[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

[mypetmeatball]

50 HW questions of AUD = ~one hour

50 HW questions of BEC = ~70 minutes

50 HW questions of REG = ~100 minutes

50 HW questions of FAR= ~8 hours

[icanhazcpa]

@dante that rule only applies if boot is received. The rule is boot paid = no gain. The only explanation for that answer is that it had commercial substance.

BEC - 83
FAR - 83
REG - 74, 78
AUD - 76

Becker Self Study

[Anonymous]

Ohhh ok. No wonder I've been so confused with these questions.

[Path To CPA]

Even if the exhange had commercial substance the gain shouldn't have been $1000. For an exhange with commercial substance, the full gain is recognized and the full gain is calculated by subtracting asset (given) book value from asset (given) fair value. In this problem, the fair value of the asset (given) is not explicitly provided. If we had to imply it, we would take the cash paid and the book value of the asset (given) 21,500 + 3000 (cost – Acc Depr) = 24,500. We then have to compare the 24,500 to the book value of the asset (given) to obtain the gain.

In order for the solution to be 1000, they must have compared the 24,500 to the 25,500 which is the fair value of the asset received. This is where I have a problem because it goes again the concept.

Well, I guess this will be one of the “agree or disagree and move on” type of question for me. Feel free to add your input if you feel like you have a better explanation. This is one of the Wiley sims and I don't want to take it lightly.

REG: 68, 75
AUD: 80
BEC: 77
FAR: 24, 67, 69, 72, 80 Thank you Lord!!!!

Finally Done! Perseverance is the key to success

NYS Licensed CPA - 2013

[TaRenee]

IS it possible to make your mind think this is FUN so studying goes by better?

I've been trying to force myself to believe that this is what the “cool kids” do.. then I realize its the summer… and I'm the only person stuck in the house, stabbing my notebook every other question wishing that the answer would mysteriously pop up in my brain….

… then I try to make myself feel better by saying I would be such a great accountant after learning/studying all these glorious chapters…. then I realized that 90% of everything I learned from the previous sections might as well be a foreign language now….

… ok .. my little vent is over! 🙂 Back to finishing up F4.. so I can move on the F5… then start my review for chapters 1-5… I decided to split the book in half so I don't overwhelm myself during my “Final 2 week review” before my exam!

REG [75] 02.27.13(1)
AUD [82] 04.15.13(1)
BEC [79] 05.29.13(1)
FAR [62] 08.26.13(1) [76] 02.24.14(2) - God is able!!! 🙂

Licensed NC CPA

[hab6301]

Hey is anyone here using Gleim for their review? I was thinking about getting the simulations from them to practice with

FAR - Soon hopefully
AUD - after FAR
BEC - after AUD
REG - 72 - after BEC

[mjp44]

@PAth to CPA: You're right, when there is commerical substance, you record the new asset recieved at the fair value of the asset given up. However, if the fair value of the asset recieved is more readily determinable you record that as the new asset recieved. SInce we dont know the fv of the asset given we record the asset recieved at 25,500 and subtract the asset given 24k to the cash paid 21.5 k to get the $1000 gain.

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.

[Qlad]

I have a question on marketable securities…if a company does not elect for FV option …we do normal allocation …trading in I/S and AFS in OCI

If the company elects to opt for FV …then everything goes to I/S at EOY… hope i'm right till here…

I f nothing is said then ?

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

[LT-P]

Is anyone actually studying Appendix I of F4 (other inventory cost flow assumptions)?? I honestly can't bring myself to read it .. probably because Olinto didn't tell me what to color lol.

- passed all 4 exams on my first try using Becker!

Ethics: TBD

[Anonymous]

I'm not!

[icanhazcpa]

I'm not either, @Qlad I would assume they did NOT elect fair value option unless it specifically says they did

BEC - 83
FAR - 83
REG - 74, 78
AUD - 76

Becker Self Study

[Path To CPA]

@mjp44

Your explanation makes sense and solves the issue I have. I'm just curious as to where you found the rule ” if the fair value of the asset received is more readily determinable you record that as the new asset received.”

I did not see anything like the above rule in my study material.

REG: 68, 75
AUD: 80
BEC: 77
FAR: 24, 67, 69, 72, 80 Thank you Lord!!!!

Finally Done! Perseverance is the key to success

NYS Licensed CPA - 2013

[Anonymous]

Checking in. Just finished up F10 and tomorrow officially starts my 3 week final review period.

My plan is:

Week 1- Read NINJA notes 1x per day, redo all Becker MCQs (skipping optional as after 3 exams I believe them to be a waste of time)

Week 2- Read NINJA notes 1x per day, rewrite NINJA notes, progress tests from Becker and Wiley

Week 3- Read NINJA notes 1x per day, possibly rewrite a 2nd time, do a ton of progress tests from Becker and Wiley

Hopefully it will be enough. The volume of material is a bit overwhelming and it's tough to decide how much of that is a result of Becker overcomplicating the questions. But, I think it will all start to feel better as I keep working the notes and the MCQs to get my arms around it.

3CPA

[StephAV]

My review material says to record the asset at FMV also. I beleive that was because it is an exchange transaction. Makes sense that you aren't going to pay “sticker” price in a trade.

I started the government chapter last night. AWESOME! I'm hoping I get a lot of government on my exam! It has been 5 years since I worked as an auditor… I had totally forgotten about encumbrances. It is all coming back to me though… Please test me on Gov and NPO and leave off the EPS and investments stuff.

FAR - 7/13 - 72, 11/13- 74, 2/14- 82!!! Best score ever (for me)!!!
BEC - 1/14 - 75!!! Perfect score! First Pass! YAY!!!
AUD - 8/14 - 80!!!
REG - 5/14 - 72, 10/14 - 66, 1/15 - 78 - DONE FOREVER!!!
I did 5 of the UNA and CPAExcel classes to earn units.

[Mel]

I suck at staying motivated. I am so behind in my study progress. I'm on F4 lectures when i should be finishing up at least F6 this week. UGH! Seeing all your progress makes me want to get it in gear. I plan on finishing F4 lectures tonight and move on to F5 tomorrow and finish that and F6 up this weekend.

[Author]

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