[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]

Thanks @Teetee and CPAMom – The mistake I made is that I started studying for this test 3 months ago. Why I did it? Coz I was scared and I was getting back into the CPA game after quitting in 2011. Because I have been studying for that long, I am just exhausted and now when a week is remaining for my test, I feel I don't know a thing. I think I will stay away from my books today, go home early, spend time with family and get a good nights rest. I have put in a lot of time and effort into this and there's no way I will give up.

[Anonymous]

@cracked–You are doing great. Take a breather. Burn out is inevitable unfortunately. Just look for the light at the end of the tunnel. 🙂

[How many letters do you need]

NJPRU- Hang in there. The cycles that we all go through are amazing. When they say it's a roller coaster ride they are not kidding. I've swapped things around more than a few times and I know others have too, so don't stress about that.

One of the hardest things for me has been the focus. I'm not talking about the kind of focus that you lack when you are on your 150th MCQ for the day and you start to hallucinate. More of the big picture focus. We are all guilty of it (plenty of evidence on most of us venting in this room); Time and energy are limited resources, I have to constantly remind myself that the more time and energy I spend on stressing about this thing the less I have to focus on my weak spots. Make use of as many minutes as you can throughout the day, and I think you will find the time.

Oh…and don't worry about us leaving. I'll be back to give my FAR experience and then I'll pop in now and then..

MBA,CMA,CPA, CFF?, ABV?

[NYCaccountant]

@TeeTee is right. Study those sims in the book. When I took the exam a couple of the SIMS were longggggg and hard. I took 2 hours and then just got fed up and left. When I got home I realized I totally screwed up on one, and I missed points throughout the rest. DO NOT get comfortable with the test bank sims, they are way easier than the exam.

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

[NJPRU]

Thanks for your input/support guys – I really appreciate it. I like the fact that we all have each others back. My exam is on May 23rd, but I'm considering pushing it back a week (haha, sound familiar)? I think I am going to need more than a week to do a full review including an in depth cuddle session with those damn SIMs, but we will see when time gets closer. 🙂

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

IM GOING TO BE A CPA!!!!!

[oilgaslb]

Rewriting Ninja notes today! Motivated at the current moment to be productive instead of cry! 🙂

[UHC2005]

Trying to keep it as classy and PG as I can. 😉

Using Ninja MCQ, NINJA Notes, Audio, Flashcards and BLITZ, and 2014 Wiley Text

FAR - (61,63)
AUD - (68)

Keep Calm and RTMFQ

Accountant, what is best in life? To crush your MCQs, see them driven before you, and hear the lamentation of their SIMS!

[How many letters do you need]

Love this group! Here's to another day on the grinding block…19 days and counting..

MBA,CMA,CPA, CFF?, ABV?

[hopeimnottoolatetobeacpa]

HI everyone…hope you all doing just peachy with FAR :)..just want to share my study experience, no i haven't passed far yet, i'm still studying for it and my exam is in 2 weeks!! arghhhh!!!!…

But, i just want to share what i discovered the method of studying that works for me during my zombie and lack of sleep period: on the days that i am tired and don't have enough sleep but i know i have to keep on studying, i usually just watch lectures and write notes ( i don't even read the chapter, because i'm too tired, i just watch the video, pause and take notes), and on the days that i have enough sleeps and feel great and motivated, i started doing MCQ's…for me it's more productive that way, my brain would not function well with MCQ's if i am tired and don't have proper sleep, i ended up feeling like zombie and did not understand the question and have difficulties in connecting with the concept, but when i sleep well, i can comprehend the questions and do so much faster and it sticks to my brain, hopefully that helps ….Have fun studying!!

[Anonymous]

I can tell exam days are approching fast. We are starting to feel nervous and scared…. Let's get this thing done so we can carry on with our lives. A lot of us have sacrified a lot to get this done so lets keep stuyding hard to get those passing scores :0)

Happy Hump day everyone! :0)

[jeff]

Introducing NINJA Shannon (FAR in April):

https://www.another71.com/ninja-cpa-blogger-shannon-1/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[KRina]

Ok Team, I am back with one of my crazy questions. I do need help and don't understand wiley's explanation how they came up with right answer. here you go

Question 5:

A partnership agreement specifies that 5% interest is to be paid on the weighted-average capital balance for each partner throughout the year. Abel had a beginning capital balance of $100,000. Abel withdrew $30,000 cash on April 1 and on June 1; Abel contributed land with a fair value of $50,000 to the partnership. No other events related to the capital count occurred throughout the year. How much interest should be credited to Abel’s capital account?

$0

$5,000

$5,333

$5,500

[How many letters do you need]

Krina- I get C…weighted average balance $106,667 × 5%..

What's the answer?

MBA,CMA,CPA, CFF?, ABV?

[KRina]

Yes how did you come up with that answer? Wiley's explanation does not help. I get loss when it comes to the $120,000. How do I get the $120,000? @ how many maybe your own method is easier than wiley

This answer is correct. Abel is to receive 5% interest on the weighted-average capital balance. The weighted-average capital balance and interest are calculated as follows:

Beginning capital $100,000 x 3/12 = $ 25,000

Withdrawal of $30,000 $70,000 x 2/12 = $ 11,667

Contribution of $50,000 $120,000 x 7/12 = $ 70,000

Weighted-average balance $ 106,667

Interest rate 5%

Interest $ 5,333

[How many letters do you need]

Krina- you will get this down big time when you get to the Shareholders Equity section and have to calculate EPS:

The 120 is just the current balance at that time so you started with 100 for 3 months, withdrew 30 so had 70 for two months then added land valued at 50 for a total 120 for 7 months…make sense?

MBA,CMA,CPA, CFF?, ABV?

[Author]

Replies