[jeff]

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

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

[GiniC]

Seems like it…

[Spartans92]

Ugh.. I hate FAR!! and I hate studying while working. Lot of people do it and I have to applaud for their effort. Work is getting much busier with tax season coming up too. Luckily I have the extended holiday break.. Still on F6 and Exam is in 3 weeks.. WTF!! I just can't seem to have the energy to study after work… how do you guys do it?

I am so behind.. Still struggling with bonds 🙁 This section is so overwhelming. I just wanna shoot myself and call it done.

BEC- PASS

[GiniC]

@Spartans – I negotiated a shifted work-day. I get up at 6 AM, study several hours, and get to work at 10 instead of 8:30. Somehow I don't mind working at 8 PM as much as I mind studying then!

[mtaylo24]

@Spartans, Have you tried mornings? It actually isn't half bad. I'm not sure where I have been finding my energy lately. It must have been that FAIL with a capital F. I have been determined ever since…

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)

[Cjsr]

OK, Kieso Weygandt Warfield 14th Ed p. 714. “Companies report bond discounts and bond premiums as a direct deduction from or addition to the face amount of the bond.” “Report” I.e. on balance sheet, vs. “record” in ledger? Words have technical meanings. Same section in KWW also notes that “Discount” is a contra account, not an asset, and “Premium” is an “adjunct” = liability valuation account. This is starting to gel a little.

BEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016

Becker FastPass with in-class videos

[mtaylo24]

Whipped out the ol school Intermediate Accounting book on em! Tell em why you're mad! Seriously, these Gleim questions are ridic, but I would rather be over-prepared this go-round…

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]

@Cjsr

Took me a while to find it in my 15th edition, but I did. This makes MUCH more sense now than it did when I was taking the course! The discount is also a valuation account – both premium and discount sort-of adjust the value of the bond from face (par) to what would have been fair value on the date of issue. We've got this!

[mtaylo24]

Have you guys been using that thing? I actually think that I have a pdf of it somewhere in the cloud. I might have to start using it! Haven't touched that in years…

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]

I haven't really tried studying in the morning because Im not an early bird lol. I go to bed around midnight every night so I tend to study after dinner around 8-11 per night. Weekdays I break it down into sessions. I'd do 9-11:30 then 1-3 then 7-9 again. However, I read the book and that takes up majority of the time..

It just bothers me when I take much longer than expected. I can't focus for this section, not sure if its because the material or I'm just burned out. I just hope to pass with 75 this round.. As long as I knock FAR down Audit shouldn't be too bad.

BEC- PASS

[Spartans92]

Wow.. so I just googled a question and it brought me back to a thread I posted few months ago in April. At that time I got the question right and was explaining it to a fellow Ninja but Im struggling now on a retake. DANG that is some cray cray BS…Kind of funny how much worse a retake actually is..

I wonder what happened to my brain juice now!! May the force be with you.

BEC- PASS

[Cjsr]

Aha! And we can't just debit “bonds payable” because at the end we still have to really write a check for $100K.

BEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016

Becker FastPass with in-class videos

[mtaylo24]

Done for the night. Leases tomorrow…I shall be posting some interesting questions.

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]

ok guys, I should know this because its literally perm and temp. differences from REG. But somehow I forgot everything already. If I have tax depreciation in excess of book.. Why am I deducting it out of book income to get tax income??

Here is the question:
Dunn Co.'s income statement reported $90,000 income before provision for income taxes. To compute the provision for federal income taxes, the following data are provided:
Rent received in advance $ 16,000
Income from exempt municipal bonds 20,000
Depreciation deducted for income tax purposes in excess of depreciation reported for financial statement purposes 10,000

Enacted corporate income tax rate 30%

What amount of current income tax liability should be reported in Dunn's December 31 balance sheet?

I get everything up till the depreciation.. I understood it when I was studying REG just a month ago. LOL.

BEC- PASS

[A1lessio]

If tax depreciation is in excess of deprecation reported for f/s purposes it's a deduction on the tax return. Depreciation reduces taxable income, so if there is excess depreciation to be taken then keep reducing taxable income. Any chance the answer is $22,800? Ugh, I totally forgot this chapter, I haven't looked at in like a month.

AUD (08/02/2016)

[Anonymous]

Just beginning governmental accounting – OMG this a monster. Using Ninja plus videos and Wiley CPAexcel book. Any tips or strategies to approach this topic?

[Author]

Replies