[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]

@StephAV Good luck! Those are the mistakes you want to have, because they are preventable if you focus on exam day! At least you're not forgetting your mnemonics 🙂

[LT-P]

@DannyB .. here's my review plan .. (I do a new chapter everyday)

1) In the morning I go through the chapter's flashcards and then my notes .. making sure I memorized/learned everything I need to tackle the MCQ's without looking in the book/notes

2) Then I take the next 4-5 hours and do all the MCQs for the chapter

3) Finally, when I'm done I do a few progress tests before bed (with all the breaks I take this pretty much consumes my entire day)

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

Ethics: TBD

[Jpgrocho]

Yeah so, I may be the only candidate ever to reschedule my FAR exam from August 12th to tomorrow July 23rd. Yup, That is almost three weeks of study time I am throwing away. Why did I do this?? Well, I think there is a point where you're just done and can't take any more. This will be a re-take for me so covering the material again was not as difficult as the first time through. I have managed to force my way though the material (Becker self study) two more times. Today I will review notes containing all my formulas and mnemonics. And tomorrow, I shall beat the living hell out of FAR.

Random post I know. Good luck fellas…and ladies!

10/03/12 AUD- 91!!!
12-07-12 BEC- 75!!! (Half way)
01/18/13 REG - 68, 78.
02/28/13 FAR -68, 65 11/6/13 PLEASE!!!!
Using Becker Self Study 2012

[Jpgrocho]

@Steph

Just curious… your signature says you want to pass to avoid the 150 hour requirement. Lets say you pass one part before the deadline November 30 (which hopefully of course you pass all four before). Passing that one part, does that grandfather you in to the old rule? I was just wondering. My state requires the 150 hours to just sit for the exam. I was just wondering how that would work.

10/03/12 AUD- 91!!!
12-07-12 BEC- 75!!! (Half way)
01/18/13 REG - 68, 78.
02/28/13 FAR -68, 65 11/6/13 PLEASE!!!!
Using Becker Self Study 2012

[LT-P]

Leaf Co. purchased from Oak Co. a $20,000, 8%, 5-year note that required five equal annual year-end payments of $5,009. The note was discounted to yield a 9% rate to Leaf. At the date of purchase, Leaf recorded the note at its present value of $19,485. What should be the total interest revenue earned by Leaf over the life of this note?

— I understand that the interest revenue is 25,045-19,485=5,560 ..

— What would be the actual journal entry to each period? I've been trying to figure it out all day and I literally have no idea what to do :-/

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

Ethics: TBD

[Anonymous]

Tanaya,

You'd have cash for the amount of the payment, interest revenue for the amount of interest revenue, and the difference is premium or discount and principle. The interest revenue per period is the carrying balance times the market (yield) rate. I'm not 100% certain, but I think the discount portion will be the difference between the actual interest revenue and the implied interest revenue? So, implied is 20,000×8%=1600. Actual for the first period is 19,485×9%=1754 (rounded). Difference is 154. So I think it'd be something like:

Cash…………………5009

Discount on N/R….(plug)

……..Notes receivable………3409 (5009-1600 int)

……..Interest Revenue……….1754

if those are the correct numbers.

But I am at work and just trying to think about this quickly, so not 100% sure on that. But, see if that makes some sense, or maybe triggers a new thought process to help ya out…

[LT-P]

@Elisabeth I actually JUST figured it out, thank u anyway though! Sometimes you have to leave it alone and come back to it later..

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

Ethics: TBD

[PC]

Hey guys, I'm in the process of reviewing FAR with becker(will be taking it on Aug. 6). My plan is to go through all the HW problems once (have done 2 chapters so far and am hoping to do 1 a day for the next 8 chapters), take the practice exam, and then go through all the problems once more.

My question is, are you supposed to re-read the entire book, but just quicker? Or would it be better to just focus on the text that gave you trouble? I even thought about using the flashcards instead but I don't know if this is all necessary as I'm reading the explanation that Becker hw provides.

[kip_snoodles]

Good afternoon!

I was about to practice some Government questions in Wiley, and when I clicked on the SIMS section, it did not have any for me to practice. Are Government SIMS not common on the test? I also have Becker 2012, and there are SIMS to practice for those topics.

Thanks!

[Anonymous]

@Tayana

Can you post your journal entries?

That question was annoying me too!

[Anonymous]

@Tanaya Just checking in to see how your review is going! Have you worked the practice sims yet? If so, how helpful have you found them to be? I am planning on only working a handful of them just to get a feel, because I believe that my review time is better spent on nailing down MCQ (unless you convince me otherwise). Plus, from what I have been reading, there is no way to fully prepare for the sims the AICPA is throwing at us.. Also, what is your attitude towards practice exams?

[LT-P]

@Danny hi! review is going OK, today is leases/bonds which is probably my weakest area. How's yours going?

I actually haven't worked through the sims yet .. you're right, there is such a slim chance the real sims will be anything like the practice ones so I'm saving them until after I've reworked all the MCQs .. they can't hurt to practice (if you have the time) mainly to get the hang of the formatting.

I'm going to do both the practice exams before I start the sims .. they're useful in the sense that you get to see if you actually learned the material or if you just memorized all the homework questions. You?

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

Ethics: TBD

[jeff]

This week's Free FAR video: Fixed Assets

https://www.another71.com/ninja-blitz/

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

[LT-P]

@Derek I'm not 100% sure about this but this is what I got from googling notes receivables all day ..

Year 1

Dr. Cash 5009

Dr. Disc 1754 (19485*9%)

………Cr. N/R 5009

………Cr. Interest Revenue 1754

Year 2

Dr. Cash 5009

Dr. Disc 1461 (16230*9%)

……..Cr. N/R 5009

……..Cr. Int Rev 1461

Year 3, etc.

If I'm wrong please let me know, this was such an annoying question >_<

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

Ethics: TBD

[so1913]

I've slacked off guys, I'm not nearly as far in this review as I should be. My exam is 8/28 and I can't seem to find that intensity I had last test period studying for BEC. I'm only wrapping up F5 lecture tonight. I've done no MCQ's because I wanted to get through all lectures, then read through the chapters writing out notes (I find it hard to write out my own notes to the actual lecture while the entire lecture instructing you to make specific notes in the book). I will be stepping it up starting tonight. Going to shoot for 5am wake up calls to get an our of lecture in before work, spend lunch hour writing out notes, and put in 3 hours in the evening. Hopefully I can get through the next 5 lectures before the end of the weekend and a start on handwritten notes. Iill have every Mon. off from work up until exam day. My Becker expires 8/8 (2 weeks) so it looks like I may have to rely on WTB for the bulk of practice problems. I'm starting to doubt its doable in 5.5 weeks…I'm hoping I can salvage the time remaining and still have a chance of passing this thing.

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

[Author]

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