[tmturner74]

Is it ok to start a FAR Study Group? I retook Audit yesterday and although I don’t have a gut feeling either way if I passed or not, I am going to start on FAR. I am using Becker self-study and purchased the Ninja Notes for FAR.

I am looking forward to reading a/b everyone’s progression. Good Luck!

 

Aud- 11/28/12 (72), 02/27/13 (72), 04/06/2013 77!!
FAR-tbd
BEC-tbd
REG-tbd

[Masarratsaleh]

Hey everyone,

I hope everyone's studying is going well. I have just completed reviewing Cash flow statements and I was hoping somebody could help me out. I seem to get the increases/decreases in receivables, payables, prepayments and accruals all mixed up. Does anybody have any easy way of remembering what the affects are of increases/decreases?

Your help will be highly appreciated.

[Masarratsaleh]

Hey everyone,

I hope everyone's studying is going well. I have just completed reviewing Cash flow statements and I was hoping somebody could help me out. I seem to get the increases/decreases in receivables, payables, prepayments and accruals all mixed up. Does anybody have any easy way of remembering what the affects are of increases/decreases?

Your help will be highly appreciated.

[Anonymous]

I am currently working on them, also. What are you using for a study program? Becker has an analogy for the “Operating Assets” and the “Operating Revenues” and explains them as such:

Operating assets (A/R, Prepaid, etc..) Will have an indirect relationship to cash- as the Asset increases, you have a cash outflow

Operating Liabilities: Will be the opposite, they have a direct relationship to cash inflows and outflows. As your A/P is decreasing your paying it down, thus a cash outflow.

I don't know if it helped me all that much… I spent a lot of time studying these when I learned them in Intermediate so I have to think about it conceptually but I hope that makes a little more sense.

[Anonymous]

I am currently working on them, also. What are you using for a study program? Becker has an analogy for the “Operating Assets” and the “Operating Revenues” and explains them as such:

Operating assets (A/R, Prepaid, etc..) Will have an indirect relationship to cash- as the Asset increases, you have a cash outflow

Operating Liabilities: Will be the opposite, they have a direct relationship to cash inflows and outflows. As your A/P is decreasing your paying it down, thus a cash outflow.

I don't know if it helped me all that much… I spent a lot of time studying these when I learned them in Intermediate so I have to think about it conceptually but I hope that makes a little more sense.

[Masarratsaleh]

@bcjasper09

Hey,

Thanks for your post. I am using Becker too and I tried understanding that analogy but it still seems to confuse me a little. At times I can think logically about it and make sense of it but sometimes it just doesn't make any sense. I remember when I was studying this back at University I used to always think it terms of cash and the effect but it seems as though I have lost that touch 🙁 Seems like I'll have to figure a way out to remember the effects.

Good luck with your studying.

[Masarratsaleh]

@bcjasper09

Hey,

Thanks for your post. I am using Becker too and I tried understanding that analogy but it still seems to confuse me a little. At times I can think logically about it and make sense of it but sometimes it just doesn't make any sense. I remember when I was studying this back at University I used to always think it terms of cash and the effect but it seems as though I have lost that touch 🙁 Seems like I'll have to figure a way out to remember the effects.

Good luck with your studying.

[Theo]

@bcjasper09 I too am hoping to be done with these exams by May. I'm working really hard on passing the first time around and it's worked for the first two but this FAR is just a whole lot of information to remember. I've had to push back my date and I'm taking time away from BEC. In the end we can only “do our best…”

BTW speaking of cash flows “inventory” is what always seems to confuse me.

AUD 01/17/2013 (92)
REG 02/28/2013 (85)
FAR 04/26/2013 (85)
BEC 05/30/2013 (88)

[Theo]

@bcjasper09 I too am hoping to be done with these exams by May. I'm working really hard on passing the first time around and it's worked for the first two but this FAR is just a whole lot of information to remember. I've had to push back my date and I'm taking time away from BEC. In the end we can only “do our best…”

BTW speaking of cash flows “inventory” is what always seems to confuse me.

AUD 01/17/2013 (92)
REG 02/28/2013 (85)
FAR 04/26/2013 (85)
BEC 05/30/2013 (88)

[gchantur]

Who's in for a power night? Just finished Chapter 6. Did a progress test over 9 chapters and did well on it. Anybody in for another power night, or should we start early tomorrow?

Good luck FAR Family!

FAR - May 16th --- 83
AUD - August 2nd --- 81
BEC - December 2d --- 76
REG - February 10th---77
Ethics - February 23rd - 98

[gchantur]

Who's in for a power night? Just finished Chapter 6. Did a progress test over 9 chapters and did well on it. Anybody in for another power night, or should we start early tomorrow?

Good luck FAR Family!

FAR - May 16th --- 83
AUD - August 2nd --- 81
BEC - December 2d --- 76
REG - February 10th---77
Ethics - February 23rd - 98

[Tncincy]

I'm in…… I got up at 5:30 this morning to study. My room felt so clutered that I cleaned my bedroom instead of study…smh. Well since tax season is officially over expect for a few extensions, I am going to try and get my momentum going today instead of waiting til Friday.

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

[Tncincy]

I'm in…… I got up at 5:30 this morning to study. My room felt so clutered that I cleaned my bedroom instead of study…smh. Well since tax season is officially over expect for a few extensions, I am going to try and get my momentum going today instead of waiting til Friday.

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

[Anonymous]

Thoe: I am taking FAR on May 8th and hope to start BEC right after. I haven't heard much on BEC but I am under the assumption that it is “less hard” than the rest of the sections. I don't know if I will put more than 2 1/2 weeks of studying in for it… I really hope that's enough!

For SCF: I think of inventory like this. If your using the indirect method your starting with Net Income… so when you bought your inventory you were replenishing your reserves (provided inventory is increasing) and as such you didn't include those items in your COGS but there was a cash outflow. With the direct method, if your inventory is increasing, you would also have to increase your COGS for the same purpose. My prof in college just taught it as if your inventory was like a reserve account (almost like petty cash I suppose) but it might not work for everyone.

[Anonymous]

Thoe: I am taking FAR on May 8th and hope to start BEC right after. I haven't heard much on BEC but I am under the assumption that it is “less hard” than the rest of the sections. I don't know if I will put more than 2 1/2 weeks of studying in for it… I really hope that's enough!

For SCF: I think of inventory like this. If your using the indirect method your starting with Net Income… so when you bought your inventory you were replenishing your reserves (provided inventory is increasing) and as such you didn't include those items in your COGS but there was a cash outflow. With the direct method, if your inventory is increasing, you would also have to increase your COGS for the same purpose. My prof in college just taught it as if your inventory was like a reserve account (almost like petty cash I suppose) but it might not work for everyone.

[MustPass1988]

Does anyone think Stockholder's Equity is one of the hardest sections? I just can't seem to grasp it. I even listened to the Yaeger lecture and found that it didn't help (and Phil Yaeger & Cindy Simpson coteaching is one of the most obnoxious things EVER).

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[Author]

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