[jeff]

SO I know every test is different but does anyone have any insight on what has been heavily tested recently? I take the exam Monday and I need to narrow my focus….Thanks!

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

[Anonymous]

How did you feel about the test otherwise? How were the MCQs? This test is making me so nervous with the volume of information…..

[Anonymous]

To start the exam I bookmarked like four of the first 10 problems and in total nine of the 30, but as I went back I knew at least five or six of them. After that I felt I did pretty good and the Ninja notes helped on at least three of them. Seriously, I would have never gotten some right or even had an idea without the notes or Ninja MCQ. There is a lot of volume and that's what sucks because some topics you spend hours on and barely get one or two questions, while other topics you spend hardly any time and get like five questions on them. You should be fine by just looking at your Audit score.

[Juliemiddle]

@golfball 7773 – The question insinuates that Pare, Inc. purchased 10k shares initially, which was 10% ownership (100k shares x 10%). So, if they bought another 20k of shares, the calculation is:

Ownership = (10k + 20k)/100k Total Shares = 30%

AUD: 84 - Oct. 2013
BEC: 83 - Feb. 2014
REG: 91 - May, 2014
FAR: 68, 96 - Oct. 2014...DONE

CPAExcel, Ninja Audio (all sections)

[golfball7773]

^ omg! I didn't RTMFQ! 10% of 100,000 outstanding shares……”of” being the key word…..

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[Anonymous]

@CPAHopeful11 — Thanks! I am using Becker and the Ninja notes and was going to get the Ninja MCQs just to help reinforce the topics that I feel sketchy on.

[Anonymous]

I just ran across an explanation for the question from Tuesday regarding the retirement of 1/2 of the outstanding bonds. According to this explanation, and the question itself, the gain is not part of the equation. The answer is the amount used to compute gain. I missed it because I did not RTMFQ… 5/15 is a pretty important part 🙂

Bond issue cost related to bonds retired = 1/2 of $6,000 = $3,000

Bond issue cost amortized by 06/02/06 = 5/15 of $3,000 = $1,000

Face amount of bonds retired (1/2 of $500,000) = $250,000

Less unamortized bond issue costs ($3,000 – $1,000) = 2,000

---

Bond carrying value prior to retirement $248,000

(Used to compute gain or loss on retirement) ========

[Juliemiddle]

I know…RTMFQ is my problem, too. It's overwhelming to have to answer a questions in 2 minutes, but just reading the question takes about that long.

Also, Corridor amortization for Pension gains/losses…W.T.F?! No question, just wtf.

AUD: 84 - Oct. 2013
BEC: 83 - Feb. 2014
REG: 91 - May, 2014
FAR: 68, 96 - Oct. 2014...DONE

CPAExcel, Ninja Audio (all sections)

[ThumbsUp]

How are you guys staying fresh when studying over a two month period?

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

[Meijers]

Hi, I am new here, full time student studying for this exam.

FAR will be my first part, currently I am in Becker chapter 1 and I feel like…. in hell already.

Need to keep it up, and hopefully I can keep focusing on this exam.

Thanks

11/26/2014 - FAR

[Mehwish]

Is it that wrong that I know how to do the problems for bonus and goodwill method (partnership accounting) but I barely understand the concepts ? 😀

I understand the very basics of it, and what the concept overall is suppose to accomplish. But I have no idea why one is used, and when one is used over the other.

Should I be able to get by?

[Ssbknyc]

FAR is F@CK!NG with my confidence. I cant seem to understand a majority of the multiple choice questions. I don't even know where to start when answering them or how I can continue to keep moving through the book if i cant shut down these questions. I've done the lectures and re-read chapters but when trying to go through the questions its not working at all. Any suggestions? Anyone else experiencing significant difficulty? Scheduled to take the exam Oct 30.

Done 08/2014-08/2015

[Juliemiddle]

@ThumbsUp – I'm not sure about staying fresh, but the thought of having to study for FAR all over again scares the crap outta me, so it motivates me to keep studying.

Does anyone have a quick list of what should be in Deferred Assets vs. Deferred Liabilities? I'm taking too long trying to reason my way through these questions…I just need to memorize a list and move on.

AUD: 84 - Oct. 2013
BEC: 83 - Feb. 2014
REG: 91 - May, 2014
FAR: 68, 96 - Oct. 2014...DONE

CPAExcel, Ninja Audio (all sections)

[Juliemiddle]

If anyone needs this…

-Deferred Tax Assets: Unearned Revenue, Bad Debt Expense (allowance method), Carryforward of NOL, Accrued Warranty Expense

-Deferred Tax Liabilities: Excess depreciation for tax over book, Prepaid Expenses, Accounts Receivable, Installment Sales, Unrealized Gains on trading securities, Goodwill deducted on tax return

-Permanent Differences (Decreases Taxable Income): Tax-free interest income, Proceeds from life insurance, Dividends Received Deduction

-Permanent Difference (Increases to Taxable Income): Life insurance expense (on a key employee and firm is the beneficiary), Fines & Penalties

AUD: 84 - Oct. 2013
BEC: 83 - Feb. 2014
REG: 91 - May, 2014
FAR: 68, 96 - Oct. 2014...DONE

CPAExcel, Ninja Audio (all sections)

[jeff]

Post by Another71.

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

[Mary 2496]

I can't wait to check this video out as soon as I get home. Looks really intriguing!

[Author]

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