[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

[MaLoTu]

The question stem says that the dividend was declared 12/15 and liabilities increased 120k by 12/31 … I think that we must assume that the 3000 dividend contributed to the 120k increase in liabilities?

I find it frustrating how bad many of the questions are worded. I was getting answers I knew wrong because the question didn't make sense. I would read the explanation and I still couldn't understand what the question was asking!

[pyacpa49]

@MaLoTu That actually makes perfect sense, thanks! I guess I just assumed we were supposed to treat the dividend as a separate transaction. Would be nice if they stated this dividend was already included in the change in liabilities.

@Andyred04, I found that same thing after I saw the answer to the question which is what was frustrating. The explanation above does make perfect sense. Its definitely frustrating when you know what to do, but the wording of the question can make it so you get the question wrong, Like MaLoTu said.

[hitmi]

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]

Thank you @AccidentalAccountant. that's my biggest problem i rush through the question. the answer is C

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]

@pyacpa49 lol some people saw my resume and thought I should be working at a bank or in accounting. I was starting to hate my last job and needed to decide if I was going to pursue the CPA now or never so I switched over to accounting. If they think I should be then ok….let's try it out! And, I need the CPA for further positions in my field so it's working out.

[pyacpa49]

AccidentalAccountant, Ahh that makes sense. Good luck to you, hopefully you can knock this out quickly then.

[MaLoTu]

I am going through Governmental with Becker … My last FAR exam was a fail, but I remember a lot of the questions being more conceptual on this topic … In the study material the questions are more conceptual (versus computational). Does the exam generally focus more on the concept of gov accounting? Has anyone noticed?

[Anonymous]

Question: I am working on bonds and the bond issue costs treatment has changed under GAAP, so how will we calculate the gain or loss on extinguishment of bonds?
REG:77
BEC: 73/74/81
AUD:58/76
FAR:74/ Feb 2nd

[Anonymous]

@ MaLoTu, I will say you get both and non for profit is heavely tested as well from what I've had heard

[MaLoTu]

Agus – doesn't the new rule follow IFRS? I did so terrible with bonds and leases that I cannot even remember … I do remember, in the lecture, they skipped over a page so I assumed it was one of the changes.

[Kemi22]

Can anyone tell me what's the difference between ‘collections' and ‘recoveries' with respect to the Allowance for Uncollectible Accounts?

I know you debit the allowance account for any collections and (Seemingly) credit it for any recoveries. But what's the difference in those two terms?

2010:
BEC: 74, 71, 74, 75
AUD: 71, 74, 83
REG: 71, 76
FAR: (I quit) 34, 45

2015:
BEC: 79
AUD: 78
REG: 67, 76
FAR: 56 (trial run), 74, 74, 74, 80!
Thank God. Your prayers are always answered! Do not give up. Thank you St. Joseph Cupertino.

[MaLoTu]

recoveries have been written off already (and then subsequently recovered), as opposed to collections that are still in the receivables waiting to be collected.

[Anonymous]

@ MaLoTu, yes the new rule for GAAP follow IFRS. The cost of the bonds will reduce the carrying amount of the bond and amortized under the effective interest rate method.

Recoveries: are A/R written off that are recovered
Collections: A/R collected from customers

@ MaLoTu: are you taking the exam tomorrow?

[MaLoTu]

I am taking the exam on Friday =/

I am working on F9/F10 today and will do some review study today and tomorrow … this has been intense! A chapter of Becker a day for FAR es no bueno!

[Anonymous]

@ MaLoTu, It is hard to do a chapter a day, a lot of information!!! Hope do you well on the exam Friday!!! Best of luck and let me know how it goes! I am taking mine on Feb 2 and I have and must pass!!!! I can not do a chapter a day because I work 8-5. I study early in the morning and some at night and full time, lie 10-12 during the weekend!

[Author]

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