[jeff]

Post by Another71.

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

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

[Anonymous]

Hi everyone! I am taking my first ever exam on Febr. 27th and I am already feeling overwhelmed! For the ones taking the exam on the same date, what is your strategy at this point? Do you pick a certain chapter's MCQ and complete those or take the comprehensive tests? I am lost.. please help!

[Determined CPA]

CPAbefore40 – Taking your first exam is very stressful because you don't know what to expect! I wish you the best of luck!!

My final review is usually just progress tests (becker) or small sets of questions (ninja) on all topics. I don't focus on 1 chapter at a time, but if you're in your review already, you have time and may want to try that approach!

I took far already once and definitely know governmental and not-for-profits!

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[Anonymous]

@Determined CPA – Thank you so much for the feedback! I will try the progress test route. The best of luck on your retake!!

[Determined CPA]

Thank you!!!

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[CPA50]

Hi CPAbefore 40,

I am taking FAR for the 3rd (and hopefully final) time on Feb 25th.

I read through some notes I made after one of my previous attempts. I told myself I should have hit the MCQ nonstop. For me, I didn't think extra SIMs practice would have helped, but I thought doing as many MCQ as possible would have given me more points, and help me understand the basis for the SIMS.

This time, I've been doing the “bungee cord” approach. I start at a high overview, then dive deep into topics I'm struggling with. Then back to another overview, then deep again. Coming back to an overview is important to me so I don't lose sight of the entirety of the test. The first time I took FAR, I had lots of questions on the two topics which were hardest for me. The second time, after studying those topics, I had 1 question from that group. There is so much much information to grasp and the tests can be so infuriatingly random that it's easy to get lost.

Hopefully, my bungee approach will be enough for a solid PASS!!

Good luck to us all!!

I'm not only going to slay the FAR beast, I'm going to wear its pelt and dance around the fire cackling to the moon that I won, battle scars and all!!!

AUD 88 (expired), 80 retake
FAR 64,69,67,73,67,73,73,73, August 3
REG 75 (expired) September 7
BEC 72, 77

The adventure continues...

[want2pass]

This is the first part I am taking and my test is in a week. I ended up doing the Becker Final Exam Review, and I'm still nervous. Anyone have any advice?

[CPA50]

Non stop MCQ!!!

You will CONQUER!!

AUD 88 (expired), 80 retake
FAR 64,69,67,73,67,73,73,73, August 3
REG 75 (expired) September 7
BEC 72, 77

The adventure continues...

[se7en.14]

On December 31 of the current year, Moss Co. issued $1,000,000 of 11% bonds at 109. Each $1,000 bond was issued with 50 detachable stock warrants, each of which entitled the bondholder to purchase one share of $5 par common stock for $25. Immediately after issuance, the market value of each warrant was $4. On December 31, what amount should Moss record as discount or premium on issuance of bonds?

Answer 110,000 discount

is this JE right:

cash DR 1,090,000

discount Dr 110,000

c/s warrant CR 200,000

bond payable CR 1,000,000

[excel monkey]

Close. The 200,000 credit goes to APIC – Warrants, not c/s warrant.

FAR - 91
AUD - 88
BEC - 86
REG - 79

[excel monkey]

everything else looks good

FAR - 91
AUD - 88
BEC - 86
REG - 79

[RTCPA]

hi

for the task question we use () for Dr or CR, and it represent favorable outcome or unfavorable outcome, like if a correction in transaction will result in increase of 5000 in net income we put 5000 or (5000)

thnx

[ThumbsUp]

What is one thing you think you should look over everyday the week before you take the exam, what are the MUST KNOW topics? What Mnemonics from Becker?

AUD- 22, Just missed it...maybe next time!
REG- 14, so close!!!

[se7en.14]

thanks @excel monkey.

[Anonymous]

@CPA50

Thank you for sharing your method! I see you are taking the exam 2 days before me. The best of luck to you on your retake. I do not feel prepared enough for a pass however I am willing to at least experience the exam myself on my date and then if not passed retake it at the beginning of next testing window.

I see myself making mistakes by overlooking some tricky wording on the questions and I am very unhappy with my Becker progress test results. Oh well! Back to studying some more and taking a few more progress tests.

Best of luck to everyone nearing their exam date!!

[Galina-Virginia]

Hello to everybody,

Can anyone help me out to figure : Why the Year 3 data was not “involved” into the calculation?

Fact Pattern: Loire Co. has used the FIFO method since it began operations in Year 3. Loire changed to the weighted-average method for inventory measurement at the beginning of Year 6. This change was justified. In its Year 6 financial statements, Loire included comparative statements for Year 5 and Year 4. The following shows year-end inventory balances under the FIFO and weighted-average methods:

Year FIFO Weighted-Average

3 $90,000 $108,000

4 156,000 142,000

5 166,000 150,000

By what amount should Loire’s cost of sales be retrospectively adjusted for the year ended December 31, Year 5?

A. $0

B. $2,000 increase.

C. $14,000 increase.

D. $16,000 increase

Answer (B) is correct.

Retrospective application requires that all periods reported be individually adjusted for the period-specific effects of applying the new principle. Cost of sales equals beginning inventory, plus purchases, minus ending inventory. Purchases are the same under FIFO and weighted average. Thus, the retrospective adjustment to cost of sales equals the change in beginning inventory resulting from the change from FIFO to weighted average minus the change in ending inventory. This adjustment equals an increase in cost of sales of $2,000 [($156,000 – $142,000) – ($166,000 – $150,000)].

Thanks!!!

[Author]

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