[MPoni123]

Ugh that SUCKS!!! 🙁 I dunno how it works for MA though…I know that other people were receiving “contact coordinator” with their message…

I will be so pissed if my FAR score isn’t up tonight lol today would be a waste of a work day!!!

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[Trevor]

Update: was just assigned grilling duty tonight at a campground near me (family is staying there)… man some people just do not understand, but I love grilling!! figure I can still make flashcards and review for a little bit, ah what the hell it'll just make saturday and sunday that much longer. Goodluck with the studying MPoni, try and keep up lol.

BEC: 73,81(7/6/2010); AUD: 75(5/24/2010); FAR: 76(8/31/2010); REG: 77 (10/18/2010) - DONE!!!!

[financeguy]

yeah I wouldn't worry about the sims in FAR. I didn't practice a single sim…I didn't even look over a single sim other than the few they went over in the yaeger lecture. I know I did extremely horrible on my sims on the exam. I quit the exam w/ 22 min left and I could have tried harder on the tabs but by that point I had already figured I had failed, but I ended up passing. I read a ton of posts beforehand about the sims and how people didn't finish them and still passed, so I really didn't care too much about them as far as preparing for them goes.

AUD - 81, BEC - 74, 80, FAR - 82, REG - 81
Done!

[Trevor]

@financeguy – quick question regarding the structure of the sims on the exam though. In my AUD sims there was not too much reading… they did not give me a large “situation,” but in the Wiley book they all have huge situations… having gone through both what would you say to expect for the length. (I do not feel this is against the rules, but if you feel so please do not answer!)

BEC: 73,81(7/6/2010); AUD: 75(5/24/2010); FAR: 76(8/31/2010); REG: 77 (10/18/2010) - DONE!!!!

[MPoni123]

@Trevor – ya I am hoping to catch up to you today!! Have fun grilling 🙂

@financeguy – thanks for the confidence booster – I am not gonna bother practicing SIMs either…whatever they throw at me I will deal with it then. I am sure 99% of them won't make any sense anyway lol…

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[financeguy]

Well I don't know exactly what I can disclose…so I will tell you this: You can practically expect anything. Sorry to not be able to narrow it down, but it is the truth. Like I said, I read a ton of FAR posts and there is just such a variety.

Think of it like this: You are going to go into the sims and get knocked on your ass. But thats okay…they are very difficult. Expect to feel like you don't know what to do on the sims, or at least most of them. I think that is normal. Now you have your expectations set. Now, if for some reason you get a sim that you can conquer, well all the better for you.

AUD - 81, BEC - 74, 80, FAR - 82, REG - 81
Done!

[Trevor]

Ok, I haven't studued for them yet, so I am not going to now… Thanks for the confidence 🙂 lol, hopefully the fall doesn't hurt too much.

BEC: 73,81(7/6/2010); AUD: 75(5/24/2010); FAR: 76(8/31/2010); REG: 77 (10/18/2010) - DONE!!!!

[MPoni123]

I'm gonna try to catch up to you Trevor!! 🙂 You understand all this inventory BS?! It confuses me 🙁

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[Trevor]

what confuses you? maybe I can help…

BEC: 73,81(7/6/2010); AUD: 75(5/24/2010); FAR: 76(8/31/2010); REG: 77 (10/18/2010) - DONE!!!!

[MPoni123]

@Trevor – uum…everything? all of the above? lol I just think I will get confused in how to calculate the different methods..especially if they are like problems in Yaeger…they just seem long and convuluted. I think I am just being lazy and I don't wanna review it…I have yet to start my review today!! (4:00 p.m. now) 🙁 Aaaah!

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[Trevor]

Geez, well I have not done the problems other than what they did in the lectures… I mean I am guessing you know the terms LIFO/FIFO/WA… Let's do the real basic info, what do you want to accomplish, what do you need to get out of it. 1)the amount of ending inventory and 2) the cost tied to that amount. Now clearly the amount will be the same under EVERY method, so we need to find out the cost of the units in ending inventory. LIFO says you will apply the the cost associated to the last units you purchased to you COGS, so then you will have the cost associated to the first units you bought in ending inventory… If you had a list you would work backward to apply cost to the units sold, and on the other hand if you used FIFO you would work Forward, use common letters to help you remember – F.

Look you studied some today lol! coming back with $ Value stay tuned.

This is all from memory so be patient lol.

BEC: 73,81(7/6/2010); AUD: 75(5/24/2010); FAR: 76(8/31/2010); REG: 77 (10/18/2010) - DONE!!!!

[Trevor]

$ Value LIFO is definitely a bit harder… basically you have a base year and you want your inventory amounts purchased in other years to match that of the base year, the same Dollar Value… In order to get the inventory all on the same level you need to convert the additional ending inventory (assumes that your base year inventory is still there – hence LIFO)…

BEC: 73,81(7/6/2010); AUD: 75(5/24/2010); FAR: 76(8/31/2010); REG: 77 (10/18/2010) - DONE!!!!

[MPoni123]

Trevor – but according to my notes and MCQs the ending inventory is different for each of the methods?! I thought only FIFO methods the EI would be the same?? I know the basics (theory) like with LIFO it is a better representation of COGS because they are more currently priced so reflect COGS better and FIFO is a better representation on the B/S because the last ones are still left, which are more currrently priced.

Ugh I HATE inventory…just have the client give me their number…I say it's reasonable and call it a day! lol

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[Idrathergolf]

I studied for 2 hours this morning, came into work and have been swamped since. As bad as it sounds, I would much rather be studying right now. Does that describe the kind of day it's been at work? I hope!

After I leave work I am going to get a 24 oz. coffee, drive home, and study for 3-4 more hours and then call it a night.

As for inventory… I am not too concerned with FIFO/LIFO/WA or even Dollar value LIFO. What concerns me are the retail methods. Where to get the ratio from each form of retail inventory: conventional, lifo retail, etc….

I actually took 30 minutes to read through a comprehensive deferred tax example this morning and I feel much better about it. The most difficult part I have with both taxes and pensions is AOCI>OCI. Increases to AOCI are debits and decreases are debits? Increases to OCI are credits?

REG: 5/26 - 90hrs (Pass) AUD: 7/1 - 86hrs (Pass)
BEC: 7/22 - 72hrs (Pass) FAR: 8/31 - 56hrs (Wait)

[Idrathergolf]

MPoni, you are correct. The different inventory methods produce different ending inventory values.

What you are thinking of is perpertual and periodic FIFO, which produce the same ending inventory regardless of which method is used.

REG: 5/26 - 90hrs (Pass) AUD: 7/1 - 86hrs (Pass)
BEC: 7/22 - 72hrs (Pass) FAR: 8/31 - 56hrs (Wait)

[MPoni123]

@Idrathergolf – aah yes thank you! 🙂 Ya I just don't see inventory calc. questions being asked on the exam because they are so time consuming. maybe a simulation…but not a MCQ (I am hoping!) I am not even familiar with retail methods??!! Did Yaeger cover that? lol what the hell is that??!!

OCI gets closed out to accumulated OCI…I just think like “AOCI” is bigger b/c it ACCUMULATES all the amounts for every year…OCI is just that year! It is stupid though that Net income + OCI = CI….these formulas are just dumb! lol

Increases to AOCI is a credit…and a decrease is a debit. same for OCI (because OCI gets closed out to AOCI at year end) so OCI is debited and AOCI is credited so it can accumulate!

I hope that didn't confuse you! lol

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[Author]

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