FAR Study Group Q1 2015 - Page 16

  • This topic has 851 replies, 139 voices, and was last updated 9 years ago by Anonymous.
Viewing 15 replies - 226 through 240 (of 851 total)
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  • #654377
    sgustin
    Member

    finally starting to understand leases. last night I was about to give up….now on to bonds.

    A - (64) (73) (75)
    R - (82)
    F - (67)
    B -

    #654378
    Future Ninja
    Participant

    @sgustin good to hear that. I'm studying nfp tonight.

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    #654379
    Future Ninja
    Participant

    did you know that:

    for a museum, education and research are primarily considered as program expense. management/general and fundraising are considered support services expense.

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    #654380
    Future Ninja
    Participant

    did you know that:

    The term “net assets” is encouraged by the FASB Accounting Standards Codification but not REQUIRED. FASB ASC 958-210-55-3 and 55-4

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    #654381
    rossk
    Member

    Why is going concern an underlying assumption of financial statement preparation and presentation?

    #654382
    salring
    Participant

    @future ninja, because at the end of the year you adjust the donation to the current fair value as of the end of the year. You will record it at FV at time of acquisition but at the end of the year you must report it at the current FMV as of the last date which will correspond with the investment statements received. If you don't record it at FMV, the value will be different from the monthly statements received coz the investment accounts adjust for market fluctuations. This will also help adjust for market variations that may result in under valued or over valued portfolio if not adjusted.

    Does this explanation help?

    #654383
    rossk
    Member

    Cuthbert Industrials, Inc. prepares three-year comparative financial statements. In Year 3, Cuthbert discovered an error in the previously issued financial statements for Year 1. The error affects the financial statements that were issued in Years 1 and 2. How should the company report the error?

    a. The financial statements for Years 1 and 2 should not be restated; financial statements for Year 3 should disclose the fact that the error was made in prior years.

    b. The financial statements for Years 1 and 2 should be restated; the cumulative effect of the error on Years 1 and 2 should be reflected in the carrying amounts of assets and liabilities as of the beginning of Year 3.

    c. The financial statements for Years 1 and 2 should be restated; an offsetting adjustment to the cumulative effect of the error should be made to the comprehensive income in the Year 3 financial statements.

    d. The financial statements for Years 1 and 2 should not be restated; the cumulative effect of the error on Years 1 and 2 should be reflected in the carrying amounts of assets and liabilities as of the beginning of Year 3.

    Can someone explain how the assets and liabilities get affected? correct answer is B

    #654384

    ROSSK

    Income statement accounts (AKA changes within accounts) close to balance statement accounts or AKA end balance accounts (i.e… revenue closes to retained earnings). so if a building is understated that means assets are understated.

    Comparative statements tells me this is IFRS?

    I tried. hope this helps a bit.

    #654385
    Future Ninja
    Participant

    @salring yep it helps. thank you. ^_^

    AUD - 79 (expired) retaking July 28,2016
    FAR - 76 expiring July 31, 2016
    BEC - 85
    REG - 74,74,74,74,59,70,

    #654386

    Anyone using CPA excel books?

    Each module is very long for FAR. I planned my study for 3 months, but realized just part A took me 3 weeks, studying at 5 days a week 5-6 hours each time. I planned to do a module or two each week but it is not working out that way.

    Which means there is no way I'm finishing the book in time.

    Im reading and taking notes thoroughly before each quiz, then taking the quiz and reviewing answers. whatever i don't get i review and then take a simulation question.

    Today, being panicky to get to the next module because i am now 3 modules behind schedule, i wasn't as thorough in my notes so that i can get to the quiz section. unfortunately I performed poorly on the quiz and am now studying the answers and feeling confused as to how to take on an efficient but effective study technique…

    How are you guys getting through the modules and at what progress per day?

    #654387
    rossk
    Member

    Didn't CPA excel combined with Wiley? Wiley books are really long I personally don't think its an effective way to study from that book unless you have lot of time. I am doing Becker, it has 4 hours of lectures in each module and it takes 4 to 5 hours to do MCQs. In Becker you can complete a module in 2 to 3 days if you are studying 5 to 6 hrs per day. I think you should consider taking notes while listening to the lectures that helps. And if you can switch try Roger CPA, he explains every topic really well and its not as expensive as Becker. Wiley book and Testbank are good for doing questions.

    #654388
    ewalk728
    Member

    Anyone have any tips for understanding Pensions? I have gone through the videos with Roger and have the notes from Ninja and will read through those later tonight. This was also an area that I feel that I did really poorly on when I took far 4 months ago. Any good youtube videos or other ways to understand it better?

    #654389
    rossk
    Member

    Can anyone tell why making changes retrospectively and restating prior periods are two different things. Changes in Accounting principle are retrospective adjustment and correction of an error is restating prior periods? I thought they should be treated similarly.

    #654390
    AJE
    Participant

    Just graduated – trying to crush out the CPA exam before I start work.

    Got FAR coming up near the end of February. I have Becker and am doing self-study. I'm scared. I'll be glad once materials come in and I can start studying. The thought of these tests hopefully is worse than the reality.

    I have nothing else on my plate so all I'll be doing is studying. I have about 50 days to study for FAR using Becker self-study. Anybody have an inkling of how long per day I should aim to study?

    FAR 91 - 04/16
    BEC 87 - 05/15
    REG 77 - 07/27
    AUD 92 - 08/31

    #654391
    ewalk728
    Member

    @sundizz you have roughly 7 weeks to study so if you take 1 day off per week and want to hit 150 hours you will need to put in roughly 4 hours per day. That isn't all that bad actually. If you take 2 days off then you'll need to put in a little extra per day but it's very manageable

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