[jeff]

I’ve had a few requests for April/May Study Groups…March will be here before you know it.

In order to take an early April exam, you should begin studying…now. 🙂

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

[How many letters do you need]

Probably not going to be on much in the next 10 days or so, so allow me to get a little cheesy…

It always amused me when lurking how people tended to adopt a warrior – like mentality when it comes to the CPA, and especially so with FAR. I remember thinking…we are trying to become CPAs not Marines. But as I get closer I really get it. This exam is so challenging it almost elicits a primal response from us that dates back to fight or flight (and I know for most of us, flight is not an option). My girlfriend asked me a serious question while I was studying the other day and I literally grunted in response without even realizing it. I'm so lucky she has a sense of humor..

We are all taking this exam for our own reasons but at the end of the day we are just animals trying to survive in the jungle that is the business world and this is going to be a critical step forward for all of us.

So as the Q2 window is finally upon us and I am in the final stages of preparation for this FAR battle, I say it's been a pleasure “training” with all of you, and I look forward to swapping “war stories”. Let's do this.

MBA,CMA,CPA, CFF?, ABV?

[jasbeerch]

@cpamom & @ Howmany

I collected my courage and now I am ready to face this exam.

I was so overwhelmed ………… But I am good now and optimistic

I did whatever I can do to study for this exam. I can't change anything in last week. so………………BE POSITIVE.

The right MINDSET matters a lot …………..

My game plan: review topics

4th april – Basic concepts & F/S, Inventory, Stat. of CF'S

5th april – Stockholder's equity, investments, Miscellaneous items

6th April – Fixed assets, bonds, leases, pensions, derviatives

7th April – CA & CL, Deferred Taxes, Business consolidation

8th April – Govt. accounting & NFP

I am copying CPAMOM for doing MCQ'S & SIMS on each topic reviewed that day.

I HOPE Everything I put together till now will help me pass this exam.

Good luck to everyone !!!

Thanks for all the support & motivation :)))))

[Anonymous]

Thanks for answering Hopeful! I think you all have good game plans for these final days. Good luck to everyone. @howmany–I agree completely! I growled at my kids and my husband last night….literally growled! I'll have to show my husband this forum in hopes that he doesn't think I've lost my mind. 🙂

[Anonymous]

Note to self–Do NOT read the FAR exam experience thread anymore until after I take the exam.

[SpartanCPA]

The portion of special assessment debt maturing in 5 years, to be repaid from general resources of the government, should be reported in the:

a. Government-wide statement of net position.

b. General fund.

c. Capital projects fund.

d.Agency fund.

AUD - 01/18/14 - 81
BEC - 05/29/14 - 85
FAR - 07/18/14 - 81
REG - 11/18/14 - 80

Becker CPA Review
NINJA Audio
Michigan State University

[LStevens225]

So one thing I have struggled with in this studying process is reviewing. I am so focused on the subject I am trying to get better at that I forget about reviewing the stuff I've already learned so to not forget it. How do you call review while trying to progress through the more challenging subjects? My thought is pick a day and just review… okay… so review how? Rewrite ninja notes? Rewrite you own notes?

How do you all review past material to keep fresh while working on harder chapters?

Thanks!

[Anonymous]

LStevens–scroll back up. I listed my strategy for reviewing this weekend, which is one week before my test. For AUD I rewrote my notes and the ninja notes, but there are just too many notes for FAR. My hand would fall off.

[Anonymous]

@Spartan, would A (GW-SONP) be correct? (My logic says it should be General Fund. But my conscience says no because the question pertains to debt.)

[Anonymous]

My vote is A too. I think the general fund is only for current assets/liabilities. I could be wrong about that. It's been awhile since I've looked at government.

[SpartanCPA]

A is correct!

AUD - 01/18/14 - 81
BEC - 05/29/14 - 85
FAR - 07/18/14 - 81
REG - 11/18/14 - 80

Becker CPA Review
NINJA Audio
Michigan State University

[Anonymous]

I've studied capitalization of interest costs 3x in 3 different times, and yet it's easy to forget them.

I hope by creating my own mnemonics, I won't easily forget this topic the way I remember P x R x T during my arithmetic years in grade school.

When to capitalize interest costs?

3 [SOP]

S – Special order goods on hand for sale to customers

O – Ordinary delays in construction

P – Progress -> Construction in progress / During construction period*

When to expense interest costs?

4[ABRI]

A – After -> On fixed assets held after the construction period

B – Before -> On fixed assets held before the construction period

R – Routine -> On inventory routinely manufactured (other assets held for sale)

I – Intentional delays in construction

P.S.

*This applies only on assets to be used by a firm (for management / official use only). Interest incurred for assets/machinery held for sale are ALL expensed.

[Anonymous]

Question about charging costs or capitalizing “Land” account:

A company purchased land with the intention of building its new administrative headquarters on the site. Accordingly, the installation of sewage system is not charged to land. The problem says the sewage system is a Land Improvement. So how do we treat it then?

Thanks guys.

[SpartanCPA]

Land improvements have finite lives so they should be capitalized and depreciated over the length of its life.

AUD - 01/18/14 - 81
BEC - 05/29/14 - 85
FAR - 07/18/14 - 81
REG - 11/18/14 - 80

Becker CPA Review
NINJA Audio
Michigan State University

[stoleway]

Land improvement is an asset recorded separately from land, you need to capitalize the cost and amortize it over the life of the asset (land improvement).

Treat it the same way you will treat leasehold improvement under operating leases.

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Anonymous]

Thanks guys for your reply.

So on our B/S under Asset Account, where would this Land Improvement account fall?

-Current Assets (certainly not here)

-Investments (I'm sure, this would not be under here either)

-PPE (which consists of Land, Building, Eqpt.)

-Intangible Assets (not here)

-Other Assets (which consists of Bond Issue Cost, Pension & Other Post-Retirement Benefit Assets)

[Author]

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