[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]

The explanation Wiley gave for the question I posted is that it was false because it didn't need to be discounted at all since it would be paid out in less than a year. It didn't mention anything about which rate it would have been discounted at if it paid out after 12 months, but I assume it would be the reasonable rate. I actually remember reading that if the stated rate is unreasonable then don't use it, but I could be wrong.

[Anonymous]

Power study weekend is in full effect. I've been in this chair for 6.5 hours. I've answered 100+ MCQ questions (unsuccessfully). My eyes are blurring. 2 hour nap and I'll be back at it. Good luck power weekenders!!!

[Not a Quitter]

Pocketswithcash- thank you so, so much for the lengthy response. Yes, it makes sense. Finance was my favorite class in college but obviously it didn't really stick with me! And wow I am extremely impressed with your FAR score. Thanks so much for helping out on this thread!

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

[How many letters do you need]

The APIC problem is weird because I have in my notes that RE only gets debited if the debit exceeds the balance of PIC. I need to do more research

MBA,CMA,CPA, CFF?, ABV?

[NYCaccountant]

@ How many Yes, your notes are correct lol. It's apic per share, not the total.

Hence I issued stock for 10,000, par value was 5,000

Cash Dr. 10,000

Stock Cr. 5,000

Apic Cr. 5,000

Now I buy that stock back for 20K

Common Stock Dr. 5,000 No more stock outstanding, eliminates this. Debits= Credits

APIC Dr. 5,000 No more stock outstanding, eliminates this. Debits = credits

Cash Cr.20,000

Retain earnings Dr. 10,000 I've eliminated the stock, but if I posted this to APIC, I would have a debit balance in a credit account, so something is wrong. At the same time, I paid more money than I initially received for my stock, but I can't recognize gains or losses on stock transactions, hence the debit to retained earnings.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[teeteenounouche]

mmckee, I use CPAexcel, try and get through the readings and videos as best you can by week 4 cause you need at least 4 weeks to practice MCQs and JEs. Just my opinion…

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]

Under IFRS, debt investments are classified as either held-for-collection or trading.

In other words, no AFS and no HTM under IFRS? Is that correct?

PS.

Is held-for-collection the same as held-for maturity?

[Anonymous]

My notes say that financial instruments are classified as either FVTPL, HTM, or AFS. The Fair Value Through Profit and Loss include HTF (Held for Trading Securities) AFS securities are those that are not classified as HTM, FVTPL or loans or receivables. Everything else is AFS.

[Anonymous]

So what do you guys do when you feel drained? WTB MCQs, read notes, AICPA Release questions, or Watch Blitz videos?

[Anonymous]

Whenever I feel drained, I set my Becker's video or NINJA audio to play, then sit back, and relax.

It puts me to sleep real quick without having to take any over-the-counter sleeping pills.

That's how I power nap everyday.

[Anonymous]

Thanks Amor D. I'm not good at power naps. My husband can be refreshed after a 30 minute nap, while I just get evil. When I nap I like good 3-4 hour naps. I watched the Ninja Blitz for Pensions and NFP and I have come to the conclusion that NFP is just boring, no matter how you slice it. I retook pensions and scored an 82%. NFP and Pensions really are just about memorization and they are short sections in each of my books and in the Ninja Notes. Most of the Q-bank questions are about calculating expense. I can't figure out what to study next. I've done Stockholder's Equity, NFP, and Pensions today and Stockholder's Equity still gives me problems. I'm trying to get through the 100+ MCQ for that section, but I just can't do anymore of those. Every freaking question is different. The dates matter, the type of stock matters, the JEs matter, the calculations matter, the methods matter. That section is just a PITA!

[Guti]

Hi Tete, I could only find one seat available on 4/24. I'm finishing ch. 10 , which I dint cover last time. I just got the wiley test bank as well.

FAR-84
AUD-
REG-
BEC-

[Anonymous]

Sample problem from my Intermediate Accounting Textbook:

On February 10, 2013, Republic purchased 20,000 shares of Continental Trucking at a market price of $12.75 per share plus brokerage commissions of $1,850 (total cost, $256,850).

What is the correct JE for Republic?

DR Equity Investment, Continental Trucking $256,850

CR Cash $256,850

P.S.

I forgot how to treat incidental issue costs. Oh my.

[teeteenounouche]

Awesome CR7, you're going to do great!

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

[alecia18210]

My exam is scheduled for the last Saturday of April and I scored 50% on the Wiley Test Bank. When I focus on each each topic vs. comprehensive exam, my score average 60-80. For exam, I score well on nonprofit, personal statement, interim, theory questions, etc. However, I am still not comfortable with Pension, Error Correction, Bond and few others. I will continue to do 2-3 hours studying during the week and 4-7 hours on Friday & Saturday. I am tempted to pull my exam back for earlier score release, but scared 1 week might make a different between 74 and 75;-) Does any of your have any advise or study tip on the troubled area I mentioned ? For example, I was having trouble grasping changing from cash to accrual and a someone here explain how to use journal entries to solve and the light bulb went on. I tried that method and I hardly get one of those questions wrong;-) So, any tip and advise is welcome ! Thank you all for your support !

Roger CPA Review + Ninja Audio + Wiley Test Bank+Ninja MCQ

FAR PASSED 7/14
AUD 72(2x)- 8/2014, Rematch 04/15
REG 02/2015
BEC 06/2015

"I can do all things through Christ Jesus who gives me strength". Philippians 4:13

[Author]

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