[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

[payaza2000]

@MaLoTu

More likely than not. I am struggling with Audit Sampling. Part of the struggle. 🙂

FAR 5/6/2015- 84
REG 8/3/2015 - 87
AUD 10/25/2015- 69 1/20/2016 -75
BEC 2/26/2016- 80

Thank you God

[payaza2000]

@MaLoTu

More likely than not. I am struggling with Audit Sampling. Part of the struggle. 🙂

FAR 5/6/2015- 84
REG 8/3/2015 - 87
AUD 10/25/2015- 69 1/20/2016 -75
BEC 2/26/2016- 80

Thank you God

[Anonymous]

This weekend will be to catch up on missing study time during the holidays! It is raining and perfect for a long studying day! I need to pass on Feb 2 or I will lose REG
REG: 77
BEC: 73/74/81
AUD: 58:76
FAR: 74/ Feb 2nd

[JSM]

@MaLoTu I feel the same way about bonds and timing issues (Becker reference, for any Becker users). Just have to remember that we don't need to be experts in these areas.. I hope becoming as familiar with the problematic areas as we can before the exam will allow a few points on one or two MC that come up on them!

FAR - 1/17 [67]
AUD - 76 (Feb, 2015)
REG - 78 [70, 74] (July, 2015)
BEC - 80 (May, 2015)

[MaLoTu]

@JSM – I hope that the test will be kind on the depth of these areas I don't understand … I am pretty solid on F1-3 and ok on F4, totally suck at F5, totally suck at pensions, and after the pension lecture and MCQ, I feel that accounting for income taxes is a breathe of fresh air! lol. Maybe I should have went into tax instead of audit!
On my first attempt last year, I barely recall any of my above stated problem areas, but that isn't to say that they won't pop up this time. My two AUD exams were night and day different.

When is your exam, JSM?

[Anonymous]

@MaLoTu, each exam is a new story! On my last FAR exam in November I will say that my MCQ were pretty fair but the SIMS were extremely hard, long and with a lot of information and it was hard to follow the instructions! A lot of the persons that took FAR last testing window and this testing window had two research sims and I only had one! Governmental acct and non for profit is tested a lot!
REG:77
BEC: 73/74/81
AUD:58/76
FAR: 74/ Feb 2, must pass or lose REG

[Galyna]

Hi. I passed Bec and Reg and just started studying for FAR a week ago. I'm already beyond frustrated with Chapter 2 of my Becker book! Becker was great to me when I studied for Reg. but FAR doesn't seem to be very intuitive and/or well explained.
Please help!
To start I can't get the answer to the question below:
A state requires quarterly sales tax returns to be filed with the sales tax bureau by the 20th day following the end of the calendar quarter. However, the state further requires that sales taxes collected be remitted to the sales tax bureau by the 20th day of the month following any month such collections exceed $500. These payments can be taken as credits on the quarterly sales tax return.
Taft Corp. operates a retail hardware store. All items are sold subject to a 6% state sales tax, which Taft collects and records as sales revenue. The sales taxes paid by Taft are charged against sales revenue. Taft pays the sales taxes when they are due.
Following is a monthly summary appearing in Taft's first quarter sales revenue account:
Debit Credit
January $ − $ 10,600
February 600 7,420
March − 9,540
$ 600 $ 27,560
In its financial statements for the quarter ended March 31, Taft's sales revenue and sales taxes payable would be:
Sales
revenue
Sales
taxes
payable
a.
$26,000
$960
b.
$27,560
$1,560
c.
$26,000
$1,560
d.
$26,960
$600
Explanation
Choice “a” is correct. $26,000, $960.
Equation 27,560/1.06 = 26,000
$ 26,000
sales revenue
Sales tax rate
× .06
Sales tax collected
1,560
Less advance payments
600
Sales tax payable
$ 960

My question is: Why should we divide the 27,560 by 1.06? I don't get the purpose?
Thanks for your help

Bec - 74; 81
Reg - 76
Far - study now
Aud - later

[hitmi]

Heey @Galyna welcome to the party i have finished F2 last week. am even so scared to go back and revise it 🙁 . it has been a week and i can't study at all

i have asked the same Qustion in this forum go to page 6. @marqzho did well making it go to my mind.

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!

[MaLoTu]

This feels like a stupid question, but when a company purchases their own C/S it turns into treasury stock … when they resell the treasury stock does it turn back into C/S?

[pyacpa49]

@marqzho, to your response to me a couple days ago, (had a lot going on haven't been on in a while), In looking at the question on the AICPA website the documents with the question did seem to have a lot of unnecessary information. My understanding is that they want you to look through documents like you would need to “in real life” to get the info you needed. I only had time to answer one part as I was looking at it while I was at work, but the part that I answered took a little while for me to find the info. I hope it was just because it was my first time seeing a question like that and I was a tad confused at first. Once I got the answer it didn't seem too bad, but it just seems like those questions will take much longer than a typical simulation question would. There seems to be hardly enough time as it is, so I'm not too crazy about the idea of them implementing a new type of question that will add on to that time. Hopefully if I see one it is pre-test and I will pass and not have to worry about it for FAR.

@MaLoTu, not a stupid question at all, this was something that tripped me up when I first started reviewing this. When T/S is resold it does not become C/S again. T/S is a contra account, so it reduces the value of C/S that is outstanding. When T/S is reissued the T/S account is decreased (credited) which essentially increases the C/S.

[MaLoTu]

Thanks, pyacpa! When you have an EPS problem that involves the re-issuance of treasury stock what do you do with it? I had a problem in Becker that had T/S in the EPS section. I will try and find it.

Do you add it and subtract (whichever is appropriate)T/S when you calculate WASCO for diluted?

[pyacpa49]

No problem. Yes, when C/S is bought back by the company (so it becomes T/S) it decreases the weighted avg. shares outstanding. When T/S is reissued it would increase the weighted average shares outstanding. T/S is considered stock that has been issued but is not outstanding.

[MaLoTu]

So, you add the amount to WASCO when it is reissued and subtract it when it is purchased, just like any other stock?

Sorry for all the questions. I am pretty good with EPS and Diluted EPS, but I started to overthink this T/S thing! lol.

[pyacpa49]

Yes, that is correct. Haha no problem sometimes I try to make things harder than they really are so I know what you mean.

It is essentially the same as increasing and decreasing C/S, but the JEs do not debit or credit C/S. If you can find the problem you were working on post it, I'll see if I can help.

[noelito]

Hello Ninjas!

In on FAR on February 20, this has been my first week. I'm kind of worried I have been using the Ninja notes, Audio the whole week (car/work) and decided to do MCQ yesterday to see my progress. Did not do well, I was wondering if there was any advice/tips/strategy if I should do a chapter and then MCQ? This is my first tried, I have no idea what the best way.

[Author]

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