[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

[K.K.]

I will definitely be in this group more this time around. The first time I took FAR I can say I did not study the way I should have, hence the 58. I added Ninja MCQ and I already have Roger. I thought I had a better understanding of everything this time around so I am bummed about my latest exam. I will be starting over next week. I hope you guys are ready for all of my questions. Lol!

FAR-58,65,70,75!!!!!!

[MaLoTu]

WARNING: over-analysis – I was looking at the “I passed FAR” thread … each page holds 35 replies. In the last **3 months** there have been less than 35 people on here who have passed FAR =( (that posted there, that is).

The “I'm Done” thread had over 35 replies for just this score release! (unless I counted wrong … I believe it is close though).
BEC has had more than 35 in 1 month
AUD has had more than 35 in 1 month
REG has had more than 35 in 1 month
Geez. Don't know what to make of that. Hopefully Q1 2016 is better …

[Anonymous]

@MaLoTu we will see, I feel very uncomfortable with the material, with AUD and REG i felt kind of well.

@Sunni recently I had a MCQ that tested that update and it had me applying the same method used in IFRS on US GAAP.

@khodges25 bring them on! 🙂 I am a firm believer in that we all benefit from the FAR qiestions posted here. And I am sorry for the results, keep pounding!!

[Anonymous]

This MCQ got me all confused with REG stuff 🙂

On January 1 of the current year, Lundy Corp. purchased 40% of the voting common stock of Glen, Inc., and appropriately accounts for its investment by the equity method. During the year, Glen reported earn­ings of $225,000 and paid dividends of $75,000. Lundy assumes that all of Glen’s undistributed earnings will be distributed as dividends in future periods when the enacted tax rate will be 30%. Ignore the dividends-received deduction. Lundy’s current enacted income tax rate is 25%. Lundy uses the liability method to account for temporary differences and expects to have taxable income in all future periods. The increase in Lundy’s deferred income tax liability for this temporary difference is:

A. $45,000.

B. $37,500.

C. $27,000.

D. $18,000.

[makiu]

@Cortes123
Que pasa Boricua…I know that you are strong and you will find the way to pass FAR. It is a matter of time to let the material sunk in first and then will flow with journal entries and T accounts. For this question, please bear in mind that REG examination measure the reconciliation for the M-1 schedule for the permanent and temporary difference. Conversely, FAR questions deals with liability recognition that you will add to the statements. Keep on studying hard, you are half way accomplish. Good luck!!!!

Done with the CPA test!!!!

[Anonymous]

Makiu que esta pasando Mr. CE-PE-A? (como le dicen por aca) Que bueno mano que terminastes! Q piensas hacer? Enjoy life? Vas a estudiar mas? Ya yo estoy loco por terminar y me falta toh! lol! And yeah I hope I nail this thing, sometimes I see stuff that seems imposible or new but I have to learn to step back and take it easy, it all comes together (it has to!) Nah but seruiosly I I think I am getting there step by step. That question is an example, at first it kind of blew my mind but when I steppted back and looked at it I kind of new what to do. Considering those two transactions only the company will have a total of 60,000 of deferred income which consits of:

90,000 non taxable income from investment (225,000 x .40%)
-30,000 taxable dividend
= 60,000 x .30
= 18,000 deferred tax liability

[makiu]

@cortes123
I'm glad to hear that….just keep taking control of the multi's….. I'm moving up the ladder to a Controller job position. I have spent most of my career in Real Estate Development, General Commercial & Residential Construction, and Taxation…so I'm doing job interviews to find out a great job opportunity. I also love to open up a business in Florida, try to team up with other CPA's that could attend other business areas such as audit, valuation, etc….the sky is the limit.. Meanwhile, spending time with my kids(3) and enjoying them as much as possible. 2016 is going to be a great year. Mete mano y Buena suerte!!!

[Track55]

Hello. I am testing in February and just checking in.

@Malotu – when I pass I only post on the threads called ‘Indie States” and “Ninja MCQ trending”. I don't post on the ones called ‘I passed …” cause then it's overkill.

AUD - 74, 99 !!
REG - 74, 92
BEC - 83
FAR - 73, 86

Studying for Ethics exam

California candidate
Business and Industry

[Anonymous]

@ Papogator, I did not pass, they gave me a 74! I could not sleep and cried for about two hours. I knew I will probably failed because I did not complete one sim at all but getting a 74 on your last section hurts! I know I did good on MCQs, need to practice SIMS, but there is not way to be ready for those. My advice is to practice as many as you can, and make sure you know how to do J/E for everything that is covered because the SIMS are hard!!
REG:77
BEC:73/74/81
AUD:58/76
FAR:74, need to pass by Feb 2, REG expires on Feb 2

[RashmiRaghu]

Can some one please tell me why are there 2 discounts offered under trade discounts on Accounts Receivables which are applied sequentially when a particular quantity of goods are purchased?

[MaLoTu]

@agus- I am sorry … that is the worst. You will pass.

@Rashmi – They don't have to offer 2 and they can offer more than 2. Speed discounts are the discounts that they give for paying within a certain time – i.e. 2/10, n/30 … Trade discounts are quantity discounts so once they reach a threshold they receive a discount. One reason they are applied sequentially is because it lessens the discount. 30% off 10k is 7k and 10% off 7k is 700 … if it was added together the discount would be 4k vs 3.7k. Don't get caught up on this, it is easy and you just need to know that it is applied this way not why (unless there is a question that asks).

[Anonymous]

@ Cortes, regarding your question for Governmental Accounting, with modified accrual basis you do not show revenues at net realizable value, you show the at Gross

[Anonymous]

@ Malotu and Cortes, where are you guys from? I saw that you speak Spanish. I speak Spanish too, just wondering

[MaLoTu]

Yo hablo un pocito, mi esposo es un Mexicano Americano. I picked up a lot from school and church. However, I know tons of words and have much less ability to put them together for a conversation! I am in the SF Bay Area, CA 😉 MaLoTu are actually my initials … but I always laugh because it looks like Malo tu … ha

[Anonymous]

@MaLoTu, that's funny. I am from Argentina and my husband is from Mexico so we both speak Spanish!
REG:77
BEC:73/74/81
AUD:58/76
FAR:74, retake Jan, 2016

[Author]

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