[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]

Let me see if I can explain this for you @emichelle. Ok so when you have significant influence, 20% to 50%, ownership, you use the equity method. Now when your investee has income you take your share based on the ownership % you have. This amount increases your investment. If they paid out dividends then your share of those dividends decreases the amount you have invested in them. It isn't actually income, if it's common stock. Now it is income when it's preferred stock. But if it's common and under the equity method, the dividends aren't income, they just reduce your investment in the investee.

Now if it's accounted for under the cost method, less than 20% ownership, then the dividends are income.

Is this helpful?

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

[Spartans92]

Mckan!!! Im back in here. Hopefully it will be my last time with FAR and my last exam overall. I know your exam date is slowly approaching. Best of luck to you as you enter into your review phase. 🙂

BEC- PASS

[Teal]

@A1lessio I seem to recall that you report APIC – warrants at FMV, so they would be $4 FMV*50 detachable warrants*$1,000 bonds

Did that answer it, or was there more to the question?

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

[A1lessio]

Teal – Yes thank you! I noticed that when I did a few more questions. I scored 36% on 60 bond mcqs, may have to spend a few more days on the topic….

AUD (08/02/2016)

[livealittle]

ok, so took my exam today.

some things were super easy, like name the 4 parts of the CPA exam, and some were so hard I wasn't even sure what they were asking me.

the sims were ok and I did have a DRS sim. it was laid out just like my review course as far as format, so I left that one for last and was able to get it done with some time to spare. I didn't feel as rushed as I did last time I took it.

praying for at least a 75.

thanks for the good lucks thrown my way.

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

[mtaylo24]

4,615 Ninjas down and exactly halfway through the Gleim questions! When am i supposed to feel ready though? 😂😂😂😂

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]

Ugh you have done so many more questions than me and I take the test a day before you…I'm feeling so overwhelmed right now and so scared for the sims. Just had to vent…

[mckan514w]

Welcome back to Hell Spartan ha ha ha ha!!! 🙂 Good to see you back in here.

@livealittle- sounds like you did great! Especially if you think you nailed the SIMS! Fingers crossed for you and thanks for the update! sad thing is my brain is so fried right now when I read your “name the 4 parts of the CPA exam” i went totally blank and was like “huh what??? I haven't studied that yet!!!” ha ha ha ha…

MTaylo you are kicking butt!! As of last night I hit the review phase in Ninja attempting 3,050 questions… now the plan is to start going back through and throwing some SIMS into the mix… @emichelle I am right there with you I am feeling very overwhelmed and underprepared… Its going to be a long week and half…

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]

Don't mind me at all! @McKan514w, look at it this way, I had to do almost 1000 more questions than you to hit review, so you have to be doing something right. I'm obviously a quantity over quality guy, see the scores below 😬. Sims? What are those? J/k, I guess now is the time to get cracking on those? Maybe that will help fill up the gaps 🤓

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)

[Mscfisher]

I'm up working on simulations 🙁

[Anonymous]

Gaap is too extensive. IFRS is alot easier in my opinion.

[Anonymous]

does anybody know how i could practice the retail inventory method questions. I feel like Becker doesn't have very many of them

[emichelle2321]

Can someone try to explain to me how they approach intercompany eliminations…I feel like Becker doesn't do a good job or it's just me….either way this is just not clicking for me when I try to do the multiple choice.

[mckan514w]

@emichelle without specifics not sure I will be much help but essentially you want to eliminate everything that is “interrelated' thus only showing assets, liabilities, revenues , expenses that relate solely to each individual company so:
1. eliminate all debt / note payables that were made from one entity within the group to another entity in a group-
2. eliminate all sales, COGS etc.. that were made by and between one entity within the group and another- thus the only revenues that will be reflected are those to outside parties
3. eliminate any ownership that the parent company has in its subsidiaries

@charlie54 yeah I think I have only seen a total of four questions dealing with that two from Rogers and two from Ninja- kind of one of those I'm just really hoping won't show up in a SIM format!!! 🙂

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]

Am I the only one who thinks the adaptive learning for Gleim is way better than Ninja? They only give you either new questions or the questions you got wrong, while Ninja repeats the same questions over and over. Just something I noticed.

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)

[Author]

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