FAR Study Group Q1 2017 - Page 32

Viewing 15 replies - 466 through 480 (of 2,502 total)
1 2 3 … 31 32 33 … 165 166 167
  • Author
    Replies
  • January 14, 2017 at 5:22 pm #1441034
    mckan514w
    Participant

    LOL @stilgoin I DID get about a 2 hour reprieve when he went to the hardware store- just little did I know he was actually going to start “home improving” once he got home…. sigh. What IS it with men and hardware stores anyway?

    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

    January 14, 2017 at 6:02 pm #1441053
    Spartans92
    Participant

    Just got done with exam. I will be happy if I can even break a 70! Here goes the third round. Back to Audit for now. The SIMS were so vague and difficult.. Had 2 DRS SIM and many of the other had multiple tabs in them. I was overwhelmed with the amount of info on there. MCQ overall was easier than my first time but SIMS were crazy. Good luck to everyone else studying

    BEC- PASS

    January 14, 2017 at 6:08 pm #1441058
    mckan514w
    Participant

    HOLY CRAP! You had 2 DRS SIMS???? OMG I think I would die!!! just remember most probably at least one of them was a pre-test. Hang in there and remember you never know until score release! Thanks for checking back in!

    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

    January 14, 2017 at 6:36 pm #1441083
    Anonymous
    Inactive

    I'm tired and confused but I'm pressing on with 50+ inventory mcqs tonight. I'm confused on how to apply the “lower of cost or NRV” method. Before the update: you looked at NRV, replacement cost and the “floor” i.e. NRV – normal profit margin; select the middle value and then compared to actual cost; take the lower of those two values. How do we apply the new method?

    January 14, 2017 at 6:36 pm #1441086
    GiniC
    Participant

    @Spartans – Hope you did better than you think – that happens sometimes! The MCQs count more heavily than Sims, and every Sim tab has many answers, so the partial credit there could be in your favor.

    January 14, 2017 at 6:38 pm #1441091
    GiniC
    Participant

    @Bondvillan – I'm working on inventory tonight too – 45 questions to go. The Lower of Cost or Market you described is exactly what my revised Becker lecture covered this morning. Perhaps the change has to do with which methods it applies to? LCM is only for LIFO and retail method; everything else is Lower of Cost or NRV, like IFRS.

    January 14, 2017 at 6:40 pm #1441094
    Spartans92
    Participant

    Thanks for the positive words. But I highly doubt I have the chance. I plugged in so many zeros on the JE and I literally guessed on so many of the slots.

    BEC- PASS

    January 14, 2017 at 6:41 pm #1441097
    Stilgoin
    Participant

    Both Curry City and the State have a general sales tax on all merchandise. Curry City's tax rate is 2% and the State's rate is 4%. Merchants are required by law to remit all sales tax collected each month to the State by the 15th of the following month. By law, the State has 45 days to process the collections and to make disbursements to the various jurisdictions for which it acts as an agent. Sales tax collected by merchants in Curry total $450,000 in May and $600,000 in June. Both merchants and the State make remittances in accordance with statutes. What amount of sales tax revenue for May and June is included in the June 30 year-end financial statements of the State and Curry?

    A.
    State: $1,050,000; Curry: $0

    B.
    State: $1,050,000; Curry: $350,000

    C.
    State: $700,000; Curry: $350,000

    D.
    State: $300,000; Curry: $150,000

    The correct answer is C.

    Sales taxes are classified as a form of derived tax revenue. According to GASB N50.113, revenues should be recognized when the underlying exchange transaction occurs. (On the modified accrual basis of accounting, revenues should be recognized when the underlying exchange has occurred and the resources are available.)

    In this question, the underlying sales transactions took place before June 30. Also, the resources are considered to be available because the resources are received in the current year or soon enough thereafter to be used to pay the current year's bills, i.e., within 60 days of year-end (15 days for remittance to the state plus 45 days for distribution to the city). Thus, the full amount collected, $1,050,000, would be recognized by either the state or the city.

