[jeff]

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!

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

[nosleep135]

@anothercpa23

Hardest: 2, 6, 10

Easiest: 1, 3, 4

The rest are okay

[DMoneyBags]

Hey Gang,

I'm scheduled to take FAR Nov. 24th and just finished Chapter 2 of the Becker Self-Review.

I'm having trouble putting together Foreign Currency Accounting and differentiating Translation and Remeasurement. Does anybody have any tips on this topic?

FAR - MAY 2015 PASSED
AUD - NOV 2015 PASSED
BEC - JUNE 2016 PASSED
REG - SEPT 2016

[zkaraca2012]

@DMoney, translation (translate from functional to reporting currency) and remeasurement (translate the currency and also check local GAAP – head office GAAP) are similar, however, the outcome (gain/loss) of each will hit different locations:

Translation – Other comprehensive income (“F” of PUFER) – and out of 3 foreign exchange measurements (translation, transaction, remeasurement) this is the only one that hits the OCI

Remeasurement – Income statement

The question usually tells you whether it is a translation or remeasurement, and asks you where the outcome will be recorded at. Hope this helps.

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)

[Anonymous]

Zkaraca, how much do you practice the simulations before the exam? Unlike my other attempts, I'm going to go through every single simulation in the book three times before the exam along with doing every simulation in the WTB+Ninja MCQ.

[zkaraca2012]

Right now I'm following this route: Module (Wiley book) -> Write down and understand the journal entries -> Do the simulations and finish with a 50 MCQ test. I'm trying not to put a quotation on the number of simulations as I feel like I will start breezing through the material without understanding it 100%, which lead me to my downfall 2 weeks ago.

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)

[Anonymous]

Good idea, I just always overlook the simulations part for every test just hoping to get easy ones. Not anymore though, I'm going through every simulation in the book and the ones that give me trouble or are good practice, I mark it down and will look over them again during my final review.

[zkaraca2012]

I have a question on the percentage of completion contracts. Let's say, the contract has a 2 year term and each year the project had a loss.

Since the 2nd year loss calculation includes the 1st year's already recorded costs (Cumulative cost > contract price), do we deduct the 1st year's loss when we're recording the j/e?

I know you just don't roll forward any loss and record in the year that it occurred.. But it just sounds like double accounting to me.

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)

[Anonymous]

I believe so but will get to that section tomorrow.

[ShmeePA]

Becker: Studying F2 today and really struggling. Is anyone else in the same boat?

BEC-84
FAR-86
AUD-87
REG-79

[Anonymous]

@ShmeePA just did F2 yesterday, that first 110 question section was terrible. I got like a 55% on it. Just gotta power through it though.

[Ssbknyc]

Hey everyone, just got through the first two chapters of FAR and see a good amount of IFRS. Do you all think IFRS is something we should focus on or just read once through?

Done 08/2014-08/2015

[zkaraca2012]

@CPAHOPEFUL and others who are interested in journal entries:

How do you post the journal entry for loss? Becker doesn't have anything, Wiley has the most complicated j/e so I can't grab the logic behind it.

It looks like when there is loss:

DR: Construction expense (plug)

CR: Construction in progress (loss) $ loss

CR: Construction revenue $ contract price x GP %

I'm not quite sure though.. So please feel free to respond.

Also, you're deducting the previously recognized loss so my previous post can be dismissed 🙂

Thanks!

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)

[Anonymous]

Hello everybody, first time posting in one of these threads (and I'm sure it won't be the last ^_^)

Question from Ninja MCQ:

Black Co. requires advance payments with special orders for machinery constructed to customer specifications. These advances are nonrefundable. Information for 20X1 is as follows:

Customer advances balance December 31, 20X0 $118,000

Advances received with orders in 20X1 184,000

Advances applied to orders shipped in 20X1 164,000

Advances applicable to orders canceled in 20X1 50,000

In Black's December 31, 20X1, balance sheet, what amount should be reported as a current liability for advances from customers?

---

Answer is $88,000.

Pretty basic arithmetic wise. The only thing I'm wondering about is shouldn't the $50,000 for advances applicable to orders canceled not be subtracted from the year-end amoung since the advances are non-refundable? Just starting out BTW so I apologize if some of the questions I post seem like easy ones. Thanks.

[DMoneyBags]

@zkaraca2012

Thanks! I guess the part that I'm having trouble putting together is memorizing which rates to use (i.e. historical, weighted avg., and current rates).

FAR - MAY 2015 PASSED
AUD - NOV 2015 PASSED
BEC - JUNE 2016 PASSED
REG - SEPT 2016

[Anonymous]

Zkaraca, I totally knew all the CIP entries when I went over them two weeks ago and now forgot them all LOL. I'll be going over that section tomorrow, but why is loss not debited?

[Author]

Replies