[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

[jamesb]

@yemdross…Hooray..Found someone who can help me on F3

I am repeating review for FAR. (havent taken FAR yet). I am very comfortable with C.A.R.IN.B.I.G. Also I know different JEs for Cost vs Equity method.

I am having trouble understanding valuation on A-F-S. I posted a question here https://www.another71.com/cpa-exam-forum/topic/afs-security-je

How much Intercompany trans should I be worried about?

Also, I cant understand, what to do, when moving from Cost method to Consolidation..And From Equity to Consolidation.

Your ^above post is a good review. Thank you

@Melans…In the beginning it seems easy, as you move to next chapters, it seems so foreign. I need to stay focus

AUD: TBA-
FAR Done
BEC Done

Becker
NINJA for AUD

[yemdross]

@Jamesb, the correct answer is the JE7 that used cost to calculate the realized loss when the security was sold. If you read page 3-7 of Becker review under Sale of security,it states that for AFS, realized gain or loss is the difference between the SP & the original cost. Remember you will have to reverse any unrealized loss/gain that you already booked in valuation account before you sell the security. I know the two questions are confusing but I will go for the solution for the SIMS question unless if anybody has other opinion. I know for impairment, you will have to use FV to calculate your unrealized loss & gain

The solution on the JE2 of F3-8 should have been

DR cash $175,000

DR realized loss $15,000

DR valuation 25,000

CR security GHI $190,000

CR unrealized loss $25,000

This is just how I understand this chapter, hope I am not confusing you.

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

[wantCPA]

I am taking this exam in two days,,,,

and just took the becker practice exam 2…and feel like a failure.

i scored in the 60s for the three mc testlets..

now i dont even know, where to begin my final review for this test.

help me!!!!!

BEC 5.31
FAR 86
REG 84
AUD 78

[Anonymous]

@krystal183 : Read your notes and practice MCQs in your weaker area.

I never tried practice test before my exam , they just freak me out.

keep calm!

good luck

[jamesb]

@yemdross

Selling Price – Original Cost = Is use to determine Realized G/L..But when recording JE, A-F-S it should be recorded at FV. thats how I know this concept.

I found another difference, with the SIM. In the “Note” section, is says that the company used “valuation account” so I guess, this is why there is a JE for valuation account and not on F3.8.

How about moving from Cost method to Consolidation..And From Equity to Consolidation?

AUD: TBA-
FAR Done
BEC Done

Becker
NINJA for AUD

[Anonymous]

Hi James,

I made this small notes on AFS. I hope this would help..

AFS

unrealized G/L always use Fair value s(i.e mark to market value) because every year value changes.

realized G/L – is when we sell the AFS then always use the historical value ( i.e original cot) and eliminate all the unrealized G/l from OCI to I/S.

Valuation account is another name for AFS , Trading A/cs.

If you are moving form cost to consolidation

(10 to 60% )– > you need to remeausreme the OLD a/c into new fair value and book the adjustment in RE

40 to 60% : remesure the Shareholder equity with new FV value with old % and make retro adjustemnt in RE and eliminate OCI

60 to 70%- no JE

I wishi i had my becker book in front of me – i would have explain much better , this is what i remember but there is one example on this in becker.

[jamesb]

@Nam…thanks for sharing mini-notes…I am re-doing the problem on F3-21. I know this will make a good SIM.

Addition to your Notes:

When selling T/S…Use Selling Price – Adjusted Cost Basics ( Original Cost +/- Unrealized G/L)…Unlike, A-F-S, only uses Selling Price – Original Cost.

AUD: TBA-
FAR Done
BEC Done

Becker
NINJA for AUD

[Anonymous]

thanks james . it somehow cleared my concepts too. Earlier as soon as I use to see marketable securities and equity questions I use to tell myself “oh no its hard!” But once i understood the concept i found them easier than Bonds huh lol

“Bond”s is another story . I would start making bond notes on friday ..

What chapter are you doing now? I'll be finishing cash flow today and would start “working capital” .

Hope to discuss more question on this forum! It’s very helpful

[jamesb]

@Nam…I found Bonds to be easier…Just Memorize the Effective Interest chart. F5-43

as far as Concept/Theory goes, that I don't know much.

Would you recommend knowing Bonds concept VS…Bonds calculation?. I am saving SCF for day two before Exam…Because its crucial for exam. I am reviewing F6 Pensions. I found concepts easier for Pension, but dont know where to put stupid JEs

AUD: TBA-
FAR Done
BEC Done

Becker
NINJA for AUD

[Anonymous]

Can someone give me some feedback on the Becker Comprehensive progress tests. These are my latest scores and my exam is on Friday

Thanks

.

<img src=”https://i.imgur.com/Hrnpkba.jpg&#8221; title=”Hosted by imgur.com” alt=”” />

[jamesb]

@DeathByExam..Your scores are higher than mine…I am at mid 70s…But at the end, it all depends if you understand concepts.

Good Luck!

AUD: TBA-
FAR Done
BEC Done

Becker
NINJA for AUD

[peetree]

@deathby

how many sections is that covering?

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[MCLKT]

I'm enjoying the conversations on topics! Thanks you guys. I've bookmarked this page to come back to when I get to consolidations 🙂

Finishing up Pensions tonight.

Then on to Fixed Assets :/ HIYA!

@JamesB – Bonds Calculations

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[jamesb]

@MCLKT…Let me know, if you need help with Pensions..

AUD: TBA-
FAR Done
BEC Done

Becker
NINJA for AUD

[MCLKT]

I actually like Pensions, Bonds, Leases, NFP, and Gov't 🙂 I think it's because I studied them so much the first go with FAR that they feel like easy points now. The problem is, I've heard talk they aren't tested as much 2013 🙁 so now I must master all the Other stuff, yuck!

I think Consolidations, SCF, Derivatives, IFRS, and some of the Basic Theory will trip me up.

Since this is the second year AICPA is testing IFRS, I'm going to be sure to know those rules front, back and inside out!

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Author]

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