[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

[marqzho]

Claudia

There is a separate formula in calculating the Ending BPO. If you look in the Roger text book, you will find that formula. I don't have it handy with me now.

REG 90
FAR 95
AUD 98
BEC 84

[Claudia408]

Why is my prepaid asset now a debit to OCI? how can someone help explain the JE and OCI for this?

At December 31, 20X5, after making all adjustments related to its defined benefit pension plan, but before recognizing any additional pension liability, Domir Co. has accumulated the following information:
It has prepaid pension expense on its balance sheet in the amount of $60,000.
The projected benefit obligation (PBO) is $595,000.
A cash contribution of $225,000 was made to the plan during the period.
Unfunded and unamortized prior service cost increased from $90,000 to $120,000
The fair value of plan assets is $580,000.
Ignoring any income tax effects, an entry, if required, to recognize an additional pension liability will have which of the following effects?

Answer: 595000-580000+60000= 75000 Debit to OCI

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

[Claudia408]

marqzho – Roger is the best for audit IMO and I saw lots of overlap on his IPQ with Ninja so it's def enough. Also, since you did so well on FAR it will help with the SIMs and so will the AL. Your MCQ score is good, and I'm sure you will knock out the SIMs.

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

[Claudia408]

marqzho – From the Roger Book for end of year PBO… OMG I was getting that mixed up with Pension Expense. They are almost the same except for Actuarial Gain for end of year PBO vs Actual Return for pension expense. OMG THESE DETAILS ARE GONNA BE THE DEATH OF ME!!!

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

[marqzho]

Claudia

What FAR topic would show up in AUD exam?

REG 90
FAR 95
AUD 98
BEC 84

[Spartans92]

Marqzho, expect some easy FAR topics like Adjusting JE. I/S impact effects from certain transactions. I would love to do AUD right now. So much easier.

BEC- PASS

[Just3Letters]

I'm going absolutely crazy staring at these mcq…

I don't know how much longer I can do it before I explode haha

I AM GOING CRAZY AND I HATE IT

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

[Spartans92]

Claudia for your Question if I recall the JE would be first DR the 60,000 as OCI and CR Pension Liability and then you have 15k more in underfunded then add that on. I could be wrong.

Just3, believe me I totally understand what is even worse is I'm already DONE! I dont know why I am putting this upon myself LOL. I HATE THESE EXAMS. I figured I didnt even do enough SIMS my first round so I am playing with those now. :/

BEC- PASS

[Spartans92]

These foreign exchange stuff is getting me heated

BEC- PASS

[Just3Letters]

Spartans,

I got this question wrong yesterday or the day before so I'm not completely sure but…

If you have a gain on a receivable, that means you got more dollars than expected… So the dollar appreciated against the yen… so you get more foreign currency units (yen)

if you have a loss on a payable… that means you paid more dollars than expected… which means the dollar depreciated against the franc… so the number of foreign currency units (francs) decreased

I think this is right?

Wait did you delete the question? haha

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

[Spartans92]

Haha sorry, yea.. I can repost lol.
Shore Co. records its transactions in U.S. dollars. A sale of goods resulted in a receivable denominated in Japanese yen, and a purchase of goods resulted in a payable denominated in French francs. Shore recorded a foreign exchange gain on collection of the receivable and an exchange loss on settlement of the payable. The exchange rates are expressed as so many units of foreign currency to one dollar. Did the number of foreign currency units exchangeable for a dollar increase or decrease between the contract and settlement dates?

The answer is Decrease for both. I just couldn't wrap my head around these. My logic was similar except I thought since there is a gain in yen your exchange rate must be lower in the dollar.. More yen for $1 so less valued. But the francs threw me off.

BEC- PASS

[Claudia408]

marqzho – without disclosing too much info about the exam, you will have to do adjusting JEs, effects of certain accounts, read a profile about the company and answer financial questions about it. you should def look at some audit SIMs so you know what kind of FAR questions will be on it.

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

[ImCPA]

Hello Everyone- I'm new to this blog and thus I might be posting a question which most of you must have already posted or discussed, thus looking for some guidance here..

I’m appearing for FAR (first attempt) on May 10, 2016. I’m using Becker and scoring average of 85% across material and 82-85% in Final review test. Am I prepared for the exam? Do I need to look into some other material like Wiley or so as well?

Also, on both the Final Review Test of Becker, I was able to work through all the Simulations and found them really easy (because I knew those concepts). However, for what so ever I have read across different blogs, seems the Simulations are tough and mostly take time to even determine what need to be done. Can some one help by letting me know how close Becker Simulations are to real exam? I don't want to get extra confident about simulations and looking for a reality check here..

Thanks!
Sarika

FAR - 85 (5/10/2016)
AUD - 89 (7/12/2016)
BEC - 9/07/2016
REG - TBD

[marqzho]

Claudia

Thanks for the advice. I'll start looking at SIMs tomorrow. I NEED AN END!!!!!

REG 90
FAR 95
AUD 98
BEC 84

[marqzho]

Sarika

85% with or without repeated question?

REG 90
FAR 95
AUD 98
BEC 84

[Author]

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