[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]

Oh I didn't even notice that it gave years for the engine and the seats haha

I always start losing my thinking ability about this time of night. Thanks!

Yeah I know the entry, I just thought that you decrease the value of the asset received and don't recognize any gain because you paid boot.

I'll probably understand this tomorrow morning haha

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

[Spartans92]

LMAO y'all having a FAR WAR! And to the LIFO question I actually got 1 on it.. Lots of GOVT and NFP I was happy to see them 🙂

BEC- PASS

[KJ]

Actually I like what Spartan always say do not second guess and go with your first instinct/choice. Every time I overthink the question, I get the answer wrong and turns out to be my first choice to be right.

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

[KJ]

That question I posted was from AICPA release (moderate).

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]

Lol a war???

We are all on the same side. the CPA side!

Kanwal,

I agree! I got a few questions wrong on MC today by second-guessing myself! Unless I am super positive that I need to change answers, I won't. There is something real about intuition haha

I am VERY OK with gov't and NFP haha

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

[Spartans92]

Haha Just3, I just find it funny y'all just went back and forth with the Q's. Good luck to you in 10 days! Time to tackle BEC tomorrow morning!

BEC- PASS

[ImCPA]

@Just3- To your question, when the boot paid is more than 25% of the fair value, ENTIRE GAIN is recognized by BOTH the parties.

So the entire gain of $1000 will be recognized by both the parties.

I also didn't understand this in the first time, but when I came across this question and few more, I read the 4 lines Becker has in its material on this one and understood not just the concept but also that they should have elaborated it more 😛

Hope this helps!

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

[mckan514w]

I wouldn't rule out dollar value or a retail value LIFO questions or even SIMs on the subject. Would also make sure you can construct/ know the format and JEs of Government Fund Statements and your IFRS rules and how to apply them. Seriously don't bank on the likelihood of something not being on there simply because you have heard “its not regularly tested” –its all eligible and all can show up in any tortuous format they please….

and just3 to add on to what IAM said- if boot is greater than 25% then it is considered a monetary transaction– i.e. one that has substance and is no longer a trade / swap of goods and should be treated how you would normally treat a sale of goods not one that lacks commercial substance….

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

[lolo]

Is spreadsheet useful pls leave a note on how could it possibly help?

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[Just3Letters]

Thanks Mckan and everyone,

I don't know how I missed the greater than 25% part! That was good review!

Sunshine,

I HIGHLY doubt I will even consider using the spreadsheet. It is so bad when you are an auditor used to excel…

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

[jeff]

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[mckan514w]

@sunshine- the spreadsheet is ABSOLUTELY THE MOST WORTHLESS PIECE OF CRAP I have ever seen

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

[Just3Letters]

Lol @ Mckan, keeping it real…

@Jeff… C= Property Dividend = Fair Value

@Everybody…. Ok, really stupid question I can't get out of my mind: Are construction Contract methods such as % of completion or completed contract principles or estimates? Sorry haha

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

[MaLoTu]

just3 – it has to be a principle because GAAP only allows use of completed contract under certain conditions and IFRS doesn't allow it at all. So, use of completed contract would most like end in an accounting error with retrospective application- RE adj. (<<ETA) and not prospective application. Does that make sense?

[Spartans92]

Mckan, I 2nd that never used it before on practice and on the real thing. Stock Dividend is the only one that makes sense. DR: RE
CR: Dividend Payable.

BEC- PASS

[Author]

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