FAR Study Group Q2 2016 - Page 102

Viewing 15 replies - 1,516 through 1,530 (of 2,358 total)
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  • #765186
    MaLoTu
    Participant

    J2theO – SONA is right in what she said. I just wanted to add that it is accounted for as an indefinite-lived intangible because they have the option to and probably will renew the patent indefinitely. Indefinitely means for an indeterminable amount of time. So, while we can speculate that there can be an event in the future that may render the trademark valueless (unsuccessful lawsuit, new technologies, etc.), the accounting is only concerned with the facts.

    #765187
    SONA
    Participant

    Yes, thanks for more information.

    #765188
    Zyx
    Participant

    Why is't postdated check from customer dated 1 month from balance sheet date considered cash equivalent?

    REG: 77 x2
    BEC: 81 x3
    FAR: 68 retake 10/1
    AUD: 8/27

    #765189
    MaLoTu
    Participant

    @zyx – is it outstanding at the BS date?

    #765190
    SONA
    Participant

    kanwal78….

    Hey the calculation for net bonds payable i did was wrong. Sorry for that.

    The same question is in AICPA difficult questions and the answer is : b 90064.

    I am unable to figure out. Please someone help us.

    #765191
    Zyx
    Participant

    MaLoTu; yes it is. What's make the difference if it is outstanding at the BS date or not?

    REG: 77 x2
    BEC: 81 x3
    FAR: 68 retake 10/1
    AUD: 8/27

    #765192
    MaLoTu
    Participant

    If it is outstanding, then technically it has not been cashed and therefore the company still holds title to the cash.

    Personally, in my real life checkbook, if I make out that check that money is taken out no matter how long it is outstanding! I have a feeling the reason they count it has to do with some sort of capital management policy, like you learn in BEC where you wait longer to pay obligations and hold cash for as long as possible … Hopefully that last part didn't confuse you more! lol. Just remember that if it is outstanding at the date of the BS the company will still include it in their cash/ cash equivalent total.

    #765193
    KJ
    Participant

    Yes Sona, I got the same answer but correct answer is B.

    FAR - August 2016
    AUD - September 2016
    REG - October 2016
    BEC - November 2016

    Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

    #765194
    Just3Letters
    Participant

    Hey everyone!

    My FAR experience:

    First, off I was Amazed with how simple most of the questions were on the first testlet. I finished within 30 minutes which was good. I really don't think I got any wrong there.

    Second Testlet: Noticeably tougher but not very much. There were 5 or so questions that I marked on this testlet and went back to check but over all felt pretty comfortable.

    Third Testlet: Pretty much the same as the second testlet. Probably marked 5 or so. Went back and then felt pretty good when I submitted. I finished the third testlet right at 2 hours so I had lots of time for the sims (which was good)

    I think there were honestly 3 or 4 MC where I had no idea but got it down to 2 possible answers for those questions. So I was feeling good going in to sims.

    The sims didn't seem bad. Without revealing anything against the rules, I didn't notice any obnoxiously over-worded simulations. There were long sims but I figured out what information I needed to answer the question and the practice tests helped me to not get overwhelmed. I really think I did pretty well overall on the sims. I thought a few of them were pretty difficult and I can see where I probably lost some points. However, overall it seemed very fair and exactly what I was prepared for with Becker/Ninja.

    I took the entire two hours for the sims just because I wanted to go though all of the material and I used the AL for a couple of them to check.

    I really feel good. But I've heard feeling good is a bad thing… so who knows right? Thanks for all the help everyone!

    FAR- 81
    REG- 81
    BEC- Aug 22, 2016
    AUD- TBD

    #765195
    MaLoTu
    Participant

    Sounds good, Just3 … you were well prepared, hopefully you got it!

    Can you outline what you did for final review?

    #765196
    Just3Letters
    Participant

    Hey MaLoTu,

    I didn't do anything super structured for final review. I just studied like crazy the last two weeks. Each day I did at least 200 Multiple Choice questions. It drove me absolutely crazy. I can't even tell you. But I covered everything that I could have before the test.

    I didn't really do many sims. During my entire study I maybe did 20 sims which was enough just to understand the format.

    I'm no pro though. I still don't have proof that I passed. You got this though!

    FAR- 81
    REG- 81
    BEC- Aug 22, 2016
    AUD- TBD

    #765197
    MaLoTu
    Participant

    I am hoping to finish my review soon. This weekend I should be 60% through the material. I will try to do 200 MCQ a day, it is just so hard with FAR because the questions take so long to answer!

    This is my third attempt at FAR and I never want to have to study for it again! I made a couple stupid mistakes last time that got me a 70 instead of a 75. I feel like I know the material well enough to pass, but I would probably benefit from intense MCQ exposure.

    FAR and BEC have been my everests …I have gotten 74 two times in a row on BEC =(

    #765198
    patelhj1
    Participant

    @Just3Letters Do the Becker SIMS prepare you enough for the actual TEST SIMs? How do you recommend to prepare for the SIMS?

    BEC 78 08/2015
    REG 71 11/2015, RETAKE 83 01/2016
    FAR 75! 5/2016
    AUD ? 8/2016

    Becker with Nonstop NINJA MCQ
    Google most difficult professional exam

    #765199
    JT
    Participant

    POWER WEEKEND!!! Let's go guys!!!! We got this!!!

    REG-80-1X
    BEC-80-1X
    FAR-73-1X
    FAR-75-2X
    AUD-September 2016

    #765200
    patelhj1
    Participant

    Feeling burned out…. knocked out F1-F3 in 3 days. On to F4 tomorrow… Time to hit the ZZzzz

    On review phase

    BEC 78 08/2015
    REG 71 11/2015, RETAKE 83 01/2016
    FAR 75! 5/2016
    AUD ? 8/2016

    Becker with Nonstop NINJA MCQ
    Google most difficult professional exam

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