[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

[teeteenounouche]

We just keep pounding MCQs and hope for the best!

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

[Anonymous]

CPAMommyof3- I think what you want to accomplish is a lot but I'm sure you can do it! Try to concentrate on your weak areas a little more during your review time.

[Anonymous]

Thanks AleFLCPA. I thought you all were taking time to respond because you were trying to find a good way to tell me to postpone my exam and I don't want to do that.

[Anonymous]

CPAMommyof3- Not at all…. I was at work and got a little busy… I don't check my phone while driving and I just got home. I'm about to start doing 30 MCQ on Becker practice test and then reading F4-F6 this week. I took the day off tomorrow, I'll do my best to get a lot done tomorrow and feel ahead of schedule.

Good studies to night to all (some are drinking while we are studying) 🙂

[teeteenounouche]

lmao CPAMommyof3…

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

[NJPRU]

Mammabear – as much as i don't want to lose you as a buddy here (I'm taking the exam a month after you), I think you should continue to push through and stay on course to take the exam. Yes, you may have a lot, but maybe you should try to sit down and schedule out your next 3 1/2 weeks so you have a clearer picture of where you want to be this time next week, in two weeks, etc. Make a plan and don't go through it blind.

IF you truly don't think you can do it, then I think you should be realistic and truthful with yourself because two things can end up happening… you are going to get frustrated if you don't understand something and are trying to push through it as quickly as possible and are taking too much time on one topic, or you take as much time as you need but still don't get enough done, or as much as you wanted.

I would rather go into the exam confident than going into the exam with a lot of regret saying to myself oh I should have did this, I should have did that.

Just my two cents, but know that you have a FAR family here that will support you and give you guidance and confidence every step of the way, no matter what you choose!

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

IM GOING TO BE A CPA!!!!!

[teeteenounouche]

CPAMommyof3, you have enough time…just use the time wisely. If you still feel behind at the end of the month, you will still have 12 days to reschedule.

I just checked my center and 4/1 and 4/2 opened up for FAR…I guess some people are rescheduling.

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

[Anonymous]

Thanks NJPRU! I am confident that I can get through most of it. I think it just really hit me that it's 3.5 weeks away. And I guess I should have clarified that I was originally scheduled to sit in February so I've seen everything, but not absorbed everything YET because I switched my dates and instead of continuing the way I was studying I started over. So I feel overly confident in some areas and underconfident in other areas. Teetee pointed out that going back to 2006 for the AICPA release questions may be a waste of time because things changed in 2011. So I'm going to only do the 2012 and 2013 questions. I can manage MCQs after the kids go to bed so I will get through the 592 I haven't seen yet and focus only on looking at the ones I haven't seen 2 times in the areas I do poorly in. I guess I just thought I would be a master of the material at this point and that isn't happening. I was Positive Patty and now I feel like Debbie Downer. Why is it so easy to be positive for others when they doubt themselves, but not be able to do the same for myself? I really appreciate this FAR family and hope those of you that have more exams take REG next too so we can keep on supporting each other. You guys are great!

[Anonymous]

teeteenounouche, this is the kind of example of goodwill and acquisition that I was talking about…

During Year 1, Poppy Inc. acquired 100% of Seed Inc. by issuing 250,000 shares of its common stock. The acquisition was announced on March 31, Year 1, when Poppy's common stock was selling for $45 per share, and finalized on October 15, Year 1, when the market price of Poppy's common stock was $50 per share. On October 15, Year 1, Seed's net assets had a book value of $10,750,000. Book value equaled fair value for all recognized assets and liabilities, expect land, which had a fair value $500,000 higher than book value. Seed also had unpatented technology with a fair value of $225,000 and in-process research and development with a fair value of $365,000. What is the goodwill to be reported on Poppy Inc.'s December 31, Year 1 balance sheet under U.S. GAAP?

a. $500,000

b. $660,000

c. $1,750,000

d. $1,250,000

Answer is B

I understand that I add the the FV additions to NBV= 10,750+500,000+225,000+365,000= 11,840,000 which I subtract from the market value of the stock of (250,000*$50) 12,500,000= 660,000 but I cant seem to see the Eliminating JE. I know I have seen questions where the parent doesn't own 100% and those are the ones that confuse me because I have to think of NCI which also kicks by butt.. Any away to make this make sense??

[How many letters do you need]

CPAMOM – don't sweat it. Everybody freaks out at some point, especially with FAR. I agree with everybody here just plow through as much as you can and walk into the Prometric center on test day knowing you did the best you could.

Although I will say this…unless you need the extra month (such as..work issues…taking a second exam in the same window or extra studying time for next exam) I don't really understand the point of taking an exam in the first month of the window. Is there any particular reason you booked April instead of May?

MBA,CMA,CPA, CFF?, ABV?

[Anonymous]

Like everyone is saying, FAR is one hellava wide beast! I think freaking out won't help (even though I freak out every time I look at the material and/or get an answer wrong). Let's do our best and give this test a shot. We can do it! 🙂

[teeteenounouche]

AleFLCPA, I don't think the question gives enough information for an eliminating entry. It is giving enough info to calculate the Goodwill with the formula: Goodwill = Fair value of subsidiary – Fair value of subsidiary's net assets

Below are the accounts hit in an eliminating entry:

If anyone can shed some light, it would be appreciated.

DR Common stock – subsidiary

DR A.P.I.C – subsidiary

DR Retained earnings – subsidiary

CR Investment in subsidiary

CR Noncontrolling interest

DR Balance sheet adjusted to fair value

DR Identifiable intangible asset fair value

DR Goodwill

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

[Anonymous]

@howmanyletters–I have to take REG before July 13th so I was originally scheduled to take FAR at the end of February, but had to reschedule. If I rescheduled for the end of May it would cut into the time I need to study for REG before my july date. Besides–I don't think of it in the beginning of the window versus the end of the window. I look at the black out months as great months for studying and schedule my exams approximately 8 weeks after I start studying, regardless of when they fall in the testing window. I know a lot of people don't even study during the blackout months, which seems absurd to me, but to each his own. Thanks for the encouragement. I can't promise it won't be my last freak out moment, but I'll try to reserve my emotional breakdowns for my husband. Isn't he lucky? 🙂

[Guti]

What I have noticed about FAR is that you have to go into the test with the confidence that you are going to get an 85 to 90 correct, so that you can get a 75 or above. A lot of people say FAR is like a 100 mile river but just 5 inches deep. This is a fact but they never tell you that they do test you with tricky questions to really see if you know your 5 inches worth of information.

FAR-84
AUD-
REG-
BEC-

[Anonymous]

Look who's talking deep now. No more sugar mama talks now after 74? LOL

[Author]

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