[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]

What exactly are you having problems with? Giving an example would be helpful.

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

[NYCaccountant]

What exactly are you having problems with? Giving an example would be helpful.

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

[Anonymous]

@Dante – Becker was expensive but I also needed to fulfill some credit hours so doing the Becker review through DeVry/Keller took care of that too. Honestly, there was probably a more reasonable way to do it but I was under the gun to meet the State of Illinois educational requirements (which changed as of July 1). Live and learn — but it was a costly lesson!

[Anonymous]

@Dante – Becker was expensive but I also needed to fulfill some credit hours so doing the Becker review through DeVry/Keller took care of that too. Honestly, there was probably a more reasonable way to do it but I was under the gun to meet the State of Illinois educational requirements (which changed as of July 1). Live and learn — but it was a costly lesson!

[Anonymous]

Hi all,

Wondering if you can help me with this Becker question…

A non-governmental, not for profit org received following donations of corp stock during the year –

Donation 1

FMV at time of donation is 8,500 and FMV at YE is $10k

Donation 2

FMV at time of donation is 10k and FMV at YE is $4k.

What net value of investments will organization report at year end. Answer is $14k

I guess I'm confused – because there isn't a line item on the FS that would be net investment income? You would have the investments listed at the fair value at the time of donation on the Statement of Financial Position and then the unrealized gain/loss would be on the Statement of activites. Where would the net value of investments go? Or is this just a question that requires us to take the the FMV of donation +/- gain/loss (which would essentially be the FMV at YE). Anyone have any insight or could help make this a little less confusing?

[Anonymous]

Hi all,

Wondering if you can help me with this Becker question…

A non-governmental, not for profit org received following donations of corp stock during the year –

Donation 1

FMV at time of donation is 8,500 and FMV at YE is $10k

Donation 2

FMV at time of donation is 10k and FMV at YE is $4k.

What net value of investments will organization report at year end. Answer is $14k

I guess I'm confused – because there isn't a line item on the FS that would be net investment income? You would have the investments listed at the fair value at the time of donation on the Statement of Financial Position and then the unrealized gain/loss would be on the Statement of activites. Where would the net value of investments go? Or is this just a question that requires us to take the the FMV of donation +/- gain/loss (which would essentially be the FMV at YE). Anyone have any insight or could help make this a little less confusing?

[Anonymous]

@DJN no worries, thanks for the explanation and it didn't come off wrong at all :))

[Anonymous]

@DJN no worries, thanks for the explanation and it didn't come off wrong at all :))

[kmm1216]

Started studying for FAR today. This stuff has so much more material than BEC..

Good luck to everyone taking FAR this upcoming window!

BEC: 88 (8/27/13)
FAR: 93 (12/3/13)
REG: 92 (2/27/14)
AUD: 95 (4/22/14)

Roger CPA, Wiley Test Banks, NINJA Notes & Audio

[kmm1216]

Started studying for FAR today. This stuff has so much more material than BEC..

Good luck to everyone taking FAR this upcoming window!

BEC: 88 (8/27/13)
FAR: 93 (12/3/13)
REG: 92 (2/27/14)
AUD: 95 (4/22/14)

Roger CPA, Wiley Test Banks, NINJA Notes & Audio

[ZSRizvi]

One week to go for me!

Terrible wreck, I am.

Averaging about 150-200 questions per day. Getting anywhere between 77%-85% on the questions.

Time to rewrite my notes.

I honestly hope they don't ask too many questions on Not-for-Profits and that last chapter in Becker…

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.

[ZSRizvi]

One week to go for me!

Terrible wreck, I am.

Averaging about 150-200 questions per day. Getting anywhere between 77%-85% on the questions.

Time to rewrite my notes.

I honestly hope they don't ask too many questions on Not-for-Profits and that last chapter in Becker…

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.

[NYCaccountant]

Does the journal entries have to be spot on? If I post entries that have the same net effect as the correct entries, would it still be correct? Like instead of using an allowance account to write down a marketable security to fair value, I just use the marketable security account. Example below to record loss:

Unrealized loss on marketable securities Dr. 1,000

Allowance to reduce marketable securites to realizable value Cr. 1,000 Contra account

Now what if did this instead:

Unrealized loss on marketable securities Dr. 1,000

Marketable securities Cr. 1,000

They have the same net effect, but are different entries. Thanks in advance.

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

[NYCaccountant]

Does the journal entries have to be spot on? If I post entries that have the same net effect as the correct entries, would it still be correct? Like instead of using an allowance account to write down a marketable security to fair value, I just use the marketable security account. Example below to record loss:

Unrealized loss on marketable securities Dr. 1,000

Allowance to reduce marketable securites to realizable value Cr. 1,000 Contra account

Now what if did this instead:

Unrealized loss on marketable securities Dr. 1,000

Marketable securities Cr. 1,000

They have the same net effect, but are different entries. Thanks in advance.

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

[Anonymous]

@NYCaccountant, I would *hope* the drop-down menus for the J/E sims wouldn't give two options like that were you could end up with the same right results but using different options. Did you get your example from a sim that you did or is your example one that you wrote out on your own?

[Author]

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