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March 18, 2016 at 4:43 am #200895
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May 10, 2016 at 8:33 pm #765126
patelhj1ParticipantJust3letters Depreciation and switching “to LIFO” is considered Change in Estimate (Prospectively). This is because it is impractical to calculate the cumulative effect.
BEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016Becker with Nonstop NINJA MCQ
Google most difficult professional examMay 10, 2016 at 8:45 pm #765127
Just3LettersParticipantWhat is an example of something that is a “Change in Principle inseparable from change in estimate”?
I know depreciation changes are prospective and are changes in estimates, I'm just confused about this other inseparable thing
FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBDMay 10, 2016 at 8:51 pm #765128
patelhj1ParticipantAt December 31, Year 2, Off-Line Co. changed its method of accounting for demo costs from writing off the costs over two years to expensing the costs immediately. Off-Line made the change in recognition of an increasing number of demos placed with customers that did not result in sales. Off-Line had deferred demo costs of $500,000 at December 31, Year 1, $300,000 of which were to be written off in Year 2 and the remainder in Year 3. Off-Line's income tax rate is 30%. In its Year 3 financial statements, what amount should Off-Line report as cumulative effect of change in accounting principle?
a. $500,000
b. $200,000
c. $0
d. $350,000Explanation: Correct C
A change in method of accounting for demo costs is a change in accounting principle inseparable from a change in estimate. When a change in accounting principle is considered inseparable from a change in estimate, the change is handled as a change in estimate- prospectively. No cumulative effect adjustments is madeBEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016Becker with Nonstop NINJA MCQ
Google most difficult professional examMay 10, 2016 at 8:56 pm #765129
Just3LettersParticipantAhhh thanks! That makes sense then!
I don't know how I got confused on such a simple concept haha
FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBDMay 10, 2016 at 8:58 pm #765130
patelhj1ParticipantAlso while on the this subject don't forget that switching from Cash basis accounting to Accrual accounting is NOT considered a change in Accounting Principle. It is a Correction of error. Correction of an error from prior period is reported as prior period adjustment to retained earnings
BEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016Becker with Nonstop NINJA MCQ
Google most difficult professional examMay 10, 2016 at 9:29 pm #765131
Just3LettersParticipantThanks Patel! You're helping me keep this chat room alive since everybody already left
In other news: I just did the recently released “Moderate” questions from Q1 2016 and got 24/25 correct. That was a mood booster for sure!
Too bad they don't stay moderate haha
FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBDMay 10, 2016 at 9:33 pm #765132
patelhj1ParticipantNICE!!! Really good sign!!! I need to make sure to glance them before my test date
I just started me review today I'm trying to knock on F1 (becker) today. My test is scheduled on May 25 how about you?
BEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016Becker with Nonstop NINJA MCQ
Google most difficult professional examMay 10, 2016 at 9:47 pm #765133
marqzhoParticipantJust3Letters
you are in good shape ! I'm sure you can pass the test.
REG 90
FAR 95
AUD 98
BEC 84May 10, 2016 at 10:57 pm #765134
MaLoTuParticipantJust3 – You are going to do fine! Don't forget to watch for dates, like partial year calculations 😉
May 10, 2016 at 11:08 pm #765135
Spartans92ParticipantJust3, I think you are just getting nervous (test anxiety). Sounds like you're in a good shape!
BEC- PASS
May 10, 2016 at 11:14 pm #765136
KJParticipantPatel & Just3,
It depends if I fail FAR then I am going to retake in July and try to knockout AUD in 5-6 weeks by August. Maybe REG in September and BEC by November if everything goes smooth. If I keep failing, I might quit :-(…
FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein
May 10, 2016 at 11:29 pm #765137
KJParticipantJoking about quitting..but I feel 5-6 weeks should be good amount of time for studying for each section, even though (I work full-time and have family w/2 kids) is not going to be easy but makes more sense to give it early (tend to forget material studied earlier at the beginning of the course) shot rather than stretching it for too long. I feel like I forgot half of FAR material already.
Just3
I got 19/22 on the moderate questions minus 3 NFP questions (have not studied that yet). Starting NFP today (back to studying after 5 days..WOW 5 days no study, can't believe it)
FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein
May 10, 2016 at 11:40 pm #765138
ImCPAParticipantHello Everyone.. Here is my FAR test experience..
This was my first test ever at Prometric, so I wasn't sure what to expect. Even after you read about the procedures you will be made to follow, you do feel unsure, right? But everything went well and I was done with Biometric and all in 15 minutes of reaching the test center and started my test 10 min before my scheduled test appointment (I didn't want to delay it either!)
1st testlet- was a cream walk, I hardly marked 2 or max 3 questions. Not calculation intensive but easy conceptual questions. I completed the testlet in 40 mins.
2nd testlet- The difficulty level increased and I must have marked at least 6 questions, if I remember correctly. Two were definitely out of no where. In my entire study material of FAR, I don't remember reading about those concepts or even the phrase of the question. I completed the testlet in 50 mins.
3rd teslet, darn.. this one bumped me.. I ended up marking 6-7 again but this time I wasn't sure on any of them and must have guessed on 4 at least. Again, I was not familiar with three of them and others I couldn't concentrate enough to solve them through the details. I think I tried my best to survive there..
SIMULATIONS: The most dreadful part of the exam! I don't believe it anymore. I would differ from most of the reviews I've read here and on other groups.
I entered in Simulations with 1 hour 25 minutes left on the clock. I thought that all of them were pretty much doable except one (one has to be like that). Like they say, simulations were JE focused, but pretty much doable. One which was tough, was doable too, but with the amount of information available in resources and scrolls through the screen, it was a time consuming one.
In a nut shell- I would say Simulations is not something always out of the box and difficult questions, they are pretty much doable if you leave yourself 1 hour 30 minutes or plus. I missed on just one simulation (it was too lengthy) and for the rest I think I must have done 50% right on each simulation.Advice/Tips: When you practice Simulations, try and set your laptop display settings to Large size, to make your navigation through SIMS difficult. Yes, you heard me right. This will help you be better prepared, as in exam it just fits to the big desktop screen and when you use split horizontal, it makes it worse (i believe). So what happens is, you already consider SIMS as difficult part of exam, and in exam you just freak out looking at so much of textual information. Scrolling through screens just adds to the stress. You see a very scattered picture of Simulation.. and then scroll up, down, up and down again. This is one point I mentioned in my feedback towards the end. I suggested may be having some feature like zoom in and zoom out, so that you can refer to say two screens in split screen at same time and not scroll much..
In the end, I'm happy I'm done with this. I think I did fair, but need to see what NASBA has to say on May 24 😛
Good luck everyone!
FAR - 85 (5/10/2016)
AUD - 89 (7/12/2016)
BEC - 9/07/2016
REG - TBDMay 11, 2016 at 12:14 am #765139
ZyxParticipantSpartans92, thanks for explaining that. That was I was confused on.
So for estimated percentage of uncollectable allowance, how can we close uncollectable account at year end? If we received unexpected payments during the year that we DB cash and CR AR meaning uncollectable account is unadjusted. The amount we booked at the beginning will be the same as ending if there is no additional uncollectable allowance?REG: 77 x2
BEC: 81 x3
FAR: 68 retake 10/1
AUD: 8/27May 11, 2016 at 12:22 am #765140
MaLoTuParticipantzyx … do you have a question we can use for reference? I am working on the same thing … do you use the T-chart? I find that the easiest way to do allowance questions, but may not apply to what you are asking.
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