[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

[Future Ninja]

where can I find the complete set of statements of financial accounting standards?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Anonymous]

Test is a week from today… anyone have any tips on how to approach studying for SIMS during this time? I've heard all the horror stories of getting SIMS that are completely out of left field. Is there any way to prepare for this outside of the normal studying you would do for the MCQs?

[rbozung]

I am obviously missing something when items recognized in OCI are combined with hedging instruments. Can someone explain this in a simplified way? Answer is C and they mention that this is for speculative purposes. Not sure how you can assume that from the question. Also, I thought unrealized G/L for AFS goes to OCI. When you hedge this type of security with a FV hedge, does it lose this treatment? Does the ineffective portion go to OCI since the effective portion is using a FV hedge instead of a cash flow hedge? I am lost….

Tramco has an investment classified as available-for-sale, which is denominated in 80,000 units of a foreign currency. In order to hedge its investment, Tramco acquired a forward exchange contract for 100,000 units of the foreign currency in which its investment is denominated. During the year, the value of the investment decreased $9,000, and the value of the forward contract increased by $10,000. For the year, how will Tramco recognize in its financial statements the decrease in the value of the investment and the increase in the value of the forward contract that occurred during the year?

Investment Decrease Forward Contract Increase

A. Other Comprehensive Income Other Comprehensive Income

B. Other Comprehensive Income Net Income

C. Net Income Net Income

D. Net Income Other Comprehensive Income

BEC - Passed
AUD - Passed
FAR - 10/28/14 (waiting results)
REG - Passed

[kazlotec]

Hello Everyone! I am in extreme study mode for my FAR exam on Friday :/. I am currently going through F-5 in the Becker material and I am not sure if it is just from so much studying or just from completely looking too much into this example but I am in need of help. In F-5 on page 10, there is an example of an ordinary annuity lease of equipment and I have NO CLUE how they are finding the PV cost with the given information. They give: FV of the equipment: $3,500 Lease payments: $1,000 per year due annually on Dec 31 Lease term:4 years Asset Life: 10 years I understand everything but how they are calculating the PV cost of each of the $1000 payments for 4 years :/ I know this probably isn't a huge matter to look into but it is bothering me. Any help would be greatly appreciated!

[Juliemiddle]

@rbo – For the last week before my exam…

->I did all the Diagnostic exams in CPAExcel and identified my weak spots

->Re-read all the Govt. lessons (I was having problems with Govt. acct. in general) it, and made a chart of must-knows by fund. I recommend this and review CAFR info, btw.

->Starting on Friday, I started re-typing all my notes again. Basically, to get a fresh read on everything right before the exam. By Saturday, I was running out of time, so I just made sure to re-type the weak spots from the Diagnostic exams.

->Took a mock CPA exam on Sunday, and made note of any topics I was still answering wrong. Hit up those topics, reviewed my flash cards and Govt. charts I made. Tried to “wind down” the nite by listening to Ninja Audio.

->Tried to sleep 7 hrs. the nite before my exam 🙂

AUD: 84 - Oct. 2013
BEC: 83 - Feb. 2014
REG: 91 - May, 2014
FAR: 68, 96 - Oct. 2014...DONE

CPAExcel, Ninja Audio (all sections)

[rbozung]

Julie. I bet you did great. Especially if you focused on Govt and that is where you fell short last time (I did the same thing. Govt and NFP = why I did not pass).

By “diagnostic exams” do you mean the EQ and TBS tutor” and by “mock cpa exam” you mean the “simulated CPA exam”? Just trying to follow in CPA excel. If so, that is what I do too. I try to do 2-4 full simulated exams before exam day (depending on the section).

Good luck (and I am sure, congrats!) 🙂

BEC - Passed
AUD - Passed
FAR - 10/28/14 (waiting results)
REG - Passed

[rbozung]

Kazlotek, if you give the full question, I may be able to help you (I am using CPA excel, not Becker).

BEC - Passed
AUD - Passed
FAR - 10/28/14 (waiting results)
REG - Passed

[rbozung]

Hey. I asked this question once before. I was wondering if anyone uses Becker and knows what Becker says to use when declaring and distributing a stock dividend (MP at declaration or issuance?). I figure if both CPA excel and Becker say to use one way, then I will remember that… Apparently authorities debate which to use.

BEC - Passed
AUD - Passed
FAR - 10/28/14 (waiting results)
REG - Passed

[rbozung]

I am not following why, in the below question, we do not have a DTA of $6k and DTL of $4.8k ($16k x .30). If tax is using an accelerated rate and book is using straight line for depreciation, that means tax is deducting more expense in the first years of the asset life, resulting in lower income taxes and future higher taxes (deferred tax liability). Anyone? I have the concept down, but the wording is tripping me up on this one.

