[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

[Just3Letters]

God I hate this part of the day. I get so burnt out. What type of studying are you guys doing other than MC?

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

[marqzho]

Just3Letters

75% average is well well well prepared if you are working on unseen questions.

REG 90
FAR 95
AUD 98
BEC 84

[kdawgroadtoCPA]

Hi guys! So… I failed FAR with a 73… took me awhile to recover.. Anyways, I think I'm ready to tackle it again. A few quick questions:

-How much time should I allocate to studying since this is a retake? I have my NTS but haven't picked a day to retake it yet..
-What strategy should I use? (rewatch lectures? reread the text? just do a bunch of practice problems? all of the above?)
-Any other study tips for retakers?

The first time around, I just watched all the lectures and did the problems 1-2 times..

(I use Roger CPA Review)

BEC
REG
AUD 4/26/16
FAR 1/26/16 - 73... kill me

"What doesn't kill you only makes you stronger" unless it does kills me...

[marqzho]

did the problem 1-2 times….. do you mean that 1xxx question in IPQ or the 10-15 questions behind each chapter?

REG 90
FAR 95
AUD 98
BEC 84

[kdawgroadtoCPA]

@marqzho i did all the mcq/sims/class and study questions 1-2 times each the first time I studied.

BEC
REG
AUD 4/26/16
FAR 1/26/16 - 73... kill me

"What doesn't kill you only makes you stronger" unless it does kills me...

[Just3Letters]

Kdawg,

How long did you study for? Was it a condensed time window or did you take a couple months?

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

[marqzho]

kdawgroadtoCPA

Consider getting a Ninja or WTB.

REG 90
FAR 95
AUD 98
BEC 84

[Just3Letters]

OK, the only topic that has completely evaded my understanding is dollar value lifo…

Can somebody give me a rundown of the steps to compute dollar value life at any given year?

I can't copy questions off Becker unfortunately

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

[marqzho]

Just3Letters

https://www.youtube.com/watch?v=wV9B0Mw00zo.

I recommend you to check this video out. Excellent explanation in dollar value LIFO.

REG 90
FAR 95
AUD 98
BEC 84

[KJ]

$ Value LIFO = Inventory at base-year prices x conversion price Index

Conversion Price Index = Ending Inv. at end of year prices/Ending Inv. at base-year prices.

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]

Just3Letters; hope this will be helpful.

step 1; compute inventory at base year price by dividing inventory at year end price by price index
*sometime they give you the year-end and base year prices and expect you to compute the index.
step 2; apply the inventory at base year price to each year. I don't know how to explain it but I think you can imagine a small table that you can compute inventory layers.
step3; take the summary of the layer of each year and multiply by the index. It will give you the total amount of LIFO.
step4; the difference between FIFO and LIFO is the LIFO reserve.

Is there something like this appear in sim? I'm still doing mcq, have not gotten to sim yet so I have no idea what sim will be like.

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

[Just3Letters]

Thanks everyone!

Zyx, I didn't see a SIM revolving around dollar value lifo but I didn't do all the sims

Marqzho, that video was great! Thanks!

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

[Claudia408]

Here's a dumb question – I got the answer correct but occurred to me that I didn't weight these shares (March & June) for the months they are outstanding. Why?

An entity authorized 500,000 shares of common stock. At January 1, year 2, the entity had 110,000 shares of common stock issued and 100,000 shares of common stock outstanding. The entity had the following transactions in year 2:

March 1 Issued 15,000 shares of common stock
June 1 Resold 2,500 shares of treasury stock
September 1 Completed a 2-for-1 common stock split

What is the total number of shares of common stock that the entity has outstanding at the end of year 2?
Answer: 235,000

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

[Spartans92]

Claudia, you don't use the WACSO for this question because that only applies to basic eps. We are not working on eps in the question it simply asks for the outstanding shares. I understand those little details can cause confusion especially with all the material there are. Like expense vs capitalize, always gets me thinking

BEC- PASS

[Spartans92]

Studying ft may sound like I should pass these but honestly I am only studying about 4 hours a day due to other obligations and classes still.. got 4 weeks left with them 🙁 I just hope to finish all by end of year so i can relax after work. I don't mind studying while working but it gonna suck during tax season

BEC- PASS

[Author]

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