[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

[Incoming91]

Need some opinions from my FAR peeps =)

So my test is scheduled for 4/20. This is my second attempt and I feel a million times better with the material than the first time through. However, I am just now getting to chapter 10. In terms of review, I would really only have monday and tuesday and then again those days would be occupied by the Becker final exams. My main reason for taking it 4/20 was because of the score release of 5/5. If I take it after, I'll have to wait until 5/24

What are your thoughts? Thanks everyone!

REG: 80
FAR: 78 (x2)
AUD: 6/10
BEC: 7/20

[Spartans92]

Incoming, I can tell you F10 is a bunch of little topics pulled together. I mean they include stuff from effective interest to derivatives to Notes payable/Receivable. The only section that really add value is the IFRS vs GAAP. So I am not sure if you really need to put all time to do that whole chapter. How ready do you feel? If you think another week may help push it back to first week of May and you would only wait for 3 weeks too. More study time shortens your wait time 🙂 But I would not even worry about waiting but more so about whether u think you would pass.

BEC- PASS

[Incoming91]

@Spartans92

Thanks spartan. I got 88 on my first progress test a few days ago which covered ch 1-8 (100 questions) and then 74 on my second (50 questions). Very true on not worrying about the waiting time, just sucks though lol. I feel like I won't be able to study for audit the entire wait time haha.

If I get 75+ on both Becker final exams then I'll take it

and then maybe ill try a practice test from Wiley

REG: 80
FAR: 78 (x2)
AUD: 6/10
BEC: 7/20

[Spartans92]

Thats a good score! I think your chances are high, anyways, best of luck!
My question if we enter into a future contract and we are given the exchange rate vs spot rate.. do we only use the spot rate at maturity? Better yet, when do we use each individual rate?

BEC- PASS

[Spartans92]

I am taking so much longer than needed..Really behind schedule. I am just reviewing F2 right now. 🙁 been skipping around here and there. Luckily, F6-F10 is fresh and have been doing Progress test on those. At this rate I only have 4-5 days to do comprehensive review.

BEC- PASS

[Incoming91]

Spartans92 – Thanks! Good luck to you as well!

I am weak on the exchange rate/spot rate so hopefully someone could shed some light on that topic.

how are you doing on progress tests?

REG: 80
FAR: 78 (x2)
AUD: 6/10
BEC: 7/20

[Just3Letters]

The City of Orange routinely collects refundable deposits in its water and sewage fund. Once a customer discontinues service and final bills are satisfied, deposts are refunded to the customer. Occasionally deposits are abandoned. The city is obligated to hold these monies for a statutory period and then either transmit them to the state or use them for purposes directed by the state. The city would most likely account for these abandoned funds in what governmental fund?

Correct answer: Private-Purpose fund

I chose the special revenue fund because the money is used for a designated purpose chosen by the state. Can somebody tell me why the answer is Private-purpose and maybe more importantly explain the difference between private-purpose and special revenue?

Thanks!

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

[mckan514w]

@incoming I'm kind of like Spartan (who I think is testing same date as me?) I am feeling very behind and wish I could push it out a week or two but heres my thing I thought about postponing but then that is going to screw with my reg date and quite honestly I'm sick of studying this – if I fail maybe a fresh set of eyes will help me… I think you keep it because your other scores are high trust your self and keep hitting this weekend what you think you are weak in this weekend and then practice test– YOU GOT THIS!!!!

@spartan I'm rogers not beck- but am going to have to rewatch the lecture as I'm so confused on pension— ugh

but for now I need food (and maybe a beer) I can feel my brain literally shutting down…..

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

[Incoming91]

@mckan514w Thanks for the advice and encouragement! You guys are awesome!

#FARfamily4LIFE haha

REG: 80
FAR: 78 (x2)
AUD: 6/10
BEC: 7/20

[KJ]

@ Claudia..thanks for bringing up Fed tax payments for Permanent difference.

FAR (exam) is not too FAR for me (5/28) and I feel I am behind. I am starting Consolidations, Unusual items, Hedging chapters now.

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

[Just3Letters]

Kanwal, you still have more than a month!

That sounds like a LOT of time to do thousands of MCQ and be as ready as possible!

I'm sure you got this!

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

[Just3Letters]

\

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

[Spartans92]

Haha. Incoming, I am ranging from the 60's-70's. I have done like 3 sets some same questions some are new so that may skew the results. My lowest score so far is like a 67% (sets of 30). Ill try and as mckan said I will just try my best and if I need retake Ill just love over it with fresh mind. Think at this point I am tired and just want to be done lol.

@just3 those are private purpose fund because if you recall private purpose includes escheat property. So the biggest key here is to determined what the abandoned funds are? As stated in the facts they are abandoned and then given to the state and the state determines its purposes. So this is by definition is escheat property and should be accounted for as Private purpose. Special revenue would be like forfeiture property like illegal drug money you confiscated during a house raid or something.

BEC- PASS

[Spartans92]

Mckan, I think roger is good at teaching I find him teaching the direct method cash flow was more effective than becker by doing the JE and I recall learning that in school. I don't think he has anything on Pension on youtube otherwise I wold watch it too especially for the JE.

BEC- PASS

[Just3Letters]

Thanks Spartans,

Another one:

On december 2 of the current year, Huff Corp. Recieved a condemnation award of $450,000 for the forced sale of land purchased five years earlier for $300,000. The gain was not reported as taxable income for the year ended December 31 because Huff elected to replace the land within the allowed replacement period for at least $450,000. Huff has an income tax rate of 25% for the current year, and an enacted rate of 30% for future years. There were no other temporary differences. The deferred tax liablity for this transaction should be:

A. 135,000
B. 45,000
C. 0
D. 37,500

I said 0 because I thought this was a deferred tax “asset”. I'm so confused. I usually just understand that if the “deduction” happens this year, it results in a DTL. If there is a future deduction, that is a DTA. Isn't there a future deduction because the income will be reported in the future?

Help!

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

[Author]

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