[Melans]

Hello all – after a hectic year and letting my studies get derailed, I am back!! I am working on FAR to take in Jan or Feb. I prefer to knock it out in January before busy season begins, but this is a HUGE section, so I will see how it goes. Never used a forum such as this to go along with my studies, that being said- I haven’t passed any sections yet, so we shall see how this goes!! We can do this!!! I can do this!!!

AUD 7/30/12 73; 12/2/13 85
BEC 7/19/13 81
REG 8/2/14 83
FAR - Jan 2015

[Anonymous]

I'm taking FAR and AUD in Jan a week apart before busy season.

FAR for the first time, and AUD for the 3rd time. Failed twice already with basically the same score. GL to all

[MsCPA544]

I'm also taking FAR in Feb. This is my first test and I really hope to do well. We should form a Jan/Feb FAR Study group! 🙂

FAR-7/27/13
AUD-5/25/13
REG-NOT SCHEDULED
BEC-NOT SCHEDULED

[Melans]

We should- I can use all the help and support possible!

AUD 7/30/12 73; 12/2/13 85
BEC 7/19/13 81
REG 8/2/14 83
FAR - Jan 2015

[Anonymous]

I am in for the JAn Feb Study Group. I take FAR at the end of February. I have not received my books form BEcker yet but they released the E Books. I have been going through and making my flashcards so I will not have to worry about making them once class starts. I am almost done with F2 and hope to finish them all befor christmas so I can chill out for a week or two before class starts in the beginning of January.

[olivertwist1234]

I am taking FAR in January, and I'd like to join your Jan/Feb study group.

_______________________________________

FAR 1/11/13

AUD 4/13

REG 5/13

BEC 7/13

[michaelabs22]

I'm taking FAR in mid January. Started studying this week, planning on doing 2 chapters per week, to leave me with 2 weeks for straight final review. Halfway done with chapter 1 and quickly realizing how much information there is haha.

A - 10/28/12 - Passed!!!
B - 11/20/12 - Passed!!!
F - 11/12/13 - Passed!!!
R - 02/01/13 - Passed!!!

Work Experience - Done!
Ethics Exam - Boom! Done!

RI Licensed CPA.

[MsCPA544]

So how do we do this? Should we exchange email addresses?

FAR-7/27/13
AUD-5/25/13
REG-NOT SCHEDULED
BEC-NOT SCHEDULED

[Melans]

Good evening folks! Hoping someone can explain this to me- Its from Becker's sample questions.

House Publishers offered a contest where the winner would receive $1,000,000 payable over the course of 20 years. On December 31 year 1 House annouced the winner and signed a note payable for $1,000,000 payable in $50,000 installments every year on January 2. Also, on December 31 Year 1, house purchased an annuity $418,250 to provide the $950,000 prize monies after the first installment, which was paid January 2 Year 2.

In Year 1's income statement, how much should House report as contest prize expense?

The answer is $468,250.

It is broken down as:

First payment on January 2 Year 2 50,000

Present value of subsequent 19 pmts 418,250

For a total of 468,250

Why would the present value of future payments on the income statement?

Thanks for your help!

AUD 7/30/12 73; 12/2/13 85
BEC 7/19/13 81
REG 8/2/14 83
FAR - Jan 2015

[Melans]

**Correction – Why would the present value of future payments BE on the income statement?

AUD 7/30/12 73; 12/2/13 85
BEC 7/19/13 81
REG 8/2/14 83
FAR - Jan 2015

[Melans]

MsCPA – good question, I can provide my email. I was thinking of going straight through here. The other thing that might work- I can set up a facebook group. Whatever is easiest for everyone.

AUD 7/30/12 73; 12/2/13 85
BEC 7/19/13 81
REG 8/2/14 83
FAR - Jan 2015

[jeff]

Sorry – I was late in creating the study groups.

The study group is here: https://www.another71.com/cpa-exam-forum/topic/far-study-group-january-february-2013

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

[Author]

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