FAR Study Group October November 2013 - Page 112

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  • November 15, 2013 at 10:31 pm #477680
    kels417
    Member

    @CPA4birthdaypresent – you and me both! I've been studying for FAR since the second week of September. I have really been feeling the stress the last week or so. Just ready to be done. Pass or Fail….my CPA journey ends November 21. I have been studying for 3 years (on and off), I want to have a life again! Having CPA after my name would be amazing, but I've come to terms with the fact that it may not happen. I can always say that I passed 3/4 of the exam. Better than a lot of people can say, right? But I plan on passing! I've definitely put in the hours, now it's just a matter of my luck with what questions and simulations i get.

    Good luck on Tuesday. Please write your experience in the FAR exam experience section, i'd like to read what you thought!

    Illinois
    Becker self study | Becker flashcards | Gleim | self written notes | WTB

    AUD - 74, 75 Passed! (Expires 1/2/2014)
    BEC - 78 Passed! (Expires 2/6/2014)
    REG - 70, 70, 72, 74, 76 Passed!!
    FAR - 72, 66, 69, 67

    November 15, 2013 at 10:50 pm #477615
    kels417
    Member

    Ok, am I missing something here? Can you not review your practice exam after you finish???? I got a 73% and would really like to see what I missed!

    Illinois
    Becker self study | Becker flashcards | Gleim | self written notes | WTB

    AUD - 74, 75 Passed! (Expires 1/2/2014)
    BEC - 78 Passed! (Expires 2/6/2014)
    REG - 70, 70, 72, 74, 76 Passed!!
    FAR - 72, 66, 69, 67

    November 15, 2013 at 10:50 pm #477682
    kels417
    Member

    Ok, am I missing something here? Can you not review your practice exam after you finish???? I got a 73% and would really like to see what I missed!

    Illinois
    Becker self study | Becker flashcards | Gleim | self written notes | WTB

    AUD - 74, 75 Passed! (Expires 1/2/2014)
    BEC - 78 Passed! (Expires 2/6/2014)
    REG - 70, 70, 72, 74, 76 Passed!!
    FAR - 72, 66, 69, 67

    November 17, 2013 at 6:36 am #477617
    Anonymous
    Inactive

    Boy am I moving at a snails pace. I keep feeling like the more study–the more confused I get.

    Could anyone help me understand how:

    1) Comprehensive income vs. other comprehensive income vs accumulated other comprehensive income works…I am soooo confused and can't figure out what the JE's look like (what is the normal balance of these accounts?!)

    2) For available for sale securities I thought the unrealized gains and losses were always booked to OCI. I keep seeing problems where it says the company “did elect the fair value option” and some that say “did not elect the fair value option” but I don't know how they are treated differently under either option??? =((

    November 17, 2013 at 6:36 am #477684
    Anonymous
    Inactive

    Boy am I moving at a snails pace. I keep feeling like the more study–the more confused I get.

    Could anyone help me understand how:

    1) Comprehensive income vs. other comprehensive income vs accumulated other comprehensive income works…I am soooo confused and can't figure out what the JE's look like (what is the normal balance of these accounts?!)

    2) For available for sale securities I thought the unrealized gains and losses were always booked to OCI. I keep seeing problems where it says the company “did elect the fair value option” and some that say “did not elect the fair value option” but I don't know how they are treated differently under either option??? =((

    November 18, 2013 at 5:22 am #477622
    Anonymous
    Inactive

    Hey Cricket! I think I can help πŸ™‚

    1. Comprehensive income = NI + OCI and OCI gets closed out to AOCI just like NI gets closed out to RE at the end of the period

    2. Ah yes…the good ole' FV election…this too caused me strife until I finally sat down and wrote out the affects of the election…here's the bit I learned about AFS sec…

    Unrealized G/L are normally reported on OCI EXCEPT when the FV option has been selected, in which case realized and unrealized G/L are reported on the I/S…that's it!

    I hope this helps πŸ™‚

    November 18, 2013 at 5:22 am #477689
    Anonymous
    Inactive

    Hey Cricket! I think I can help πŸ™‚

    1. Comprehensive income = NI + OCI and OCI gets closed out to AOCI just like NI gets closed out to RE at the end of the period

    2. Ah yes…the good ole' FV election…this too caused me strife until I finally sat down and wrote out the affects of the election…here's the bit I learned about AFS sec…

    Unrealized G/L are normally reported on OCI EXCEPT when the FV option has been selected, in which case realized and unrealized G/L are reported on the I/S…that's it!

    I hope this helps πŸ™‚

    November 18, 2013 at 6:31 am #477624
    Anonymous
    Inactive

    @CPA4birthdaypresent I love your handle as my birthday is this Thursday =) Though I'm not taking the test till after, it sure would be the best birthday present ever if I passed.

    Thank you so much for clearing that up! I am using Wiley/Yeager and I can't stand how any of it is written. Now to try and understand the various “boot” scenarios.

    Thanks again!

    November 18, 2013 at 6:31 am #477691
    Anonymous
    Inactive

    @CPA4birthdaypresent I love your handle as my birthday is this Thursday =) Though I'm not taking the test till after, it sure would be the best birthday present ever if I passed.

    Thank you so much for clearing that up! I am using Wiley/Yeager and I can't stand how any of it is written. Now to try and understand the various “boot” scenarios.

    Thanks again!

    November 18, 2013 at 10:29 pm #477626
    UNC MAcc
    Member

    Anyone else doing becker find a couple questions here and there that flat have to be wrong?

    B - 89
    A - 80
    R - 78
    F - 86

    CIA, CFSA, MBA, MAcc (too many f'ing degrees and certs, I know, trust me)

    November 18, 2013 at 10:29 pm #477693
    UNC MAcc
    Member

    Anyone else doing becker find a couple questions here and there that flat have to be wrong?

    B - 89
    A - 80
    R - 78
    F - 86

    CIA, CFSA, MBA, MAcc (too many f'ing degrees and certs, I know, trust me)

    November 18, 2013 at 11:44 pm #477628
    Anonymous
    Inactive

    @UNC. YEP! i figure they are either completely wrong or so ridiculously difficult/wordy that it's not worth my time to try and figure out how it could be right and i just move on

    November 18, 2013 at 11:44 pm #477695
    Anonymous
    Inactive

    @UNC. YEP! i figure they are either completely wrong or so ridiculously difficult/wordy that it's not worth my time to try and figure out how it could be right and i just move on

    November 18, 2013 at 11:55 pm #477630
    Anonymous
    Inactive

    also, governmental accounting is utterly ridiculous and silly.

    that is all

    November 18, 2013 at 11:55 pm #477697
    Anonymous
    Inactive

    also, governmental accounting is utterly ridiculous and silly.

    that is all

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