[jeff]

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

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

[mckan514w]

THANK YOU! mscfisher– I know i am freaking out but honestly I don't think I can go through this again if I fail it a third time. I am really good at eliminating but then awful at picking the right one afterwards so that is not a viable strategy for me at this point. 🙂 if I can get it down to 50/50 (or two answers) then greater than 75% of the time I will pick the wrong one. I picked C here.

I think perhaps I am not understanding the question here- are you saying that the securities they “exchanged” were not actually their securities?? That they sold an investment for a gain and used the proceeds to retire their preferred stock? If thats the case= lol I completely understand the answer… I read it as they exchanged their own common security issue for preferred issue which they then retired… Good Lord I am thinking I need to take a reading comprehension course more than a CPA prep course… grrrrrrr

Thanks for the clarification.

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

[T Rev]

This should be a quick answer hopefully.

Question #866

US company buys from British company for 2,000 pounds in October, but doesn't pay for it until January. Why would we use the December exchange rate to measure the translation loss instead of October, when the sale occurred in October?

Answer Given:
January (2000 x 1.5) = 3000
December (2000 x 1.45) = 2900
—————————–
Gain 100

Thanks

[GiniC]

@Trevor – because they have to adjust to fair value at the close of the period. What was the call of the question?

[T Rev]

Got it. So part of the translation effect was already recorded at year end.

Thank you for very much for the help!

[mtaylo24]

@McKan514w I hate that question. They traded securities in exchange for preferred stock, so they were able to recognize gain.

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)

[mckan514w]

@mtaylo Gleim is making me hate FAR in ways I never even knew were possible not to mention totally destroying any shred of self-confidence I have in myself.

Okay so I have another Journal Entry Question… when you distribute property as a dividend you first remeasure the carry value to fair value, then debit your Retained Earnings / CR Dividend Payable for Fair Value amount and then upon distribution debit the payable and credit the asset… so is the initial re measurement to Retained earnings? For instance you have an asset whose FV is 100 and Carry value is 80 would the JE be
DR Asset 20
CR Retained Earnings-Gain on Remeasurement 20

Thanks!(and sorry for so many damn questions lately 🙂 )

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

[aatoural]

This might sound like a stupid question, but I am going nuts with Becker's Chapter 1 and 2 all that minutia like measurement methods and changing prices and almost all of chapter 1. I feel like those conceptual questions have my head spinning to the point that I get really low overall score in those sections and then I do LT contracts and installment sales and get on the low 80s. Is this normal or I am just not getting those lil' concepts from the beginning of FAR. I feel totally defeated by them.

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

[mtaylo24]

@McKan514w, I know, I started my second run, and I am seeing that I forgot a lot. For prop dividends, check the example in SU 14.8 in the text, is this what you are referring to?

BOD will distribute inv of 40k and FV of 10K to holders of CS

Date of declaration
Dr. Loss on inv revaluation 30k
Cr. Inv 30K

Dr. RE (FV) 10K
Cr. Prop Dividend Payable 10K

Date of distrib
Dr. Prop dividend payable 10K
Cr. Inv 10K

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]

@aatoural – sounds pretty normal! It will gel as you work the rest of the chapters, and more so in final review.

[aatoural]

Thank you Ginic. I just thought there most be something terribly wrong with. LOL

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

[Claudia408]

@mtaylo24 and anyone who has there 2 cents (sorry this is also a bit of a rant) – i'm in the same situation as you, finished with 2, STILL need 2. BEC expires 4/17 for me so i still have some time left. however, if i have to take any sections on or after 4/1, i can't take any sections again until most likely October (score release on 8/15 would not allow time to get an NTS for August). By the time August rolls around when i can have ZERO passes, 1 pass, or could be done completely. basically that's 6 months apart… what's your plan for that timeframe if you happen to take any sections in April?

personally, if i am down to zero or 1 pass, i am seriously considering quitting. i hate to quit bc i've been studying for this exam for 2 years and fail after fail i keep trying and i didn't want this stupid exam to defeat me. but now with the new score release, i have a 6 month gap in studying or not even knowing what the hell i'm doing. also, my experience with this exam has been complete hell and i find that is hasn't been “fair”. my most recent experience taking REG for the 5th time left me soooooo sour. The SIMs weren't tough, they were mostly on topics one would spent 20 minutes studying for and shows up on your review course taking up maybe half a page. i find that this is how the exam allows many like me to fail bc i studied corporate, property, gifts etc like my life depended on it and the major topics didn't even show up.

