[jeff]

Post by Another71.

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

[Gatorgirl1231]

@determinedcpa

I think this time around I am going to redo it all. Honestly I didn't want to take the test last time because I wasn't ready at all.. My score was so low I am embarrassed to even say what it was.

I did the MCQ questions to death, but I didn't really pay attention to SIMS cause I was running out of town. So starting from scratch makes logical sense for me.

Florida Candidate

AUD: 77
REG: 86
FAR: TBD
BEC: 79 (Expired)

[ShmeePA]

Unfortunately became a member of the '74 Club” hungry and motivated to put the beats behind me!

BEC-84
FAR-86
AUD-87
REG-79

[Determined CPA]

Smart gatorgirl! I actually studied my a$$ off!! Revenge!!!

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]

Hang tough everyone…thought I failed FOR SURE on 11/26…ended up with an 86! Don't get too down even if it feel like you did poorly, clearly a lot of proxy questions included in FAR at the moment in my opinion.

[plotikkk85]

Hi all!!! This question drives me crazy:

On January 1, 20X1, JCK Co. signed a contract for an 8-year lease of its equipment with a 10-year life. The present value of the 16 equal semiannual payments in advance equaled 85% of the equipment's fair value. The contract had no provision for JCK, the lessor, to give up legal ownership of the equipment. Should JCK recognize rent or interest revenue in 20X3, and should the revenue recognized in 20X3 be the same or smaller than the revenue recognized in 20X2?

A. 20X3 rent revenue recognized; 20X3 amount recognized the same as 20X2

B. 20X3 rent revenue recognized; 20X3 amount recognized smaller than 20X2

C. 20X3 interest revenue recognized; 20X3 amount recognized the same as 20X2

D. 20X3 interest revenue recognized; 20X3 amount recognized smaller than 20X2

The part when 2013 income will be smaller than 2012 is clear. BUT, how I would know if it is a rent or interest revenue? very confusing.

Thank you

[Future Ninja]

@bully777 thank you.

anyone – is this correct? for bonds payable with bond issue cost:

(U.S. GAAP) You are my asset, (IFRS) I will be your expense:

U entry:

cash dr……….xx

BIC dr………….xx

discount dr….xx

bonds payable cr………xx

I entry:

cash dr………..xx

discount dr…..xx

bonds payable cr………xx

(note: bic is deducted from cash proceeds)

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

[salring]

@Plotikkk85, I think if you look at the # of yrs they will lease makes it a capital lease.8 yrs of a 10 yr lease makes it 80% therefore a capital lease and if it's a capital lease you recognize interest revenue.

[Determined CPA]

I agree with salring. Since it qualifies as a capital lease, interest revenue is recorded. If this were an operating lease, then rent revenue would be recorded.

Also, think of it like this:

If you are renting a place, rent is usually fixed for a certain period of time (and even if it isn't fixed, rent revenue is recorded on a SL basis). So it doesn't make sense for the rent recognized to decrease from year to year. So that already gets rid of option B. Then, on the flip side, if you are receiving interest on anything, not just a lease, than the amount from year to year will vary because interest is based off principal with decreases with every payment. So that eliminates option C. Now all you need to know is if this qualifies as a capital lease or an operating lease. Due to the fact that 8 yrs of a 10 yr lease makes it 80%, this is a capital lease, and interest will need to be recorded.

Hope this helps.

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.

[CPA to be]

I have question. Is 4 weeks enough to study for FAR retake? I plan to retake it in Jan 9th. What do u guys think?

[Anonymous]

I'm planning my FAR retake for Jan 16th. Considering how close I am to passing and the time I've already put in I feel like that should be sufficient. I am also planning on going back over everything and really focusing in on my weak areas with NINJA MCQ's. Government is killing me in the MCQ's and SIMS. Never use it in practice and never studied it in school.

[Determined CPA]

CTM – omg your far scores are so mean!!!!! you deserve a 90 in my opinion for all those 70s you got!!!

CPA to be – how much time can you devote per day? 4 weeks is a lot if you can study full time and scored close to a 75. Not enough time if you can only study part time – IMO!

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]

My thoughts exactly! Almost threw in the towel after the last one but I'm back at it and more determined than ever.

[CPA to be]

Determine CPA, I can't study full time. I'm planing to devote this time 2 hrs in the morning, 2 hrs at night and maybe 1 hr at lunch for weekday. Weekends I can study at least 8 hrs. What do u think? Yeah FAR has lots of materials. Jan is my busy time also.

[Determined CPA]

That seems like a lot of study time per day! For BEC is think 4 weeks is perfect for a retake but FAR has 10 becker chapters!!! So basically you will need to get through 3 chapters per week?? Can you do that? ITS JUST SO MUCH!!! But I think you should be ok! Good luck =)

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.

[FIFOisbetterthanLIFO]

Hi All, just wanted to say that I passed FAR last quarter with an 82 and wanted to provide some encouragement. I had taken it once before and got a 73. Granted, looking at the material in depth a second time is easier than the first time, but specifically with FAR, I reviewed my entire Roger book in two days leading up to the exam. Previously with my 73, I studied for ~2 months. and did probably 1000 multiple choice questions. By exam day, I was panicked because there was so much information I had looked at but couldn't recall it all.

The books out there…Roger's for FAR literally has the answer to most of the MCQs written in the text. Make sure you see all of your text again in the last week leading up to the exam!!! I literally ONLY re-read the text and did a few MCQs my 2nd time around.

Lastly, understand the material; don't memorize it. The SIMs are all about application obviously. While you are likely to see a few practice MCQ in the real exam; you aren't going to see a practice SIM in the real exam. Remember, ANYTHING is fair game on the SIMs. Don't ignore areas just because you don't think they will show up.

Above all, study whatever way is best for you and be consistent. Don't change the way you study 2 weeks before your exam. Come up with a plan and follow it. Anyways, I am to study for my 4th and final test!!! REG! Take care guys.

FAR - Passed (82)
BEC - Passed (76)
AUD - Passed (89)
REG - Passed! (81)
AICPA Ethics

Licensed CPA

[Author]

Replies