[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for FAR. 🙂

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[A1lessio]

mckan – Since you have a loss in year 3 (negative number) you will get an income tax benefit because you don't pay tax on losses and that's a benefit. YOu have to reduce the loss in year 3 by the benefit received.

To keep it simple I just think negative = income tax benefit so add the benefit to the negative number (because you don't pay tax on losses) and positive = income tax expense which you subtract from the positive number.

Yr 3 Pretax Loss: (125,000)
Income tax benefit 37,500
Income from Discontinued (87,500)

Yr 4 Pretax Gain 175,000
Income tax (expense) (52,500)
Income from discontinued 122,500

AUD (08/02/2016)

[mckan514w]

Grrrr.. of course A1!!! Thanks so much perfect explanation.

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

[yaxianh]

Hi everyone, I have a question about gain contingency. If someone damaged my equipment and I won the court case, but in the same year that people appealed. Don't know the result of the appeal in the current year, but the attorney believes we will still win. should I record gain in the current year? Thanks

[Stilgoin]

@yaxianh The way I understand it- gains from a settlement should not be recognized until appeals are exhausted.

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[mckan514w]

agree with @stillgoing- I am under the belief that you would disclose but you only accrue when collection is guaranteed

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

[yaxianh]

@mckan514w @stilgoin Got it. Thank you

[GiniC]

@yaxianh – the way I was taught to think of it, you recognize bad news right away (contingent losses that are probable) but never take credit for good news (gains, no matter how likely) until it actually happens.

[Spartans92]

hey guys, was wondering what are some tips y'all have in mind for review for FAR. Luckily, I have been able to study at work these last few days rather than having 5 I now have around 7 days of “review.” I was planning to quickly skim through the becker outline over the first 6 chapters (the last few are fresh as Im finishing) and then do non stop ninja MCQ over all chapters.

My friend who has passed suggested I should do 2-3 chapters per day instead and focus on individual chapters.. just wanna get some opinions cuz I just feel so overwhelmed and not knowing where to begin. My biggest worried is doing that I will forget a lot of stuff.. Again, I appreciate all idea/input. Thanks!

BEC- PASS

[mtaylo24]

@Spartans, Good luck! No advice here since I can't even crack a 60 on this section. What all have you done so far? How many MCQs and what are those averages lookin like?

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)

[GiniC]

@Spartans92 – I haven't taken this one yet, but based on my other three… I used Becker Final Review for the last two (BEC and AUD). They basically run you through the material hitting the most important points, with 2-5 MCQs per area. If I didn't have the Final Review books, I would say go through the outline, study the Pass Keys and Summary tables, and do a few MCQs at a time focusing on the areas you just reviewed. It's more important now that you refresh yourself on the rules and differences, so only do MCQs if they're going to teach you something. The last thing you need is to get discouraged over questions you can't answer quickly! (my nerves are usually my own worst enemy)

GREAT LUCK!! I haven't even scheduled this test yet, so you can borrow all of my good vibes for now (just send them back around the beginning of March!)

[Spartans92]

@mtaylo, this is actually my retake I got a 65 the first time back in April of last year. I have done all becker questions once so far, currently wrapping up F9 out of 10 chaps. Im gonna only do some parts like IFRS vs GAAP of the last chapter since it covers all small topics. Im averaging low 70s on some and high 60's on some LOL. My high 60's like 69 is in inventory and F2 (can't even remember what topic it covered). Mostly anywhere from 70-77 for bonds/leases/Cash flow.

@GiniC, thats what I was thinking.. maybe just go over the notes then do 10 mcq on that chap to refresh.. Im a very slow learner and I literally spent 2 hours reading NFP earlier. Feel like time is running out. Im just at the point where I do not want to study anymore. I should have retook this one ASAP rather than holding off until now.

Thanks guys! Good luck to everyone this quarter!

BEC- PASS

[mtaylo24]

@Spartans, Definitely take the AICPA Content outline, and try to cross reference it to BECKER if you want to know what is truly important. Gleim is nice enough to provide us with one that is already cross-referenced to our chapters, and I know NINJA is set-up based on the outline. So based on this, Gov't(10%)/NFP (10%), are musts, conceptual framework stuff (20%) is a must, I am kind of concerned about the financial statement account one, which is 30% but covers all sorts of crap. I think that one accounts for 60% of the Ninja questions. In theory, that is the one where you can kind of do all of your slacking. The specific transaction one, which is the last 30%, can probably be mastered in a few days. Just rambling/strategizing here…Based on most of your posts, it seems like you are all over the JEs, which will help you with the sims, so keep going with that.

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)

[Spartans92]

Thanks! I honestly dont pay much attention to those outline LOL. I feel ninja has been great tool for the other sections and thats why Im eager to start haha. I like how I can see which area I'm struggling with so I can target that. Good luck to you, friend!

BEC- PASS

[Stilgoin]

I kind of feel like mtaylo24- I haven’t passed this 💩 either. I can tell you what I did last time- I did NINJA MCQs, hitting my low scoring topics hard the last week. I would do 2 sets of 30 mixed NINJA MCQs, then 30 of my lowest section, usually F2 or F3, then do 2 sets of mixed, and keep alternating.

I also bought the NINJA Plus vids and rewatched certain areas like bonds, leases, inventory, and A/R the week before when I got tired of MCQs. I used to hammer MCQs only and I would be exhausted by test day. I have learned not to kill myself the 2 days before my exam. I do light reviews and watch lectures on problem areas. I got tired my last day and didn’t watch EPS- if I only had……🙄 I would have spent one day on my sims, but my Becker expired 2 weeks before and I didn’t have them.

I hope this helps! Good luck!!!

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[Spartans92]

Thanks @stilgoin, sounds like we struggle on the same topics haha and those are some common areas that I can def see coming up come exam day. Im so use to becker too and Idk what to do if I fail because my subscription is expiring next month 🙁 I just find it easier to do the homework after reading then do supplement during the final review. I dont like things that are out of order it frustrates me lol.

You're really close to the finish line and Im sure you will kill it this time! 🙂

So now that your becker expired what do you do? Do you just read over the chapters and then do the corresponding ninja questions? For example, read whole F2 chapter and Mcq on those specific area? Sorry if Im nagging and whatnot, just wanna figure out the best plan if worse case I gotta retake without becker.

BEC- PASS

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