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March 4, 2015 at 7:36 pm #192489AnonymousInactive
Hi all!
I am taking FAR in few months. I am using Becker 2015. I am going to start studying. I will appreciate if anyone can tell me what to focus/how to approach it. plz share ur experience. Any tip will help here.
Thanks a bunch!
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March 10, 2015 at 3:09 pm #657238AnonymousInactive
well I cant tell you what will work for you but Ive used Becker all the way through and Im on FAR now. I plan on doing one chapter a week except for chap 10 which I'll take 2 weeks (its over 4.5 hours of lecture). I hate their progress tests so I just go back and redo the questions I marked from prior chapters. This will leave me with one week at the end for final review which should be just about right…
March 10, 2015 at 8:41 pm #657239AnonymousInactivethanks for the response and good luck with the exam 🙂
March 10, 2015 at 8:52 pm #657240jbarwickMemberI am currently studying with Becker and plan to take FAR on April 3, 2015. I have completed 1 chapter a week and am almost finished with F10 leaving me 3 weeks to cram MCQs and find those small topics that are tripping me up. I would say I am 70-80% prepared….sims are killing me, but should be ready to go come April. FYI F10 is a bear of a lot of information for only 1-2 MCQs. Some review but a lot of niche items.
Journey Started - January 2015
FAR - 4/2015 - Passed
AUD - 7/2015 - Passed
BEC - 8/2015 - Passed
REG - 11/12/2015 - PassedMarch 11, 2015 at 12:54 am #657241AnonymousInactive3 months, 200 hours, mostly MCQ.
March 11, 2015 at 3:55 am #657242law0915ParticipantWatch the lecture then do the MCQ for all chapters. Then redo all the MCQ again.
REG 77 Feb14
BEC 13*, 79 Aug14
FAR 64**, 76 Nov14
AUD 89 Feb15*Exited exam after first testlet
**Only studied F1-F6 out of 10 Becker chaptersLicensed Arizona CPA
March 11, 2015 at 6:46 am #657243AnonymousInactiveThanks everyone for the response!
Can anyone explain me “Royalties rec in advance ex” on page F2-9. I am not sure when to subtract/add items from 180,000.
Thanks
March 11, 2015 at 12:24 pm #657244LillianParticipantCPA_IN_MAKING, can you post a screen shot of the problem that you are talking about? I will attempt to help if you can.
On my way to a CPA
March 11, 2015 at 3:21 pm #657245AnonymousInactiveMarch 12, 2015 at 8:01 am #657246AnonymousInactiveok i think i found this question…I just didnt understand the entire questions.. like what $180,000 amount means? and all the other adjustments to it. why we are doing those adjustment and how?
Homework Question:
TAG Company receives royalties on its patents in two ways. In some cases, advance royalties are received and in other cases royalties are remitted within sixty days after year end.These data are included in TAG Company's December 31 balance sheets:
Royalties receivable
Year 1 $100,000
Year 2 $95,000
Difference($5,000)
Unearned royalties
Year 1 70,000
Year 2 45,000
Difference 25,000
During Year 2, TAG Company received royalty remittances of $180,000. In its income statement for the year ended December 31, Year 2, what should TAG Company's royalty income be?
Solution:
Cash receipts 180,000
Receipts in Year 2 applied
to 12/31/Year 1 receivables (100,000)
Cash remaining 80,000
Unearned royalties, 12/31/Year 2 (45,000)
Preliminary Year 2 royalty income 35,000
Unearned royalties, 12/31/Year 1 70,000
Receivables balance, 12/31/Year 2 95,000
Royalty income, Year 2 ; 200,000
thanks for helping!
March 12, 2015 at 3:51 pm #657247JJJSFLParticipantHey CPA in making. I just took Far last month and unfortunately failed with a 73. Its actually way better than I thought I did.
I used 100% Becker. Becker will do a great job getting you ready for the MC's. I crushed them on the exam, but be ready for the CPA exam Sims to be much more involved than the Becker Sims. I remember the Sims on the exam being very dense in material. Most of the Sims took me 5 minutes just to read the fact patterns and get situated. Just leave yourself as much time as you can. AT LEAST 1.5 Hours for Sims. And know your JEs. Good luck!
Reg - 85 11/06/14
Aud - 89 11/24/15
Bec - 76 12/10/14
Far - 84 05/27/15March 12, 2015 at 4:34 pm #657248AnonymousInactive@JJJSFL: thank u so much dear….i m really sorry to hear tht…but i m sure u know all ur material since u were very close…..very best of luck the next time..
u know per my experience.. i hv used gliem simulations product (as a supplementary material) for reg/aud.. i think they were really good… i was tired of doing simulations from becker so needed a fresh look on them n i thought i made the good choice
May be u might wanna try tht.. i willl do that for FAR as well….
Any more advices per ur experience? Thanks for sharing
March 12, 2015 at 7:02 pm #657249AnonymousInactivePlease help!
Why did we subtracted 5000 (unearned revenue) from 200,000 (fees rec)?
Also, what the question is trying to ask? Ward's service revenue for Year 2? what it means? does it means unearned income for Year 2 or earned rev in year 2 that we should recognize? or somthing else? please help
Ward, a consultant, keeps her accounting records on a cash basis. During Year 2, Ward collected $200,000 in fees from clients. At December 31, Year 1, Ward had accounts receivable of $40,000. At December 31, Year 2, Ward had accounts receivable of $60,000, and unearned fees of $5,000. On an accrual basis, what was Ward's service revenue for Year 2?
a.
$215,000
b.
$225,000
c.
$175,000
d.
$180,000
Explanation
Choice “a” is correct. $215,000 service revenue for Year 2.
Accounts
Receivable
Balance at Dec. 31, Year 1 $ 40,000
Revenue – Squeeze ? $ 215,000
Subtotal 255,000
Collections (195,000)
Balance at Dec. 31, Year 2 $ 60,000
Note: Collections are $200,000 less $5,000 of unearned fees collected.
March 12, 2015 at 7:58 pm #657250JasminekokoParticipantThis is how I work on cash to accrual conversion, found the formula on my old accounting book and added CEAU as mnemonics. C is cash collection as you can see below. My method is to remember always start with a plus so E is plus Ending, A is account receivable, then the beginning AR is a minus. U is unearned and opposite to AR so minus ending unearned and plus beginning unearned. Works every time.
Service/Sale revenue computation: (CEAU )
Cash receipt from customer
+ End AR
– Beginning AR
+ Beg. Unearned revenue
– End. Unearned revenue
___________________________
Sale revenue –accural
March 12, 2015 at 9:04 pm #657251AnonymousInactiveThanks a lot Jasmin
I have another question: Its just a general question that why we are discounting the notes rec? I jsut cant get that part. thanks
FRANCHISE ACCOUNTINGI LLUSTRATION OF ENTRIES FOR INITIAL FRANCHISE FEE
If there is reasonable expectation that the down payment may be refunded and if substantial future services remain to be performed by Jollibee Inc.,
the entry should be:
Cash1,000,000 dr
Notes Receivable 4,000,000 dr
Discount on Notes Receivable1,803,680 cr
Unearned Franchise Fee 3,196,320cr
March 13, 2015 at 11:09 pm #657252LillianParticipantnotes receivable should be recognized at the face value of the entire note (just like we do with bonds payable where we always recognize the bond liability at the face. The cash account is debited for the actual amount of cash received. I not completely sure that I understand your question fully….but the credited accounts are based on the actual amount to that the company will receive from the note. (I.e. the amount that of the installment times the number of payments to make). I hope that I do not further confuse you.
On my way to a CPA
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