[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

[MCLKT]

@lbi18 take this for what it's worth… but you may want to reconsider testing on the first day of a testing window. If by chance you pass (yay!) and for some reason come to a point where the 18 month window is expiring (boo!)… you will only have 1 day in the entire window to schedule your exam. (in your case this would be October 1 2014).

This could mean no availability in a Prometric near by.

AND…. by testing on 4/1 you will have to wait until around May 5th to get your score (and the wait is almost as brutal as the exam itself).

Of course, this may not ever be an issue. And I have an unhealthy fear of a passing score expiring. But, because you mentioned being new to this, it's just something to consider.

PS Welcome to FAR!!!!!

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

[lbi18]

@MCLKT, thanks for the advice. It is definitely something to consider.

If I were to reschedule, it wouldn't be much later than 4/1…probably something a little later that week. I know the wait for my score will be awful, but by the time April comes, I'm going to want to just the test out of the way. I don't really want to wait until mid-April to take the test because that would leave me with over four weeks for final review – not something I really want to do.

You think it would be better to even just reschedule to like 4/3 or 4/4?

FAR - 85
AUD - 99
REG - 85
BEC - 10/4/13 (Waiting)

Using Becker Self-Study

[lbi18]

So I found an interesting set of FAQs for the CPA exam online. Here is the link: https://www.njscpa.org/mobile-home/accounting-students/cpa-exam-faqs#content

About halfway (a little more) down the page, it talks about the “18 month rolling period.” I'm confused by this. So, let's say I take FAR on 4/1/13 and I pass (I can do this!)…does my credit not expire until October 31, 2014 then? That's what this website seems to be saying, just wanted to know if this was true or not.

FAR - 85
AUD - 99
REG - 85
BEC - 10/4/13 (Waiting)

Using Becker Self-Study

[peetree]

'tis true @lbi, 'tis true indeed

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

[Anonymous]

@lbi, that is not true for all states. I am in Louisiana and our expiration does not go til the end of the month. So that being said if you are from Jersey then yes that would apply to you but if not and you just happened to come across another states faq's then make sure to check on it for your state.

[splinter1643]

Hey all,

Still pretty confused about combined/consolidated financial statements and how to calculate total stockholder's equity. For example, when Company A acquires Company B, Wiley seems to say that you determine total stockholder's equity under a combined balance sheet by summing A and B's stockholders equity, then subtracting from that total any intercompany amounts (re: 2012 Wiley, Module 18, #73).

Becker, though, seems to be saying that during a combination, B's stockholders equity gets eliminated and the total stockholder's equity amount should be what A had prior to any consolidations. (re: 2012 Becker, Chapter 3, Acquisition Method, #14)

Is there something I'm missing or misunderstanding here?

CPA license in progress....

[HustlinHustlin]

Yo FAR fam,

Hope all is well. I got a little closer with understanding bonds last night and decided to move onto pensions this morning.

Bonds will be the death of me, I can already tell. When I see a bond question all the numbers just mush together.

My understanding is that if MR>Stated rate we get the bond for a discount, when that discount is amortized, we increase the carrying value of the bond and therefore, increasing interest expense. Vice versa for premiums. Is that right?

Going to get thru pensions tonight and keep on trucking. It's been a rough two weeks but last night my boss finally told us to lay off on the OT. Funny, he says to take on more work then tells you not to work too much….lol.

Anyway, gonna grind out the rest of the week, up early on Sunday morning before NINERBOWL TIME! (sorry, I GOTTA watch this or I will just cry the whole time I study)

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)

[MCLKT]

lbi18 – I didn't even realize the rule would be different by state! Ah, those lucky Jersey Folks!

Thanks for pointing that out bnrhilton 🙂

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

[MCLKT]

Hustlin – you got the bond concept right! I haven't gone over that section again yet, but from what I remember you are on point.

Maybe try this, before you start working bond questions set up the “column titles” for your numbers. Then all you have to do is plug away. I did this when practicing and on test day the Bond Columns are part of my “data dump”.

I love bond questions and hate basic theory, lol. Sooo bac- @sswards I know.

Go NINERS!

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

[peetree]

@MCLKT that is exactly how i handle questions that ask for deferred tax amounts.

I set up my columns.

Taxable

---

Temporary Differences

---

Financial

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

[Anonymous]

Hello FAR Fam,

Howz it going?

Ok back from vacation – today's plan to start CH-10 .. I need to finsih Gov accounting , ch 1 and chp 10 by end of this weekend..

🙂 happy Studying

[lbi18]

Ahh, these bonds are killing me. So many different rules and journal entries.

I felt really comfortable with straight-line vs. effective interest method until nondetachable/detachable warrants ruined everything. Gotta keep plugging away though!

I found out that it helps to go through the MCQs the first time with the book as a reference. Trying to do it without looking at the book the first time just makes me feel so discouraged. Then, on my second time around, I try to not look at the book and work out the solutions on my own. It helped with leases, so I am hoping it helps with bonds as well!

FAR - 85
AUD - 99
REG - 85
BEC - 10/4/13 (Waiting)

Using Becker Self-Study

[peetree]

“Able Co. provides an incentive compensation plan under which its president receives a bonus equal to 10% of the corporation's income before income tax but after deduction of the bonus. If the tax rate is 40% and net income after bonus and income tax was $360,000, what was the amount of the bonus?”

omfg I want to kill the management team who thought this was an awesome idea.

Anyone have a good way of figuring out these types of questions? These are killing me in F-10

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

[jw_83]

I could be completely wrong, but I would use algebra.

bonus (x) = (net income – x) * .1

360,000 = (net income – x) * .4

360,000/.4 = net income – x

900,000 = net income – x

x = 900,000 * .1

x = 90,000

Am I right?

REG - 64, 72, 81!
FAR - 77
AUD - 79
BEC - 72, 79! And Done!

[soxfan866]

peetree – I remember Gearty explaining it in the lecture. You basically work backwards. I would try to watch that part again, I think he does a pretty good job of explaining that.

[Author]

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