[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

[Spartans92]

@mckan, are you using Ninja? Im getting started on that in a bit. Good Luck!

@incoming, dont lose hope. We never really understand how they are graded. Truth be told I got an 80% on the MCQ Audit portion in becker and my actual score turned out to be 65.. I didn't really practice SIMS got (Stronger and Weaker) on the breakdown. So that probably made the difference. Just be positive. Don't worry about the scores, they dont really have any value imo.

BEC- PASS

[Claudia408]

I think the average is the best indicator if you will pass, around 70+ and you have a good chance… but who really knows. this just seems impossible.

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[Spartans92]

I agree with you Claudia! Just try our best.. Hoping we can all pass this quarter!

BEC- PASS

[Spartans92]

FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which capital maintenance concept is applied to currently reported net income, and which is applied to comprehensive income?

Currently reported Comprehensive income
net income
a.
Financial capital Physical capital
b.
Financial capital Financial capital
c.
Physical capital Financial capital
d.
Physical capital Physical capital

You definitely need the AL for this type of question. Becker explanation was very confusing. Can anyone simplify what these two are? I dont recall learning in the lecture/reading. I basically thought financial capital has to be in Net Income and since net income is a component of Comprehensive Income it also includes financial capital. The Answer is B. This probably won't even be tested.. Im just stressing over these little conceptual questions.

BEC- PASS

[Incoming91]

Thanks y'all! I hope we can all pass as well. Going to keep cranking!

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

[mckan514w]

I'm actually getting dumber I don't even know how this is possible-

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]

Brutality at its finest!

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

[Incoming91]

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

[Claudia408]

mckan514w – me too

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[mckan514w]

Spartan this is something I actually just ended up memorizing- Roger didn't touch on it at all in his lectures (if he did I must have zoned out) and the first time I saw it was on a Ninja MCQ– essentially physical capital concept assumes a company makes money because it has physical assets like PPE- adjustments to the accounts are done through adjustments (such as depreciation)– so it does not flow through to the income statement or OCI…

Financial capital on the other hand assumes that a company has income because of assets and transactions (thats poorly put but you get the gist)- so the effects are reflected in the income statement thus Net Income and Comprehensive Income

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

[mckan514w]

Oh Claudia glad to know I'm not alone 🙂 but you still have at least two weeks to get smarter!!! 🙂 rate I'm going I might score the lowest ever on FAR… what is that BTW???

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

[marqzho]

Spartans92

This is one of the questions I will just skip and never look at it again.

It is not likely I will see a question on it. It is not likely I will remember what I tried to understand. And it is not likely if this, indeed, show up, I will fail the test because of it. So, move on and have a happy life 🙂

REG 90
FAR 95
AUD 98
BEC 84

[Spartans92]

Thanks mckan, that helps. Im on the same boat I feel dumb and incompetent studying for the CPA. The calculations questions are killing my confidence. I keep skipping to the short conceptual lmao

What do I do with losses that are infrequent but not unusual?? If they are extraordinary they are in Income from Continuing Ops..

BEC- PASS

[mckan514w]

If losses are infrequent OR unusual OR both they appear in income from continuing Ops… there is no longer an extraordinary line item in income statement-

Okay happy studying guys must go take my last final so I can get my masters (even if I do fail my CPA 🙂 )

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

[Spartans92]

HAHA thanks again Mckan. That was embarrassing, should have known!
Good luck with finals!

BEC- PASS

[Author]

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