    Distribution of the amount:

    The total percentage of the tax collected is 6% (4% + 2%).
    The amount to Curry City = $1,050,000 × 2/6 = $350,000
    The amount to State = $1,050,000 × 4/6 = $700,000

    I think I have it. NM 😉

    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."

    January 14, 2017 at 6:44 pm #1441100
    Stilgoin
    Participant

    Blitz vids are all open!

    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."

    January 14, 2017 at 6:49 pm #1441109
    mtaylo24
    Participant

    @Spartans92 Hang in there, you never know!

    Good luck to everyone studying inventory tonight lol. Hope its comes easier to you than it did for me SMH.

    I'm finishing receivables, then off to cash and investments. Hoping to wrap up my 1st run of Gleim by Wednesday (or sooner). I'm juggling BEC too so this run has been kind of slow.

    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)

    January 14, 2017 at 7:18 pm #1441124
    Anonymous
    Inactive

    @Ginic please post some of the Becker questions using the Lower of cost and NRV application.

    January 14, 2017 at 7:21 pm #1441127
    A1lessio
    Participant

    Spartans – I had a coworker rant to me 2 weeks ago about how awful the exam was and how there was absolutely no way she passed and she got an 81%. The questions were all long calculations, and she left sims blank. For sims I honestly thing you just need to get like 50% correct. Some of them are impossible. On reg i bombed the sims and got an 84. They were all complex corp tax calculations with so many different components.

    mtaylor – inventories wasn't that bad! I spent a majority of the day on share-holder equity, Earnings per share, and now doing statement of cash flows and sims for the rest of the night. It's amazing how stuff really starts to just click when you review. Make sure you got Dollar-value-lifo down.

    I am scoring on average 62-66% on Becker question progress tests (sometimes if tired and burnt out 50%) and as I reread the chapters during my review and redo the questions I seem to average about 70% on chapter mcqs and do better on progress test. You guys think I should just take the exam Friday the 20th or maybe postpone another week? I feel like no matter how good I know something, once a week goes by it becomes hazy. It's been almost three months of pretty consistent studying…

    The only thing is with AUD and REG i was scoring 80-90% on progress quizzes, I may take the first practice test tomorrow night and see how I do.

    AUD (08/02/2016)

    January 14, 2017 at 7:35 pm #1441134
    mckan514w
    Participant

    @bondvillan- I went through inventory a few days ago could be wrong but from the practice question I have seen I made the following note
    o IFRS Lower of Cost or NRV
    GAAP
    ♣ FIFO= Lower of Cost or NRV
    ♣ Weighted Avg= Lower of Cost or NRV

    LIFO as well as the retail method= Lower of Cost or Market
    • ** Just remember that IFRS does not allow LIFO- so its like the two have converged… LIFO is calculated differently- all other methods are calculated like IFRS

    will try to post a question for you if I get a chance tomorrow

    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

    January 14, 2017 at 7:38 pm #1441139
    mtaylo24
    Participant

    @bondvillain, That's also where i was all over the place. My mental flowchart at the end goes like this lol.

    1. Is it GAAP or IFRS
    2. Is it Lifo or Fifo (cost vs Nrv)
    3. Replacement cost was always my trigger
    4. FV – costs (NRV) vs FV – cost – profit margin (floor).
    5. My confusion kicks in at 4. If replacement cost is lower than both use ??? If its in between use ??? If i went back and worked a few inv questions I could tell ya, but I dont feel like breaking my accounts receivables zone lol

    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)

    January 14, 2017 at 8:13 pm #1441155
    Stilgoin
    Participant

    @mtaylo24 On #4, find the ceiling- NRV, the market (replacement value), and the floor (NRV-normal profit margin). Always compare the middle number of the three to cost for lower of cost or market.

    Ceiling= NRV: sell price-costs to sell
    Floor= NRV-normal profit margin
    Market=replacement

    Hope that helps. Bob in the ninja plus vids explains it excellently.

    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."

  • Author
    Replies
Viewing 15 replies - 466 through 480 (of 2,502 total)
1 2 3 … 31 32 33 … 165 166 167
  • The topic ‘FAR Study Group Q1 2017 - Page 32’ is closed to new replies.