[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

[Robert Bentman]

@KRina i'm sure you'll get it this time. You were so close on all the others! I'm taking it in November as well (retake, this will be my second time). It's my last section and I NEED to pass! Do you mind telling me how you have apporoached restudying and what do you used to study as far as materials etc? Thanks and good luck.

[CPAfit]

@robert i've my FAR retake on 11/4 and this is how i'm going about it. Becker MCQs and NINJA notes. no time to go back to lectures or the Becker book. I feel that NINJA notes have just enough info to get you that 75. Although you might sometimes feel that some info is lacking so you can read your book on those parts. Apart from that I feel that NINJA notes are the way to go. Good luck!

[Robert Bentman]

@zubairs thanks a lot for your response and good luck to you too man! I'll look into those ninja notes.

[Tootsie]

Hi, guys! Just wanted to report that I did a Becker practice exam and got an average of a 76 on the multiple choice, so I am okay with this result because the questions were overall hard. I did pretty well on the sims too. I am hoping to knock out FAR this time. This has been a very challenging section of the exam for me. I find that teaching financial accounting and tutoring intermediate accounting really helps me learn the FAR material.

Happy studying!

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[rbozung]

I am wondering if I am just brain dead at this point or if I am missing something as the following seems to be a pretty simple question. However, I cannot, for the life of me, understand why you would credit a liability…

Question #11 (AICPA.083722FAR-SIM)

In October of year one, a firm committed to a purchase of inventory at a total cost of $26,000. The contract is irrevocable and specifies a delivery date in March of year two. At the end of year one, the market value of the inventory under contract is worth $23,000 at current cost. Choose the correct reporting for the year one financial statements:

A. A liability of $3,000 is reported in the Balance Sheet.

The firm has committed to a purchase for a total cost of $26,000, but at year-end, the value of the item to be received is $3,000 less. The firm cannot postpone the loss and liability recognition because the reduction in the firm's earnings and net assets has already occurred. The economic events causing the loss have occurred as of the Balance Sheet date.

B. An extraordinary loss of $3,000 is reported in the Income Statement.

C. The potential loss on contract is reported in the footnotes, but there is no recognition in the financial statements.

D. No reporting is required.

The firm has incurred an economic loss as of the Balance Sheet date. The loss must be recognized. The firm cannot postpone the loss and liability recognition because the reduction in the firm's earnings and net assets has already occurred.

BEC - Passed
AUD - Passed
FAR - 10/28/14 (waiting results)
REG - Passed

[KRina]

@ Robert, I have been stronger in all sections of mcq and weaker in sims for all exams. This time, around, I have focused on JE and simulations. I never practice JE and never understood debits and credits. I went ahead, read accounting for dummies, have a notebook of Journal entries which I have gone through twice already. Lunch at work, I practice two sims everyday.

I bought becker final review for FAR, gone through that twice, worked mcqs on all topics in wiley test bank, I use my ninja test bank for test purposes. I went to CPAfreereview and did all mcqs for IFRS, government and not for profit. I alternate between this and ninja.

I am now focusing on my weak areas mcq customized via Ninja and cpafreereview since it is hard. Everyday now since my exam is coming up soon, I am redoing all the JEs and just reading my notes and tons of prayers.

It is tough since I work full time, have two kids but I need to get it done. This has been my last section for almost a year and I will be damn if I don't get this time

JEs and JEs that is it for me this time. Goodluck and I know we will all get it this time

[THISGIRLNEEDSTOPASSHERCPA]

I feel like becker's explanation on the Far review is a bit confusing. I'm only on the first two chapters so hopefully it will get better. Anyone feel the same way? -dazed and confused

“I can do all things through Christ who strengthens me" - Philippians 4:13
BEC-80 yay!!
AUD- 91 whohooo!
REG- 67:( 74:( really?! I'll see you in April REG!!! 87!!!!!!!!!!!!!!!!! and I'm done as of August 2015!!!
FAR- 68:( 79!!!! 2015 is soooo loving me!

[rbozung]

Governmental accounting and Ninja audio. Jeff says around 7 min 50 seconds that the government wide FS include a statement of net assets. Later, at 9 min 20 seconds, he refers to the statement of net position for Govt-wide?? I thought “net assets” was no longer used and “position” has replaced it?

He also describes temporarily restricted assets for NFP as “cash-temporarily restricted” instead of “contributions-temporarily restricted”. I thought the restriction classification was placed on the contribution (dr) rather than the cash(cr)?

BEC - Passed
AUD - Passed
FAR - 10/28/14 (waiting results)
REG - Passed

[CPAfit]

can anybody tell me what's the deal with cpareview for free and how worth it are those questions?

[CPAfit]

Also in the Ninja notes in Cash Flow statement chapter, Taxes and Trading Securities are mentioned in both Operating and Investing activities. Can someone please clarify?

[rbozung]

Zubairs, re cash flows, many of us have asked this question and have never received a definitive response.

BEC - Passed
AUD - Passed
FAR - 10/28/14 (waiting results)
REG - Passed

[jeff]

This question has been updated. Get the new question here:

https://www.another71.com/introducing-ninja-mcq-adaptive-learning-technology/

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

[rbozung]

Does anyone know what the JE is for a bond investment, HTM, issued at a premium, when amortizing that premium for the investor? I just got the following question in a simulation, and I have yet to see that you ever Debit interest income!? Wouldn't it be debit interest expense?

Ranco, Inc., prepared the following schedule of its investments in marketable security classified as held-to-maturity as of December 31, 2011:

Investment Type Cost 01/01/11 Net Carrying Amount Purchases

Held-to-Maturity

Bird Co. Bonds ($300,000 par) 301,000 300,300 $299,600

Bird Co. 10-year bonds mature December 31, 2013. Amortization is straight-line, $100 per year, which is not materially different than under the effective interest method.

JE to record at 12/31/11:

DR. Interest Income $100.

CR. Premium on investment in Bird Co. Bonds $100

BEC - Passed
AUD - Passed
FAR - 10/28/14 (waiting results)
REG - Passed

[jontbarker]

I think the easiest way to think about this question is from the issuer's standpoint. When you issue a bond at a premium, amortization of the premium reduces interest expense for the issuer while amortization of a discount increases interest expense for the issuer. The same logic applies to the investor. The bond is expected to generate interest revenue, so the amortization of the discount would increase interest revenue, while the amortization of a premium would decrease it. I admit it would be more intuitive to see a debit to interest expense, but since most companies have multiple investments, this decrease in interest revenue will probably be netted against others that generate positive revenue. Hopefully this helps.

AUD - 97 5/30/2015
BEC - 86 5/31/2014
FAR - 88 8/31/2014
REG - 87 7/30/2015

[rbozung]

Jontbarker, that does. Thank you for your thoughtful response and good luck on the 9th!

BEC - Passed
AUD - Passed
FAR - 10/28/14 (waiting results)
REG - Passed

[Author]

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