[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

[lab2008]

1. What is the difference between recoverable amount and replacement cost? (current cost is lower of)

2. The amount of deferred gross profit relating to installment AR collections 12 months beyond the balance sheet date should be reported in the current asset section as a contra account. – Why is it current if it's greater than 12 months?

3 out of 4 passed and sitting for FAR on May 31. Will lose credit for Audit if I don't pass FAR by Aug 4. I love leases and bonds.

[mb0363]

Latwell – Thank you! To add to your notes I realized that regardless if it is an Equity item,

Investing: will use the words “buying”, “selling”, “purchase”

Financing: will use the words “issuing”

BEC - PASS
AUDIT - PASS
REG - PASS
FAR - PASS

[Anonymous]

Hey guys, I'm just got the Ninja MCQ for FAR and was wondering if there's a single category under the “Custom + Sims” tab which encompasses only IFRS questions. Does this functionality exist?

[Gabe]

@mb thanks!

@atlantic I was wondering the same thing…also, does anyone have the descriptions for all the FAR sims in Ninja?

CPA, CFE
CISA- Experience will be completed by August 2016

[Anonymous]

@Gabe – for the SIMS, from the main Dashboard, click on “Progress Report” (bottom left of the window) -> click on “Detailed Report” (top left of the window). Otherwise, Jeff posted this a couple months back: https://www.another71.com/cpa-exam-forum/topic/ninja-mcq-simulations-complete-topic-list-by-sim

[Gabe]

Thanks so much Atlantic! I knew there was a way I just couldn't remember how!

CPA, CFE
CISA- Experience will be completed by August 2016

[Pandarama]

@ lab –

“2. The amount of deferred gross profit relating to installment AR collections 12 months beyond the balance sheet date should be reported in the current asset section as a contra account. – Why is it current if it's greater than 12 months?”

The entire sale is included in the AR which includes the entire profit. The deferred gross profit needs to be a contra account so that it offsets the total gross profit recognized in AR.

Hope that helps!

BEC - 80
AUD - 64, 75 - credit lost, 90!!
REG - 73, 74, 83
FAR - 61, 72, 85

Feels good finishing on my best note. Time to watch the mailbox.

[Shubh06]

Dear All,

Which topics have major changes in FAR if I am planning to give exam in Feb 2015 and using wiley 2013 review material. I have wiley 2013 material,can I study using 2013 material. If the changes are not much I can lookup individually. I dont want to buy a new review material if there are no major changes and 2013 material can be used. I am too confused about this. Please help !!! Thanks

REG 78
BEC 75
AUD 84
FAR 82

[Future Ninja]

are they giving the PV in the actual exam?

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

[natausa]

Good Morning everyone!!! Can you please advise what to buy to pass AUD (books, video or audio, and etc.)????

Thank you!!!

[mb0363]

@future, I think it can go both ways. MC they will probably give it. Simulations Ive heard you will either have to find it using charts or they” be nice and give it.

BEC - PASS
AUDIT - PASS
REG - PASS
FAR - PASS

[Gabe]

Can anyone break this down for me? The answer is a bit confusing:

In the long-term liabilities section of its balance sheet at December 31, 20X1, Mene Co. reported a capital lease obligation of $75,000, net of current portion of $1,364. Payments of $9,000 were made on both January 2, 20X2, and January 2, 20X3. Mene's incremental borrowing rate on the date of the lease was 11% and the lessor's implicit rate, which was known to Mene, was 10%. In December 31, 20X2, balance sheet, what amount should Mene report as capital lease obligation, net of current portion?

A.

$66,000

B.

$73,500

C.

$73,636

D.

$74,250

Answer is B.

CPA, CFE
CISA- Experience will be completed by August 2016

[jstay]

Gabe, you have to add the 1,364 to 75,000 to get total liability. then on X2 they pay 9,000 of which 1,364 is for the lease and the rest is interest. so then we have 75,000 for total liability. then when we multiply is by 10% (lesser of the two rates!) we get 7,500. payments are 9,000 so subtract 7,500 from 9,000 and thats your current portion due on X3. its asking for net of current portion so take the 1,500 out and we're left with 73,500 total lease liability

[Gabe]

I guess I am just confused why you even bother with adding the 75,000 and the 1,364 if you're only using the $75,000. Is it just knowing that the 1,364 is interest, and therefore, not included in the calculation?

CPA, CFE
CISA- Experience will be completed by August 2016

[jstay]

yeah lol sorry idk why i wrote that, you dont really need it. just know that thats the current portion for X2 and you want the non current portion of X3 as of 12/31/X2.

one thing, the 1,364 is not interest thats the current liability. 9,000- 1,364 = 7,636. 7,636 is interest. so 75,000 x .10 would be 7,500 of interest thus making the 1500 the liability (current) and then subtract it from the 75,000 so that you get the 73,500

[Author]

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