[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

[patelhj1]

@kanwal I've seen that question before and to me its a huge WTF

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

[KJ]

Correct answer for that is C.

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

[monikernc]

how do you get 31000?

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Zyx]

I have seen this question and don't remember how to solve it.

Good luck you guys who are taking FAR tomorrow!

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

[KJ]

So I am sure we all got to the increase in Accum. Depr. of $25,000 (153-128).

Purchase of new equipment of $50,000 added to beg. balance of $344,000 = $394,000
Ending balance is $379,000
Cost of sold equipment is 394,000-379,000 = $15,000
Accum. depr. will be $15,000-9,000 (CV) = $6,000

Accum. depr. beginning balance is $128,000 – $6000 = $122,000
Accum depr ending balance is $153,000
Depr. expense is $153,000-$122,000 = $31,000

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

[Zyx]

Do we account for $6000 (boot) or not.

On March 31, 20X1, the Winn company traded in an old machine that had a carrying amount of $16,800, and a fair value of $14,500. Winn paid a cash difference of $6,000 for a new machine having a total cash price of $20,500. The exchange should include recording:

A.no gain or loss.

B.$3,700.

C.$2,300 loss on exchange.

D.$2,300 impairment loss.

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

[monikernc]

that's a doozy

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[KJ]

Yes, 2300 loss

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

[KJ]

Sorry I mean, No, 2300 loss. Cash price is the new FMV or FMV of old vehicle is $14,500. Carrying value exceeds FMV, so loss of $2300.

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

[Zyx]

I was tripped by the cash received that should be considered as a gain, isn't it? I read the explanation on ninja, I got it but it does not mention about $6000 at all, why?

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

[KJ]

I think in this boot is given not received so no gain. Loss will be recognized. Right?

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

[thebigguy1992]

On September 22, 20X1, Yumi Corp. purchased merchandise from an unaffiliated foreign company for 10,000 units of the foreign company's local currency. On that date, the spot rate was $.55. Yumi paid the bill in full on March 20, 20X2, when the spot rate was $.65. The spot rate was $.70 on December 31, 20X1. What amount should Yumi report as a foreign currency transaction loss in its income statement for the year ended December 31, 20X1?
A.
$0

B.
$500

C.
$1,000

D.
$1,500

why is it 1500? i thought the loss would be from the spot rate at the date at which they paid, not the spot rate at the end of the year??

[MaLoTu]

The loss of the difference between the spot rate at purchase and the spot rate at the IS date since the IS date is before actually payment. They have to recognize a loss because of conservatism, I guess. It looks like the next year they would have incurred an additional loss beyond what was recognized.

[patelhj1]

Fresh out of the test center and my feedback

Testlet 1 – Medium marked 4
Testlet 2 – Medium / Hard marked 7
Testlet 3- Easy / Medium market 5

The MCQ was about 40% math and 60% conceptual for me. I would say that I NFP and Gov't were tested heavily. The math problems didn't involve much computation and were relatively straight forward. I manage time perfectly on each 45 mins per testlet.

Then the SIMS.. I had about 1:45 minutes and it was a nightmare….. I was able to find my research question easily and then moved on to the rest. I would say I got 3/7 SIMs atleast 75% correct… but the remaining 4/7 SIMS I completely guessed on almost everything.. 2 of SIMS had the same information on resources and I didn't know either of them… The J/E I guessed on the debits / credits and left the amount blank because I had zero idea what it was…

I used the entire time up and then continued to the survey. After the survey when I was submitting it said Error Please raise your hand for help !!!!! (something along those lines). I did and was told by the Prometric center to not worry about it…. She told me I would be okay, but wasn't very assuring… Should I be worried?!

I'm about to head out to NJ for the weekend and enjoy .. I wish everyone remaining best of luck!

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

[KJ]

Brutality at its extreme. Big F. My first testlet, I flagged first 3 questions, so the start was horrible. All 3 testlet I flagged 5-6 questions each. All these review courses what they say about percentage of testing of any topic is ridiculous(make sure you know everything). Make sure you know in and out of Govt./IFRS/NFP besides GAAP. I took 1.5 hours for first 2 testlet and had 1.45 for SIMS.

SIMS were father of brutality. I had to rush into 2 in the end and probably got 50% correct if even.

WOW!! I'm feeling so disgusted right now, after spending so much time studying and away from family. I have never felt this way in my life after taking an exam. I will be definitely back next quarter for FAR, waiting for June 8.

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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