[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

[Amay]

@teeete you get the $5 (apic in excess f of par) from the original issue. Originally the shares were issued at $15 while the par was $10. That's the part that was tripping me up. How to get the $25k from the second entry, but it's the 5,000 shares purchased times the $5 apic in excess of par. Someone please correct me if I am wrong.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[GoVPI]

I have been seeing a growing number of people say more and more IFRS question are being put in their FAR sections, anyone want to comment on that/how many questions?

BEC 8/14/14 - Passed
Graduated from college 12/13/14
AUD 8/31/15 - 74. Retake - Passed
REG
FAR

[Amay]

NCY's way of explaining it makes sense too. The $2 “loss” multiplied by the 5,000 shares get you the 10,000 debit to R/E. You can plug the difference of 25K to APIC.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

@kcregger–nobody can comment on how many questions are shown in the exam about a certain topic because it goes against the ethics rules for the AICPA. Exam disclosure is not allowed. I would guess, not having take it, that you will see a decent amount, but you'll see more on GAAP. It's good to know all the differences between the two.

[Amay]

@teetee how long did it take you to go through the 2012 and 2013 AICPA questions? I am trying to add those into my study schedule.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[teeteenounouche]

Amay, I am slow…last time it took me a day and a half to answer and write notes. I am working on them this weekend again so I don't waste time during my final review week before the exam.

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

[Amay]

So maybe reserve a weekend for them? I was planning on doing them 1.5 weeks out, right after re-writing notes.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[teeteenounouche]

Yes that sounds good, then you will have time to review topics you had trouble with…

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]

@amay–I went through them fairly quickly, but what I was doing was using them as a base to know what additional topics I needed to study. For each one I got wrong, I read the explanation and noted on a separate piece of paper the topic of that question. So for one set I got 18 wrong–5 were on topics I knew, but I just needed to reread my notes. 4 were on pensions, 3 were on Stockholder's Equity, 1 was on something I didn't remembering reading or taking notes on (Accretion expense??) so I jotted that down, and the rest were on different topics that I need to just quiz more on. On the other one I got 11 wrong, the majority being Stockholder's Equity and Pensions again so I've focused my studies today and tomorrow on those two subjects and I will take a multi topic quiz on the other topics later as a “refresher”. I'll go back over the AICPA release questions later this week once I feel like I've developed a decent understanding of my two weakest topics. However, at this rate those topics aren't going to sink in anytime soon.

[GoVPI]

@CPAmommy thanks, i just saw on here another poster who took it in Feb 2014, said she was surprised how many IFRS were on there, so was wondering. My international accounting professor has been trying to keep up with how in depth the exam goes between IFRS and GAAP and if it starting to cover both equally since we are moving more toward it. Thanks for the response though.

BEC 8/14/14 - Passed
Graduated from college 12/13/14
AUD 8/31/15 - 74. Retake - Passed
REG
FAR

[Anonymous]

I have spent the last 5 hours on Stockholder's Equity and pensions. I totally effed up the Pension SIM because I didn't understand what they were asking to go in which cells. None of my materials had it laid out the way the SIM did. If you aren't practicing the SIMS, I would suggest you do. If that had popped up on the test without me seeing it in practice I would have been completely lost.

[cpain2015]

Anyone using CPAExcel? Just started studying FAR this week. I have about 7 weeks til exam day

FAR - 73, 75 PASSED
AUD - 74, 96
BEC - 79
REG - 89! Done. I'm a CPA!!

[Not a Quitter]

One of the things about notes payable that I am not getting is why do you have to record the note using the reasonable rate of interest and not the stated rate?? I mean, that is what you are paying so in my mind that is what the liability should be. Can someone please explain this?

FAR- 85 I'm DONE!
BEC- 75
REG- 60,60,75
AUD- 74,74,83

CPAExcel used for BEC, AUD, REG
Exam Matrix used for FAR plus NINJA Blitz, cpareviewforfree and a little CPAExcel

[PocketsWithCash]

NotaQuitter – it's a substance over form issue typically related to the time value of money (TVM) (meaning the literal terms of the transaction are different from what the transaction actually represents).

Simplest case is a non-interest bearing note. Let's say I buy something from you today and give you a $3,000 note to be paid in 3 years, no interest. The fair value of what I purchased would be less than $3,000 because of TVM. You would probably only be willing to sell me something with a FMV of $2,500 we'll say (it's the simple question of is a dollar worth more today or one year from now).

So I received something for worth $2,500, but am paying you $3,000 for it because you're willing to wait 3 years for payment. Looking at it that way, that $500 is really interest on the note, right? The note doesn't literally have an interest rate, but effectively there is interest because you were only willing to give up something equal to the present value of the note.

Does this make sense?

FAR 97
REG 91
AUD 5/30/14
BEC 7/11/14

[Anonymous]

Mammabear, is this question about reasonable rate and stated rate similar with the FAR game you posted on the other thread earlier today? I thought I answered reasonable rate.

[Author]

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