[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]

@salring – study plan for my final week. continue knocking down mcqs. im very weak on Govt/NFP/income tax/IFRS vs GAAP. how about you? oh plus every night, I read Ninja Notes and keep listening to Ninja Audio while driving to and fro work.

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

[Future Ninja]

can someone help me on my previous question please.

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

[Future Ninja]

@ Determined CPA – this might be helpful: just align them to each other so you will see the difference.

Cost method:

1. TS

Cash

2. Cash

TS

APIC-TS

3. Cash (if resold below cost)

RE

TS

Par Value Method:

1. TS

APIC – CS

RE

cash

2. Cash

TS

APIC-CS

3. Cash

TS

APIC-CS

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

[Future Ninja]

the night is young and so am I. where's everyone? let's rise and grind guys.

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

[Determined CPA]

Im here! and thanks for your help!!

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[salring]

Ninja,

My strategy, do 120 MQ's everyday in the morning and in between the work day.

At night do SIMs and cover topics am poor in, right now am struggling with business combinations, I have to read the topics again. Which questions do you need help with?

[Mehwish]

@Future Ninja, that question looks really tough. I tried to do the JEs, but couldn't get past the first one.

I thought it was a discount, since market rate is greater than stated rate. But than it says they pay more than face value, so it might be a premium?

With IFRS, they do separate the Equity and Liability component of bonds with conversion feature. So Under GAAP, initially it would be $0, but for IFRS there would be an amount credited.

Anyways, I'd like to know the answers too.

[hudnetj]

@ninja what was your question?

BEC - 76
REG - 76
FAR - 77
AUD - 63, 89

DONE!!

CPA 3/15

[Gabe]

@future ninja- when are you sitting for FAR? What time zone are you in? After 10, I am pretty useless. As you can see from today, I am usually on during the day during lunch or when I have down time at work and can't figure out a question.

I sit next Saturday…currently working on problem areas and doing SIMS. Mostly Govt, NFP, bonds and foreign currency transaction gains/losses.

Is anyone using Ninja MCQs? What's your average score? Trending?

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

[Future Ninja]

I don't know if it's true but someone told me FAR exam has IFRS question like this ( not exactly this one but somewhat identical)

(IFRS vs GAAP) A comprehensive MCQ:

On January 2, Year 1, Gearty Company issued its 9%, 4 year convertible debt instrument with a face amount of $4,000,000 for $4,100,000. Interest is payable every December 31 of each year. The debt Instrument is convertible into 80,000 ordinary shares with a par value of $50. When the debt instruments were issued, the prevailing market rate of interest for similar debt without conversion option is 10%.

PV of 10% for an ordinary annuity of $1 = 3.170

PV of 10% for an annuity due = .683

On December 31, Year 2, 1/4 of the convertible debt instruments were retired for $1,000,000. Without the conversion option, the debt instrument can be retired at 97%.

Q1. On January Year 1, proceeds of equity component is?

a. 0

b. $226,800

c. $3,873,200

d.$4,100,00

Q2. BV of debt instrument as of December 31, year 2 is?

a. $3,873,200

b. $3,900,520

c. $3,930,572

d. $3,963,629

Q3. On retirement date, equity is?

a. $12,643

b. $ 26,700

c. $ 30,000

d. $ 56,700

Q4. On retirement date, gain or loss is?

a. $12,643

b. $ 26,700

c. $ 30,000

d. $ 56,700

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

[Gabe]

@Future where are they asking IFRS vs GAAP in that question?

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

[Future Ninja]

@Gabe – rescheduled to 21st 8am EST.

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

[Gabe]

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

[salring]

Ninja,

Here is my take and I could be wrong

Q2 4,000,000 X.683 = $2,732,000

4,000,000X9%= 360,000 X 3.176 = 1,141,200

2,732,000+1,141,200 = 3,873,200 – This will be the BV @12/31/Yr2 and the answer to Q2

Q1. I would consider the difference between the New BV and the issue price the equity

4,100,000 – 3,873,200 = 226,800

Am still thinking through Q3 & Q 4 and hope someone can give an input in this.

[hudnetj]

im actually about sign off for the night, ill take a look at it tomorrow, do you have the answers?

BEC - 76
REG - 76
FAR - 77
AUD - 63, 89

DONE!!

CPA 3/15

[Author]

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