FAR Study Group 2019 - Page 9

Viewing 30 posts - 241 through 270 (of 274 total)
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  • #2611866
    nicholasloprinzi25
    Participant

    Hi all,

    Just got FAR back & I failed for the second time. I received a 73 the first try & a 70 this past try. I looked at the score form today & it seemed I did better the second time, which confuses me. First time around I was weak on 2/4 topics & the MCQ’s while everything else was comparable. This time I was weak on 1/4 topics & SIMs, while everything else was comparable. I was confused why my score went down this time around.

    Would anyone have clarification on this? Also, any advice for the third try around? FAR is my last test & I would love for this process to be done & over with. Thanks!

    AUD - 75
    BEC - 79
    FAR - NINJA in Training
    REG - 76
    Pushing through one step at a time!
    #2611932
    CH89
    Participant

    Sorry to hear about your score release for FAR. Keep pushing forward! If I had to guess why your score went down but your score form seems better is based on how the grading of the questions are. Remember, your score isn't a percentage and if I understand correctly MCQs are based on difficulty. You could have done well, but just missed on some of the more difficult questions. For what's it worth, I would take that form with a grain of salt. I believe it even says on there that they take a sample of questions and compare it to other candidates who scored a 75-80. It is likely that they could have chosen questions that you got more correct than wrong which would make it seem like you did better in certain topics.

    #2612781
    stan
    Participant

    I will strongly suggest that you prepare yourself with updated material. Anything that is outdated please stay away. It won't do you any good. And true be told you will not use it on the work place. I just passed FAR and I can tell you focus on what will be tested. Follow the blueprint and take AICPA sample tests. I believe becker update their material and they are good at removing what is not tested from their course.

    Stand
    #2614026
    Tncincy
    Participant

    Oh I am dreading those mcq's. Maybe I read more. I'm just anxious. I need to pass!!!

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2627133
    AndreAAndreA
    Participant

    What would be the journal entry in this case for Company A?
    Assume No Commercial Substance, exchange of old truck Company A for a new truck Company B (no cash payment has been made)

    Company A
    FV?
    CV 100,000
    Depreciation 40,000

    Company B
    FV 50,000
    CV 70,000

    Dr: Equipment (new) 50,000
    Dr: Accum. depr. 40,000
    Dr: Loss 10,000?
    Cr: Equipment (old) 100,000

    Is that correct?

    FAR 73,78

    AUD

    REG

    BEC

    "Of course it’s hard. It’s supposed to be hard. If it was easy, everyone would do it. Hard is what makes it great."

     

    #2627235
    AndreAAndreA
    Participant

    Just took FAR

    I hope the hard stuff was pre-test.

    Good luck everyone!

    FAR 73,78

    AUD

    REG

    BEC

    "Of course it’s hard. It’s supposed to be hard. If it was easy, everyone would do it. Hard is what makes it great."

     

    #2627700
    Tncincy
    Participant

    @AndreA, thanks for the heads up. What course are you using?

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2641032
    Tncincy
    Participant

    Has anyone used the Ninja MCQ Audio? Trying to find things to keep my attention when I have to switch from notes and mcq's. I would like to use the plus videos, but I am not sure about content. I used them for Reg, but not too sure for Far.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2641161
    fsanacor
    Participant

    I just finished the Becker book (lectures, mcqs, sims), going to be reviewing from now until my Sept 9th test with 3 practice exams mixed in. This is my last test and I am beyond stressed over this one. Way more then the other 3. The amount of material is overwhelming and I can't seem to master any one part. Any tips on which parts I should concentrate on a little more? I'm not going to have enough time to nitpick at every section from now until then. I read these blogs and some people say they have been testing Becker 3 & 4 a lot (assets and investments) and others say that more Becker 1, 8-10 (conceptual framework/financial reporting, nfp and governmental), so I'm at a major crossroads. I'm being trying to do as many mcq's a day until I can't physically focus anymore, but I'm not sure that it is the proper way of handling this exam. It's a much different animal then the other 3. Any tips would be greatly appreciated.

