FAR Study Group Q1 2017 - Page 143

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  • March 6, 2017 at 9:07 am #1505509
    mckan514w
    Participant

    okay so essentially a net loss… thanks-

    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

    March 6, 2017 at 9:08 am #1505511
    mckan514w
    Participant

    and seriously this is why GOVT and NFP is so messed up- a Health and Welfare Organization must file a statement of functional expense showing natural classifications– why not just call it a statement of natural classifications- ha ha ha ha ha

    I am slowly loosing my mind.

    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

    March 6, 2017 at 9:17 am #1505517
    aatoural
    Participant

    NFP is so much beyond confusing with all those endowments and restrictions that are very complicated. Governmental is more straight forward to me maybe because I work for local government.

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

    March 6, 2017 at 9:39 am #1505521
    mtaylo24
    Participant

    I just ran through the NFP sims in Gleim. OMG!

    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)

    March 6, 2017 at 10:00 am #1505533
    mckan514w
    Participant

    LOL I did so bad in the Gleim NFP's mtaylo that now anytime I want to do a practice exam all it gives me is NFP questions…

    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

    March 6, 2017 at 10:22 am #1505548
    cdn
    Participant

    This is easy question but how should I know if they ask me for full income expense or when I should net with the one arleady paid during the year?

    In its 20X1 income statement, Cere Co. reported income before income taxes of $300,000. Cere estimated that, because of permanent differences, taxable income for 20X1 would be $280,000. During 20X1, Cere made estimated tax payments of $50,000, which were debited to income tax expense. Cere is subject to a 30% tax rate. What amount should Cere report as income tax expense?

    A.$34,000
    B.$50,000
    C.$84,000
    D.$90,000

    March 6, 2017 at 10:36 am #1505565
    GiniC
    Participant

    @cdn –

    The tax expense for the year is the total amount owed for taxes, whether or not you already paid part of the tax.

    You would net them when the question asks for income tax PAYABLE or the tax LIABILITY. That's what you still owe at the end of the year, and since you already paid part you only owe the remainder. Like, if you bought a car during the year for 15,000, and made a down-payment of 1,000; the price of the car (car expense for the year) would still be 15,000, but the amount you owe when you pick it up is only 14,000.

    March 6, 2017 at 10:44 am #1505575
    cdn
    Participant

    @ginic- thank you.

    March 6, 2017 at 11:10 am #1505641
    GiniC
    Participant

    AARRRGGGHHHH!!! I just wasted 10 minutes and a lot of confidence unable to solve a BEPS question – should be easy-peasy.

    I read “sold 20,000 shares of treasury stock” and SUBTRACTED it instead of adding it. Sometimes I make the STUPIDEST mistakes! Can't afford those, there's too much I actually don't know how to do on this test. 🙁

    March 6, 2017 at 11:18 am #1505659
    cdn
    Participant

    @Ginic – tomorrow is my exam and today I feel like all my studying evaporated from my head. I will study through half day and have to sit and relax or will get crazy. Can't stand this waiting for exam. I wish I would have one more week but probably than I will also say that I need extra week so you just never be prepared and wait and wait… no this is my last part and MUST pass. No more sleepless nights and cpa study books in my life 🙂

    March 6, 2017 at 11:41 am #1505673
    GiniC
    Participant

    @cdn – I (and probably everyone else still in here) completely agree with you!!!

    I'm on my last section, as are several others. Half of me wants to just go take it today, but the other half wants another month to cram more into my head. At this point, you know what you know! I wish you luck and good attention to detail – that's what is killing me now.

    March 6, 2017 at 11:41 am #1505676
    T Rev
    Participant

    I am sitting for what will hopefully be my last exam in less than 2 hours. Good luck @cdn and anyone else testing here at the end of Q1!

    March 6, 2017 at 11:42 am #1505677
    GiniC
    Participant

    Good Luck Trevor!

    March 6, 2017 at 11:50 am #1505685
    Anonymous
    Inactive

    I had to reschedule my FAR exam. My practice exam was 63%, and I don't think that is going to cut it with only 2 days left. I'm just not confident enough in the material, and I don't want to waste my money. I'm really disappointed, but I'll have 6 more weeks to take my time and study. Hopefully the new format won't be awful!

    Good luck, everyone 🙂

    March 6, 2017 at 11:52 am #1505686
    mtaylo24
    Participant

    Screw it, I'm just going to drop everything and Ninja MCQ it out. Got the Ninja notes too. I feel like I'm dragging w/ Gleim. Probably still use their sims though.

    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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