[Anonymous]

It takes me forever to get through MCQ. I estimate it would take me through Sunday to get through it. I am thinking about just skipping F10 and spending my weekend rewriting notes, taking progress tests, and reviewing everything instead of finishing F10. I have been getting 70-80 on my progress tests, but it is still scary. I haven’t done any sims because this material is already beastly enough to get through. So…..what say you another 71?

Finish F10 with no time to review older material?

Or start an intensive review of everything?

[PocketsWithCash]

It really varied based on the day and how distracted I got. I'm not the type of person that could sit down and study for 5 hours in a row. I would guess I averaged 6ish hours for the last 5 days, more for topics that I was less familiar with and less for topics I was better at.

5 days is plenty of time to review if you're logical about it, my 2 weeks of review consisted of reviewing the entire material over 5 days and taking a practice test on the 6th day. Repeating the process probably earned me some extra points, but the first time through was most valuable.

Break down the material into topics you find difficult/get wrong most often. Then rank those in terms of scope and importance, ie. bonds or gov't funds are broad in scope, emphasized in the text, and have testable history. The in-depth details of SEC forms 10-k, 10-q, 8-k, etc., or the 100 different types of retail inventory methods, are narrow in scope, obscure, and at best will appear as one question. Read your notes, book, or whatever works best for you to try and learn the broader/most important topics and review the mcq's. Skim the other stuff if you have time, but it's OK to skip some of the narrower topics. Every day, do some comprehensive (all material, not just what you studied that day) mcq tests.

Remember the exam is only 90 questions (and I think 15 don't even count because they're “test” questions), so it's ok to not know everything.

FAR 97
REG 91
AUD 5/30/14
BEC 7/11/14

[PocketsWithCash]

It really varied based on the day and how distracted I got. I'm not the type of person that could sit down and study for 5 hours in a row. I would guess I averaged 6ish hours for the last 5 days, more for topics that I was less familiar with and less for topics I was better at.

5 days is plenty of time to review if you're logical about it, my 2 weeks of review consisted of reviewing the entire material over 5 days and taking a practice test on the 6th day. Repeating the process probably earned me some extra points, but the first time through was most valuable.

Break down the material into topics you find difficult/get wrong most often. Then rank those in terms of scope and importance, ie. bonds or gov't funds are broad in scope, emphasized in the text, and have testable history. The in-depth details of SEC forms 10-k, 10-q, 8-k, etc., or the 100 different types of retail inventory methods, are narrow in scope, obscure, and at best will appear as one question. Read your notes, book, or whatever works best for you to try and learn the broader/most important topics and review the mcq's. Skim the other stuff if you have time, but it's OK to skip some of the narrower topics. Every day, do some comprehensive (all material, not just what you studied that day) mcq tests.

Remember the exam is only 90 questions (and I think 15 don't even count because they're “test” questions), so it's ok to not know everything.

FAR 97
REG 91
AUD 5/30/14
BEC 7/11/14

[jrosen92770]

Pockets – Could you explain this one?

Help please…I get the approach just not sure about the markup..of 40%. Isn't the cost = $40,000/1.4 or $28,571

The following items were included in Opal Co.'s inventory account at December 31:

Merchandise out on consignment, at sales price, including 40%

markup on selling price

$40,000

Goods purchased, in transit, shipped F.O.B. shipping point

36,000

Goods held on consignment by Opal

27,000

By what amount should Opal's inventory account at December 31 be reduced?

a.

$103,000

b.

$51,000

c.

$43,000

d.

$67,000

Explanation

Choice “c” is correct. The 40% markup and the goods held on consignment (not belonging to Opal) must be eliminated to record inventory at cost. The $36,000 of goods shipped FOB shipping point should be included in inventory (title has passed to Opal). 40% x $40,000 = $16,000 plus $27,000 = $43,000.

BEC – 5/26/2013 75

REG – 8/31/2013 82

AUD – 11/24/2013 74, 2/9/2014 92

FAR – 5/25/2014

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[jrosen92770]

Pockets – Could you explain this one?

Help please…I get the approach just not sure about the markup..of 40%. Isn't the cost = $40,000/1.4 or $28,571

The following items were included in Opal Co.'s inventory account at December 31:

Merchandise out on consignment, at sales price, including 40%

markup on selling price

$40,000

Goods purchased, in transit, shipped F.O.B. shipping point

36,000

Goods held on consignment by Opal

27,000

By what amount should Opal's inventory account at December 31 be reduced?

a.

$103,000

b.

$51,000

c.

$43,000

d.

