[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

[Jenny]

Hello guys:
I am new to this forum, will take FAR by the end of Aug. I took REG & AUD both failed last year, and didnt study for a while.
so I am here and hopefully I can be encouraged with your guys. I purchased NINJA combo points for FAR, and will join ninjas from today. Let's study together!

[KJ]

Welcome Jenny, most likely I will be with you for next quarter for FAR. I have no hope of passing 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

[Stilgoin]

I will most likely be taking again in August as well. Hoping for a miracle, but expecting the worst the 8th …. 😉

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."

[MaLoTu]

Hi Jenny, welcome, @stilgoin – dont count your chickens just yet 😉

[Stilgoin]

@MaLoTu Hahaha That’s funny- because I can’t count anything right now. Dude, if I pass, I’m gonna write a book in this forum about how horrible I did and passed anyway. 😉

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."

[MaLoTu]

I found a mnemonics in NINJA notes that MIGHT be helpful for cash to accrual basis:

Revenue: Spear – Bar < Calc for Sales revenue cash to accrual – gives accrual basis sales rev
Sales (i.e., customer Payements)
+Ending Accounts Receivable
– Beginning AR

COGS from Cash Basis CRAP-I < C is COGS, this gives you accrual basis COGS

cash Remitted (paid)
+increase in Accounts Payable
-increase in Inventory

[Zyx]

Thanks everyone for responding it, you guys rock! I'm understanding better. Friday night and I'm sitting in front of my laptop studying, hope this nightmare will end soon!

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

[Zyx]

I'm really struggling with governmental accounting. Is there any good online sources you find it helpful in studying this topic?

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

[MaLoTu]

zyx, if you can post some questions and I can try to work through them with you.

[Zyx]

MaLoTu, thanks! I think I'm confused by the whole concept! I keep getting very low score on ninja mcq. I'm trying to have a better understanding. It's like 1000 piece-puzzle I have no idea where to start!

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

[MaLoTu]

Just keep doing the MCQ that is how I originally felt with NFP. Focus on the funds and the statement presentation.

[Pony Boy]

I've heard it before, but now I am starting to experience it myself. Leading up to recently (last few days), FAR has been way over my head with the pure amount of information. I have been worried because of the sheer amount and different concepts to be tested on. I heard from others that sometimes it doesn't seem to all come together until late in the review and the days leading up to the exam. Thankfully, I am starting to get this feeling and sense that it's sort of starting to come together. Just a little hope/stress relief for others who are weeks/months away from taking FAR. Not saying I am fully ready for my exam on Thursday, but doing a solid review truly does bring it all together. Sorry for the long vent and good luck to all!

REG (02/2016)- PASS
BEC (04/2016)- PASS
FAR (06/2016)- PASS
AUD (08/2016)-

"Stay Gold, PonyBoy, Stay Gold"

[CPYay]

Need help understanding this Revaluation Method question for IFRS:

At the end of year 1, a company reduced its inventory cost from $100 to its net realizable value of $80. As of the end of year 2, the inventory was still on hand and its net realizable value increased to $150. Under IFRS, what journal entry should the company record for year 2 to properly report the inventory value?

A. Debit inventory for $20 and credit expense for $20.
B. Debit inventory for $70 and credit expense for $70.
C. Debit inventory for $70, credit retained earnings for $50, and credit expense for $20.
D. Debit inventory for $20, debit expense for $30, and credit retained earnings for $50.

Answers is A. I thought C because of the following:

Year 1 is Debit Loss $20 and Credit Inventory $20
Year 2 would increase inventory by $70 (from 80 to 150), then gain of $20 on I/S and an increase of OCI B/S of $50.

Why am I wrong and why is it A?? Is it because it says Re Earnings, which is incorrect, and no other answers say OCI, thus we can only do the JE for the $20?…

[So FAR So Good]

@austidan – IFRS only allows inventory recovery UP TO the point that was written off initially. While they don't specify where you book write-downs in the I/S, they do specify that recoveries are booked as reductions to COGS, so it would make sense that it's listed as Cr. Expense.

That's a really tricky question because it fools you into tossing out the word “revaluation,” which is more of a fixed asset concept. Hope this helps.

F - 91 (6/5/2016)
A - 7/30/2016
R - 10/8/2016
B - 12/10/2016

[So FAR So Good]

Well, that's it for me… I've officially hit the wall at 8pm before my first exam tomorrow at 1:30, and I'm feeling so completely dejected right now.

I was two weeks behind on my study plan and had to take this past week off to study. My first Becker final exam at the beginning of the week yielded mediocre results (73% avg on MCQ, 87% avg on Sims and blended avg of 77%) and, after a FULL week of review, I get virtually the same exact results in the second Becker final exam (72% avg on MCQ, 87% avg on Sims, blended avg of 77%). I can't even take away the positives from my results on the Sims because they were all stupidly easy. I finished each practice exam in just over two hours because of them.

The only good takeaway I have from these practice exams is that I'm apparently very honest with myself in terms of how I did on the MCQ. For each testlet, I flagged within 1-2 questions (in either direction) of the number that I eventually got wrong, so at least I'll have a good idea of how I'll do tomorrow once I leave the test center.

Here goes nothing… after this week, I'm feeling very humbled and fully expecting to have to take this section again. We'll see how tomorrow goes…

F - 91 (6/5/2016)
A - 7/30/2016
R - 10/8/2016
B - 12/10/2016

[Author]

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