[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]

Great progress 3CPAv2! It sounds like we have a similar 3 week study plan…I'm just taking my exam a week after you.

Except, if I happen to use the upcoming power weekend to the fullest and complete the MCQs through F-10, I may take all of next week to focus on SIMS. I know this is what has prevented me from passing each time. So THIS time around I'm going to make sure I give them adequate attention before exam day. Other than that, our 3 week review plans are pretty similar.

@Mel4CPA: don't get too down on yourself, you've got a plan and that's 1/2 the battle. You can do it!

Keep up the good work everyone!! WE CAN AND WE WILL CONQUER FAR!

[Anonymous]

This will be my first exam (scary!) but I'm still waiting for my NTS…

I'm currently taking the Online Becker class, which seems like a very accelerated version of the self-study (and I get e-mails at very random times from the instructor). We go through 1 section a day…!

[Utopia]

Stock option question：

Regarding the share based payments classified as equity, do we need to make J/E on the grant date?

Wiley says make J/E as Dr Deferred comp. expense xx

Cr stock option outstanding xx

As for Becker, no entry required.

Can someone explain that? Thanks.

[icanhazcpa]

@utopia The rule I always got in school (and Becker) was that there is no entry on grant date, but you record the compensation expense as the options are earned over the given service or vesting period. But I'm not even sure what share based payments are that's just the general option rule.

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

Becker Self Study

[kip_snoodles]

Are any of you working the optional practice questions in Becker? I have always heard they are overkill, and I have passed the other three parts without ever working them. However, I seem to be having more trouble with FAR during my first run through than I have with the other sections. For those who have done them, are they more of the same types of questions, or are they just extra questions on completely obscure topics from the lecture that we most likely will not see on the exam?

Also, are any of you currently using Ninja notes. I bought them for REG and thought they were very helpful, but I didn't purchase them this early in my studies. I used them more as a review than as a teaching tool. However, I'm thinking I may need to get them earlier and use them more in the initial learning stage. How do you like them for FAR?

F5 is a mess btw.

Thanks!

[Utopia]

Thank you -icanhazcpa

[Qlad]

A rule that I didn't know before about Leases ” If a Capital lease is renegotiated and changed to Operating lease- treat it as Sales leaseback”…

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

[mjp44]

Can someone help me better understand pensions and OCI. I understand that gains or losses are reported in OCI. With a credit to OCI debit to pension asset for gains and Debit to OCI credit to pension liability for losses. I dont understand this amoritization of net losses/gains. IE for net losses you debit penison expense credit OCI. This means the net loss is decreasing?

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.

[OCDisME]

@kip_snoodles I've been working all of the Becker optional questions and have found them to be helpful, but also frustrating. I have definitely encountered some odd/difficult questions that I am surely hoping are NOT on the exam.

This is my first exam and I've been getting really frustrated while studying. I think I know a topic, and then a MCQ comes up that throws me for a loop and I just want to throw my hands up and quit. I'm about to start F8.

Has anyone purchased the “Final Review” materials from Becker? They already want to rip us off by charging for “additional questions” and then another option for “Final Review?” Is it worth it?

Becker Online - IL Candidate

FAR: 85
AUD: 85
BEC: 78
REG: 90

[LT-P]

@kip I work all optional questions. Not sure if it helped for REG and BEC but I'm sure it didn't hurt .. I almost wish they didn't include the optional questions because I feel like if I don't work them I could miss out on something ..

@OCD I passed 2 sections without the final review. I feel like its a) a waste of money & b) just a way to stress you out more with extra information. there are plenty of people who pass the exam with just the Becker MCQ's & sims.

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

Ethics: TBD

[Qlad]

I got this question wrong…want to see how many of us r in the same boat….a simple challenge…

A leased from b on1-1-1 for 9 yrs under sales type lease. the cost of the machine $400000 and estimated life of 15 yrs.

Semi annual installments r due on jan 1 and july 1 @ $ 44000. The PV of payments @12% is $ 505000.

What shud A recognize as depreciation expense at year end?

Answer options

a.44444 b.33667 c.56111 d. 26667

I must say i did not agree with the explanation of the answer…

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

[Anonymous]

It's either A or C, but I can't think when I last saw something with a PV of payments greater than the value, so not 100% positive which it should be…but I'd lean towards C. Pretty certain it's depreciated over 9 years since that's the time that the lessee has it…and given that interest-free they're paying $505,000 for it, I'd think that the $505,000 is what matters to them…unless they're supposed to depreciate $400,000 and count the rest as financing costs or something, but that doesn't make a whole lot of sense to me. So, if I had that question, I'd guess at “C” and cross my fingers when I pushed the button to grade it!

[Tncincy]

My question was whether to depreciate lease life or asset life. I feel like something else is missing.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Qlad]

lols @elisabeth…u r right! i was able to understand ur explanation better than the actual one…thanks …i had answered B bcoz it says “sales type lease”…but the explanation says that they did not mention bargain purchase or title transfer? (i was like… isn't salestype means, he is buying?)…I can still argue on that! but the argument doesn't matter …only the right answer does…

anyways….u passed 🙂 …and i failed…:-(…

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

[Tncincy]

@Qlad,

What was the explanation to the answer? I can agree with c, but why?

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Author]

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