[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

[Anonymous]

@Hopeful–My test is Saturday at 12:30 and I took two Exams in WTB. I took the first on on 03/26 so I could truly identify my weak areas. I took the second one on Tuesday to see what else I needed to brush up on. As long as you make sure to tell yourself that the score is not as important as why you missed what you miss, then I think it's fine to take a test. Don't let it discourage you because the scoring is so completely different on the actual exam. If you think it will freak you out for the exam then don't do it.

[HopefulCPA0601]

CPAMom – that is exactly when my exam is, same time! I think I'm going to skip the practice tests, because if I score below a 75% i know that will get to me and be stuck in my head, and at this point i need all the confidence I can get. Thanks for the reply! Good luck on your test, I hope we can both leave this forum with relief and good fortune after Saturday and BOTH PASS.

I sincerely hope you all pass, this test is by far the hardest in my opinion and I cannot wait to never have to go to prometric again.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[SpartanCPA]

The first final exam takes quite a few questions from the pool of MCQ's that Becker provides. The second final exam has maybe 1 or two questions from the pool, and the rest are all new. Both sims on each exam are new as well.

IMO I think it is beneficial to take them regardless how you feel about the score. Taking the exams will only help you, not hurt you. Now after taking both exams, I can go through my notes and focus on some of the minute details in certain calculations. I've noticed in both exams that it is important to understand GAAP and IFRS differences.

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

[HopefulCPA0601]

Also good weather forecasted for Saturday after the morning – so I will be enjoying margaritas outside at 5PM.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[HopefulCPA0601]

Oh question – if you are not given the discounted cash flow for a GAAP impairment question, does anyone know how to calculate the discounted cash flow amount? Is there a formula?

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[Anonymous]

@Hopeful, that's quite a question! I wonder too.

I thought, we should be looking for UNDISCOUNTED CF to compare it with CV. If CV > UCF, impairment exists. Impairment loss is equal to CV – FV.

[HopefulCPA0601]

yes yes yes, thats what I meant – sorry for the type. Do you know how to calculate undiscounted cash flow?

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[NJPRU]

I'm going to miss you all. 🙁

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[THill]

Hey all – I am brand spanking new and getting ready here to start by journey towards becoming a CPA. Books are on their way and I am planning on taking the first two exams either Oct-Nov or Jan-Feb of next year. I was thinking of taking FAR first followed by AUD.

Question:

1 – Would it be a waste to start studying a little bit now right up till a month before the actual test, then really put all in and start from the beginning? I thought by doing it this way would give me the time to really make good notes and really have a good understanding for FAR especially. Any thoughts?

[Anonymous]

@Hopeful, should the case problem provide the CF information, may it be undiscounted or discounted CF?

Otherwise, how are we going to decide whether or not an asset is subject for impairment if these undiscounted/discounted CFs are not available?

[Anonymous]

@THill, welcome to the board.

It's definitely not a waste of time if you have downtime now and start early.

It's great to really learn FAR topics, especially those that are really difficult.

Bonds

Consolidation

Income Tax

EPS

SCF

SHE

Most of the review MCQs are very tricky and I keep tripping up that I always need to run to my Intermediate Accounting textbook.

Have fun studying!

[Anonymous]

@THill–I wouldn't start studying yet. I'm burnt out after 3 months of FAR. I can't even imagine how it would feel to have 6 months of studying for this thing, even if you just do light studying now. You aren't going to remember anything you do this far out anyways. If you could take it in August then i would say you could start reading/taking notes, but even that seems like too long to me.

[THill]

CPAMommy – I see your point. I am currently just trying to figure out how I will balance everything between work and family. I have a 1 year old son that takes up all my time so I really have to think on when I would have time available to focus on FAR……urgh life decisions, hate it

[stoleway]

@HopefulCPA0601 and @Amor

Dont stress on how to calculate the Undiscounted Cashflow, it will be provided in your question.

GAAP uses 2 steps to determine impairment

1. Undiscounted cashflow is used to determine impairment (CA>Undiscounted Cashflow)

2. Find your impairment loss after the determination is made (CA- FV = Impairment loss)

IFRS uses 1 step approach.

Carrying amount is compared with the recoverable amount (CA- Recoverable amount= Impairment loss)

RECOVERABLE AMOUNT is the GREATER of Discounted Cashflow(value in use) or FV – COST TO SELL

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

Mass-CPA

[Anonymous]

@THill–The best thing you can do for yourself is get a reliable babysitter that will help you out if your spouse isn't available. I have 1,2,&4 year olds and my parents watch them 2 nights a week and one day on the weekend so I can get in 20 hours of studying each week. I count the hours after they go to sleep as extra studying, but I'm so tired after working all day that it is hard to get quality studying in after they go to bed at 8:30-9:00. Buy some of the Ninja Products–Go through flashcards on your phone when you have a spare moment and listen to the Ninja Audio when you are in the car. You can do this! I know it seems daunting to spend time away from your child and I still have a hard time with it, but the more time you give up now to study, the less you will have to give up later. My goal was to be done before my oldest started kindergarten so I wouldn't miss anything once she was in school. She starts in August and if I pass FAR on Saturday then I'll only have REG to pass before August and I will have fulfilled my goal. It's definitely doable!

[Author]

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