    #2644881
    Hannah
    Participant

    Can someone explain to me how these two questions are different? Because one takes out outstanding checks and one doesnt…
    Philipp Co.’s monthly bank statement shows a balance of $54,200. Reconciliation of the statement with company books reveals the following information:
    Bank Service Charge $10
    Insufficient Funds Check $650
    Outstanding Checks $1,500
    Deposits in transit $350
    Check deposited by Philipp and cleared by the bank for $125, but improperly recorded by Philipp as $152.
    What is the net cash balance per books after the reconciliation?
    A.$52,363 [4%]
    B.$53,023 [5%]
    C.$53,050 [88%]
    D.$53,077 [3%]

    Alton Co. had a cash balance of $32,300 recorded in its general ledger at the end of the month, prior to receiving its bank statement. Reconciliation of the bank statement reveals the following information:
    Bank service charge – $15
    Check deposited and returned for insufficient funds check – $120
    Deposit recorded in the general ledger as $258 but should be $285
    Checks outstanding – $1,800
    After reconciling its bank statement, what amount should Alton report as its cash account balance?
    A. $30,338 [4%]
    B. $30,392 [11%]
    C. $32,138 [4%]
    D. $32,192 [81%]

    AUD - TBD

    BEC - TBD

    FAR - 42

    REG - Studying

    #2645019
    AndreAAndreA
    Participant

    I think, 1 question asking you to do a bank reconciliation and 2 question asking you to do a book reconciliation.
    Can someone explain to me how these two questions are different? Because one takes out outstanding checks and one doesnt…
    Philipp Co.’s monthly bank statement shows a balance of $54,200. Reconciliation of the statement with company books reveals the following information:
    Bank Service Charge $10
    Insufficient Funds Check $650
    Outstanding Checks $1,500
    Deposits in transit $350
    Check deposited by Philipp and cleared by the bank for $125, but improperly recorded by Philipp as $152.
    What is the net cash balance per books after the reconciliation?
    A.$52,363 [4%]
    B.$53,023 [5%]
    C.$53,050 [88%]
    D.$53,077 [3%]

    Alton Co. had a cash balance of $32,300 recorded in its general ledger at the end of the month, prior to receiving its bank statement. Reconciliation of the bank statement reveals the following information:
    Bank service charge – $15
    Check deposited and returned for insufficient funds check – $120
    Deposit recorded in the general ledger as $258 but should be $285
    Checks outstanding – $1,800
    After reconciling its bank statement, what amount should Alton report as its cash account balance?

    FAR 73,78

    AUD

    REG

    BEC

    "Of course it’s hard. It’s supposed to be hard. If it was easy, everyone would do it. Hard is what makes it great."

     

    #2663760
    JoshJosh
    Participant

    Hello everyone! I intend to pass FAR. It's been a little while, but I intend to take that and by the end of the year (2019). I took some time to do continuing education for existing licenses/certificates and passed a securities exam. I have until September of 2020 before my Becker expires. I got that, Gleim and a few other resources. I'm not quite ‘traditional' and have some different ways of studying, but I commit to study 2+ hours a day preferably 30-40 hours a week to increase my chances for success. I wish all you Ninjas the best and success on this exam and in life.

    AUD - 69
    BEC - 75
    FAR - 71
    REG - 61
    Josh
    "The hardest thing to understand in the world in the income tax." - Albert Einstein
    #2685222
    alex260605
    Participant

    Is anyone else who is studying for FAR currently feeling incredibly overwhelmed by the volume of material? I'm getting nervous about the exam and how I'm going to retain all of the information

    #2686113
    Tony
    Participant

    @Alex260605 I felt the exact same way before taking the test this past Wednesday and I agree that it is hard to retain all of the information. Idk if I passed and I'm 50/50 about it (will find out around the 19th of Sept). Therefore, I cannot give a solid advice in comparison to others here who have passed. But in my experience, I wished I had practiced my speed for answering the MCQs. They took me longer that anticipated which caused me to be under tremendous pressure with the TBS.

    AUD - 75
    BEC - NINJA in Training
    FAR - 84
    REG - NINJA in Training
    CPA 2020
    #2689485
    April94
    Participant

    I felt very overwhelmed when I first started studying for FAR. I’m using Rogers and there were 31 chapters of info to get through! I only passed on the third try. The difference was when I stopped watching the videos and started reading through the entire book, taking notes, and practicing a ton of practice questions. I bought Wiley test bank for FAR and found most of the questions to be much more difficult than Rogers. Good luck on FAR! It is definitely a beast but if you study your butt off, you will pass!

