FAR Study Group Q4 2014 - Page 19

  • Creator
    Topic
  • #188294
    jeff
    Keymaster

    SO I know every test is different but does anyone have any insight on what has been heavily tested recently? I take the exam Monday and I need to narrow my focus….Thanks!

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
Viewing 15 replies - 271 through 285 (of 1,629 total)
  • Author
    Replies
  • #627579
    Anonymous
    Inactive

    I just did the optional practice questions in Becker for one of the sections and scored a 47! As a general question to everyone studying for this beast, how do you not get discouraged and keep going?

    #627580
    Anonymous
    Inactive

    Can anyone offer a deeper explanation on this…I got one before but I still cant wrap my head around it.

    Acme Co.’s accounts payable balance at December 31 was $850,000 before necessary year-end adjustments, if any, related to the following information:

    • At December 31, Acme has a $50,000 debit balance in its accounts payable resulting from a payment to a supplier for goods to be manufactured to Acme’s specifications.

    • Goods shipped FOB destination on December 20 were received and recorded by Acme on January 2; the invoice cost was $45,000.

    In its December 31 balance sheet, what amount should Acme report as accounts payable?

    $850,000

    $895,000

    $900,000

    $945,000

    $900 This answer is correct. Accounts payable should be equal to $900,000 ($850,000 + $50,000 payment to supplier). The $50,000 payment to supplier represents a deposit (asset) for goods that had not yet been received. The goods shipped FOB destination were accounted for in an appropriate manner.

    Why is a payment increasing the payable balance?!

    #627581
    rzrbkfaith
    Member

    @CPA2014Dream – I haven't started studying FAR yet, but will in a few weeks and I like to check out the questions on here from time to time. If it were me, and in my past experience, we would reclass the prepayment (debit balance) out of A/P and into a prepaid account, which would wind up increasing your A/P to the correct payable balance.

    AUD - 99
    BEC - 97
    REG - 91
    FAR - 1/8/16

    #627582
    Anonymous
    Inactive

    https://www.money-zine.com/definitions/investing-dictionary/installment-sales-method/

    That is for anyone who is interested in the JEs regarding the installment method.

    #627583
    zkaraca2012
    Member

    Did you guys find an easy way to memorize/remember the financial statements (including cash flow) of government funds and not for profits? Especially the moving parts of cash flow statements on both sides are really messing up with my mind.

    AUD 78 Lost Credit, retake after FAR rematch
    BEC 83 (Expires 2015-02-28)
    FAR 71 Failed (2014-09-09), retake in Q4'14
    REG 80 (Expires 2015-11-30)

    #627584
    Anonymous
    Inactive

    @Rzr, you're the great accounting prodigy from Arkansas – offering advice before studying for the exam

    #627585
    Anonymous
    Inactive

    Haha, I just realized now it was razorbacker as for the longest time I thought she was from Brooklyn LOL.

    What do you mean zkaraca? Like Govt fund is B/S and changes is fund revenues, expenditures, Proprietary funds at net position, changes in net position, and cash flows? I will after tomorrow, start my two week review and will study more in detail just how the FS work.

    #627586
    rzrbkfaith
    Member

    @_Nick_ Ha ha ha ha! There is a guy in our office studying for FAR and I answer his questions too. It keeps me sharp. I have the benefit of working on some pretty complicated stuff including VIEs, governmental, not for profit, bonds, and so on.

    AUD - 99
    BEC - 97
    REG - 91
    FAR - 1/8/16

    #627587
    zkaraca2012
    Member

    @CPAHopeful11, yes. I know it sounds weird but come the test day, you start doubting yourself whether the fiduciary fund statements were called changes in the fund balance or changes in fund position. Or NFP cash flow has noncapital/capital section, and it is a challenge for me to keep in my mind what was noncapital, capital or investment type of activity. I didn't see a handy memory tip on becker for those areas, so I was wondering if other sources came up with something useful.

    AUD 78 Lost Credit, retake after FAR rematch
    BEC 83 (Expires 2015-02-28)
    FAR 71 Failed (2014-09-09), retake in Q4'14
    REG 80 (Expires 2015-11-30)

    #627588
    Anonymous
    Inactive

    Ok, one easy for govt funds is this. Expenditures only result from government funds so when you see that word you know it will be government. For Proprietary, it is the only one with cash flows and it will be revenues and EXPENSES not expenditures. For Fiduciary, it will include that word before both statements (Fiduciary Net Position, and Changes in Fiduciary Net Position). So it doesn't have a change in funds like the other two and includes “fiduciary” before both statements. I hope that helps!

    #627589
    23K
    Participant

    2014CPAHopeful – Just keep doing MCs

    that's my best advice —

    AUD--52,68,83, expired. Retake = 74 RETAKE - 7.24.26
    FAR--73,70,68,75
    BEC-- 79
    REG-- 68,62,75

    #627590
    Anonymous
    Inactive

    @rzr thank you! That makes sense!

    #627591
    DMoneyBags
    Participant

    @zkaraca THANKS!

    A - 78
    B - 79
    F - 82
    R - 12/10

    FAR - MAY 2015 PASSED
    AUD - NOV 2015 PASSED
    BEC - JUNE 2016 PASSED
    REG - SEPT 2016

    #627592
    Anonymous
    Inactive

    @Rzr, feel free to keep answering questions here. An attempt to mimic the BEC group will help for sure!

    #627593
    zkaraca2012
    Member

    @ people who are waiting for my thread on journal entries on the 17th, I forgot that I'm going to Billy Joel's concert tomorrow (I have a life every 6 months or so). If you want to go ahead and open it tomorrow, please do. If not, I will do it on Thursday the 18th.

    AUD 78 Lost Credit, retake after FAR rematch
    BEC 83 (Expires 2015-02-28)
    FAR 71 Failed (2014-09-09), retake in Q4'14
    REG 80 (Expires 2015-11-30)

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