[ihatestudying]

@Path to CPA, Lady in Red, to_be_a_CPA, bjo………………up to page 34 of FAR ninja notes and already discouraged and have no clue how im going to get through this info, and master it before 11/30… let the stress begin

AUD - 2/27/12 - 76
REG - 5/31/12 - 78
BEC - 8/31/12 - 77
FAR - 12/6/12 - 76

[Anonymous]

@Sheree: Basic EPS is Earnings per Share based off of Net Income (Basic). Diluted EPS is Earnings per Share Assuming the worst case scenario (all options are exercised, etc).

[rsoxtim]

Basic EPS – for companies with simple capital structures – for the numerator, remember to remove effects of preferred stock dividends (declared on non-cumulative PS and declared/non-declared on cumulative PS – remember only take out the CURRENT year's non-declared on cumulative PS). When calculating weighted average # of CS, remember that stock splits and stock dividends should be treated retroactively as of beginning of the year

Virginia

F - Passed
R - 1/19/2013
B - February 2013
A - April 2013

[Anonymous]

Hey all! Taking my FAR exam on 11/29 and then off to my honeymoon! The end is in sight! FAR is a BEAST. Just started Deferred Taxes. Any tips on Pensions? That module was killer.

[Anonymous]

Just took practice exam 2. I got about 70 overall, just like the first practice exam. Hopefully people are right about these being harder than the actual exam. In both cases, I flew through the test and made some dumb mistakes, so I will definitely be more careful reading the questions on the actual test.

FAR in 5 days.

[Anonymous]

@bamer101

Pension Liability is the P in PUFE(r) so g/l goes to OCI

SIRAGE

+Service Cost

+Interest (Beginning PBO x Rate)

-Return on Asset

-Gain/+loss on unexpected

=Expense, pension

Pension Liability/Asset

FV of Asset – PBO

FV > PBO = Asset = Overfunded

FV , PBO = Liability = Underfunded

[Anonymous]

@akb9874 – I guess I'm having issues tying all the pension stuff together. I understand how to calculate the pension expense and liability, but I get lost when I have to make entries to OCI. What is the PUFE(r) mnemonic that you're using?

I'm only using the Wiley book and test bank.

[rsoxtim]

@Bamer – PUFE(R) is the Becker tool to memorize the items in OCI. GAAP is PUFE and IFRS is PUFER. P is for pension items (AGE in SIRAGE), U is for unrealized g/l on AFS, F is for foreign currency translation, E is for effective portion of CF hedge, and the R is for revaluation surplus on intangibles and fixed assets (only allowed under IFRS).

Virginia

F - Passed
R - 1/19/2013
B - February 2013
A - April 2013

[rsoxtim]

Dumb question but a lightbulb kinda just went off as I'm reviewing F-3…for cost and equity methods since you don't consolidate, you then don't do any eliminating entries either, right? Basically, if a “parent” has, say, $4,000,000 receivable from the “sub” and its accounted for as equity or cost, the “parent” reports that receivable on its FS and “sub” reports the payable on its FS too? (I know they're not parents or subs for cost/equity but its just easier referring to them as that).

Virginia

F - Passed
R - 1/19/2013
B - February 2013
A - April 2013

[Anonymous]

@rsoxtim

That is how I understand it. If they are non-consolidating they the will say AP and AR from eachother. At the point of consolidation those will eliminate, along with the sales from the AR group and the COGS from the AP group.

[MCLKT]

Derivatives: included Derivative Instruments- I like CiCi's pizza 🙂

Fo' CiCi'S =

(F)utures contracts (O)ptions call/put (C)urrency Swaps (I)nterest rate swaps (C)redit indexed contracts (I)nterest rate caps/floors/collars (S)waptions

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[MCLKT]

@Sheree differentiate EPS based on capital structure

Simple = Basic (common, preferred, & bonds payable)

Complex = Dilute (convertibles & options, including employee). I remember diluted by thinking even if a company gives it's Employees Convertibles with all the Options, it'll still be a watered down Diluted version 🙂 Also, remember diluted is a form of conservatism, so you want to do the worst case scenario.

Then, for the equation I just memorize the Diluted equation and section off the first part as Basic.

_ _ _ _ _ _ _ _ _ _ _ _ _

I NI + Crnt Yr p/s Div. I + NoT Bond int. exp

I

---

I

---

I wt/avg # c/s shrs o/s I + c/s equivalents

I_ _ _ _ _ _ _ _ _ _ _ _ I

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Anonymous]

Just took my second practice final exam

MC1 (30/22) 73%

MC2 (30/14) 47% ugh

MC3 (30/20) 67%

Sims

75%

83%

100%

100%

86%

88%

100%

totaled to 73.5% ugh didnt pass

[Anonymous]

@datfuturecpa

A practice test isn't going to tell you if you will pass the actual exam. Don't stress. Just look at the areas that you did poor on and start hammering MCQ. For REG and BEC, I don't think I ever scored over a 70 but I passed on exam day. You just need to focus on your weak areas and you will do great!

[jw_83]

@jessi_428 – I read in one of your earlier posts that you are using Gleim. Are you supplementing with anything else. I am also using Gleim. I must say that I am not scoring as well on the MCQs as I had hoped, but I'm still going through the material for the first time. I just wanted to know what your strategy was. Thanks.

REG - 64, 72, 81!
FAR - 77
AUD - 79
BEC - 72, 79! And Done!

[Anonymous]

On the actual exam, do we have the codification available for all simulations? So can you really just look up rules if you forget?

Also, I took 3 practice exams so far and none of them have taken me more than 2 hours and 15 minutes. Is this bad? I mean if I don't know the MCQ chances are I won't figure it out. I flag ones then do a quick review after I've attempted all 30.

Each 30 MCQ sections takes me about 30-40 minutes. The 7 simulations take about 30-45 minutes too.

[Author]

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