FAR Study Group Q1 2017 - Page 117

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  • February 28, 2017 at 8:48 pm #1501065
    GiniC
    Participant

    @mscfisher – I just had a problem very similar to this! Mine also asked what classification of transaction it is (change in accounting principle) and how it should be treated (retrospectively) as well as the amount of the adjustment.

    When you make the change to beginning retained earnings, it is NET OF TAX, so as of January 1 the change made 6,000 difference, net of 30% tax makes it 4200 at the start of the year but yours doesn't ask for this).

    They want to know what CUMULATIVE EFFECT should be shown on the CURRENT YEAR INCOME STATEMENT – which would be zero, the cumulative effect is included on beginning retained earnings.

    February 28, 2017 at 8:51 pm #1501066
    Mscfisher
    Participant

    @GiniC its these types of questions that trip me up! cumulative….

    February 28, 2017 at 8:53 pm #1501068
    GiniC
    Participant

    Yup, me too – income statement vs. statement of retained earnings. Cumulative vs. current year. Correct vs. incorrect.

    I plan to drink EXTENSIVELY March 11. Already have a friend joining (she's testing the 4th) and a designated driver committed.

    February 28, 2017 at 9:00 pm #1501078
    GiniC
    Participant

    I'm turning into a pumpkin – off to bed, gotta get up before 5 to make a train…

    February 28, 2017 at 9:33 pm #1501111
    cdn
    Participant

    When we speak about “lack of commercial substance” and cash is received. The percentage we calculate to find if <25% – we take cash received/(consideration) — question does this consideration includes just FMV of property OR FMV of property received & cash received. I saw few questions and some includes just FMV and some include FMV & cash. Please help…

    February 28, 2017 at 9:55 pm #1501131
    norseman88
    Participant

    F10 in becker is absolutely terrible. Book is god awful and so are the questions.

    February 28, 2017 at 10:12 pm #1501143
    aatoural
    Participant

    In Becker F5 Simulation 1 Problem 7. Why does the entry to fix the incorrect accrued interest payable is agains RE?

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

    February 28, 2017 at 10:16 pm #1501149
    aatoural
    Participant

    @norseman88 – I agree a 100% on that F10 Chapter

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

    February 28, 2017 at 11:10 pm #1501183
    Cruzer
    Participant

    I keep getting this stuck in my head and will never forget it but a majority of the time as Bob Monett says “Amortization of a premium always DECREASSESSSSSSS the carrying amount of the debt.” That guy really drills things into my head by the way he emphasizes through his lectures.

    February 28, 2017 at 11:20 pm #1501191
    norseman88
    Participant

    @aa it's pathetic, honestly banana land! The text book gives you jack noting for explanations and the questions are netting contra accounts on balance sheets, yet they can't even give you a J/E explanation?

    February 28, 2017 at 11:36 pm #1501200
    Namstut
    Participant

    Is anyone who is taking FAR before March 10th using Ninja notes? With one week before the exam is this going to add any value?

    I am not at all prepared and obviously, I am looking for shortcuts, quick fixes, whatever you want to call it. 🙂

    My current schedule at work is just ridiculous! I can't study before work, I can't study at work and I get home from work after 8 pm and continue working. It's 9:30 pm and I am thinking of a miracle that would help me pass this exam. I can't get through more than 50 Becker MCQs before falling asleep on my keyboard and my highest score on 50 questions using Becker progress test is 74 (up from 69…blah). Ok, 'nuff complaining. Any ideas?

    I hope everyone else is much further along than me and is going to kill this beast next week!!!

    AUD 7/6/16 Passed
    BEC 9/3/16
    FAR TBD
    REG TBD

    February 28, 2017 at 11:40 pm #1501204
    Cruzer
    Participant

    @Namstut I would not add NINJA notes to your studying. I have been using them religiously for a month now but do not find them super in-depth. At this point I would just hit MCQ's troubled till exam.

    February 28, 2017 at 11:46 pm #1501206
    Cruzer
    Participant

    A company issues $1,500,000 of par bonds at 98 on January 1, year 1, with a maturity date of December 31, year 30. Bond issue costs are $90,000, and the stated interest rate of the bonds is 6%. Interest is paid semiannually on January 1 and July 1. Ten years after the issue date, the entire issue was called at 102 and canceled. The company uses the straight-line method of amortization for bond discounts and issue costs, and the result of this method is not materially different from the effective interest method. The company should classify what amount as the loss on extinguishment of debt at the time the bonds are called?

    A.$30,000
    B.$50,000
    C.$90,000
    D.$110,000 Correct

    Dear god please tell me a question like this doesn't show up on the exam lol

    March 1, 2017 at 12:03 am #1501225
    norseman88
    Participant

    @Cruzer could be worse, they could ask you to calculate it on the effective interest method.

    March 1, 2017 at 12:06 am #1501231
    mtaylo24
    Participant

    @cruzer, I honestly wouldn't be surprised! They will probably make it a sim too!

    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)

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