[jeff]

Resources:

Free Study Planner + FAR NINJA Notes (Governmental Accounting): https://www.another71.com/cpa-exam-study-plan/

FAR Exam Experience: https://www.another71.com/cpa-exam-forum/topic/far-exam-experience-official-thread

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

[Anonymous]

I haven't officially joined the FAR exam prep group yet for this window, so I decided to introduce myself. I had taken FAR back in July of 2010 and passed it first try. I ended up losing credit for it after having a very difficult time with Auditing. I took FAR in December in the extended window just to get a feel for how much the exam has changed since 2010. I wasn't able to prepare for it like I needed to, I was able to get through all the lectures but I didn't get to work tons of mcq's or practice sims or rewrite my notes. I just ran out of time. I am hoping that I can get a pass in February and finally be done with this thing!

Beth

[Stay_Positive]

@ bnrhilton – Good luck. I'm jealous because I'm only on my 2nd section, and I already feel like giving up. I know once I can get half way, maybe I'll feel better about this whole process. My husband is totally sick of me either being in school and now this test. I am too, but I know once I'm done, it will all have been worth it!

BEC - 69, 66, 78 (exp), 82
FAR - 69, 72, 66, 76
REG - 64, 66, 72, 80
AUD - 77
Ethics - 95
Waiting on License to be issued!!!

[Anonymous]

Welcome bnrhilton!

I dont know why I'm having issues with Ch.7…for now I'm just going to do my version of a progress test and come back to it later.

I just need to FOCUS!

[HustlinHustlin]

Dude. I HATE Matching MCQS.

And I'm out.

See you Sunday, Evil F2.

B 71 - 79 EXPIRED
A 69 - 75 EXPIRED
R 65 - 48 - 45
F 56 - 61 - 65 - 64

Becker, Wiley Test Bank, Wiley Text and Ninja Notes

"The fish who keeps on swimming is the first to chill upstream" -311

Experience - Done, like WAAAY done.
Still need 30 more credits, in basket weaving (gotta love new CA requirements)

[yemdross]

Yes! I know everything around says it's worth it, drop this CPA pursuit. I have already become a laughing stock to some of my friends and after all calls screened and many countless disappointments. I still can't get my hands around passing any part of the CPA test. I am making a new committment tonight after reading some comments from some of you guys and to my first child and daughter who is due in March to make 2013 counts for me. My CPA certification would be my gift to my lovely daughter in 2013. Please, I will like someone to call me out if I dont show up on this blog sometimes in my 2013 pursuit of CPA cert. Already failed AUD twice and FAR once. All the score are close to 75. I was on the verge of giving up, each day, I tell myself I can't do this but this next hour, I found my spirit man telling me I CAN do it.

Tonight, I am telling myself again that I can do it. I have overcome so many trials and tests in my life so this would not triumph over me. To my unborn daughter, this is for you. Daddy loves you and would do anything to show that I CARE and to my ever versatile, loving & supportive wife, this is for YOU.

2014 experience..No more excuse, this is it!
I CAN'T KEEP CALM UNTIL I BECOME A CPA

[yemdross]

@ bnrhilton, what keeps you motivated after failing AUD so many times? May be I can tap some insights from you

2014 experience..No more excuse, this is it!
I CAN'T KEEP CALM UNTIL I BECOME A CPA

[Anonymous]

@yemdross, it is my absolute refusal to give up and the support of my family. I actually did quit for 9 months. I was given a new department to manage at work and I was devastated from all the failures so I decided to focus on learning the new department and give up on the exams. I had only been able to pass FAR in six months of testing and I was getting very tired and frustrated. I had a 4.0 in all my accounting courses and I couldn't understand why I couldn't pass these exams. After 9 months I decided to give it one more shot and see what I could do. I ended up passing BEC right away but failed audit two more times and failed reg and then I lost credit for FAR. I failed reg once more then passed both audit and reg and now I am trying to get my FAR back.

Every time I failed my husband was right there telling me not to give up. Also, I am always trying to teach my daughter not to give up and that she can do anything she sets her mind to do. I don't want her to think her mom is a quitter!

