[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for FAR.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

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

[afrieband16]

whoops sorry that posted twice haha

[mckan514w]

OMG thank you so much afrieband– contract vs transaction that makes perfect sense to me! thank you!!

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[emichelle2321]

Question for those that have taken FAR before or anyone really – How much time do I need to put into F10??? I want to dedicate the next couple weeks to straight reviewing and I've heard F10 is something that you can cut corners on but I don't want to screw myself. anyone?

[mckan514w]

@emichelle – I'm not sure what subject area F10 covers??? But personally I wouldn't skimp on any of it… I cut corners last go round on one or two topics that I gambled wouldn't be on there and well they were- in fact I would say my exam pretty much covered everything very thoroughly. I failed because I simply was not as prepared as I should have been. Why put yourself in that position because honestly studying for this again SUCKS WORSE than had I studied properly for it the first time!!!!

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[mtaylo24]

368 Unseen questions. Hoping to get it down to 150, which I will bang out tomorrow, then moving to “missed last time seen” questions. So I guess that should be 3 weeks of review, which includes the holiday! Keep on crackin!

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[mckan514w]

Rock on Mtaylo! I'm at 573 unseen- but boy am I unmotivated / having a hard time focusing today…. need to just grind it out but man…

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[MMAFEM]

Hi,
I am studying for FAR and dont have a strong accounting background, I am struggling with the gain/loss concept in journal entries. My understanding is that you credit a gain and debit a loss, but for things like Bond Retirement and Convertable bonds under FV method, gain is a debit and loss is a credit………what is the rule/logic behind gain and loss entries…..highly appreciate all the input.
thanks

[afrieband16]

@MMAFEM your understanding is correct. Gains are credited and losses are debited.

I'm not sure about the second part of the question because even in Bond Retirement and Conversion (market value method) gains are still credited and losses are debited.

Losses would be a credit and gains would be a debit in a situation where you need to reverse the gains or losses previously recorded.

I could be wrong but that is my understanding at least.

[AScott89]

Just took a practice test in Gleim and made a 77.24. Feeling a lot more confident. I just have to brush up on a few more topics like leases, statement of cash flows and investments.

BEC-65
AUD-72(8 '14); 68(11 '14)
FAR-
REG-

[mtaylo24]

@McKan514w Keep on going…we are going to kill it!

@mmafem I thought you debit loss and credit gain…can you post an example?

@Ascott89, Sounds like you're ready to kill this thing! Best of luck!

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[AScott89]

I am definitely ready to kill this thing. I've been studying since May if you count my first attempt.

BEC-65
AUD-72(8 '14); 68(11 '14)
FAR-
REG-

[mckan514w]

@mmafem I am in agreement with everyone else it is my understanding that you Debit Loss / Credit the gain so your entries would be

DR: Bonds Payable
DR: Loss

CR: Common Stock
CR APIC if applicable
CR Gain

WOO HOO @ascott go kill it for us- whens your test???

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[AScott89]

@mckan my test is on the 28th bright and early at 8 am. I'm hoping my second attempt goes a lot better than the first.

BEC-65
AUD-72(8 '14); 68(11 '14)
FAR-
REG-

[A1lessio]

Alright scheduled FAR for January 20th and BEC for March 10th and then hopefully I'll be a free man.

AUD (08/02/2016)

[MMAFEM]

@AFRIEBAND16, thanks for the help..
Please help with this question, its from Wiley sample Exam for FAR…

Warrants exercisable at $20 each to obtain 20,000 shares of c/s were outstanding during a period when the average and year-end market price of the c/s was $25. Application of the treasury stock method for the assumed exercise of these warrants in computing diluted EPS will increase the weighted average # of outstanding c/s by?

a. 8000
b. 8333
c. 2000
d. 1667

Wiley says the ans is A, my understanding is that 8000 is the number of stock bought back and 2000 would go to the denominator in EPS calculation.
what am i missing????? Plz help…

[Author]

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