FAR Study Group Q1 2017 - Page 102

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  • February 23, 2017 at 9:03 am #1496079
    aatoural
    Participant

    ROFL! Thanks @mtaylo

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    February 23, 2017 at 10:14 am #1496235
    AR
    Participant

    Passed with 83!!! Thanks to all fellow test takers on this forum and good luck! On to AUD.

    February 23, 2017 at 11:11 am #1496304
    mckan514w
    Participant

    HUH???? I thought depreciation on a capitalized asset should be lesser of lease or life unless there is a transfer of title then life… I picked C- the explanation to this question agrees with me but then why is the answer here lease and not life?

    Douglas Co. leased machinery with an economic useful life of six years. For tax purposes, the depreciable life is seven years. The lease is for five years, and Douglas can purchase the machinery at fair market value at the end of the lease. What is the depreciable life of the leased machinery for financial reporting?

    A. Zero

    B. Five years

    C. Six years

    D. Seven years

    Correct answer B- If the lease transfers ownership or has a bargain purchase, the life of the asset is used to determine depreciation. (FASB ASC 840-30-35-1)

    and they ask me why I drink...

    FAR- 61-next time I'll ask for lube instead of a calculator
    REG-75- Never been so happy to see such a low grade
    BEC- 8/11
    AUD- 9/2

    February 23, 2017 at 11:13 am #1496308
    mckan514w
    Participant

    Groan never mind- just figured out why the answer is B- sorry… I think I need to add another post it note that says READ THE EFFING QUESTION to my WATCH YOUR EFFING DATES.

    and they ask me why I drink...

    FAR- 61-next time I'll ask for lube instead of a calculator
    REG-75- Never been so happy to see such a low grade
    BEC- 8/11
    AUD- 9/2

    February 23, 2017 at 11:25 am #1496313
    Sticky Nicky
    Participant

    guys im sh*ttin bricks! here goes nothin,,,hopefully my last exam ever! i think im gunna have a heart attack

    February 23, 2017 at 11:38 am #1496337
    Mscfisher
    Participant

    @sticky nicky we have all been there. You prepared well!

    February 23, 2017 at 11:50 am #1496359
    mtaylo24
    Participant

    Bond issues w/ warrants are ruining my life right now 🙁

    AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
    REG - 55 (2/16) 69 (5/16) Retake(8/16)
    BEC - 71(5/16) Retake (9/16)
    FAR - (8/16)

    February 23, 2017 at 12:09 pm #1496376
    mckan514w
    Participant

    not as bad as treasury vs par method is ruining mine Mtaylo- grrrrrrrr I don't feel like I am ever going to be good at this stuff/ questions. Thing is I can freaking explain the hell out of the concepts to anyone- but when it comes to these MCQ's I just get all confused. ARRRRRRRRRRRGHHHH!

    and they ask me why I drink...

    FAR- 61-next time I'll ask for lube instead of a calculator
    REG-75- Never been so happy to see such a low grade
    BEC- 8/11
    AUD- 9/2

    February 23, 2017 at 12:52 pm #1496419
    mtaylo24
    Participant

    I seriously hear you! Treasury stock is such a drag! It's like every day you have to pick your poison with this section 🙂

    AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
    REG - 55 (2/16) 69 (5/16) Retake(8/16)
    BEC - 71(5/16) Retake (9/16)
    FAR - (8/16)

    February 23, 2017 at 3:42 pm #1496596
    momos94
    Participant

    I take Far in a week and half, I am getting between 77 and 90 on Becker progress tests, I got a 77 out of 100, and then get in the 80s when I take smaller 30 question tests. I am getting nervous, how have people's progress test scores compared to their actual exam scores?

    February 23, 2017 at 5:14 pm #1496697
    Sticky Nicky
    Participant

    brain is friedd!! but i got that Tito's in my cup! Sims killed me especially the DRS,,,redic,,,2 gov't sims and an IFRS sim as well,,,overall I didnt bomb,,,hopefully i can pull thru w that 75,,,heavyyyyyy Gov't as expected,,,definately had a hard 2nd and 3rd testlet,,,i was def on crunch time,,,submitted w 5 seconds left on the clock,,,you guys need to really allocate a good 1.75-2 hours for the SIMS,,i got to them w 1.75 hours left and really struggled to process all of the information,,,besides the fact that you have to figure out exactly what they want in the shaded cells..i got the research easily and majority of the others,,,i probably bombed the DRS though

    February 23, 2017 at 6:28 pm #1496815
    Iceman6
    Participant

    An IFRS SIM and a DRS? Damn bro. That sounds terrible. Ill be sure to toast up a cold beer for you tonight man

    February 23, 2017 at 6:30 pm #1496817
    mtaylo24
    Participant

    An IFRS and 2 Govt sims! Dayum son!

    AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
    REG - 55 (2/16) 69 (5/16) Retake(8/16)
    BEC - 71(5/16) Retake (9/16)
    FAR - (8/16)

    February 23, 2017 at 6:39 pm #1496826
    mckan514w
    Participant

    Sounds like my SIMs first go round- but sounds like you handled like a pro!! Enjoy that Titos!!

    and they ask me why I drink...

    FAR- 61-next time I'll ask for lube instead of a calculator
    REG-75- Never been so happy to see such a low grade
    BEC- 8/11
    AUD- 9/2

    February 23, 2017 at 6:57 pm #1496839
    Sticky Nicky
    Participant

    yup 1 ifrs 2 govs and a DRS

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