[jeff]

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

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

[SONA]

Hi all, need some suggestion & tips.

I am planning to retake FAR March 1st week after 8 month with a score of 74. What should be strategy?
I have Becker & Roger. First time i studied with Becker and NINJA MCQs but failed. Now I think I forgot most of all so started watching lectures again of Roger and started practicing Roger IPQs. Then will move on to NINJA MCQs again.

Is my strategy OK?

[GiniC]

@SONA – Everything I have read says you should treat a re-take like it was your first run, and it sounds like that's what you are doing. My personal suggestion – since you have two sets of materials, use the lectures this time that you did NOT use last time. Also, I've been more successful by really “digging” into the material rather than just listening and maybe highlighting. I try to do all the examples in the lectures before they are explained, and if there's something I don't really understand from the lecture I'll look it up in a textbook or on Google before letting the lecture continue. It's all about putting in the time and grasping all the concepts!

You have an aggressive study schedule ahead of you if you plan to cover all the material in time. You really need the final week to refresh yourself on the material you study first, some of it will “fall out of your head” as you cram in the later material, so you only have about four weeks left to do general review before you start the refresh/bring-it-all-together process.

[mtaylo24]

I'm here still working on error correction/construction contracts/installment method/EPS….Gleim has no easy chapters at all ☹

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]

C'mon, @mtaylo24! You know better than many of us that NONE of this stuff is easy!!! I used Gleim as a supplement to my Mgmt accounting class in school, and I remember their material being hard (for me) to follow back then so I didn't even consider their review course. I don't know how you will manage BEC and FAR so close together, but may you come out of it sane!

I'm on leases and long-term liabilities this weekend, and trying to make up for losing all my weekday study time. I got to participate in my first audit field work this week though, so it was worth it!

[mtaylo24]

@ginic been after both sections for a while now, so its whatevz at this point. Im actually now VIP at my local prometric 😂. If they were both first attempts i wouldnt even consider 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)

[j3cpa]

hi guys:

thank you so much for sharing your experience. I'm using Rogers and I'm consistently pulling 66% on my MCQs. I don't know what's going on. I stopped at each questions I answered wrong and tried to understand the concepts.

It's been two weeks at these MCQs and My 66% rate hasn't increased.

Any tips?

Study Material:
GLEIM
BEC - FEB/2012
AUD - FEB/2012
FAR - JULY/2012
REG - JULY/2012

[mtaylo24]

Stupid wording, how is “convertible” the same thing as “converted”? The answer is B. Edit: ok after thinking it through, I guess it would be 0/15000 when you are testing it out, which is 0, which is lower than BEPS. I need to get it together.

During all of the year just ended, Littlefield, Inc., had outstanding 100,000 shares of common stock and 5,000 shares of noncumulative, $7 preferred stock. Each share of the latter is convertible into three shares of common. For the year, Littlefield had $230,000 income from continuing operations and a $575,000 loss on discontinued operations; no dividends were paid or declared. Littlefield should report diluted earnings (loss) per share (DEPS) for income from continuing operations and for net income (loss), respectively, of

A. $2.30 and $(3.45).
B. $2.00 and $(3.00).
C. $2.19 and $(3.29).
D. $2.26 and $(3.39).

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]

@mtaylo24 – I haven't reviewed this yet, so this is just a theory – are you supposed to treat convertible stock as though it had been converted for the purpose of EPS calculations? My Becker book says that the “if converted” method should be used for convertible securities (bonds or preferred stock) in order to determine the dilutive effect. Assume they were converted at the beginning of the period. If you have a Becker book, it's page F7-27 (of the 2016 version)

[mtaylo24]

@GiniC, Yup, that's it. You have to test out the preferred stock and bonds first, if they are lower, than you use those for DEPS. I have a reading problem, I was assuming BEPS and that the shares were converted 😑

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)

[jdagna]

According to the FASB conceptual framework, an entity's revenue may result from:
A. A decrease in an asset from primary operations.
B. An increase in an asset from incidental transactions.
C. An increase in a liability from incidental transactions.
D. A decrease in a liability from primary operations.
Explanation
Rule: Revenues are inflows or other enhancements of assets and/or settlements (decreases) in liabilities resulting from the entity's
ongoing major operations, not from “incidental” operations.
Choice “D” is correct. An entity's revenue may result from a decrease in a liability from primary operations.

Can anyone explain this to me in plain english? I think I may just be overthinking it as my brain in fried. lol How does revenue results from a decrease in liability. I understand the primary operations part, just not the increase or decrease part.

[mtaylo24]

^ Just think of Deferred Revenue

Dr. cash
Cr. liability

When you recognize revenue, your liability decreases

Dr. (Decr) Liability
Cr. (Incr) Revenue

AP

Dr. Expense (Decr rev)
Cr. (incr) Liability

When the checks are cut

Dr. Liability
Cr. Cash

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)

[mtaylo24]

Do you know what really grinds my gears? (blue = right, green = wrong)

So aggravating!

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)

[mtaylo24]

Bro, Gleim ch 3, 280 questions in and no 80%

I'm going to bed

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)

[Anonymous]

Update: I was originally scheduled to sit for the exam on Jan 24 but I've had some severe anxiety and panic attacks this last week, so I rescheduled it to February 24th. The stress of passing, going back to work after studying for a couple months and some added stress in my personal life; I'm just mentally drained.

Anyway, I'm here for another month and hope to master all this material so that I can go into it confidently. Today I wasn't confident enough.

[mckan514w]

I did the same a couple of weeks back Bondvillan… and it hit me this morning how relieved I am that I changed my date! Too much to lose at this point not to go in feeling as confident as possible.

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

[Author]

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