[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

[NYCaccountant]

Thanks Lilla. I usually get between 80-85 first time through the material. From there I would average about a 90 something

after going back through the material because I have a better grasp. I usually do all of the book questions, sims after each section and then go through the test bank. I'll do every question I can find on the test bank. I understand the general flow of most journal entries, but I don't remember the exact names of each account. Does the actual exam provide a drop down for journal entry names?

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[NYCaccountant]

Oh yea, I test October 5th, and i'm about almost done with the investments module in Wiley.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Anonymous]

Yeah, my exam had drop-downs for the account names…so you don't need to know whether it's “Accumulated Depreciation” or “Accumulation of Deprecation”, just whether it's Depreciation Expense, Accumulated Depreciation, Fixed Assets, etc. Sounds like you're in pretty good shape!!

[jeff]

HiYa!!! to NINJA Brent for Passing FAR

https://www.another71.com/ninja-cpa-blogger-brent-17/

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

[sudha_2012]

Can anybody help clear up the following confusion in my head? 🙂

It feels like Becker is using FMV – Cost at times and FMV( current year) – FMV ( last year) for calculating unrealized gain and loss on AFS & trading securities. What is the right way?

Thanks for your help!

REG - 1/12: 77 (DONE!)
BEC - 8/12: 78 (DONE!)
AUD - 8/12 : 81 (DONE!)
FAR - 63,73,74 ( RETEST) 8/13: Please god!!

[NYCaccountant]

They are both correct. When you first purchase the investment, you would record it at original cost, and then adjust that balance to fair value at the end of the year. That's the first year. So for example, I bought stock for 10,000, and the fair value at the end of year 1 is 15,000. I would record an entry for an unrealized gain for 5,000 and adjust the balance of my investment upwards by 5,000 to reflect the updated fair value. Entry Below:

Original Entry – Year 1

Investment Dr. 10,000

Cash Cr. 10,000 Recording the original entry. Original Cost.

Adjustment to Fair value – End of year 1

Investment Dr. 5,000

Unrealized gain Cr. 5,000 To record unrealized gain on investment. The gain is the difference between the original cost and the fair value at year end.

Now say during year 2, the fair value of the investment is now 20,000.

You would need to post another entry below:

Investment Dr. 5,000 The gain now is the difference between the fair value at the end of year 1 (15k) and the fair

Unrealized gain Cr.5,000 value at the end of year 2 (20k).

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[sudha_2012]

@NYCaccountant: Thank you! That was helpful.

REG - 1/12: 77 (DONE!)
BEC - 8/12: 78 (DONE!)
AUD - 8/12 : 81 (DONE!)
FAR - 63,73,74 ( RETEST) 8/13: Please god!!

[Anonymous]

EDIT: Saw NYCAccountant already answered better…and this was half-thought-out, so I'm editing it out lol.

[LT-P]

So, I originally scheduled my exam for the beginning of August but a few days before the exam I decided to reschedule because I knew I wasn't ready & I took 2 weeks off to recharge .. too bad my NTS expired .. so $400 later my exam is in 2 weeks. Hoping I didn't make a mistake by doing this .. good luck with studying everyone!!

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

Ethics: TBD

[Anonymous]

If you would've failed taking it a few days ago, then you would be in the same spot financially either way…good luck on the 29th! You've got 2 weeks to nail this thing!

[sudha_2012]

2 more days to go…really hoping this is it! It will be nice to have a life 🙂

REG - 1/12: 77 (DONE!)
BEC - 8/12: 78 (DONE!)
AUD - 8/12 : 81 (DONE!)
FAR - 63,73,74 ( RETEST) 8/13: Please god!!

[sudha_2012]

REG - 1/12: 77 (DONE!)
BEC - 8/12: 78 (DONE!)
AUD - 8/12 : 81 (DONE!)
FAR - 63,73,74 ( RETEST) 8/13: Please god!!

[LT-P]

@Lilla thank u for your positivity .. I needed that 🙂

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

Ethics: TBD

[Mike1987]

I have my test on the 31st. Goodluck to us. I seem to keep forgetting what I learned, there is just way too much random information.

[MintsRGood]

Here is a FAR funny for your Sunday afternoon! I'm going through a set of 20 over all topics and Wiley presents a solution for a partnership accounting question algebraically and I'm just not seeing their logic. I asked my husband, who is an engineer and math wiz, to take a look and see if he could help explain it in a different way to help me understand the solution. Of course it takes him 30 seconds to analyze the problem and come up with an alternate solution.

I was very appreciative of the help UNTIL he commented on how easy that question was and so on. I just sweetly smiled and asked if he'd like to try his hand at another MCQ because he is SO SMART and here is the MCQ he drew:

In order for a derivative instrument to qualify as a hedging instrument, which of the following must be sufficiently documented?

The objective and strategy of the hedge The hedging instrument and hedged item

A. Yes No

B. Yes Yes

C. No No

D. No Yes

Response from Husband: “Ummmmmmmm…..maybe I should just stick to algebra” and sheepishly left the room.

Karma is a bitch! 😉

Happy studying 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

[Author]

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