[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

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

[Anonymous]

idk, makes sense to me.

They owe bank 310 (400 – 90) which is also = FV of the land. E&S gave away land with CV of 500 for 310, loss = 190

[ahugemistake]

I am 3 weeks away from taking FAR and am panicking at the little time I have left and how unprepared I feel. I work full time and it took me 6 months to read both of the books for CPAExcel and go through all the quizzes.

My plan was to go through the wiley test bank multiple times to review but every section is taking a long time finish. Should I just be doing practice CPA exams instead of going through each section again? I dont know why I feel so lost, but the sheer amount of material is making it difficult for me to prepare a practical review schedule.

Any tips will be appreciated.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[Anonymous]

@cpastudent22 Your question is somewhat similar to anjanja's question. If you looked at samdiegoCPA's explanation, first you need to revalue the asset transferred to FV then determine the restructuring gain/loss. The 190K is for the write down of land to FV (500 cost – 310 CV). There's no gain on the restructuring since the FV of land is equal to the loan balance.

[Anonymous]

Is it beneficial for me to keep doing the test banks over and over. In two days I have already memorized the answers to most of the questions, granted I also memorized how to do the work and how to get to the answer, as well as the explanation for why. Also, has anyone just used strictly MCQ's and passed? I am just doing all the MCQ's and reading all of the references and going through all the explanations for the wrong answers as well. Do you think this will be enough, or do I need to watch videos and read books?

[missjones513]

18 days until FAR.

Goals for the weekend:

1. Finish Bond mcqs and read explanations

2. Do Pension mcqs

3. Do Lease mcqs

4. Read all notes and do comprehensive practice set of mcqs

I've decided not to do all of the book mcqs, just the ones for the sections I may have some trouble with. I need to kick up doing practice sets on the NINJA test bank next week. I'm trying not to worry too much about this section. When I did my notes, the info clicked more this time around.

REG - 5/29/12 (64), 10/1/12 (74), 5/20/13 (75, expires 12/31/14)
FAR - 8/14/12 (64), 8/5/14 (75)
BEC - 11/19/12 (70), 2/25/13 (72), 11/21/13 (73), 1/21/14 (73), 8/30/14 (72), 11/24/14 (75)
AUD - 4/22/13 (65), 10/12/13 (79)

I'm done!!!

Ethics - Pass

[Anonymous]

Got a big weekend ahead of me! lets get to work!

[D C]

@ahugemistake

I understand your frustration and panic. I'm on my second attempt and am feeling the same panic as well. I think for your final review you should continue to review all your notes and then take sets of progress test which include questions from all sections. If you do enough of those you will experience/work all the topics and everything will come together for you. I also highly recommend practicing sims and reviewing the JEs.

I have 27 days til my exam (also work ft). My approach is to redo all HW from each section in Becker. I go for a daily run to stay fresh and energized and I listen to ninja audio (which I think is OK) but helps me review high level info. Then I'm going

to take the last two weeks to write down all JEs and review FCs/notes and tons of MQS and a few sims.

The key to passing in my opinion is to not try to memorize everything but to see the topics and material enough times that you can recognize them on test day.

Good luck!

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[Anonymous]

ahugemistake,

my exam is in 3 weeks too. I am doing mcq's by topic and then a set of random questions. When I get a question wrong I go back and read my notes on that topic. Rereading everything takes too much time

[ahugemistake]

Thanks DC and Anna, I believe you are right, I will focus this weekend on doing a progress test and then listen to ninja audio notes and also try to rewrite some notes as well. I keep hearing to focus on IFRS, GOV, and Nonprofit and I will definitely put a lot of focus on this in addition to writing the JEs. Goodluck everyone!

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[samdiegoCPA]

Spent 2-3 hours last night just watching BLITZ videos. Today I will try to finish the 195 not seen MCQ. I'm at 77% overall right now I guess. It would be higher but sometimes I am only half concentrating on MCQ at work and make dumb mistakes.

Tomorrow morning review notes maybe. I have 27 hours left to learn FAR :O

AUD: 84
REG: 84
BEC: 79
FAR: 83

[ahugemistake]

samdiego, how do you like the blitz videos? I find that the ninja audio notes move a little fast for me when I am driving and have a hard time focusing, considering the blitz review, what is all included in that?

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[samdiegoCPA]

@ahugemistake It's essentially Jeff talking with a powerpoint video. I like them just to put everything into perspective after having all these details thrown at you. Especially stuff like lessee/lessor JE. Jeff held a promo if you did 500 NINJA MCQ from M-yesterday, you got the BLITZ for free, which is what I did.

AUD: 84
REG: 84
BEC: 79
FAR: 83

[Anonymous]

@samdiego can you explain what you posted yesterday in regard to the hierarchy?. PC refers to what. What do those letters stand for. And FENCe? You gave me the mnemonics but I don't know how to use it lol

[samdiegoCPA]

@CPA2014Dream YOU SHOULD KNOW THESE!! 😉

Relevance: Predictive value & Confirmatory value

Faithful Rep: Free from Error, Neutrality, Completeness

2nd:

Consistency, Understandability, Timeliness, Verifiabiliy

AUD: 84
REG: 84
BEC: 79
FAR: 83

[Anonymous]

Can anyone explain me retrospective approach? I do well with mcq's on this topic but the concept doesn't really make sense to me. I remember back in my home country I was preparing income statements and if I would found out that I screwed something up in previous year I would have to redo all the statements for all years that were affected and resubmit them, recalculate taxes etc. Such a pain. But there would be no cumulative effect in RE because why would it exist if everything was restated?

And then I read this:

“FASB ASC 250-10-2 requires that in the absence of a specific statement by the FASB to the contrary, accounting changes should be accounted for using the retrospective approach. Under this approach, all prior years' financial statements presented should be restated and the cumulative effect of the change should be reported in the retained earnings statement (or in the statement of changes in stockholders' equity) as an adjustment of the beginning-of-period balance of retained earnings of the earliest year presented.

Why is there cumulative effect if statements were restated? Am I not understanding terms correctly or something?

Thanks!

[Author]

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