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Just took FAR.. moving on to Audit ! . 
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FAR study group for September testing...

+Lizzell Francois
+Kevin Lane
+Jennifer Ali

Any others ? 

+Cathy Young !! Hi!! Where are you? Are you still studying? I need moral support. Lol...I am now consistently getting between 60-100. My average score is 70%. I hope in 3 weeks I can be more solid and average 85 all the time. Still need to review and memorize all the different type of reports and review Sampling and IT again. I just finished going over Module 1-3 of Yaeger the second time around. I feel I am getting a much better understanding. I hope I can understand the rest of the module better in 3 weeks. I don't really know how in the world I will be able to memorize each of the reports. :(

Hi all! Anyone taken and pass FAR lately, besides +Lisa Tarunawidjaja and +Lisa Liu ?

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Aggh these questions are Tricky. I kept adding NI but it's only asking for OCI....not Comprehensive Income. 
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Just checking in with everyone!! Bernard? OH  Bernard? I finally sat for Audit Friday Feb 19th.. now the waiting game of the score release.. I still feel that I could have used more time in MCQ and I did about run out of time on the test. So I am not sure if I passed or not. But cheers. Lots of study cards and lots of MCQs. Thank you all for all the study tips. :)

Holy shit! I passed FAR with an 88. I am so shocked because I walked out from that exam feeling so defeated and humbled. I felt so defeated, I literally just sat in my car for at least 30 min staring at nothing. I want to thank you everyone here, especially Bee, Andrew and Crystal for keeping me on my toes with practicing mcqs.

Moving on to Audit now. 

Hi Everyone, here is a Ninja mcq in which bonds are acutally purchased 1 month after there were issued
so the purchaser has to pay for the bond plus accrued interest. I am confused on how to calculate the interest revenue. I thought that you take the accrued interest on the pre-purchased bond at face value and contract rate.
Then, after purchase I thought you would take the interest rate on the proceeds X the effective rate and these two together. I am wrong!!! Can someone explain it??

Ninja mcq 1826

Bonds Payable question issued between interest periods

On November 1 of the current year, Mason Corp. issued $800,000 of its 10-year, 8% term bonds dated October 1 of the current year. The bonds were sold to yield 10%, with total proceeds of $700,000 plus accrued interest. Interest is paid every April 1 and October 1. What amount should Mason report for interest payable in its December 31 current-year balance sheet?


A.

$17,500


B.

$16,000
Incorrect
C.

$11,667


D.

$10,667

You answered C. The correct answer is B.

Even though the bonds have only been outstanding for two months (November and December) by the end of the year, nevertheless, the bonds pay interest on October and, in this case, owe the interest to be paid starting to accrue from October (the interest payment date). Thus, the interest payable up until the end of December for the year is based on the face amount ($800,000), the stated interest rate (8%), and the time from the October 1 payment date until the end of December. Thus, the interest payable at the end of the year is $16,000:
$800,000 × 0.08 × 3/12 = $16,000




Question: Yola Co. and Zaro Co. are fuel oil distributors. To facilitate the delivery of oil to their customers, Yola and Zaro exchanged ownership of 1,200 barrels of oil without physically moving the oil. Yola paid Zaro $30,000 to compensate for a difference in the grade of oil. On the date of the exchange, cost and market values of the oil were as follows:

                  Yola Co.     Zaro Co.
  Cost            $100,000     $126,000
  Market values    120,000      150,000

In Zaro’s income statement, what amount of gain should be reported from the exchange of the oil?

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Did as much as I could for REG. However, I still think I failed. 😁 I read most of the Flashcards, read all the outlines and did almost all the simulations. I still ran out of time since, I wanted to read my notes again. However, no time to think about have to move on to Audit!! 😉 
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