[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]

Sounds like you got this Just3!

BEC- PASS

[Just3Letters]

Lol I hope so!

It took me a good three minutes just staring at those numbers until I realized what I had to do!

I love how this message board makes me think of problems that I haven't done in a while! keeps everything fresh

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

[Claudia408]

Just3 – thank you, makes sense! i knew that weeks ago and forgot! OMG!!!

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

[Spartans92]

Haha I agree. I had no idea what to do, hence, didnt make a response. Until I saw your solutions I went “that sounds familiar” LOL

BEC- PASS

[mckan514w]

Spartan- GOOD LUCK tomorrow- mines at 12:30 — I will think of you as I leave the test center and crack open my first of MANY beers– hope to see you in the reg forum starting next week…. (is it wrong to say that after FAR I am actually looking forward to Reg???)

I'm about 24 hours out guys- figure today this morning I will hit Govt. and Pensions like there is no tomorrow (oh that's kind of funny 🙂 )– and then take my final practice test….. Good luck to everyone– I have a bad feeling that I will be back in this forum third or fourth quarter but I truly hope that I don't see any of you guys back in here with me… You all have truly kept me semi sane!!!!

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

[Lidis]

Hello, I need help on this questions
A company reported the following financial information:

Taxable income for current year
$120,000

Deferred income tax liability, beginning of year
50,000

Deferred income tax liability, end of year
55,000

Deferred income tax asset, beginning of year
10,000

Deferred income tax asset, end of year 16,000

Current and future years’ tax rate
35%

The current-year’s income tax expense is what amount?
$41,000
$42,000
$43,000
$53,000

Why the answer is $41, 000 and not $42,000?
120,000* 35% = 42,000

[marqzho]

mckan514w Spartans92

GOOD LUCK TO YOU GUYS!

REG 90
FAR 95
AUD 98
BEC 84

[Claudia408]

Spartans92 & mckan514w – good luck, let us know your thoughts after the exam!

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

[Anonymous]

42000 is your current tax liability. you need to add/subtract the temporary differences to get your current year's total income tax expense. it's not just asking for the current portion, but the total expense of the current year.

so
42000 current tax liability
+ 5000 deferred tax liability for the year
– 6000 deferred tax asset for the year
= 410000 income tax expense

[Spartans92]

Thanks Everyone! Very nice of you Mckan 🙂 Hope none of us will be back here in the next Quarter. Best of luck all!

BEC- PASS

[Claudia408]

@Dr Cash A Milli – thanks that is kinda tricky!!!

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

[marqzho]

Spartans92

you can always be here after you pass. like me LOL.

FAR is so fun 🙂

REG 90
FAR 95
AUD 98
BEC 84

[Claudia408]

@marqzho – OMG you're totally nuts, lol… how can your FAR knowledge somehow get into my head through some crazy osmosis??

anyhoo, do you think Roger's questions are easier than Wiley???

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

[marqzho]

One reason I'd like to hang around here is because my memory sucks 🙂 I always hate myself I keep forgetting what I learnt in the past. I can't remember one single thing in college lecture. If I go into the REG study group today, I hate I can't answer even one question there. I put hundred of hours in studying, I don't want my knowledge go away with passing the exam. That's why I want to stay here a bit longer, make my memory solid. PLUS , AUD study group is boring …….only 4 pages since Q2:|

I don't think Roger's questions are easier than Wiley. They are at the same level of difficulty. I think Roger's IPQ are more focus on what you need to get a pass.

REG 90
FAR 95
AUD 98
BEC 84

[mckan514w]

Well I for one am thankful you have a sucky memory marqzho!!! ha ha ha ha… Thanks for the well wishes guys (and any time Spartan- might even drink two to cheer ya on 🙂 ).

This may be a question for the general board but thought I'd throw it out here first… I for some odd reason seem to be doing so much better on SIMS than MCQ's- I am really really worried about my time tomorrow… so hypothetically If I notice that I am getting “lowish” on time- say like within an hour and I am still in teslet three should I speed through to concentrate on the SIMS or will it be better just to finish up all of the MCQ's best I can and then take the SIMS as I have time for them…

I mean I am hoping I will have enough time not to have to worry about making a decision like this but…

Did that even make sense??? my brain is fried 🙂

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

[Author]

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