[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]

@newuseracc huh? lol

Also, could someone explain how there is a reduction in Net Income, but not cash in the last sentence. How is cash reduced but not net income:

When preparing the statement of cash flows under the indirect approach, a loss on the sale of machinery would be an addition to net income. The loss decreases net income, but does not reduce cash.

[ZSRizvi]

Is anyone else frustrated with the way Tim Gearty is handling FAR? I just finished F8 (Governmental Accounting) and, honestly, I didn't pay $4000 to just have someone read me the entire book, word for word, and highlight the entire page. Why not just get a bucket of paint and paint each page instead? I feel like that's what I'm doing essentially.

BEC (July 2013)
FAR (OCT 2013)
REG (NOV 2013)
AUD (JAN 2014)

The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

I have a long...long...journey ahead of me.

[Mel]

@CPA2014Dream

Question 1: The formula is Depreciation x (1 – tax rate).

Question 2: What reduces cash is actual payments or money going out. A loss means you sold something for less than its book value but you didn't actually pay any cash out. Since this is a non-cash item that previously reduced Net Income you have to add it back, just like depreciation and amortization.

[JSK11]

Took the exam tonight. Wow.

I honestly knew the information but with the time constraints I just found it difficult to immediately process the question and start my computations. It was a frustrating exam but the testlets did get harder as I went so hopefully that is a good sign.

Simulations were not as terrible as I've read on here. I'd say I felt good about 4 of them, no clue on 1, and iffy on 2.

Good luck to everyone else taking the exam this month, I really hope I pulled off a 75

BEC- 85 (7/3)
AUD- 80 (7/15)
FAR- 8/29
REG- 10/1

[TripleNetAcct]

F FAR

AUD 73 (Aug 12) 77
BEC 66 71 (Nov 12) 80
REG 54 81 (May 13) 81
FAR 63 (Dec 13) 75 TEXAS

[Anonymous]

I'm about to go in. Sigh. So nervous! I had weird dreams all last night about it. Wishing everyone luck today!

[Anonymous]

Statement of Cash Flows questions:

Becker MCQ says mortgage repayment would be reported in the financing section. Why wouldn't this be the investing section; i.e., isn't a mortgage a loan? Or am I not thinking of “loan” in the financing section in the right way?

And area all (trading, AFS and HTM) securities of other entities shown in the investing section or do trading securities go in operating? I don't *think* so, but sometimes trading securities get different treatment so I want to make sure this isn't one of those times.

And BTW, TWO DIFFERENT WAYS to do a statement of cash flows?!? C'mon people, WTF? ONE WAY is PLENTY.

[NYCaccountant]

Trading=operating section

Available for sale,held to maturity=Investing

Payment made on the principle of the mortgage=Financing

You borrowed money to finance the purchase of a building for office space.

Payment of interest on the mortgage=Operating section.

Under IFRS, the interest could either be an operating activity or financing activity.

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

[Anonymous]

I'm really having a hard time understanding pensions…Anyone have any advice? I'm using CPA excel and Wiley textbook.

[Anonymous]

Dante042104: What part of pensions are you struggling with?

I use Roger, and reading his book and the Wiley text it helped. I wrote out every example and my scores and understanding improved.

[Anonymous]

I'm ok with calculating pension expense but then I get confused about what goes to OCI and then they throw in the tax effects and I get lost. I will just reread the chapter I guess and write it all out.

[Anonymous]

Dante: when I get home I will look at my notes, and post. I mess up the expense!

[Anonymous]

Thank you for any tips!

[NYCaccountant]

Any guides for Governmental accounting I can find? It's so boring, and I'm not sure what's important and what's not. Any advice? or do I have to just tough it out?

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

[NetsForce]

Hey, does anyone have any recommendation for what study materials to use for FAR?

I have the 2012 Wiley Book, is studying out of just this book good enough to pass?

Or do you recommend I purchase a 2013 FAR Book (Wiley, Becker, Gleim? What has everyone been using to pass?) and then supplement with a CRAM course?

—

I purchased Yaeger + Wiley books a while ago and passed BEC and Audit simply by reading the Wiley book (didn't watch the lectures after the first 1 or 2 as I felt they moved at too slow a pace and not a good use of my study time).

I am taking the same approach for Regulation (test tomorrow), but am not sure it was a good idea as there are still so many concepts I am getting mixed up with.

I'm almost resigned to failing reg. and then retaking in October, but if I pass I want to be able to jump right into FAR.

—

Any help is appreciated.

[Author]

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