[jeff]

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

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

[Josh]

Correct, @Spartans92 and @Mscfisher! Excellent explanation for the Roaster question. It still Roasted me lol. I guessed something higher.

Welcome (back) Efrainv24! You're so close! You can do this!

I need to ask for updates. Got 3 exams scheduled this window. That may be unadvised/risky, but I'm going to do my best. I saw some Pacquiao fights the other night with my Filipino friends and family. They made sure I saw the Hatton and Vargas fights. Fear probably paralyzed me on previous attempts or a lack of creativity (maybe like other “white guys” like I've been guilty of like “The Hitman” Hatton), but I'm imagining myself in the ring inching forward like Pacquiao on Vargas with lightning speed. Despite being in an apparent uphill battle, I'm gonna' stick, move, switch it up; and when those MCQ's lean towards my strong left hook, I'll hammer them with the right instead. “Nothing personal..” AICPA, “Just doing my job.” If you haven't guessed, I'm a Pacquiao fan and now not just because he's Asian or Filipino. He's good, fast, and focused. Plus, he “always smiling!”

[mckan514w]

@bondvillan I specifically remember one of my SIMs this last go round had in its instructions something to the effect that the entries made could be in any order amount wise as long as your Debits were all first followed by your Credits and that some might have blank spaces- so I think you would have gotten full credit on the above.

@Spartan- I would say my questions were about half and half on the length thing. Some were filled with a lot of information I had to weed through others were one or two lines… needless to say I did run out of time 🙁 (probably why I am back in here)

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

[mckan514w]

Is this just something I need to memorize? or is there anywhere that says deferred tax liabilities arising from depreciation are non-current? It was my understanding that DTA/L's take on the characteristics of the underlying asset/liability (in other words if the asset is current then the deferred tax would be current)– am I wrong on this?

A company has the following liabilities at year end:
Mortgage note payable; $16,000 due within 12 months $355,000
Short-term debt that the company is refinancing with long-term debt 175,000
Deferred tax liability arising from depreciation 25,000
What amount should the company include in the current liability section of the balance sheet?

A. $0
B. $16,000
C. $41,000
Answer (C) is incorrect.
The deferred tax liability ($25,000) is classified as noncurrent.
D. $191,000

Correct Answer B- . A deferred tax liability is classified as noncurrent.

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

[Operation_CPA]

@Spartans92 I'd say the questions are generally pretty short, but with a question like that you really have no choice but to just do the JE's and if it takes you a little extra time, don't sweat it. You'll get another 2 or 3 questions that will take you 30 seconds which will offset that one.

[garciarb]

I'm joining – test is on January 29. This will be my last exam if all goes accordingly. If not, I lose credit for BEC.

BEC - 81
AUD - 79
REG - June 2016 (Thanks Nasba!)
FAR - ugh

[mckan514w]

Good luck garciarb! I live in fear of losing BEC!

So I got my score report yesterday and it seriously made me LOL– I was “stronger” in Govt and NFP– how is that even possible when my avg. Ninja score was in the 50's???

I honestly think the NASB just makes crap up to put on those reports.. ha ha ha…

Sigh oh well back to it this morning. Hope everyone has a great study day!

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

[EfrainV24]

@mckan514w I've heard of this report card thing, what exactly does it tell you and is it even helpful for planning ahead?

[mckan514w]

@Efrainv24- maybe for others????? but in my case it has never been particularly helpful to me and just kind of seems like BS. For example- first time I sat FAR and failed I was “weaker” across the board in every category and SIMS- which I knew going in… failed with a 61.

BEC fail I was “stronger” across the board and failed with a 71 (actually called NASB to explain THAT one to me and got some BS answer about weighted scores etc.. etc..)

This FAR fail I was “Stronger” in Govt. and NFP. “Comparable” in Framework and Financial Statements and “Weaker” in Specific Transactions… with an overall rating of “Weaker” in MCQ's and “Weaker” in SIMS… so you see it really tells you absolutely nothing. even though I only had one “weaker” MCQ section they gave me an overall “weaker”… oh and despite on paper it looking like I did better my second go round I only brought my score up 8 points. The funny thing is looking at my study scores my average and trending were highest on the section I did “weakest” in and vice versa…

So like I said overall I just kind of feel like they make stuff up to put on there ha ha ha and it has never really given me much of a clue on how to re-study.

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

[Stilgoin]

How many MCQs are you guys getting in a day? 100 kicks my butt, and the next day I struggle to get in 50. I am trying to do lecture when I hurl from MCQs, but I am exhausted. 🙁

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."

[barfmode]

Hello All,

Just wanted to get some general guidance. I'm using Rogers and NINJA. My test is in three weeks on January 21st – I finished all of my Rogers lectures, but I'm still lost on some parts.

Has anyone taken the FAR CRAM course for Rogers? It helped me for AUD, but I wonder if it will for FAR as well.

I'm getting 75% on some parts on the MCQ, and 50% on the remaining parts. It just feels like too much stuff to memorize and review – like AUD and REG put together. Any tips would be helpful.

All the best

[NYaccountingstudent]

Currently on F4 in Becker. Not taking my exam until late February

My question from F4- How come with AR when they collect money that was previously written off they sometimes add it and subtract it. And other times they only add it back.

If my question doesnt make sense I will go try to find two questions that shows what I am talking about

[mtaylo24]

AHHH!!! I'm finally back from my 12 hour drive! Been down for the count the past few days…I have way too much catching up to do!

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]

Pop quiz: what are the criteria for using the cost, equity and acquisition methods for accounting for investments?

[AR]

Hello,

Question related to gain recognition in a non-monetary transaction.
Facts: Transaction has commercial substance. Boot is given. FV of asset received (or given) is more than the BV of asset given. Should a gain be recognized?
From the Wiley study guide, the understanding I got was that a gain is recognized in the amount of (FV-BV) (if FV of asset given is known) or in the amount of (FV-BV-Boot) (if FV of asset received is known).
But the Wiley focus notes clearly states that no gain is recognized if boot is given.

Which of the two is the correct treatment?

Thank you.

[AR]

Hello,

Question related to gain recognition in a non-monetary exchange transaction.

Facts: Transaction has commercial substance. Boot is given. FV of asset given/received is more than the BV of asset given. Should a gain be recognized? asset

From the Wiley Study Guide, the understanding I got that a gain should be recognized in the amount of (FV-BV) (if FV of asset given is known) or in an amount of (FV-BV-Boot) if the FV of asset received is known.

But Wiley Focus notes clearly states that no gain should be recognized if boot is given.

Which of the two is the correct treatment?

Thank you.

[Author]

Replies