For audit you need to understand the theory. read all the answer explanations and understand why an answer is right and why the other answers are wrong. If you are only using one source of questions maybe invest in another test bank. use the ninja notes or audio if you aren't already. rewrite the notes, that always helps me to remember it.

you will get this.

[Stay_Positive]

@ yemdross – I know where you are coming from. I failed BEC twice before I finally passed and felt like such an idiot. I thought it was the easiest section, but after failing twice, I knew it was something I was doing wrong. I decided to watch all the lectures again and really concentrated on doing as many MCQs as I could stand. I also listened to the NINJA audio on my way to and from work everyday. And poof…I finally passed. But believe me, passing one section is great, but it doesn't get any easier, and each section is a whole new set of confidence blockers. I have FAR tomorrow and totally don't feel prepared. But if I don't pass, I can always re-take it.

Don't beat yourself up if you haven't passed a section yet…I was there only a few months ago. Just tell yourself that you can pass this thing. It's not about how smart you are…it's just how good are you at taking a test. Once I learned the tricks of the questions too, that made it easier to see what the examiners are really asking.

GOOD LUCK!!!

BEC - 69, 66, 78 (exp), 82
FAR - 69, 72, 66, 76
REG - 64, 66, 72, 80
AUD - 77
Ethics - 95
Waiting on License to be issued!!!

[Anonymous]

@yemdross:

Not to sound cheesy or anything, but any “friend” that is going to laugh at one of their friends when they are trying to achieve a goal is NOT a true friend. I mean really…who does that?

I sometimes find myself not finding the will power to continue on. It frustrates me that I have to work so hard during the day and then come home and study…It makes me feel like I'm not enjoying my life. I think you are doing the right thing by finding motivation in others around you, be it your unborn daughter, your spouse, or the doubters who don't support you.

As sad as it is to admit, 9 times out of 10 I, myself, am not enough of a motivation to go continue my pursuit of a CPA. But the motivation of others always seems to pull me through.

You may or may not be religious, but I am. And all I know is that God did not bring me this far for Him to leave me now, nor am I going to walk away from a few tests, when I've conquered so many other trials and tribulations in my life already.

Just keep your head up 🙂

[Stay_Positive]

CPAReviewforFree's MCQs are like books compared to Wiley…I hope real FAR questions aren't this bad!

BEC - 69, 66, 78 (exp), 82
FAR - 69, 72, 66, 76
REG - 64, 66, 72, 80
AUD - 77
Ethics - 95
Waiting on License to be issued!!!

[Stay_Positive]

like really…

The Ashland Company borrows $1 million from the Third National Bank on January 1, Year One with annual interest of 8 percent. The loan is to be repaid in five years. On January 1, Year Three, when Ashland now owes a total of $1,120,000, the parties meet to restructure the agreement. On that date, the prime interest rate is 10 percent but the interest rate for questionable loans is 16 percent. Ashland puts forth a repayment plan which says that they would pay a set annual payment of $250,000 for five years with the first payment made immediately. No interest would be added. For this computation assume that the present value of $1 in five years at 8 percent annual interest is .66, at 10 percent is .60, and at 16 percent is .45. Assume that the present value of an ordinary annuity of $1 for five years at 8 percent annual interest is 3.93, at 10 percent is 3.72, and at 16 percent is 3.25. Assume that the present value of annuity due of $1 for five years at 8 percent annual interest is 4.27, at 10 percent is 4.10, and at 16 percent is 3.80. If this plan is accepted, what loss must the bank recognize and what interest revenue does the bank recognize for Year Three?

A No loss and no interest revenue

B No loss and $85,400 interest revenue

C $52,500 loss and $65,400 interest revenue

D $137,500 loss and $78,600 interest revenue

BEC - 69, 66, 78 (exp), 82
FAR - 69, 72, 66, 76
REG - 64, 66, 72, 80
AUD - 77
Ethics - 95
Waiting on License to be issued!!!

