[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

[Anonymous]

Bad i mean lol

[Anonymous]

Segment info if they say based on info provided and the info provided gives you the 3 criteria for reportable segments you have to fricking know all 3. if the greater than 10% P and L is a profit amount and a segment reports a loss amount greater than this profit amount it is reportable WTF man .

[Spartans92]

Mckan, can I get that site with all the JE you posted last time? I can't find it on my computer in the favorites… Thanks! LOL

This section sucks 🙁

BEC- PASS

[emichelle2321]

Just moved my test to Friday. Scheduled on Thurs but we are supposed to get snow here that day (I live in Portland, OR so the city shuts down with an inch of snow basically). I REFUSE to be delayed until January if the testing center ended up being closed….

Whew! I am working on f-2 right now and this is honestly the worst chapter in Becker. The translation/remeasure crap is killing me!

[mckan514w]

Good luck emichelle!!! glad you were able to get it moved- man I hate winter.

I don't know at this point whether I am ready for it to be Friday already or whether I am regretting not postponing until January. I am so burned out and panicked all at the same time- I just still do not feel like I know enough. This is killing me.

Here ya go Spartan use in good health 🙂
https://sites.google.com/site/farnotes/gas-34/journal-entries–fund-based-vs-government-wide

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]

Woke up to the prometric reminder of death email…it just got real! 😬 Feels like a gamble at this point, but I would feel like 💩 even if I studied 1000 hours. May the cram sess continue.

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]

LOl woke to the same one- just took a ninja practice exam and scored a 58– seriously WTF its like I am becoming dumber and now I am just in a crap load of panic…. I felt pretty decent yesterday after my review too…

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]

^I honestly haven't used ninja all week. I got tired of feeling dumb and missing the same questions over and over 😂. I've been just reviewing old Wiley book questions and calcs that I worked my last attempt and flipping through the focus notes. I need to stop putting the sims off 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)

[mckan514w]

The sims KILLED me on the practice– Im feeling really defeated….

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

[Mscfisher]

@mckan keep pushing. Stay positive. All you cab do is give it your best shot. I haven't completed all the simulations or multiple choice questions. The concepts are sinking in slowly but surely but for me it's too little too late. I will be re take in January

[mckan514w]

Thx Mscfisher needed the “pep” talk… Its going to be along two days…. my MCQ scores were not “horrible” so I am pushing through SIMS today and going back through the basics that I studied early on but seem to have trouble recalling the details too… FAR is just overwhelming… and it completely sucks this is my “last one”… I am fine if I have to re-take it in the new year but I just want to be done, and the information is just drowning me….

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

[Anonymous]

This is a similar type questions on foreign transation I expect to see from my exam.

A balance arising from the translation or remeasurement of a subsidiary's foreign currency financial statements is reported in the consolidated income statement when the subsidiary's functional currency is the:
Foreign currency
Reporting currency
a.
No
No
b.
Yes
No
c.
Yes
Yes
d.
No
Yes

[Anonymous]

that was translation above this is TRANSACTION

If you can do this you are straight IMO

A U.S. company purchased inventory on account at a cost of 1,000 foreign currency units (FCU) from a non-U.S. company on November 15, to be paid on December 15. The FCU is valued at $0.85 on November 15 and at $0.90 on December 15. The journal entry to record payment on December 15 should include which of the following?
a.
Debit inventory and credit cash for $850.
b.
Debit accounts payable and credit exchange gains and losses for $50.
c.
Debit accounts payable and credit cash for $850.
d.
Debit exchange gains and losses and credit accounts payable for $50.

[mtaylo24]

Can use some help with this one…

The following data pertains to Hall Co.'s defined-benefit pension plan at December 31, year 2:

-Unfunded projected benefit obligation 525,000
-Unrecognized prior service cost 12,000
-Net periodic pension cost 8,000

Hall made no contributions to the pension plan during year 2.

At December 31, year 2, what amount should Hall record as pension liability on the balance sheet?

a. $5,000
b. $13,000
c. $17,000
d. $25,000

The answer is D, 25,000, excess pbo over FV of plan assets or unfunded pbo, but I fail to see the $500,000 that needs to be subtracted out.

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)

[mtaylo24]

^^^NVM, when I scanned this is in, it made the $ look like a 5 for the un-funded PBO. Its $25,000 not 525,000.

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)

[Author]

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