[jeff]

FAR Resources:

Free FAR Notes & Audio – https://www.another71.com/cpa-exam-study-plan

FAR 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

FAR Score Release: https://www.another71.com/cpa-exam-scores-results-release

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

[kels417]

Gleim is seriously kicking my butt. I thought I knew stuff pretty well, but for the last few study units, I've been getting between 50-65. How's everyone else doing on the first time through these Gleim MCQ? I'm starting to get a bit discouraged. 🙁

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

[kels417]

Gleim is seriously kicking my butt. I thought I knew stuff pretty well, but for the last few study units, I've been getting between 50-65. How's everyone else doing on the first time through these Gleim MCQ? I'm starting to get a bit discouraged. 🙁

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

[skinnyb111]

@kels417 just a question why did you switch from Becker Self Study to Gleim? I am getting ready for my 3rd match with FAR in January as well!

[skinnyb111]

@kels417 just a question why did you switch from Becker Self Study to Gleim? I am getting ready for my 3rd match with FAR in January as well!

[Gabe]

I always seem to struggle with going from cash to accrual basis…Can someone explain this question and answer from the WTB to me?

Question: Sanni Co. had $150,000 in cash-basis pretax income for the year. At the current year-end, accounts receivable decreased by $20,000 and accounts payable increased by $16,000 from their previous year-end balances. Compared to the accrual-basis method of accounting, Sanni’s cash-basis pretax income is

Answer:

Higher by $36,000

150,000-20,000-16,000= $114,000 (accrual basis)

$150,000-$114,000= $36,000

Why is the increase in AP subtracted for accrual basis?

CPA, CFE
CISA- Experience will be completed by August 2016

[Gabe]

I always seem to struggle with going from cash to accrual basis…Can someone explain this question and answer from the WTB to me?

Question: Sanni Co. had $150,000 in cash-basis pretax income for the year. At the current year-end, accounts receivable decreased by $20,000 and accounts payable increased by $16,000 from their previous year-end balances. Compared to the accrual-basis method of accounting, Sanni’s cash-basis pretax income is

Answer:

Higher by $36,000

150,000-20,000-16,000= $114,000 (accrual basis)

$150,000-$114,000= $36,000

Why is the increase in AP subtracted for accrual basis?

CPA, CFE
CISA- Experience will be completed by August 2016

[NYCaccountant]

Because you would of added back the Accrued AP when you reconciled from accrual to cash, which basically means that you would not have counted the expenses, and your taxable income would be higher than book income. To reconcile from cash to accrual just do the exact opposite. By the way, you would also have a temporary deferred tax difference.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[NYCaccountant]

Because you would of added back the Accrued AP when you reconciled from accrual to cash, which basically means that you would not have counted the expenses, and your taxable income would be higher than book income. To reconcile from cash to accrual just do the exact opposite. By the way, you would also have a temporary deferred tax difference.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Anonymous]

@ gabequinn

the increase in liab (i.e. AP) is deducted from income for accrual basis accy b/c if A/P goes up, that means for accrual basis accounting, you made the following JE:

Dr. Expense (which lowers net income)

Cr. A/P

[Anonymous]

@ gabequinn

the increase in liab (i.e. AP) is deducted from income for accrual basis accy b/c if A/P goes up, that means for accrual basis accounting, you made the following JE:

Dr. Expense (which lowers net income)

Cr. A/P

[kels417]

@skinnyb – I didn't switch, I just added Gleim and Wiley for supplemental questions. I still have been rereading the Becker book and doing the chapter questions in Becker, but I felt like I was memorizing the Becker homework questions and needed a fresh set of questions that were asked differently to help shake it up.

I think Gleim is the most challenging of all the 3 study programs I've used. The MCQ and Simulations are very very tough, which is great because it makes the exam feel a bit easier. But is also frustrating sometimes, as you saw I posted earlier today that I was starting to feel a bit down because of my low scores. I used it for the first time with REG in August and finally passed because of it.

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

[kels417]

@skinnyb – I didn't switch, I just added Gleim and Wiley for supplemental questions. I still have been rereading the Becker book and doing the chapter questions in Becker, but I felt like I was memorizing the Becker homework questions and needed a fresh set of questions that were asked differently to help shake it up.

I think Gleim is the most challenging of all the 3 study programs I've used. The MCQ and Simulations are very very tough, which is great because it makes the exam feel a bit easier. But is also frustrating sometimes, as you saw I posted earlier today that I was starting to feel a bit down because of my low scores. I used it for the first time with REG in August and finally passed because of it.

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

[skinnyb111]

@kels well i am from IL too and am studying for retake!! We can both do this!

[skinnyb111]

@kels well i am from IL too and am studying for retake!! We can both do this!

[Anonymous]

I felt like this post would benefit this thread better.

@skinnyb111 Yes, I used Becker. Where should I start… I would say the most important part for me was the review time. The 1st time I took it, I had one day of review. I took AUD right after and failed that too (lack of review again).

RE-STUDY: I decided to go after FAR again and basically had to learn everything again. I went through all the chapters again (no lectures). Took tons of notes on what I thought was important and did multiple choices over again (took notes on what I got wrong & marked them). I also purchased Ninja Notes and read through it twice. It was nice to have a high-level overview of the material compared to my super detailed notes. I tried to rewrite the notes, but only got through 3/4 of it.

REVIEW: Save at least 2 weeks for review. I only had 1 & 1/2 weeks to review. I reviewed my notes only for the sections, followed by progress test for each section (20-30 multiple choice). I saved one of my final days for full concentration on the SIM's. I started to run out of time and never got to the final practice exam. If I had a little more time, I probably would have done better.

EXAM DAY: I felt good about the SIMS during the exam, but the MCQ were tough. I always felt overwhelmed and exhausted when I got to the SIMS, but I fought through it and focused on the easy one's first. My tip: utilize the research function if you're stuck on a SIM. You might get lucky and find the solution, but don't waste too much time. Make sure you attempt to do all of the SIMS, even if you're not sure how too.

50/50/50/90 was how much time I focused on each portion of the exam.

Study hard and spend time trying to memorize as much as you can. Ninja notes made it easier to focus on what I should memorize. I added my notes on top of that. Don't give up! Hope this helps.

[Author]

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