@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
Just finished all 10 chapters and I'm 11 days away from getting my life back. Here comes the final review phase. My breakfast, lunch and dinner everyday until the exam will be a big plate of MCQs with SIMs gravy in top. I'll give myself a great desert of Practice Final Exams 4 days before the real exam. The food is ready, let's eat.
@Path To CPA – I'm in the same boat. I just finished up the last module in Wiley and finished re-writing the Ninja Notes. Now I have 10 days to RAGE on MCQ and SIMS. Here's to the home stretch! Good luck, and hopefully we'll be done with this epic chapter in our lives.
It all comes down to the hard work we'll put in during the last few days. I certainly hope that this will be over for good and that this holiday season will be one of the best for us. Keep your eyes in the final prize and study like you never did before. This is it!
Does anyone have a good handle on Current cost/historical cost and constant dollar/historical dollar? I am reviewing and I am not getting it with the instruction from my review material. Please post if you have some good insight on this subject. Thanks.
@Stokey45 – I haven't had many questions on Constant Dollar Accounting using Wiley. However, from my understanding it is the method of reporting financial statements in dollars which have the same purchasing power.
Historical Cost x (Price level adjusting TO / Price level adjusting FROM) = Restated Historical Cost.
Monetary items fixed at historical cost and don't require restatement are fixed by contract terms or statute – cash, A/R, notes, bonds payable, etc.
Nonmonetary items require restatement are inventory, property, PP&E, unearned revenue, etc.
This is only my basic understanding. Hoping this is all I need to know. Don't think I'll have more than one MCQ on the test regarding this subject.
@samdiegoCPA – good call on taking FAR first. i avoided it for a reason, and now i'm regretting it. i need my cpa before feb 2013 so i can sign tax returns and f/s!
Spent 9 hours total today, ah! Have government down I believe. Did all those MCQ on Wileytest bank. Also did all of Basic Concepts. All of interim reporting. Half of deferred taxes, ew.
I feel like I am good at the “harder” stuff and TERRIBLE at the easier stuff.
Going to try a new approach tomorrow. Waking up way earlier to study, then taking a nap halfway through. My brain is seriously on fire right now.
I took FAR yesterday. It wasn't as bad as I thought it was going to be. The MCQs were do-able with only a few zingers where I knew that the information was in my Becker book, but I just couldn't remember it. I would say concentrate on Pensions, LEASES, BONDS, Equity, Govt and NFP. The SIMS wouldn't have been bad if they were written in a way that a normal person could understand them. The subject matter itself was not bad but the lack of information that was given as well as the lack of instructions was ridiculous. I would have loved to have been able to ask someone a question to just clarify the information that was given. I hope to heck that I am done because the freedom that I have felt today was fantastic! Good luck to everyone in their studying! You can do it!
AUD- 4/12- 82
REG- 7/12- 81 Did they even grade my SIMS?
BEC- 8/12- 76
FAR- 11/19/12- 82!!!!
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