[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]

@nosleep135

The way I looked at this one was: Ignore the initial investment iao $1000 and the $ 500 draw from her capital account since those are equity related transactions)

Cash-Basis: isolate only transactions for April and May (which excluded $1500 in expenses paid in June) which leaves only $3200 in payment for services

Accrual-basis: We account for the expenses incurred of $1500 regardless of when they were paid ($3200 – $1500 = $1700)

@ BeautifulNim – You are correct 🙂

[Anonymous]

@CPAbefore40

Thanks! Your reasoning is how I approached it so I appreciate the discussion on it.

[Nat63]

BeautifulNim and Melans:

Guys, Thanks for advising me. It is always good to get technical tips like Prometric scheduling for FAR-2015. Now I know that Prometrics has TONS of appointments. But the biggest surprise is they are open 7 days a week !! God bless me to get NTS ASAP.

[Nat63]

Is anybody can tell me what is the best=the most updated source for IFRS – for FAR section. The most updated I have found was PwC – October-2014: GAAP vs. IFRS. Thanks

[nosleep135]

@BeautifulNim – Yes, you are correct 🙂

@CPAbefore40 – Thank you, it makes sense now! I was getting confused with the $1000 and $500

[Future Ninja]

@Nat try FAR book by Jeff. It has separate chapter for IFRS with detailed application.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Anonymous]

Future Ninja did you get your scores yet or are just assuming you didn't pass?

[lisha425]

Hey Guys!

Sitting for my first exam (FAR) at the beginning of January. I'm finishing up Chapter 4 right now and scoring in the 60's on the homework. I plan on going back after Chapter 10 and reviewing all chapters for 3 weeks before I take the exam.

This will bring my total study time to about 6-7 weeks – that's also with a full-time job and grad school one night per week + homework. I'm managing about 20-25 hours study time per week but still feel like I'm struggling with the material.

How many hours is everyone dedicating per week for FAR and do you have any advice?

Thanks!

FAR - January 2015
AUD - TBD 2015
REG - TBD 2015
BEC - TBD 2015

Study Materials: Becker Book/Software/Flashcards

[Nat63]

Future Ninja, Thanks for advising me re: IFRS with NINJA. I will do it.

[Nat63]

Lisha425: I am like you, “a brand new” guy with CPA Examination. I am the 1st time taker of FAR. I am anticipating NTS but actively studying… I can tell you more, I decided to crash all 4 parts exactly like you: FAR, AUD, REG and BEC.

FAR: Study Plan and hours. Remember, you will never get a feeling that you are ready, there is no perfection in accounting/reporting knowledge…. at least because of a constant changes by FASB, SEC, GASB, AICPA and on the top of that – IFRS. There is NO standards how many hours you need to be tied with your books+ calculator. Everyone has a different foundation: your major-previous education, your AGE (the older you are – the more non-accounting problems in your head 🙂 🙂 or full time/part time job vs. full time study for CPA exam, also your family status, etc….Nevertheless, everyday study 3-3,5 hours or 25 hours a week will make the deal – info will accumulate in your head no matter what. The question is how effective and productive you will be on the real Exam, how you will manage exam-time with MCQ or SIM.

One more detail. If you have full time job like me, try to use any chance/possibility to study, review your own notes you create every day. Cut any entertainment for a while until you daone with FAR ! Problems and calculations every day. The more you are practicing/ the more you are CONFIDENT !! No other formula, believe me.

[stacy_scm]

Just joining this study group. Hope we can encourage and motivate each other to crush FAR in Q1

[lisha425]

@Nat63 – Thank you so much for your advice! I agree that there is no such thing as being 100% ready. I think that, no matter what, we're going to come across problems on the exam that look completely foreign to us. It's impossible to cover every single study topic in detail but, with that said, it's only necessary to memorize a certain percentage of the material to achieve a passing grade. I guess my plan going forward is to continue working through each chapter and just review the material like crazy during my 3 week review period that I have scheduled. Like you said, more practice = more confidence 🙂

My NTS should be arriving via e-mail this week so hopefully I can schedule FAR during the second week of January!

FAR - January 2015
AUD - TBD 2015
REG - TBD 2015
BEC - TBD 2015

Study Materials: Becker Book/Software/Flashcards

[Anonymous]

Question from Ninja (Audit)

Why would there be an increase of stockholders equity at the time when option was exercised? Wouldn't it have increased whenever the option was granted? I think I forget everything about FAR

The following information pertains to Ali Corp. as of and for the year ended December 31, 20X1:

Liabilities $ 60,000

Stockholders' equity $500,000

Shares of common stock issued and outstanding 10,000

Net income $ 30,000

During 20X1, Ali's officers exercised stock options for 1,000 shares of stock at an option price of $8 per share. What was the effect of exercising the stock options?

A. Debt-to-equity ratio decreased to 12%.

B. Earnings per share increased by $0.33.

C. Asset turnover increased to 5.4%.

Incorrect D. No ratios were affected.

[Melans]

@anjanja – it depends how the option is originally granted. If no consideration is given (noncompensatory stock option), its just a ‘memo' type entry and nothing changes till the option is exercised. Then there are types off options (compensatory stock options) where yes, at the time the option is granted stockholders equity is adjusted to reflect the ‘APIC – stock options'. There is a list of criteria to classify as either or

AUD 7/30/12 73; 12/2/13 85
BEC 7/19/13 81
REG 8/2/14 83
FAR - Jan 2015

[Livijill]

I don't want to say what # try this is for me on FAR, but I have been lurking on the boards for a while…just not actively participating.

I was curious about different study habits while preparing for FAR. I know Jeff emphasizes writing out the NINJA notes, but what does everyone do while taking on multiple choice questions? Personally, I've been inclined to write out (not type) the logic/reasoning as to why I answered a question incorrectly in the Ninja MCQ–and also for questions where I happened to guess correctly, but am not 100% comfortable with. But is this a good use of time? Would it be better for me to cram in as many questions as possible and hope that the logic behind my incorrect questions will flow once I answer more correctly? (If that makes any sense.)

Thanks in advance for your input!

[Author]

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