[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

[AScott89]

You go @mtaylo! I wish I'd started going through the Gleim TB earlier. I could've gotten through all of them if I did, but I got to CH13 and decided to just start focusing on areas I'm a little iffy on.

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

[livealittle]

my FAR is tomorrow at 12:30. they called and said my seat was open as early as 11:30 if I want to come in early.

ug.

BEC - 8/8/16
REG - 66, 77
AUD - 81
FAR - 9/8/16

[AScott89]

I'd go in early just so I could get it over with.

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

[mtaylo24]

@emichelle2321. I'm probably not the best person to answer, but what I did with Reg was start picking off the Gleim sims by chapter during my final week. I did maybe 2-3 chapters per day, but only did the tax chapters, so like 9 chapters. With FAR, I'm going to try to do all of them, Gleim has 6 per chap. To answer your question, I will probably aim for 85%MCQ/15%Sims for the next 2 weeks.

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)

[Porma Fierles]

Hey does anyone know why in this question you only consider the current, not the noncurrent liability? Thank you.

The following information pertains to Spruce City's liability for claims and judgments:

Current liability at January 1, 20X1 $100,000
Claims paid during 20X1 800,000
Current liability at December 31, 20X1 140,000
Noncurrent liability at December 31, 20X1 200,000
What amount should Spruce report for 20X1 claims and judgments expenditures?

A.
$1,040,000

B.
$940,000

Correct C.
$840,000

D.
$800,000

[AScott89]

Nerves are starting to set in. I'm rewatching the government videos in Gleim and working questions. I am not scoring very well on these type of questions but I don't want to spend too much time on them and not get to look at other sections before I go to bed. My average score is now a 71%. *Pulls hair out in frustration*

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

[A1lessio]

Good luck tomorrow!

AUD (08/02/2016)

[AScott89]

Thanks. I'm feeling a little better about governmental. Haven't done anything in any other units today though.

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

[Teal]

@Porma – expenditures are current

FAR (66,68) Aug 26
REG (66) July 25
AUD (66) December 1st
BEC - October 3rd

[AScott89]

Well it's 5 am and my test is at 8:30. Just couldn't sleep so I'm gonna put in a little more study time before I have to leave.

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

[mckan514w]

Good Luck Ascott and livealittle!

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

[livealittle]

thanks! my seat is open an hour earlier than my test, so I am going to leave in about an hour.

AScott89 should be well into MCQ testlets by now. good luck AScott89.

I have been reviewing flashcards and looking over bond amortization for premium and discounts. I need to review consolidations CAR IN BIG again. Then, I'm off to see the wizard!

BEC - 8/8/16
REG - 66, 77
AUD - 81
FAR - 9/8/16

[AScott89]

Thanks everyone. I just finished like twenty minutes ago. I went through each testlet after I finished then moved on. Sims weren't crazy thank goodness. Now to settle in for that 10 day wait.

Good luck to livealittle

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

[mtaylo24]

Happy Monday

Question: 13 On January 1, Feld traded a delivery truck and paid $10,000 cash for a tow truck owned by Baker. The delivery truck had an original cost of $140,000, accumulated depreciation of $80,000, and an estimated fair value of $90,000. Feld estimated the fair value of Baker’s tow truck to be $100,000. The transaction had commercial substance. What amount of gain should be recognized by Feld?

A. $0
B. $3,000
C. $10,000
D. $30,000

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)

[emichelle2321]

Answer is D. $30,000 right?

Dr new asset $100K (90+cash given)
Dr Accum 80k
Cr Old asst $140k
Cr. Cash $10k
Cr Gain. $30k

[Author]

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