[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]

Can anyone explain this?

Effective Jan 1, 2010, Flood Co. established a defined benefit pension plan with no retroactive benefits. The first of the required equal annual contributions was paid on December 31, 2010. A 10% discount rate was used to calculate service costs and a 10% rate of return was assumed for plan assets. All the information on covered employees for 2010 and 2011 is the same. How should the service cost for 2011 compare with 2010, and should the 2010 balance sheet report a pension asset or a pension liability?

a) service cost 2011 = service cost 2010; 2010 bs reports pension liability

b) service cost 2011 = service cost 2010; 2010 bs reports pension asset

c) service cost 2011 > service cost 2010; 2010 bs reports pension liability

d) service cost 2011 > service cost 2010; 2010 bs reports pension asset

D is correct

I understand why the service cost would be greater but I don't understand how to conclude that their is a pension asset on the BS.

[StephAV]

@dante – I saw this question last night and I couldn't figure it out! I've been thinking about it for idk 12 hours now minus some sleep time… I think you know it is an asset because they say that the payment was equal “first of the required equal annual contributions was paid on December 31, 2010” so if they are funding the same amount in 2010 as 2011 and there is no prior service cost we can assume they paid at least the PBO?

I'm not totally sure… But that is the only reasonable explanation I could come up with…

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.

[MintsRGood]

Hello FAR friends! I'm in the final review phase of my study schedule which consists of doing MCQS until I want to stab my eyes out and I am just blown away by the mass of information we are responsible for in this section!!!!

I don't find the material to be so technically difficult that it feels impossible to learn well enough, but its remembering 30+ topics well enough to pass that is the true challenge!!! I know that all the topics are fair game but just by reading the content outline it's very obvious that Government and NFP make up approx. 20% and you know darn well that IFRS and bonds will rear their ugly heads in some capacity. I realize with 90 MCQS and 7 SIMS on the table there are only 97 ways to torture us…but this is one section that I don't want to play the odds game and retest!

I hope everyone is making good progress and good luck to everyone testing in the next few weeks!!!!! 🙂

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

[Tncincy]

@MintsRgood,

I am doing mcq's and I feel like I didn't do a review lecture at all. I feel like the some of the material is new. I know it's not new but I have to find a way to bring every thing back. I continue to feel like I am in a learning phase and not review. I just want to break down and cry. Oh I don't know….in a valley.

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

[Anonymous]

@Steph…thanks for your input. I'm still not sure about it but I can't really find anything else on this question. ugh

[Anonymous]

@tcincy I've been feeling the same exact way today (and most days I've been studying for FAR)! I made it through F1-F4 review with relative ease (i.e. minimal screaming/crying), but now that I'm back on leases, I feel like I'm learning the material all over again 🙁 However, we can do this! We made it through the first time and we will do it again and improve our weak areas. I just can't wait to finish this test and never have to worry about this material again! Sorry for the minor vent session..

[Tncincy]

Good Afternoon,

I'm back in the game…..been studying since 8:30 this morning. I had to readjust my studying and do small amounts of mcq's instead of 30 at a time. I am taking my time to understand the why instead of moving on to the next question. So far I am having a good study day with no headache. I am writing my note cards and fact nuggets as I go. I had to ax the reading glasses for a while too. what ever it takes to get it done. Taking a lunch break.

Thanks everyone for encouragement, this is why I love this site.

Good luck studying and feel free to join in on the power weekend group. I'm in all day studying.

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

[ramfan]

Hi fellow CPA candidates! I have nine days until the big exam and I feel similar to most of the posts I've read. In review, I've nearly completed F4 (Becker) and I feel like a mountain of material is still ahead of me. My oh my.

However, reading that I'm not the only one that feels like this is comforting. It must mean we're doing something right. Maybe?

I'm so hopeful about passing this on the first attempt and hope the same for all of you as well! Best of luck, keep pushing forward, and pass the CPA exam!

REG - 1/28/13 PASSED
AUD - 4/1/13 PASSED
BEC - 5/31/13 PASSED
FAR - 7/29/13

[Anonymous]

@ramfan I'm taking mine the 29th too! I just got through F5 today. I'm going to try to take another look at pensions tonight, but that probably means reading my notes/skimming the text thinking “oh, this makes sense,” then doing related MCQ and getting awful scores, and then closing my book and going to bed frustrated. Hahaha (but really…)

Anyhow, my plan of attack is to get through the remaining chapters by Thursday, giving myself time to do tons of progress tests and MCQ to correct my weak areas. I do not study sims, and I am on the fence regarding whether or not I want to take a practice exam. What is your game plan between now and exam day?

[MintsRGood]

@tncincy and @Danny any time you need to rant, do it!!!!! I 100% guarantee that someone else on here is feeling the exact same way! Sounds like you both are back on track, keep it up! 🙂

Today I'm going to spend time on journal entries. I'm going to make a “master list” of sample journal entries by topic. Not only will it reinforce the JE concepts but I'm thinking it can also serve as a quick reference guide if I get stuck on a problem in study mode.

I hope everyone is doing well!

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

[Tncincy]

@MintsRgood,

You make a good point, making a list of J.E to use with the problems. I think some of my stress come from trying to do the problems without looking at my notes. Well, look at them sometimes, but I try to use the knowledge to see if I can get it. It just feels like cheating…..I know it's not but………well ok, I'll just keep doing the problems until I know what to do when I see them again.

I am more relaxed today and ready to take on some more questions.

Hope everyone have a good strong study day today.

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

[Anonymous]

@MintsRgood hahah thanks! Nothing like a good ol' rant to keep the crowd pleased.. I am actually going to make a master sheet for J/E as well, as I think it would be a great resource to have, plus the process of going through and writing each chapter's J/E will serve as a nice review session.

Speaking of review, I am having trouble with a my review plan. So far I have covered Becker F1-F5 (working on F6 now) for the second run-through, and I have been substantially improving in most areas I've covered so far. However, I am having trouble figuring out a way to incorporate progress tests and flash cards into my review. What do you guys think is the best way to do this? I feel like it is a huge roadblock when I just want to get through the rest of the material for a second time, but it also seems like a necessary evil to keep the massive amount of material in my head.

[StephAV]

Tomorrow is the big day for me. I've been doing practice sessions on my weaker areas this weekend. Right now I'm so frustrated with myself I keep making stupid mistakes! Like leaving out a zero not reading the question carefully enough… Must focus better!i don't know what my problem is! Grr!

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.

[qatar_cpa]

@StephAV. Good luck 🙂

FAR = 31 /August
REG = 30 /OCT
BEC = 28/NOV
Auditing = 01 Jan

Yaeger 2013 Home Study
Guam State
follow me @abdirahmansh

[MintsRGood]

Good luck @StepAV!!!!!!!! Let us know how it goes for you! 🙂

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

[Author]

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