SO I know every test is different but does anyone have any insight on what has been heavily tested recently? I take the exam Monday and I need to narrow my focus….Thanks!
@ zkaraca2012 so when you are recording the net assets or CAR portion you don't need to list out every asset (land, receviables, etc.) or liability you can just either record the CAR portion or the net assets since they would be the same?
Thanks zkaraca2012, I was under the impression it would be a simple debit to Land, and credit to Cash. What if it says the old building had depreciation of 20, does that change anything?
hi everyone. im a new member and use Roger for Far. can i use an old wiley version? or i have to buy wiley TB 2014? does NINJA MC is similar to Wiley MC?
Hi! I am joining the study group and will be taking FAR (for a 5th time, yep) in November. Sims are my weak area, so I gotta make sure do the sims and JEs repeatedly. Last time, I did most of the sims and JEs, but I felt rushed. I will also begin tutoring someone in Intermediate Accounting, which should help me study too. I am ready to slay this mofo, let's do this!!
Found out I had a huge fail with FAR….55….Weaker on everything….. I was pretty sure I failed, but didn't expect to spend my summer studying to bomb it. I will for sure be back in here this quarter.
On July 1, 20X1, Ran County issued realty tax assessments for its fiscal year ending June 30, 20X2. On September 1, 20X1, Day Co. purchased a warehouse in Ran County. The purchase price was reduced by a credit for accrued realty taxes. Day did not record the entire year's real estate tax obligation, but instead recorded tax expenses at the end of each month by adjusting prepaid real estate taxes or real estate taxes payable, as appropriate. On November 1, 20X1, Day paid the first of two equal installments of $12,000 for realty taxes. What amount of this payment should Day have recorded as a debit to real estate taxes payable?
Backed to studying for FAR. I was so convinced I would pass it the second time to only be 9 points short. At this point I dont even really know where to begin. But to my defense I was terrible sick the day I sat for this exam but was still able to increase my score by 13 points. I guess I deserve a little pat on the back. Hoping to sit again beginning of October.
Hello to everyone returning for another round and welcome to the new folks. As others who are returning have indicated, I failed with a 66 because I was not prepared for the JE in the SIM section and did not spend enough time understanding the JE of the individual MCQ. Thanks to Gian for his insight and pep talk, that is appreciated by those of us returning for another round. Good luck to each of you in the 4th quarter.
Thanks for your advice, I was strong on most of my MCQ sections but weak on the SIMs. When you said you rewrote all of the JE's from your book, how did you go about doing that? Were you doing that while you were watching the lectures/reading? I have already gone through the entire book during my 1st prep. There isn't a section where it highlights all of the JE's together so it would be kind of silly to go back and flip through page by page just to find a JE. Can you let me know how you went about doing that?
@CPAHOPEFUL11, I've never seen a question about a depreciation on a building that is going to be knock down, which is eventually related to capitalization of a land. As you're not selling&going to use that property, FMV or net carrying value of the asset is not your concern. The only cost you look at is the money spent to get rid off it.
AUD 78 Lost Credit, retake after FAR rematch
BEC 83 (Expires 2015-02-28)
FAR 71 Failed (2014-09-09), retake in Q4'14
REG 80 (Expires 2015-11-30)
Cmoncpa, I wrote every single JE as I was going through the book. Do you plan on going through the book again? If so, this time do it by putting down every JE. Trust me, makes life so much easier by actually understanding the material and not just trying to memorize it.
Zkaraca, thanks I'm just going through every single hypothetical LOL.
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