[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]

Hang in there guys. I'm totally torn up from month end and somehow have to bring myself to stare at pensions. It's either that or leases…lovely choices…

Mom – I have no doubt your positive attitude will return. The bond JEs are just a logical extension of a bond amortization table….if you got the table I know you have the JEs….just think about how they relate…

MBA,CMA,CPA, CFF?, ABV?

[KRina]

@ Mommy & Rani, I want to try another text book. So would you guys recommend Wiley textbook? I am having a breakdown right now. Just really hit me I failed FAR again and was my last section. Had to send my kids off to my parents so I can regroup. DH does not understand the nature of job and why I have to study. I thought I was done so I can focus on boys ( 2 & 7) but guess not…

Ok just venting, I need some encouragement thats all and I know you guys will understand….

[klink24]

@stoleway

Yes, there's a section in CPAExcel explaining how to write down Notes Receivables. The section is titled Loan Impairment, but the examples are all about Notes Receivables and in the Receivables topic. Essentially, there was a note receivable of 10,700 where the firm only expected to collect 7000 in 2 years. So you had to get the present value of 7000 in 2 years and recognize the interest revenue each year. At the end of the 2 years the total of the present value and interest revenue would equal up to 7000, which is the cash you expect to get in repayment of the 10,700 loan. Of course, recording the interest revenue each year is under the effective interest method. Under the cost recovery method you would recognize the interest revenue after the present value of 7000 is recovered since cost recovery method requires all costs of the asset be paid prior to recognizing revenue.

FAR: 4/19/2014 - 85!
AUD: 5/27/2014 - 90!
REG: 7/18/2014 - 81!
BEC: 8/13/2014 - 84!

4 up, 4 down, in 4 months.

Licensed 9/22 in NC.

[Anonymous]

Thanks guys. Today is a new day. I slept horribly last night because I'm so worried about this, but I think my issue is that I just need to have a full day to work on one of the harder topics, conquer it, and then I'll feel better. I haven't spent enough time on any one hard topic because I've been so tired trying to get in a few hours every night and month end drained me. I spent so much time on partnerships and I still can't figure them out. It was discouraging, but since I've never seen anyone mention partnerships as a strongly tested subject on the eactual exam I'm moving on to government. I KNOW that topic will be convered extensively. Good luck to you all today. Shooting for 12 hours today and if all 12 of them are on government so be it.

@Krina–I have Kaplan, CPAExcel, and Wiley books. I like the Wiley book the best because it breaks up each section into smaller sections and has MCQ for each section. It's not an expensive book, so it couldn't hurt to try and see if it fits into your study style.

[oilgaslb]

Yay for a new day! I actually got up when I wanted to…just made some double fudge chocolate coffee, eating some munchkins and writing notecards for Leases/Liabilities/Bonds, then doing the homework and a progress test. I will NOT go to bed tonight unless at least my first two items are completed.

[Anonymous]

Good luck to everyone trying to get in a strong weekend of studying! I got so far behind this week between month end close and getting sick. It's time to catch back up, starting with inventory!

[Tncincy]

In for power study. I am not doing things that will not count towards study…like organizing my notes and changing from pens to pencils..etc. so, while. I am at the hair dresser, I am doing flash cards and writing Ninjas notes. However long it takes, I am determined to make TODAY a productive STUDY day.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Anonymous]

@tncincy, that's always a good mentality to have. I got some weird looks bringing my huge REG book to the hairdresser, but that dedication pays off!

[SpartanCPA]

@CPAMommyof3 like what @howmanylettersdoyouneed said, as long as you have the amortization table breakdown, the journal entries should be fairly straight forward.

For bonds, you essentially have bonds issued at par, discount, or premium, and then those tricky ones that are issued between interest dates (hate them!)

Anytime you have a discount, you are working your way up to the bond face amount and anytime you have a premium, you are working down towards the face amount. (The amortization table is a great visualization of presenting this).

You might have seen this already, but it essentially all there is when it comes to bond journal entries.

Bond issued at premium:

https://www.principlesofaccounting.com/illustrative%20entries/illustrative%20entries%20for%20bonds%20at%20premium.htm

Bond issued at discount:

https://www.principlesofaccounting.com/illustrative%20entries/illustrative%20entries%20for%20bonds%20at%20discount.htm

Bond issued at par:

https://www.principlesofaccounting.com/illustrative%20entries/illustrative%20entries%20for%20bonds%20at%20par.htm

Bond issued between interest dates:

https://www.principlesofaccounting.com/illustrative%20entries/illustrative%20entries%20for%20bonds%20issued%20between%20interest%20dates.htm

Again, like any other computational problems, you will get better with practice. When I start my review, I will be having a separate notebook that will outline all the journal entries I need to know for each chapter. Hopefully this will help me retain and understand the material a lot better.

I hope that helps? If not, if you want to post a sample problem and we can work it out together.

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

[soFARawayy]

After two failed attempts at FAR I'm in for round three…

[Anonymous]

@spartan–Thank you! I think you're right that it's just lack of practice. I converted all the JEs from that website to a word document and printed it out back in January when i thought I was testing in February. I will hit those hard this week. I'm focusing on governmental today. Currently watching the Kaplan lecture. I don't like this guy at all. He makes too many mistakes, skips too many slides, and is really dry. 1/3 through the lecture. Going to read the chapter in Wiley immediately after and try to get through some of the MCQs today and tomorrow. He just spent an hour on the different types of funds, which is really just memorization. It's the separate statements, transfers, etc. that I have trouble with which should be covered in this next hour.

[oilgaslb]

Success! Finished rewriting notecards for F5. Time to shower, then start on homework….productiveness feels so motivational 🙂

[teeteenounouche]

Guys, I'm back in the game:

My plan right now is to go through the AICPA released questions as far back as I can find online. Then I will do non stop MCQs and review notes every day…I will adjust as I go depending on what NASBA says are my weak areas.

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[Mel]

Thank you CPAMommyof3 you were part of the Q1 group at first and your explanations helped me too.

[Anonymous]

Congratulations Mel4CPA! I'm glad I could help. Now you can get your life back, but feel free to stop in here and help us out when you have a free moment. 😉

[Author]

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