FAR Study Group Q4 2014 - Page 3

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    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 - 31 through 45 (of 1,629 total)
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  • #627336
    Anonymous
    Inactive

    I believe it goes to accumulated OCI and that records from beginning to end. If it was just OCI, then it would be only 45, but accumulated OCI goes from the price purchased to end. There was a problem similar in the Wiley book yesterday that confused me as well.

    #627337
    Anonymous
    Inactive

    As of December 1, Year 2, a company obtained a $1,000,000 line of credit maturing in one year on which it has drawn $250,000, a $750,000 secured note due in five annual installments, and a $300,000 3-year balloon note. The company has no other liabilities. How should the company's debt be presented in its classified balance sheet on December 31, Year 2, if no debt repayments were made in December?

    A.

    Current liabilities of $1,000,000; long-term liabilities of $1,050,000

    B.

    Current liabilities of $500,000; long-term liabilities of $1,550,000

    C.

    Current liabilities of $400,000; long-term liabilities of $900,000

    D.

    Current liabilities of $500,000; long-term liabilities of $800,000

    Anyone?

    #627338
    Anonymous
    Inactive

    Question for my fellow studiers about the Ninja Framework/ Becker MCQ strategy in general:

    I've gone through all the lectures, and am now transcribing all my underlines and jots in the Becker books (supplementing with Ninja Notes) into real notes, while “relearning” the material. I'll be done by the end of the week, at which point I will have 4.5 weeks remaining for straight up slamming MCQs and reviewing.

    Question is, when I go through all the Becker hw MCQs, should I go section by section in order? Or should I jump around here and there? I also have Ninja MCQs if that means anything.

    Also, how much time should I leave for reviewing weaker topics? Two weeks? A week? I will essentially doing MCQs for the remainder of my study time, so I don't know if I even need to have a certified “Review” time.

    Thanks!

    #627339
    Anonymous
    Inactive

    @CPAHopeful

    My answer would be C. Current liabilities of $400,000; long-term liabilities of $900,000

    I used 150 + 250 = 400

    600+300 = 900

    The 750 is five annual installments so only 150 would be current. The 250 I also considered to be current.

    750 – 150 = 600. 600 + 300 3-year note = 900

    Not sure if that is right, but that is my logic…however i am on the fence between C and D, because I am not sure if we are supposed to count the first year payment on the three year note as current (100). Lol I hope it's one of those two!

    #627340
    Anonymous
    Inactive

    You are correct! I forgot one of the installments would be current liability.

    #627341
    Anonymous
    Inactive

    Art.Vandelay,

    I used Becker the first time I passed the CPA exam 12 years ago(long story about why I'm having to pass it again), and am supplementing it with NINJA to finish up the last two on this go around.

    My thoughts are use Becker as the foundation, and do it in order, there is a reason that Becker (no offense to Jeff) is and has been the preeminent CPA review course since 1957, it is proven to work. Use the NINJA notes as Jeff suggests, and the last two weeks or so use the NINJA Multiple Choice as your final review, and I will bet my trusty hound dog that you will whip the CPA exam like a rented pack mule.

    #627342
    Melans
    Member

    @ArtVandaley – I, too, am a Seinfeld fan. But more importantly, I am using the strategy outlined by Ancel. I am not sure if this will work, as this is my first attempt at FAR. It worked with two other sections (AUD and REG), so it can't be too bad. I am; however, not as far along as you. Still working through lectures.

    AUD 7/30/12 73; 12/2/13 85
    BEC 7/19/13 81
    REG 8/2/14 83
    FAR - Jan 2015

    #627343
    Anonymous
    Inactive

    So I had a question in the WTB on loans and I thought they were an investing category, but the answer was financing. Does anyone know how this works?

    #627344
    jstay
    Participant

    it depends. if its part of their normal operations like making loans, im pretty sure that it is investing (or operating? unsure deff check it) but if they are paying down a loan they have due- principal is financing and interest is operating

    #627345
    Anonymous
    Inactive

    It was for borrowing a loan.

    #627346
    shede25
    Member

    I'm so glad a new study group has been started I'm hoping to take FAR in Late November possibly January.. What review course are you guys using besides the notes I am using Roger. I just got the materials Friday and so far he seems interesting if nothing else I started with Yaeger but they where to boring.., I've been out of school for 10 years and I need someone who can keep me motivated and teach me at the same time.

    #627347
    shede25
    Member

    Is this for new FAR students ? I see questions in here I haven't even gotten close to….

    #627348
    Anonymous
    Inactive

    @shede Hey!! It is for all FAR students! I just started with Roger about a week ago! I love it! I'm doing the nine month study plan and did Section 6 today.

    #627349
    Anonymous
    Inactive

    @CPAHopeful Cash inflows from new short-term bank loans, as well as cash outflows to repay the principal amount of short-term bank loans are reported as financing. Same for long-term bank loans.

    Interest payments for short/long-term bank loans are operating.

    #627350
    Anonymous
    Inactive

    @Melans and Ancel –

    Thanks for the input. I am already neck deep into preparations, so I'm sticking with the NINJA framework. I will be done with notes likely by Wednesday night, and will then have exactly 5 weeks to do nothing but MCQs and reviewing. I guess I will just do all the “homework” questions in Becker, in order, and then review and work with the Ninja MCQ or Becker final review materials. I'm assuming 3 weeks for original MCQs will be enough, then 2 weeks of review.

Viewing 15 replies - 31 through 45 (of 1,629 total)
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