[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

[Anonymous]

Skysthelimit.. Go with Yaeger…I also used Yaeger and just passed on the first try. Good luck!!

[mjp44]

Still not sure of this question regarding accounting changes/correction of error. With retroactive application you make the changes by adjusting the beg balance of retained earnings. However, do the carrying amounts of any accounts affected by the change/correction get adjusted as well? For instance, if a company overvestimated a pp&e account there would be a debit to retained earnings for this overstatement. This adjustment to retained earnings occurs in the opening balance of retained earnings for the current year. ALSO, shouldnt the balances of this account for the prior years overstatement be corrected to the correct amount?

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.

[Mike1987]

@MPJ44 The way I understand it is you retroactively restate as much as possible for any financials that is actually shown. Then for all prior periods not presented that is affected by the mistake you adjust the beg. retained earnings of that earliest period presented. Please correct me if I am wrong.

[so1913]

@Mints and @TaRenee I WISH this was my last one! Right now I'm soooo upset at myself for how I handled REG last year. Had I put the same effort I had put into AUD and BEC, I know I would have passed it. No time to dwell on the past, I know how I need to tackle these next two. Congrats to both of you as well! You know what you need to do too, so go and get this final win!!

AUD - 90 Pass
REG - 70,61,81 Pass DONE DONE DOOOOONNEEE!!!!!!!!
BEC - 79 - Pass
FAR - 70,82 - Pass

[Qlad]

hi guys….just got my result…failed again…very depressed…weaker on sims…don't kno what to do…using becker …don't kno what to add…what will work…:-(

planning to get wiley book from the library…. thinking to give on july 1st again…what else shud i do..please help me with my low spirits 🙁

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Anonymous]

Qlad, that is not the result I was wanting to hear!! Get the Ninja notes if you haven't already done so. Also, Wiley is great!!! You should seriously consider purchasing the Wiley Test Bank! This will give a different perspective from Becker. Keep your head up and don't lose hope! You WILL pass!!! We are rooting for you!!

[Qlad]

Casagarber….really sad right now…thanks for the support, i really need it….trying to buy 10 point combo…but looks like the page is not working…looking for phone number, can't find it too

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[HustlinHustlin]

Today I begin my FOURTH go-round restudying for FAR.

I'm kind of at a loss of what I need to do differently. I will be re-reading the book (something I had not done before) and making an outline/my own flash cards before hitting MCQ on Wiley a million times…..

It's really disappointing to have taken this three times already and never even in the 70's yet, but I am angry and ready for revenge…

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)

[Anonymous]

Qlad..shoot Jeff an email. Jeff@another71.com..he will take care of you!

[gilbewc]

@Qlad , I understand where you are my friend. I failed FAR twice with a 65 and 71 and then passed on the third try with a 78.

I highly recommend the Wiley Review book and the online test bank. Definitely get the Ninja Notes and audio. Not sure if you're working but the audio to and from work is great. I also used the CPAexcel FAR review app for my phone. It has thousands of questions and is perfect when waiting in line at restaurants, grocery stores, and dropping the kids off at the pool if you know what I mean…Every spare minute is a spare minute to study. I changed my strategy for the third time…I didn't spend time reading in depth on topics and did not watch any lectures…I read the Ninja Notes and did about 4,000 M/C questions. I really made sure to know Governmental and NFP backwards and forwards since it's about 20% of the exam. I also took a week off from work immediately before the exam so that I could cram. I spent about 9 – 10 hours a day studying during these days. Keep your head up and be confident…our biggest obstacle in life is ourselves. Replace any negative thought in your mind with something positive. Think about the future and the opportunities that will become available once you conquer this test. You got it this time…now get back to studying!

FAR - 65, 71, 78(5/29/13)
REG - 70, 80
BEC - 71, 78
AUD - 88

[Qlad]

@ gilbewc…thanks so much…

just confused about one thing…i am planning to give the exam on July 1st…i have around 15-20 days…do i have enough time to listen to ninja audio, write the notes,etc or just do the wiley test bank….? never knew decision making was so tough

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Anonymous]

@ Qlad & Hustlin – this is it…lets do it this next test window! Hustlin I think you have the right attitude, it seems like anger towards these exams translates into success.

My pending audit score kinda shot my productivity last weekend, but since I know I'm out of the woods on Audit and FAR is my last hill to climb I'm going all in (with hyperbole) starting tonight. Seriously, 1 more test…gotta get this done.

[MintsRGood]

@Adamdenton1 Congrats on your audit score, so glad to see you on the other side!!!!! We are going to put FAR down and enjoy the rest of the summer!!!

@Hustlin & Qlad You CAN do this, we all have our section from Hell!!!! Keep at it!!!!!

Good Luck everyone!!!!!! 🙂

REG: 75 DONE 🙂
AUD: 61, 71, 68, 92 DONE 🙂
BEC: 76 DONE 🙂
FAR: 72, 74, 79 DONE 🙂
Licensed Michigan CPA 🙂
-Some people dream of success...others wake up and work hard for it!!!
-The cowards never start and the weak die along the way!
-You better work, b***h!
-Only those who dare to fail greatly can ever achieve greatly.-JFK

[Anonymous]

Can anyone clarify this?

Question:

Amble, Inc. exchanged a truck with a carrying amount of $12,000 and a fair value of $20,000 for a truck and $5,000 cash. The fair value of the truck received was $15,000.

At what amount should Amble record the truck received in the exchange assuming the exchange lacks commercial substance?

ANSWER:

There is an implied gain of $8,000, the difference between the $20,000 fair value of the old asset and its $12,000 book value. Because the proportion of cash received is 25% ($5,000/$20,000), the entire gain is recognized and the acquired asset is recognized at fair value ($15,000).

Note that the answer would be the same had there been commercial substance.

MY QUESTION:

I thought that the gain recognized is 5,000/20,000= 25% and then that is multiplied by the total gain of 8,000 so the truck would be recorded at 9,000 and you would have a 2,000 gain.

[gorbuha]

@dante042104

Am I correct:

Dr. Cash $5,000

Dr Truck – New $15,000

Cr. Truck Old (net of accum. depr.) $12,000

Cr. Gain from Sale of Truck $8,000

If you only recognize $2000 as gain and $9000 as Truck – new what will be the other entry to balance?

FAR - 89
AUD - 84
BEC - 84
REG - 49, 86
ETHICS - 96........ DONE!!!

[Author]

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