[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

[MrsBing]

What is your routine for the day before a test and the hours leading up to a test?

I was thinking the day before, review my notes and do a few hours of MCQ's. Go to bed a lot earlier than normal, because if I have a lot on my mind it takes me awhile to fall asleep. Get to the testing center a few hours early and review my notes for an hour before the test. I don't want to overload my brain before the test. What do you guys think?

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[MrsBing]

How long does it normally take to get your NTS after you pay the fees?

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[RandomAlt]

@MrsBing – I got mine one week after paying

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[MrsBing]

This sucks, all of the days at the end of the month are running out. I wanted May 31st and there's no more dates available. I hope I get the NTS soon and can get the 30th.

I applied in Feb and it took 2 and a half months to get approved.

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[kels417]

How are people doing on hw and progress tests using Becker? I'm trying not to get discouraged, but I've been scoring usually in the 60% range for hw and sometimes lower in the 50's. trying to just learn from it and not worry about the percentage, but was curious about everyone else's scores going through on the first time?

Illinois
Becker self study | Becker flashcards | Gleim | self written notes | WTB

AUD - 74, 75 Passed! (Expires 1/2/2014)
BEC - 78 Passed! (Expires 2/6/2014)
REG - 70, 70, 72, 74, 76 Passed!!
FAR - 72, 66, 69, 67

[lsutigers03]

I have a question about a Becker MC. It's question 41 in the Stockholder's Equity section.

Kuchman Kookware issued 40,000 shares of its $8.00 par value common stock for $9 on January 1, Year 1. Kuchman repurchased 1,000 shares at $8 per share on April 1, Year 2, resold 500 shares at $9 per share on July 1, Year 2, and, on October 1, Year 2, resold the final 500 shares at $5 per share. Assuming Kuchman uses the par value method of accounting for its treasury stock, retained earnings at December 31. Year 2 would be reduced by:

a.$500

b.$0

c.$1,500

d.$1,000

The answer is A I chose D. The solution was a bit confusing but from what I gathered I neglected APIC and APIC Treasury Stock I'm just a little confused on how each fits in.

REG - 78
BEC - 74, 67, 69, 69, 70, 79
FAR - 76
AUD - 69, 69, 69, 74, 85

Licensed Louisiana CPA

“You never fail until you stop trying.”
― Albert Einstein

[lsutigers03]

@kels417 – Here are my stats as of now for my first try. I haven't finished chapter 7 yet. Some chapters have me stumped like a lot of F3 and EPS and Cash Flows in F7. I'm trying not to get discouraged but I'm starting to see why people hate FAR. It is truly a beast.

F1 – 72%

F2 – 71%

F3 – 59%

F4 – 72%

F5 – 64%

F6 – 65%

F7 – 70%

REG - 78
BEC - 74, 67, 69, 69, 70, 79
FAR - 76
AUD - 69, 69, 69, 74, 85

Licensed Louisiana CPA

“You never fail until you stop trying.”
― Albert Einstein

[kels417]

@lsutigers03 thanks for the info. I need to step it up and really get this stuff figured out. It is a beast, for sure! I've been studying 6-8 hours everyday and am nowhere near comfortable with the material yet.

On a side note: I feel your 74 pain. I just got a 74 on REG and I got a 74 on AUD before passing. Keep at it!!

AUD – passed

BEC – passed

REG – 70, 70, 72, 74 rematch in July (better be the last one!!)

FAR – May 31

Illinois
Becker self study | Becker flashcards | Gleim | self written notes | WTB

AUD - 74, 75 Passed! (Expires 1/2/2014)
BEC - 78 Passed! (Expires 2/6/2014)
REG - 70, 70, 72, 74, 76 Passed!!
FAR - 72, 66, 69, 67

[MrsBing]

Just registered for FAR on May 30th. I received my approval today and since its so close to month end didn't want to wait for the coupon to pay and the NTS to schedule, so I went to the NASBA website and clicked to pay and was able to pay without officially receiving my coupon. Then I've been periodically going to the site all day and clicking on reprint NTS and finally at 8 hours it showed up as available to print. So instead of waiting for your coupon and NTS just go to the website and get it yourself, it should be there the same day you receive the approval.

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[mjp44]

@lsutigers03 That one took me some thinking to get. The key is knowing to that APIC-Common Stock and APIC- Treasry Stock are seperate accounts…Heres what I did for the J/E

Issuance:

DR Cash 400,000

CR Cstk at Par 320K

CR APIC at 80K

Repurchase

DR Tstk (at Par) 8000

CR Cash 8000

1st resale:

DR Cash 4,500

CR Cstk 4000 (500 shares x $8)

CR APIC- from Tstk 500

2nd Resale:

DR Cash 2,500

DR APIC – from Tstk 500

DR Retained Earnings 1000

CR Cstk 4000

After the first resale APIC – from Treasury Stock had a credit balance of $500. After the 2nd resale the company needed $1500 in capital to issue the stock but there was only $500 in APIC treasury stock, thus they needed to reduce Retained Earnings by the remaining $1,000.

I think I am correct in this. Again, i had to think about this one but apparantly in order to reissue treasury shares, the capital to fund these issues must come from APIC- Treasury Stock

FAR- PASSED (11/13)
REG- PASSED (2/14)
BEC- PASSED (5/14)
AUD- PASSED (8/14)

If it's important to you, you will find a way. If it isn't, you will find an excuse.

[lsutigers03]

@mjp44 – I thought it was $1,000 as well but Becker says the reduction to RE is $500 and I'm not sure why. Here's their answer.

Explanation

Choice “a” is correct. Using the par value method, the company effectively retires reacquired stock at the time of repurchase and accounts for any gain through Additional Paid-in Capital–Treasury Stock and any loss through retained earnings. Resale of stock above par results in elimination of the related treasury stock amount and in the recording of Additional Paid-in Capital. Resale of stock significantly below par results in recording a loss in retained earnings to the extent the loss exceeds the previously recorded Additional Paid-in Capital–Treasury Stock. The fact pattern above is displayed below:

Choices “b”, “d”, and “c” are incorrect, per the above calculation.

Looks like the image won't display so to see it just copy the url.

On the first buy back they have APIC debited for $1,000 and APIC T/S credited for $1,000. The first reissue they credited APIC for $500 which is what I did. On the second reissue they're taking the $1,000 out of APIC T/S instead of the $500 out of APIC. That's why they have $500 going to RE and I have $1,000 going to RE.

Created with Compare Ninja

REG - 78
BEC - 74, 67, 69, 69, 70, 79
FAR - 76
AUD - 69, 69, 69, 74, 85

Licensed Louisiana CPA

“You never fail until you stop trying.”
― Albert Einstein

[Anonymous]

I had answered 1,000 as well.

[MrsBing]

When I applied to take the CPA exam, I listed the first 3 exams I wanted to take. I didn't realized that once I received my NTS (I'm now glad I received it late) that I only have 6 months from the date of the NTS to complete the 3 exams I listed on my application. If I didn't take the last exam before the expiration date, what would be the consequences of this? Would I have to re-apply and re-pay the $200 exam fee for that test that I already paid for?

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[Anonymous]

Mrs. Bing ..you would have to repay…or some people just take a shot at the test to get a feel for it.

[MrsBing]

What situations would Lower of Cost or Market be used? I thought it was only for inventory, but I just did a governmental mcq relating to a fixed asset question, and it used the lower of cost or market for this.

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[Author]

Replies