    "It takes as much energy to wish as it does to plan." -Eleanor Roosevelt

    FAR-72, 55, 82

    AUD-92

    REG-TBD

    BEC-TBD

    #2691753
    Captain Awesome
    Participant

    @April94, I found Roger's test bank to be too weak as well. My first two tries for FAR I felt like I had studied for the wrong test. Only after switching to Ninja did I start to do well on MCQ's and finally passed FAR. Some on here say every software is using the same test bank but I completely disagree. Roger's questions were to basic and similar, lacking a lot of the “tricks” found in the real exam.

    AUD - 80
    BEC - 80
    FAR - 82
    REG - NINJA in Training
     

     

     

    #2740659
    Tracey
    Participant

    Hi all, this is my first time to use this forum. I live in Vietnam and plan to take US CPA. Nice to know you all and hope to receive advices from all you guys

    #2743974
    Hopefulcpa1234
    Participant

    Hi all,

    Sadly this is my 4th time studying the FAR exam. I scored a 74 last quarter. With that being said, could anyone help me with the below question from NINJA about consolidations?

    Selected information for two unconsolidated subsidiaries of Ray Company taken from their pre-closing trial balances at December 31 is as follows:

    Ash company Dr.(Cr.) Bix company Dr.(Cr.)
    Inventory, 1/1 $120,000 ———
    Purchases $190,000 $85,000
    Shipments to Bix $(80,000) ———
    Shipments from Ash ———- $100,000
    Unrealized intercompany
    inventory profit $(20,000) ———
    Additional data relating to the inventory at December 31 are as follows:
    Ash : Bix:
    Inventory acquired from outside parties $125,000 $25,000
    Bix inventory acquired from Ash ——— $30,000
    At December 31, the inventory reported on the combined balance sheet of the two unconsolidated subsidiaries should be

    A. $150,000
    B. $160,000
    C. $174,000
    D. $180,000

    The answer is C. I am just confused why you would not take into account the 190,000 of purchases that Ash had and the 85,000 that Bix had?

    #2750826
    JoshJosh
    Participant

    @alex260605 FAR does seem to have a lot of material; and I'm probably spending too much time studying for it..; but every little step motivates me that much more

    AUD - 69
    BEC - 75
    FAR - 71
    REG - 61
    Josh
    "The hardest thing to understand in the world in the income tax." - Albert Einstein
    #2753427
    alex260605
    Participant

    @Josh

    Thanks! Good luck as well! It will all be over before we know it.

    #2766345
    fluffhead
    Participant

    Can someone help me understand why Pref Stock dividends aren't subtracted from the numerator? I thought PS dividends were always subtracted. I don't understand the explanation.

    Question # 1066 | Blueprint Area: 1 D : Public Company Reporting Topics (U.S. SEC Reporting Requirements, Earnings Per Share and Segment Reporting)

    The following information relates to the capital structure of Parke Corporation:

    December 31
    Previous Current
    Outstanding shares of:
    Common stock 90,000 90,000
    Preferred stock, convertible into 30,000 shares of common 30,000 30,000
    10% convertible bonds, convertible into 20,000 shares of common $1,000,000 $1,000,000
    During the current year, Parke paid $45,000 dividends on the preferred stock, which was earned in this year. Parke's net income for the year was $980,000 and
    the income tax rate was 40%.
    For the current year ended December 31, diluted EPS is

    A. $9.82
    B. $8.29
    C. $7.71
    D. $7.43
    The correct answer is (D).

    Basic Earnings per share (EPS) is computed by dividing net income less preferred stock dividends by the weighted average shares of common stock outstanding.

    Diluted EPS adjusts this calculation to reflect all potentially dilutive securities. To compute diluted EPS for this question, the convertible securities are assumed to have been converted at the beginning of the year.

    The preferred stock dividend of $45,000 is added back to the numerator (canceling out its original subtraction, since in this question we already have Net Income, Preference Dividend wasn’t subtracted and hence need not be added back) and the 30,000 shares of converted common stock are added to the denominator.

    The bond interest expense, net of tax, of $60,000 [($1,000,000 × 10%) × (1 – 40%)] is added back to the numerator as it was subtracted from Net Income and the 20,000 shares of converted common stock are added to the denominator.