Question #16 (AICPA.900528FAR-P1-FA)

Tell Corp.'s 2005 income statement had pre-tax financial income of $38,000 in its first year of operations. Tell uses an accelerated cost-recovery method on its tax return and straight-line depreciation for financial reporting.

The differences between the book and tax deductions for depreciation over the five-year life of the assets acquired in 2005, and the enacted tax rates for 2005 to 2009 are as follows:

Book over (under) tax Tax rates

2005 $(8,000) 35%

2006 $(13,000) 30%

2007 $(3,000) 30%

2008 $10,000 25%

2009 $14,000 25%

There are no other temporary differences. Tell elected early application of FASB Statement No. 109, Accounting for Income Taxes. In Tell's December 31, 2005 balance sheet, the gross non-current deferred income tax liability and the income taxes currently payable should be.

Answer: $6,000 for Gross deferred liability and $10,500 for Income taxes currently payable.

BEC - Passed
AUD - Passed
FAR - 10/28/14 (waiting results)
REG - Passed

[hkhalil1]

Hey guys I need some self esteem boosting please. I've managed to knocked 3 out 4 exams (BEC & REG on first try with an 80 & 90) and audit on a second try (did a quick refresher and got 77). I have FAR end of November and REG which expires next February. so I have 2 shots to take FAR. I'm not able to do my normal study routine that's worked in the past because silly me I decided to add on two masters courses this fall along with my full time job managing two cpa offices for my firm. I'll be done with the FAR material by the end of this month and have all of November to review, and that's basically 3 weeks days and both weekend days. The other days I'm out of the house by 6am and not home till 10pm between school and work. I've been sneaking off at the office to study, but I'm getting very discouraged with my retention issues. A buddy of mine came over this weekend for a few hours and we did some simulated questions and with each question I think “Darn I know this, I just did an entire section on it and crushed the questions, why can't I remember how to do this?”. Am I just being paranoid and the review I'll do in November will help me refresh everything or am in trouble for not reviewing as I go (which I've never done).?

REG - 90 (8/13)
BEC - 80 (12/13
AUD - 63 (10/13), 77 (5/14)
FAR - 78 (11/14)

[moreinfo2013]

@hkhalil1

Don't underestimate FAR. It's a lot of material to keep straight. It is great that you have a good 3 weeks for review. That time will bring together a lot of the material you have studied. I would even suggest to try to take the week before your exam off — if that is even an option. You want to do your best to pass this one in November. Next window you'll have the added pressure of the REG expiring as well…which most of the time is not very helpful considering the elevated level of stress.

Based on your past experience, you definitely have what it takes to get this done. Obviously you can do it. Keep reminding yourself that. But at the same time, study hard. There is a reason why we all call FAR exam “the beast”.

[Anonymous]

CPA 2014.0 – FAR

Foreign Currency Transactions and Translation, Question # 897

The following information pertains to Flint Co.'s sale of 10,000 foreign currency units under a forward contract dated November 1, 20X1, for delivery on January 31, 20X2:

11/01/X1 12/31/X1

---

---

Spot rates $0.80 $0.83

30-day future rates 0.79 0.82

90-day future rates 0.78 0.81

Flint entered into the forward contract in order to speculate in the foreign currency. In Flint's income statement for the year ended December 31, 20X1, what amount of loss should be reported from this forward contract?

A.

$400

B.

$300

C.

$200

D.

$0

[Future Ninja]

who's taking far this week?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Anonymous]

This have been a long journey. I haven't finish chapter 5 and I am scheduled for November 30. I'm thinking I should postpone the exam for Februrary. My first exam expires in July 30 2015. I'm sooooo tired and I forgot everything. I don't know if is because is my last exam or this is the harder/longer. this exam is a never ending journey. :(((( The other ones were hard and boring but this one I just don't get it.

[Future Ninja]

anyone please help:

Before year 2, Droit Co. used the cash basis of accounting. As of December 31, year 2, Droit changed to the accrual basis. Droit cannot determine the beginning balance of supplies inventory. What is the effect of Droit’s inability to determine beginning supplies inventory on its year 2 accrual basis net income and December 31, year 2 accrual-basis owners’ equity?

Year 2 Net income 12/31/Y2 Owners' equity

Yes Yes

Yes No

No Yes

No No

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Author]

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