[jeff]

Welcome to the Q2 2016 CPA Exam Study Group for FAR.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

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

[JT]

@sona

Thanks for your answer.

I could be overthinking it.

Correct me if I'm wrong. GAAP doesn't have any revaluation in fixed assets so when the question stated “it was determined that the intangible assets had a recoverable amount of $84,000”, that might be the clue that it's IFRS and not GAAP.

Right???

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

[KJ]

Yes, if it is GAAP then there will be no gain. So reason I posted that question was because when I was doing that question I was confused if I should apply GAAP or IFRS rule. I got the answer right by using both rule. In the exam I hope the question clearly says its IFRS or GAAP.

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

[Sherif Essk]

what is DRS?

[SONA]

[SONA]

[MaLoTu]

I think it stands for data review or document review simulation

[SONA]

Yes.

[SONA]

Any one doing Lease?

[JT]

@sona

What question do you have?

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

[SONA]

So many questions. I don't remember any thing about lease.

And i am in the review ;(.

Don't know how will i get through with every thing. Just redoing H.W. of Becker and feels never read any of the stuff.

[patelhj1]

@Dab From your past experience have you come a across create Operating statement of Cash flow for SIMS?

I absolutely hate CFO. So damn confusing

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

[SONA]

@Patelhj1…

If you have time watch roger review cash flow. He explained everything so clear. You won't be confused, anymore.

Youtube has the videos.

[MaLoTu]

@patel – I know you were asking dab, but I think they *could* ask something like that, but I feel a more likely scenario is to have a fact, have you adjust it or state how many $ need to be inflow/ouflow, and then an option for what type of activity it is (operating, investing, financing). I cannot recall if I had gotten CF sims, but this is my 3rd attempt =( and that is the typical format they seem to like.

[Zyx]

I thought the aggregate included at least 5 yrs, did not have to include the rest of the lease. Can someone help please?

On July 1, 20X1, South Co. entered into a 10-year operating lease for a warehouse facility. The annual minimum lease payments are $100,000. In addition to the base rent, South pays a monthly allocation of the building's operating expenses, which amounted to $20,000 for the year ended June 30, 20X2. In the notes to South's June 30, 20X2, financial statements, what amounts of subsequent years' lease payments should be disclosed?

A.$100,000 per annum for each of the next five years and $500,000 in the aggregate

B.$120,000 per annum for each of the next five years and $600,000 in the aggregate

C.$100,000 per annum for each of the next five years and $900,000 in the aggregate

D.$120,000 per annum for each of the next five years and $1,080,000 in the aggregate

The answer is C.

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

[KJ]

zyx….there are total 10 annual payments at inception and in year 2 it will be aggregated @ 100,000×9 payments left = 900,000 and $100,00 for 5 years is for current payments. Aggregated is for the total lease payments left.

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

[Author]

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