[yemdross]

@bnrhilton, thank you so much for sharing your stories, weaknesses & strengths. I understand how a change in roles and job functions can derail one from passing CPA test, I faced this challenge during my first AUD attempt, moved from ATL as Admin Mgr to Charlotte into a new role as a financial analyst. It's a different culture and different from I have been doing. I did not make my AUD first attempt due to this situation, gave it a second try and still fell short. I messed up my study strategy because I have already registered for FAR so I switched to studying FAR and left AUD. FAR seems like sure bet for me but did not know what happened when I got to the prometrice, seemed everything i knew vanished. My score performance report showed that I was weak in all parts. Yes, i made these two most wonderful people(Wife & unborn daughter) in my life to be my center of concentration and to neglect others. Like you said, I have to teach my daughter how not to QUIT because Dad gave it all and achieve all his goals.

I am focusing on FAR right now because it's still fresh in mind then I will revisit AUD later after.

Thanks once again for your heart lifting piece, your testimonies are such soothing relief to my daunted spirit.

@ Stay_Positive, yeah CPA test makes one look like an idiot but deep inside of me. I know I am not. I have copied and pasted all your suggestions and advices, will make it my reference point when I am confused about what I should do. Yeah, I realized CPA is not how smart you are because I found all the tests I have attempted to be less tougher compared to how hard I have prepared. I am learning the tricks day by day, I am using different ways to answer the MCQ, for instance start from looking at the last option instead of the first, sometimes I got carried away, chose the first option that makes sense to me but later realized that another better option is beneath my choice.

Thanks for your ocntribution as well

@ CPA4birthdaypresent, sometimes we associate ourselves with people that are so content with their present situation and do not thrive to try something greater than their present level so when they see you trying and fell short. They mock you. I have experienced this and was so embittered. Like you said, they are not worth your friend so I drop them and focus my mind on my goals. Yes, the motivation of others is paramount to trying again after one has failed so many times. I am religious and this is a time I found the limit to my strength and not depend on my ability alone. Yes, God saw me through many trying times and I know he will help me even when I have done all I can. He will help me to STAND and make CPA that poses itself as a monster a mere plain. Thank you guys for your moral supports. Together we will make 2013 counts and move to anew phase of my lifes.

I will study like never before, be smart in answering my question, focus on the tricky parts of the material e.g bond, governmnt accounting & leases

Thanks guys!!!

2014 experience..No more excuse, this is it!
I CAN'T KEEP CALM UNTIL I BECOME A CPA

[yemdross]

The calculation of the income recognized in the third year of a five year construction contract accounted for using the percentage of completion method includes the ratio of

(b) Costs incurred in year 3 to total estimated costs

(d) Total costs incurred to date to total estimated costs

Becker chose option d, I was wondering why not option b especially when the question is silent about previously recognized income in year 1 and 2.

Another 71 folks striving for 75, what do you guys think?

2014 experience..No more excuse, this is it!
I CAN'T KEEP CALM UNTIL I BECOME A CPA

[Anonymous]

@stay_positive:

That's absurd! Just from looking at the amount of sentences (not the actual content),as someone who has taken FAR already, I can safely say they usually aren't THAT long.

@yemdross:

You're on the right track as far as trying to only recognize income for the CY, which I'm assuming is why b) looks like the right answer. Eventually we do recognize the income for Y3 only but first you have to calculate ALL EARNED PROFIT on the project thus far (which includes Years 1,2, and 3).

So first calculate the Gross Profit

Then calculate ALL EARNED PROFIT using the ratio in the question, Total cost incurred to date/ Total estimated cost

Then apply the ratio to the Gross Profit. The result represents ALL EARNED PROFIT TO DATE. But as I said earlier, we are trying to recognize Y3 profit only. So then, you subtract ALL EARNED PROFITE @ End of Year and subtract ALL EARNED PROFIT TO DATE @ Beg. Of Year…the result of that is what was earned ONLY in Y3…

I really hope I didn't make things worse with this explanation : /

[Anonymous]

Hey kickash!

If I were you I'd wait for the next testing window. If it were finally my last section I wouldn't want to rush it just to get it over and done with. Quite contrary actually. I would want to MAKE DOUBLY sure I knew as much as possible so that I significantly decrease my chances of having to take it again. Plus, having had taken this exam in November 2012, and hearing about all of the additional information there is on the exam nowadays, I definitely would just take my time.

Hope this helps 🙂

[Author]

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