FAR Study Group Q1 2017 - Page 3

Viewing 15 replies - 31 through 45 (of 2,502 total)
  • Author
    Replies
  • #1399028
    GiniC
    Participant

    Seems like it…

    #1399032
    Spartans92
    Participant

    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

    #1399047
    GiniC
    Participant

    @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!

    #1399067
    mtaylo24
    Participant

    @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)

    #1399073
    Cjsr
    Participant

    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

    #1399079
    mtaylo24
    Participant

    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)

    #1399086
    GiniC
    Participant

    @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!

    #1399088
    mtaylo24
    Participant

    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)

    #1399095
    Spartans92
    Participant

    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

    #1399116
    Spartans92
    Participant

    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

    #1399133
    Cjsr
    Participant

    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

    #1399140
    mtaylo24
    Participant

    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)

    #1399148
    Spartans92
    Participant

    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

    #1399251
    A1lessio
    Participant

    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)

    #1399268
    Anonymous
    Inactive

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

Viewing 15 replies - 31 through 45 (of 2,502 total)
  • The topic ‘FAR Study Group Q1 2017 - Page 3’ is closed to new replies.