$67,000

Explanation

Choice “c” is correct. The 40% markup and the goods held on consignment (not belonging to Opal) must be eliminated to record inventory at cost. The $36,000 of goods shipped FOB shipping point should be included in inventory (title has passed to Opal). 40% x $40,000 = $16,000 plus $27,000 = $43,000.

BEC – 5/26/2013 75

REG – 8/31/2013 82

AUD – 11/24/2013 74, 2/9/2014 92

FAR – 5/25/2014

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[PocketsWithCash]

jrosen – it is just an extremely poorly worded question. I interpreted it the same way you did the first time I read it (as in the $40,000 includes the 40% markup), but the intent of the question is that an additional markup of 40% was included in inventory and the value they are presenting you is the inventory cost value. There is literally no way to ascertain that this was their intent other than realizing that $38,429 (27,000 + (40,000 – 28,571)) isn't an answer choice and the answer is there if you treat the $40,000 as cost before markup.

FAR 97
REG 91
AUD 5/30/14
BEC 7/11/14

[PocketsWithCash]

jrosen – it is just an extremely poorly worded question. I interpreted it the same way you did the first time I read it (as in the $40,000 includes the 40% markup), but the intent of the question is that an additional markup of 40% was included in inventory and the value they are presenting you is the inventory cost value. There is literally no way to ascertain that this was their intent other than realizing that $38,429 (27,000 + (40,000 – 28,571)) isn't an answer choice and the answer is there if you treat the $40,000 as cost before markup.

FAR 97
REG 91
AUD 5/30/14
BEC 7/11/14

[Anonymous]

I have to say that I don't agree with the idea to “skim” certain topics….especially IFRS…be careful of advising candidates one way or the other on this. Every test is different and a subject that you get very few questions on could be entirely different on someone else's test.

[Anonymous]

I have to say that I don't agree with the idea to “skim” certain topics….especially IFRS…be careful of advising candidates one way or the other on this. Every test is different and a subject that you get very few questions on could be entirely different on someone else's test.

[hopeimnottoolatetobeacpa]

@PocketsWIthCash, Thank you much for the tips and sharing with us,i really appreciate it, i'll definitely focus on my weak areas: bonds, inventory and eps.

[hopeimnottoolatetobeacpa]

@PocketsWIthCash, Thank you much for the tips and sharing with us,i really appreciate it, i'll definitely focus on my weak areas: bonds, inventory and eps.

[PocketsWithCash]

casagarber – Some things are definitely ok to skim because they're historically not tested. I know plenty of other people who scored in the 90's on FAR that also skimmed historically obscure topics. Becker takes questions from over 20 years of AICPA question releases. If a topic like VIE's has only 4 review questions, do you really think you're going to get 6 on your exam? Even if you did, it would be highly unlikely that all of them counted.

That being said, you are most definitely correct about IFRS. It is an important topic, but the reason myself and the other poster said to skim that section is because of how Becker presents the info.

IFRS is covered in detail throughout the book, it's something that you should have learned before F10. There is no new material in that section, just a summary chart. It is literally meant for you to have a quick reference of all the differences so you have aggregated mcq's and know where to look in prior sections for differences you're not comfortable with. If you're seeing those topics for the first time in F10, it means you skipped material elsewhere in your review. If that's the case, you are 100% correct, you would need to do more than skim.

FAR 97
REG 91
AUD 5/30/14
BEC 7/11/14

[PocketsWithCash]

casagarber – Some things are definitely ok to skim because they're historically not tested. I know plenty of other people who scored in the 90's on FAR that also skimmed historically obscure topics. Becker takes questions from over 20 years of AICPA question releases. If a topic like VIE's has only 4 review questions, do you really think you're going to get 6 on your exam? Even if you did, it would be highly unlikely that all of them counted.

That being said, you are most definitely correct about IFRS. It is an important topic, but the reason myself and the other poster said to skim that section is because of how Becker presents the info.

IFRS is covered in detail throughout the book, it's something that you should have learned before F10. There is no new material in that section, just a summary chart. It is literally meant for you to have a quick reference of all the differences so you have aggregated mcq's and know where to look in prior sections for differences you're not comfortable with. If you're seeing those topics for the first time in F10, it means you skipped material elsewhere in your review. If that's the case, you are 100% correct, you would need to do more than skim.

FAR 97
REG 91
AUD 5/30/14
BEC 7/11/14

[jrosen92770]

Thanks Pockets.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[jrosen92770]

Thanks Pockets.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[Anonymous]

Thank you everyone for the advice. I did exactly as bae bae advised. I ended up with an 80! I literally finished up the HW for the sections recommended by bae bae hours before my exam, and that was it. I am feeling so blessed.

[Author]

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