FAR Study Group Q1 2015 - Page 22

  • This topic has 851 replies, 139 voices, and was last updated 9 years ago by Anonymous.
Viewing 15 replies - 316 through 330 (of 851 total)
  • Author
    Replies
  • #654469
    AJE
    Participant

    I started F2 and it was a bit daunting – that initial lecture was interesting, but quite long. How well do you do on homeworks (Becker) usually? Is it any sort of indication of anything…

    For the F2 first homework (Matching, Foreign Currency, etc) homework I got 82/109 (75%) and took about 3 hours (with trying to understand why I got problems wrong/right). Is that good enough to keep moving forward or should I spend some more time reviewing?

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

    #654470
    Anonymous
    Inactive

    @fuyuki, that SIM you had trouble with could have been a pretest question and would not have counted towards your final score. How do you feel about the other SIMS? If you feel like there is a chance that you passed then I would start studying for the next section and just keep FAR fresh in your mind (i.e. keep doing some MCQ's). I am taking FAR next week and if I leave feeling like there is a decent chance I passed I am moving on to AUD while keeping FAR fresh. Keep your head up. I know how frustrating FAR can be.

    #654471
    Leach2587
    Member

    @sundizz It all depends on how comfortable you are with the topic. It took me about the same amount of time on F2 my first go around but I didn't fully understand some of the calculations in the chapter. Now I do and I only studied it for about an hr and a half for my second go around. As long as you are comfortable with it I would say press forward to the next chapter. Maybe go through a few of the multiple choice questions in a week or so to see how comfortable you really are with it.

    #654472
    Anonymous
    Inactive

    @sundizz, F2 seems to be rough for just about everyone. 75% first time through is solid for that section. I would make sure you are comfortable that you understand the topics you struggled with on the MCQ's and then move on. Just my opinion.

    #654473
    AJE
    Participant

    Okay, thanks. Yeah, I'll press forward and get through the rest of this F2. I'll probably take a step back for a day or two and do some reviewing of F1 and F2 when I'm done with flashcards etc. Probably better to stay on pace since I'm pacing Becker to finish about 12 days before test time. I get the concepts, but yeah it's frustrating to get seemingly simple problems wrong. Again, nice to have others on here.

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

    #654474
    Leach2587
    Member

    Does anybody have any pointers for the second governmental Chapter (Chapter 9) in the Becker material?? That seems to be the only section of the book for me where NOTHING STICKS. My test is Sunday so I don't have a ton of time left and I've been going through reviewing each chapter. I do worse on this chapter now than I did when I started studying.

    #654475
    Anonymous
    Inactive

    I need some help. I got the answer below correct but i don't know if i got it correct for the right reason

    The following information is relevant to one of the City of Mullins' General Fund's derived tax revenues:

    Fiscal year-end June 30

    Beginning receivables $450,000

    Beginning deferred revenues 100,000

    Beginning allowance for doubtful accounts 50,000

    Receipts 1,250,000

    Ending receivables 600,000

    Receivables collected 6/30 – 8/30 125,000

    Ending allowance for doubtful accounts 60,000

    The City of Mullins considers derived tax receivables collected within 60 days after the close of the fiscal year to be “available.” Furthermore, the City wrote off $30,000 of receivables as uncollectible during the year.

    What amount of revenues would be reported at the entity-wide level?

    NINJA Explanation

    Receipts current year $1,250,000

    Add ending receivables 600,000

    Less ending allowance for doubtful accounts (60,000)


    1,790,000

    Less beginning receivables (450,000)

    Add beginning allowance for doubtful accounts 50,000


    Current-year revenue $1,390,000

    MY Explanation:

    Accounts Receivable

    B 450,000

    A PLUG 1,400,000

    S 1,250,000

    E 600,000

    Allowance

    B 50,000

    A PLUG 40,000

    S 30,000

    E 60,000

    $1,400,000 are my sales

    $10,000 is my change in Allowance (this is the part i am unsure of)

    $1,390,000 is the amount of revenues reported.

    #654476
    fuyuki
    Member

    @CTM: The other SIM were okay. I am second guessing one of my other SIM if I did the J/E correct.

    In regards to MCQ, I feel that most of the testlet questions were pretty short. Feels like alot of concept questions. I don't know if I ever got a hard testlet since all 3 testlet feels about the same in difficultly. Of courses there are questions that are long, but majority of them are pretty short.

    #654477
    Anonymous
    Inactive

    @Dana, I calculated it the same way. We are basically doing what the explanation says but the explanation is providing all of the “in's and out's” of the different accounts, if that makes any sense? We are netting the the beginning and ending balances with the “plug.” That is how my mind has always worked with these types of problems and I usually seem to get them right.

    @fuyuki, if you nailed the SIMS that's 40% of the total score. It's FAR so who knows. I don't know anybody that has left that exam feeling like they aced it. Just a ridiculous amount of information. I guess we'll both find out how we did on the same day so let's hope we're both celebrating!

    #654478
    Determined CPA
    Participant

    The Dunstown County general fund received a notice of a federal grant award for an expenditure-driven (reimbursement) grant in the amount of $1,000,000. Included with the notice was an advance of $250,000. During the year, the County incurred $400,000 of qualifying eligible grant expenditures, and no additional money had been received from the grantor.

    What would be the amount of deferred revenues reported at the end of the year by the general fund?

    Answer is 0

    Why wouldn't the answer be 150,000 (400,000-250,000)? I thought deferred revenue is unearned revenue. Since they had 400,000 of eligible expenditures and only received 250,000, wouldn't the deferred portion be the difference?

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    #654479
    Determined CPA
    Participant

    nevermind, figured it out!

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    #654480
    Leach2587
    Member

    @Determined CPA Sorry I couldn't help on that I just re read the chapter for the 3rd time.

    #654481
    Anonymous
    Inactive

    I had a quick EPS question for everyone… when deducting P/S from Net Income in the basic EPS numerator do you allocate when the P/S were issued as part of finding the deduction from Net Income? For example if issued July 1 would you calculate it as (10,000 sh. x 6% x $20 par x 1/2)? The numbers I used were random except for the half year.

    Thanks!

    #654482
    Leach2587
    Member

    @DunkinDonutsJunkie I think you would use a half year if the P/S was issued in July because the dividends would not begin accumulating until the point that the stock was issued. I am no EPS wizard and I have never seen a question like that.

    #654483
    Anonymous
    Inactive

    Thanks @CMT!!!!

Viewing 15 replies - 316 through 330 (of 851 total)
  • You must be logged in to reply to this topic.