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[Stilgoin]

Hey guys- I survived.

I gave an overview in the FAR exam experience section, but I wanted to give you guys some advice. I have so much experience with FAR, and I think we are all on the right track, but I feel like we get lost in the weeds. Things we constantly study like acquisitions, bonds, leases, derivatives, inventory, CFs, Govt and such are all important, major topics, but we spend too much time on the minutiae and we forget things by test day. I know we study so many hours that we think it is impossible to forget a subject, but I cannot stress enough the benefit of that short-term memory and reviewing the general stuff- which I used to think was too ‘easy' and not worth my time. Yesterday was my 5th FAR. 59,59,70,74,? Throw out the first and maybe second time over family deaths. I studied my ass off on all of these, but I did better when I started reviewing my core details 3 days out. So step away from the MCQs and do an overall review right before the exam to freshen up on everything. I took the $67 NINJA notes and recorded them as a voice memo to my phone. They are about 1.45 hr long and I listened to them on my way to the test the last 3 times. I also read them like 3 or 4 times in the 3 days leading up to the exam. If they don’t include things you think are important, then add them yourself, or make your own 2 hours worth of notes based on the CSO from the AICPA. The minutiae is making us fail. As you can see from my scores, those ‘easy’ notes helped bring my score up 15 points. I know you guys are as dedicated as I am, and I really believe this is one of my best pieces of advice I can give.

👊 Now go get’em!

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."

[mtaylo24]

@Claudia408, Don't give up on REG until you see your score. I though there was no way in hell I passed my 4th attempt, and I felt I got robbed my 3rd attempt whenever I scored a 74. I had decent sims on my 4th attempt, but my MCQs were “unfair”, probably just pre-test. I couldn't believe my eyes whenever I got a 75.

I haven't really put much thought into the next window, because I want to remain optimistic about this one. I know that I can take and pass Auditing again, but at this point it really doesn't mean much. Accounting is something I did a few years after my first bachelor's degree, so I wasn't really passionate about it, just felt it was more marketable for my job search. I have about 6 years of industry experience now and have made it as high as an Accounting Manager, currently I work finance and budget for a toll authority. I have no desire to work in public where most people are working just to exit and switch to industry. I didn't want to be just another accountant, but following the “dream” has cost me a lot of money over the years. I sat for my first section over 4 years ago. I really don't know what I'm going to do if I don't pass this time around, worst case scenario, I will just sit again in May. If I don't pass in either window, idk…I honestly don't even really know if I feel like waiting until August to find out if I'm a CPA. I always wanted to go to grad-school for a MBA, but this path has side-tracked me about 5 years and I could have even been done with that by now smh.

Are you ready to tackle FAR this window? I know this section is a MFer, but plenty of familiar names are in this thread, and we will do our best to support you through the process!

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)

[Claudia408]

@mataylo24 – thanks for the response and encouragement. i admire you for going through this process twice as long as me and still keeping your chin up. anyways, i actually haven't worked in accounting since 2011 and obtaining my CPA was always in the back of my mind since i started working in accounting in 2002. then in 2009 when the market crashed and all the CPAs were getting jobs and i wasn't, that affected me big time. i'm actually happier not working in accounting since 2012 but the dream to pass this beast and prove to myself i can do it is still with me. but now with the delayed score release and 2 years of hell already, i'm really considering scrapping it after 4/17.

as for FAR, i scored stronger on MCQ last attempt and totally bombed SIMs. i don't blame the SIMs being random this time (lol), i just wasn't strong enough with JEs. i feel like i have a good shot, 2 attempts left! i guess i just gotta go HAM til 4/17. anyhoo, i really hope you're right about my Reg score, but i think the CPA Gods really haven't been on my side.

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[mckan514w]

Claudia- hang in there- you really never know with REG– seriously my second BEC exam was so unfair that I actually contemplated sending a complaint letter to both AICPA and my state Board… and I ended up passing with my highest score to date… go figure.

I can't seem to pass FAR for the life of me- and I even posted something earlier about not being sure if I could sit for it again if I fail a third time- but heres the thing- I know I will seriously hate myself and forever regret it- if I do fail and quit.

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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