one MCQ. I only had 3 minutes left when I looked at the SIM and did not complete it at all. The other SIMS were very long. I thought I failed because I did not complete one of the sims at all and got a 74. I am still in shock at my 74 but trying to stay focus so I can get it done on my next try. I need to pass it or I will lose REG. Good luck to you!!!
REG:77
AUD:58/76
BEC:73/74/81
FAR:74/ Feb 2

[Anonymous]

Thanks @Agus I guess I have a break then…. It is just that feeling of not knowing anything about the subject really sucked. Good luck to you too!!

[Anonymous]

@ Cortes, that's how I felt when I left the testing center. I was almost in tears because I knew I was not going to pass without even putting 0s on the last sim. I had the same issue on REG, got one sim that according to Becker was not a testable area but I had more time left and I managed to get it answer some how and got a 77.

Hope you pass and enjoy the arrival of your first baby! Are yall having a boy or girl?

REG:77
BEC:73/74/81
AUD:58/76
FAR: 74/ Feb 2

[Anonymous]

Thanks, we're having a boy. It wasn't planned but nonetheless we're excited!

[Anonymous]

Quick question for anyone using Ninja who have received their updated 2016 materials. I purchased the ten point combo towards the end of October but when I go to the update link provided by Jeff, I don't see any links, just a summary of what I purchased. Does anyone know where the updates occurred, book-wise? I want to start studying now but don't want to start studying only to find out the book is outdated. Thanks!

[Anonymous]

@ Beardown, I emailed Jeff yesterday and he sent me the link for the updated ten point combo, which includes Audio, Notes, Book, Flashcards. He said I did not have to reset my MCQs because they were already updated. I know the main changes are on Extraordinary items, going concern (new Chapter), IFRS and Governmental Accounting. I really would like to know what the main changes are on Governmental Accounting and IFRS.

[Anonymous]

@ Cortes, kids bring a lot of joy. I have a 6 year old boy and 3 year old daughter :).

[Author]

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