[jeff]

NINJA Study Notes, Flashcards, and Audio: https://www.another71.com/products-page/

Wiley Software: https://www.another71.com/wiley-cpa-software/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

I have been studying for a few weeks now and am wondering what I have gotten myself into…and why I paid hard-earned money to get myself into it!I I sank $1700 on the Now & Then Yaeger CPA study course a few weeks ago and I'm studying for FAR. I feel like I'm going to do horrible – I honestly have never HEARD of some of this material before and every problem or simulation I work out and think I have the right answer, WRONG. I'm starting to wonder if I'm preparing myself the right way for the exam – I know it's very unlikely I will pass my first time, especially on the FAR section, but I just need some feedback on how to tackle this whole thing! How many hours per week is it recommended that we study? And what kind of studying? I watch my videos that go along with the Wiley book and make notecards throughout the video – I do this daily. The instructor also goes over multiple choice questions and simulations in the book during the lecture. But once I spend all the time required to make good, usable notecards and pausing the video to make them, it takes me 3 hours to watch a 1 hour lecture! I'm finding it hard to find time to do anything but watch my videos and make notecards and am wondering if I'm spending too much time on that? Maybe I need to do more of the practice multiple choice and simulations to prepare myself? I don't take my exam until Nov 21 so I still have about 2 months…. Any advice anyone could give me on studying or how to allocate my time more efficiently would be WONDERFUL. =)

[Minimorty]

@dixi – I took out the last sentence of your post. Buying and selling used materials is not allowed on the site. Thanks!

Everybody learns in a different way. For example, I didnt take any notes at all for FAR. I listened to the lectures (Becker), did the homework problems, and moved on to the next section. I skimmed through the book for my final review and did a ton of multiple choice questions. Becker also had two “final exams” which I found useful. If you can fit a couple hours a day for the next two months, you should start to pick up on things. I would keep moving through the material and then come back around again and watch the lectures/do the homework again. The more you see it, the more it will sink in. Good luck!

[Anonymous]

@ kb24

Thank you so much for your advice.

I really appreciate it!

[Anonymous]

Thanks pshustler

[Marivy22]

@ dixichic22

I feel the same way. I am now finishing F6 from Becker and I went thru chapters F4 & F5, and thinking that I will have to go back to them. I believe it is a lot of material to refresh, and when I say refresh for me is a big word. I have been out from college for almost 10 years………. Any way, I moved forward, and going to do what Minority recommended. I still have 3 chapters more to go, final review, Wiley test bank and just bought Ninja notes….My test on October 10, so I have a lot to do before then. For now, I am scare as H!! I am studying from 5-6.30 AM, then at lunch for 45 mins to an hour and from 8.30-10.30PM an average of 3 1/2 hours from Monday – Friday, Saturdays 6 +/- hours and Sunday no more than 3 hours. If I feel behind I just add hours to my Sundays…just trying to do 25 hours per week.

Good luck.

Done 😉
Class of 2012!!!!
Lots of prayers and hard work....

[Anonymous]

Can anyone help me understand this question from the Becker MCQs F2 (Revenue Recognition)? I'm having problems with these accrual to cash basis and vise versa questions. Maybe I am missing it, but Becker doesn't really seem to do a goodjob in the explanation for this answer…

Ward, a consultant, keeps her accounting records on a cash basis. During Year 2, Ward collected $200,000 in fees from clients. At Dec 31, Year 1, Ward had accounts receivable of $40,000. At Dec 31, Year 2, Ward had accounts receivable of $60,000, and unearned fees of $5,000. On an accrual basis, what was Ward's service revenue for Year 2?

The answer is $215,000.

Becker has:

Bal at Dec. 31, Year 1 40,000

Revenue – Squeeze (What the hell is this?) ? 215,000

Subtotal 255,000

Collections (195000)

Bal at Dec 31, Year 2 60,000

I guess I just don't understand how they got the 215,000? It seems like you just plug in and see if it works…so confused on this one. I've tried this question like five times and still don't get how they got it logically in my mind. Anyone have any insight?

