[jeff]

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

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

[Holly]

Well I just lost my notes somehow. Didn't save them I guess. So glad I just printed them yesterday.

BEC - 79
REG - 85
AUD - 5/27/16

[GiniC]

@HRSexton – ugh!!!

At least you're close to the end. By Friday, we can all relax for a few weeks.

[mtaylo24]

Thank you both!

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)

[Holly]

It's the waiting that gets me. I walked out of that last test thinking I probably passed, but went back and forth the time I had to wait.

BEC - 79
REG - 85
AUD - 5/27/16

[GiniC]

@HRSexton, sounds pretty normal. Both a classmate and I did exactly the same thing after each test. We have run on almost the same timeline since starting, and she is taking her last one this afternoon (REG) and I'm taking my last one Thursday. We both agonize after the test then do better than we thought. Just do your best to focus on other things until the score release! 11 days. Nothing compared to the Q2 delay!

[Holly]

RIGHT! Which I'm going to be waiting on both Reg and BEC during that time!

BEC - 79
REG - 85
AUD - 5/27/16

[mtaylo24]

@hrsexton, thats why I paired both of my exams for the same score release. 2 or 3 score releases per window is ridiculously draining! That plus my confidence suffers if I'm studying fresh off of a fail.

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)

[aatoural]

I remember my first score realese I had taken BEC the first day of the testing window. That was horrible. A month and a week wait. I am not feeling hopeful about passing FAR because I know I haven't had enough time but my NTS expires. But 11 is something good for me to relax.

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

[Holly]

That question where beginning inventory is understated $26,000 and ending is overstated $52,000 – what is COGS? just annoys me

BEC - 79
REG - 85
AUD - 5/27/16

[GiniC]

@HRSexton is that Becker or Ninja? I don't recall it, but I've seen so very many questions…

[Holly]

Both. I remember it in Becker and they gave a chart with the explanation.

BEC - 79
REG - 85
AUD - 5/27/16

[aatoural]

That is Beckr @Ginic. I just did it this morning on my way to work (train :()

they say Beg inv s/b 26 meaning you actually booked zero for example. and End inv s/b zero but you booked 52. Lets assume your purchases are 50 in both cases. If you use a T account

Actual
Dr Beg Bal 0
Dr Pur 50
Cr COGS (plug) (2)
DR End Bal 52

S/B
DR Beg Bal 26
Dr Purch 50
Cr COGS (76)
End Bal 0

76 + 2 = 78 under stated

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

[aatoural]

I spent like 5 minutes adding the spaces and the forum just decided to take them off. PFf

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

[mckan514w]

This may seem like a really stupid question but what would an example of a deficit be in a development stage company??

Deficits accumulated during the development stage of a company should be:

A. reported as organization costs.

B.reported as a part of stockholders’ equity.

C.capitalized and written off in the first year of principal operations.

D.capitalized and amortized over a 5-year period beginning when principal operations commence.

Correct Answer B- The same basic financial statements are issued for both an established company and a company in the development stage. Deficits are reported as part of stockholders’ equity.

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

[GiniC]

@mckan514w –

“deficits” in development stage are the same as losses. New coffee shop gets started in October hoping to get “jump start” serving holiday shoppers. In the first quarter (and year, assuming they use calendar year) they have to pay first & last month on rented/leased space, build out the space and furnish it, buy equipment, purchase supplies (cups, coffee, baked goods, soft drinks…), hire and train staff, all before selling the first cup of coffee. Unless they sell a LOT of coffee those first few weeks of business, they will show a “deficit” for the first reporting period.

“development stage” is when a new company hasn't yet started operations or is just beginning to operate and has limited revenues. Most companies lose money in the first few years because they need to do their research, buy equipment/inventory, etc. without previous years' earnings to support the spending.

[Author]

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