    Diluted EPS = $980,000 Net income + $60,000 Bond interest (net tax) = $7.43
    90,000 (CS) + 30,000 (conv. PS) + 20,000 (conv. bonds)

    #2767188
    sinapi456
    Participant

    Can someone explain why the answer is $90,000? the question is below and the answer follows.
    On January 1, Year 1, Polk Corp. and Strass Corp. had condensed balance sheets as follows:

    Polk Strass
    Current Assests $70,000 $20,000
    Noncurrenr Assests 90,000 40,000
    Total Assests $160,000 $60,000
    Current Liabilities $30,000 $10,000
    Long-term Debt 50,000
    Stockholders Equity 80,000 50,000
    Total Liabilities and Equity $160,000 $60,000

    On January 2, Year 1, Polk borrowed $60,000 and used the proceeds to purchase 90% of the outstanding common shares of Strass. This debt is payable in ten equal annual principal payments, plus interest, beginning December 30, Year 1. The excess cost of the investment over Strass' book value of acquired net assets should be allocated 60% to inventory and 40% to goodwill. On January 1, Year 1, the fair value of Strass shares held by noncontrolling parties was $10,000.
    Stockholders' equity including noncontrolling interests should be

    In the consolidated balance sheet, neither the parent company's investment account nor the subsidiary's stockholders' equity is reported. These amounts are eliminated in the same journal entry that records the excess of cost over book value. The portion of the subsidiary's stockholders' equity that is not eliminated is reported as noncontrolling interest in the equity section of the consolidated balance sheet. Therefore, the parent's stockholders' equity ($90,000) equals the consolidated stockholders' equity plus the minority interest.

    Current Assests + Non-Current Assets = Current Liabilties + Non-Current Liabilities + Stockholder's Equity
    102,000 + 138,000 = 46.000 + 104,000 + 90,000

    #2767521
    Khanh
    Participant

    Hi everyone,

    I really need help with Partnership. I understand the lectures but when I read the MCQs , I don't know where to start.I am using Becker review course.

    Appreciate everyone's help

    Khanh
    #2790096
    Thanee
    Participant

    Contribution=10% of its income(75000)after deduction for this contribution, so
    C=(75000-C)X10%
    C=7500-0.1C
    1.1C=7500
    C≈6818

    #2790225
    jeff
    Keymaster

    How was everyone's study weekend?

    #2793834
    f
    Participant

    Hey all,

    I'm studying for FAR using Becker and was looking for some opinions.

    I'm on day 3 stuck on a module for chapter one: adjusting journal entries. The lecture and skills practice were ok. The mcq were horrible the lecture did not prepare me for them apparently. Scored probably 30%. I tried to understand why I got them wrong, redid the quiz, got a 78% and moved on. For the chapter one simulations I am struggling so bad with the ones related to this module. I don't feel like I should move on. I feel like I need to dedicate some solid study time to this module still. Should I just move on and revisit this module in the weekend when I have more free time or should I continue working through this module until I feel good with it? I should be on chapter two this week, it's already Wednesday and I haven't even started it…

    #2800863
    muohiobk
    Participant

    Anyone else sitting for FAR in early Jan?

    Was planning on sitting DEC 6th but have moved back as I fell way behind in studying/ did not allow enough time to really nail the concepts. Hoping that by giving myself the couple more weeks I am able to pass in 2020. Does not appear there are major changes in 2020 but waiting to see what updates becker has in next couple weeks

    #2826210
    inviteyou
    Participant

    Can someone help me with a SCF question. If a company issues common stock they receive cash. If the company issues common stock and retires long-term debt it is a noncash activity. However, why wouldn't you still report the cash inflow of the issuance of stock in the financing section? I'm missing how the issuance of stock to retire debt is a noncash activity. The company is paying off the debt with the cash received, correct?

    practice, Practice, PRACTICE!
    #2827875
    ilovephoilovepho
    Participant

    Learning all the material for the first time using Roger – Cramp Video Lectures (so I understand the concept) then learn some more in MCQ. Not sure if this works. I could be a genius for doing this short cut way or so stupid…

    FAR - Training - Roger
    #2828013
    inviteyou
    Participant

    @Ilovepho As long as you understand the material and not memorize, it sounds like that might work for you. What I learned is, if you want to pass there are no real short cuts. It's best to learn and understand the material. I think so many of us want to get it done right away so we speed through the content like we are in college and those tactics don't fully apply to the CPA exam, I've learned. They actually want you to know the material so I am taking the attitude to learn the material as QUICKLY as I can. I also learned more about my learning style. I'm not too much into mnemonics. I learn by doing. For FAR, I am doing every test bank question and feel that I am learning better that way rather than listening to the video, reading the material and then doing the MCQ's. That doesn't work for me. And, there's so much (good) content on youtube that serves to supplement some of these small things that can trip you up when solving for a problem.

    practice, Practice, PRACTICE!
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