Becker F4 super challenging?

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    Topic
  • #1650616
    DTXCPA
    Participant

    Becker Question –

    Is it just me or is F4 actually extremely hard? I remember when I was doing it the first time, it made me want to quit this exam. I somehow struggled through it and felt better as I moved on to F5 and beyond. Now again during my review phase F4 is making me hate my life. All the other units seem much easier relatively.

     
    “ninja-cpa-review”/
     

    AUD - 80
    BEC - 80
    FAR - 78
    REG - 80
    DONE!!
Viewing 12 replies - 1 through 12 (of 12 total)
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  • #1650619
    Lentilcounter
    Participant

    Remind me what F4 is about again. Also, if you have anything that is tripping you up or confusing you, post it here. I'll be happy to help.

    BEC = 79

    AUD = 79

    FAR = 84

    REG = 86

    Prayer + AICPA blueprints = my success

    BEC = 72 (6/08/16)
    FAR = ?
    REG = ?
    AUD = ?

    #1650626
    DTXCPA
    Participant

    Investments, business combinations, impairments, consolidation, acquisitions, intercompany transactions and what not. It's not that I don't get it. There's so much going on and there are so many rules to remember that I feel blank on half the questions and can't recall what to apply where.

    AUD - 80
    BEC - 80
    FAR - 78
    REG - 80
    DONE!!
    #1650628
    msquared17
    Participant

    OMG!!! I felt the exact same way last week. I decided to move on to F5 and I feel less stupid than last week. I was told to keep pushing through and keep on with the MCQs. Don’t get discouraged. We can do this 😊

    #1650893
    IGOTTHEKEYS
    Participant

    @DTXCPA

    Get the Yaeger cram.

    I just read the Yaeger cram and scored a 95 on FAR.

    You can call him to for his personal and detailed explanation to at anytime (Preferably at Midnight)

    #1650901
    Ana
    Participant

    yes it's super hard and detailed. but SUPER important to get down. I've had to really go through it over and over and maintain the knowledge.

    BEC - 78
    AUD - 75
    REG - 64, 77
    FAR - 73, 73, 73, 82
    Ethics: 74, 84, 98
    Finally done after 23 months.
    #1651006
    Katie
    Participant

    I luckily had a fantastic professor for Advanced Accounting in college, and I still struggled to follow the material that Becker provided. I wasn't impressed. I would suggest searching online (YouTube first) for some additional material that can help you understand. Sometimes it just takes a change of scenery for the light bulb to go off.

    AUD - 91

    BEC - 4/21/18

    FAR - 90

    REG - 80

    #1651007
    Anonymous
    Inactive

    I remember this section fairly well from Advanced accounting, but I hate how Becker sometime gets really hung up on the stupid mnemonics rather than actually explaining the material!

    #1651078
    Anonymous
    Inactive

    I was really, really lucky and had just taken Advanced Accounting in college, so this chapter was relatively easy for me. ONLY because I had just spent months digging into the material in Undergrad. However, everyone I know who did not take Advanced Accounting absolutely despises F4 in Becker, so it is normal to feel frustrated.

    Just keep grinding and it will make more sense as you rework the material.

    Goodluck my friend.

    #1651250
    lampy44
    Member

    Speaking of F4… anyway want to help out with JE from the simulations… I didn’t have advance accounting offered my senior year so this is a STRUGGLE to say the least.

    lampy44

    Participant
    Simulation Becker F4 testlet 2 question 3:

    Situation 2: Throughout the year, Peterson sold merchandise costing $30,000 to silver at a price of $50,000. SIlver sold 60% of the inventory by De­cem­ber 31. SIlver remitted payment to Peterson before year end.

    Eliminating JE at De­cem­ber 31.

    I initially had recorded for the original JE-

    Peterson would record:
    Cash 50,000
    Inventory 30,000
    Gain 20,000

    SIlver:
    Inventory 50,000
    Cash 50,000

    This doesn’t look correct based on the explanation of the answer.

    Becker answer for elimination JE:

    Sales 50,000 (okay here)
    Inventory 8,000
    COGS 42,000

    Inventory: 40% of the goods sold by Peterson are still in ending inventory (ok) original cost of inventory on Peterson’s books was $12,000 (30,000 * 40%)

    Reduction in inventory adjusts the $20,000 inventory on books of silver to correct amount of 12,000

    I set up a T account and I’m on board still.

    COGS= $42,000 entire amount of Petersons COGS eliminated. Could plug it but I dont understand why there isn’t an elimination for a gain on sale? What am I missing.

    COGS 50,000 intercompany sales – 30,000 COGS = 20,000, so that another $12,000 needs to be eliminated to show COGS based on original cost to Peterson…

    #1651253
    Ana
    Participant

    test

    BEC - 78
    AUD - 75
    REG - 64, 77
    FAR - 73, 73, 73, 82
    Ethics: 74, 84, 98
    Finally done after 23 months.
    #1651277
    lam2848
    Participant

    @lampy44

    I also had such a hard time with F4! Now that I am reviewing the section, it does make a little more sense. With intercompany transactions I just always think to reverse the transactions as if they never happened. So I just try to make sure all of the accounts equal what they were before the transaction happened.

    For that Becker SIM this is how I solved it:

    Peterson would record: (If I'm not mistaken there is no gain or loss when merchandise inventory is sold)
    Cash 50,000
    Sales 50,000

    COGS 30,000
    Merch. Inventory 30,000

    Silver would record:
    Merch. Inventory 50,000
    Cash 50,000

    So now merchandise total on the books is 50,000 when it should still be 30,000. Silver sold 60% of the inventory purchased, so on Silvers books there ending inventory is 20,000 (50,000*.4). However the ending inventory should be 12,000 (30,000 original cost * .4). So inventory is overstated by 8,000. For COGS we have to eliminate the 30,000 that Peterson recorded plus the additional COGS that Silver recorded. So Silver recorded 30,000 COGS (50,000 inventory * .6 sold) when it should only be 18,000 (30,000 original cost of inventory* .6 sold). So inventory is overstated by 12,000. The eliminating entry should be:

    Sales 50,000
    Merch. Inventory 8,000
    COGS 42,000 (30,000 from the sale + 12,000 overstated)

    Hopefully this helps!

    FAR - 78

    AUD - 75

    BEC - 83

    REG - 82

    #1651393
    lampy44
    Member

    @lam2848 That’s how I try to attack these problems too. So if you sell equipment you do record a G/L but with inventory/merchandise you do not? I think that’s where I lost it. I must have just overlooked that point. Thank you!

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