[Anonymous]

@Distance

this is how I would reason:

200,000 is the amount collected during the year. This is a cash basis so this amount should be adjusted to reflect only transactions that relate to the year 2. That means that 40,000 receivable at the beginning of the year should be substracted because this receivable belongs the previous year.60,000 receivable at the end of the year should be added because, even though it hasn't been collected yet, it belongs to the current year. 5,000 of unearned fees should be substracted because it is money collected that belong to future periods, not earned yet. To put it in calculation:

200,000-40,000+60,000-5,000 = 215,000

Hope that helps

[Anonymous]

Dee,

Thanks! That actually makes perfect sense. Thank you so much.

[nickc1028]

I really don't get how a lot of you all did as well as you did on FAR.

So far I passed BEC and AUD this passed window, but I have been studying for FAR for a few weeks and just do not see it happening. How the hell can they expect us to grasp so much different stuff?!

CPA
AUD - 7/26/11 - pass
BEC - 8/31/11 - pass
FAR - 10/14/11 - pass
REG - 11/26/11 - pass
CMA
2/27/15 - pass
5/9/15 - pass

[Joe36y]

What are the chances FAR gets released this weekend?

BEC: 82
FAR: 79
AUD: 85
REG: July 10th

[pacific1]

Joe36y….I doubt it will be released this weekend, I am thinking Monday or Tuesday.

[Anonymous]

Good luck to those that have taken FAR and are waiting for your score!

I am studying for FAR and am considering pushing my test date back a week.

I took BEC on 08/29 and have done a little bit of studying for FAR, but not as much as I had planned. I am using Wiley/Yaeger and have finished module 9A – 9D. Still have Inventory, Fixed Assets, CA/CL, PV, Deferred Taxes, Stockholders Equity, Investments, Statement of CF, Business combos/consolidations, Derivatives, Misc, Governmental and NFP to cover. Wow, that is a lot to cover. Yikes.

My test date is currently 10/24 and I'm considering moving it to 10/31. The catch is that I take AUD on 11/28. I know a lot of people struggle just as much with AUD as FAR, but with the amount of material in FAR, would it be wise to use the rest of Sept and all of Oct on FAR and just Nov for AUD?

I recently graduated with my masters in accounting and feel I have exposure to most of the topics, but definitely know that I have a lot of work to do. Classes I've taken that might help with FAR: intermediate financial accounting I and II, advanced financial accounting, fund accounting (gov/NFP) … Classed I've taken that might help with AUD: intro, advanced, internal and IT audit.

Any thoughts would be greatly appreciated.

[NolaCpa2Be]

@eatrunCPA

I would definitely push FAR back if you feel overwhelmed. AUD will feel like kindergarten once you finish FAR. IMO, the material is more theory and less math; not to mention there is significantly less material.

[kb24]

@eatrunCPA

I agree that pushing back FAR is a good idea if you're feeling overwhelmed. There's a fair amount of overlap between AUD and FAR so you should be able to go through some of AUD pretty quickly. Also, you didn't say anything about how much you're studying per day or week, but you might want to review Jeff's story for ideas as to how to improve your study efficiency.

FAR 4/1/11 - 89
AUD 4/15/11 - 85
REG 4/29/11 - 80
BEC 5/13/11 - 85

[Anonymous]

@ Marivy22 – and everyone else. =)

I have a friend who recently passed FAR – which was his last part. He said the key to passing FAR for him was doing Gleim multiple choice questions every single night. I've read that Gleim has more questions in their software, but Wiley and Gleim have most of the same questions. I already have the Wiley multiple choice software, but now I'm wondering if I should buy the ones Gleim too? It is only $54.95, which is nothing compared to what we've all already spent on study materials, I'm sure.

I also have a question – when exactly are you supposed to use these multiple choice test banks? It seems like by the time I watch my videos and take notes, I need to move on to another subject! Also, are you supposed to do the multiple choice questions AFTER you finish going through the videos? Or during? Or add that as a part of your study plan, or what? I just feel so unorganized. Thoughts?

I wish this was more like college where all that was required was effort and homework and a few tests and you'd pass the class. It is so depressing spending all this time studying and working towards something not knowing if you will ever reap the benefits of it or are even capable of passing.

Good luck to everyone! =)

[Author]

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