@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
Moved FAR back another 9 days. It is the first (and worst?), so I want to really make sure I get it down before I take it. The only problem is it cuts into my AUD study time, but I will have a solid 10 days free before that exam, so I am not too worried.
Finishing up F9, and will be done with F10 by Friday. And then it's crazy review time until October 23rd.
First — I am working on FAR & have 2011 NINJA notes. Does anyone know if there are any changes to them? I got them in December. Didn't pass FAR in January, re-took in August & didn't pass again.
Second — I missed in August by 1 point. This is my last part. I am having an INCREDIBLY difficult time digging back in. I am just sick of Becker. I also feel like it's a waste of time to go through the ‘basics' again — Chapter 1, 2, 3. I just can't get focused. My thoughts are to start my re-re-review by re-writing NINJA notes. From there, taking Progress Tests or something. Anyone have any sound advice? Does that seem like a logical approach? Did anyone utilize a Cram course that actually helped and was not just more $$$ of the exact same things I already have?
Thanks! If I can at least hear if the 2011 NINJA notes are still good to use, that would be great!
@proach: There should be an outline of what could get tested at the beginning of the Becker book, and yes, from what everyone says and based on that, there are a lot of government and NFP questions.
@Got2Pass: are you also using the Wileytest bank CD and/or book? I'm not sure how much time you have til your next exam date, but the questions cover topics more thoroughly (or present it in a different way) compared to Becker. Also, what areas are you weaker on based on your attempts so far?
I am on F-4. I slowed down a little to take more notes because I felt like I needed to review a bit more. I am still getting many questions wrong. I try to keep a positive attitude and say to myself “this is an opportunity to learn” take advantage of it. I had put myself on a time schedule so that I could be finished by the end of the year. I already lost my REG score and if I do not pass FAR and REG by the end of November (Dec is closed for testing) I will lose by BEC score as well. I am becoming so depressed by all of this. I work full time and currently get up at 4:30 tues – thurs. to study an hour before work and then go to the library for 2 hours after work. Some Monday's and Friday's I can take off if we do not have deadlines at work and those day I can give 4 – 5 hours a day. Well, individual extensions are coming up and so I will need to work more. I feel as if I cannot do much more. Oh my, when is all of this going to end for me, it is not as if I am not giving it most of my time?
I'm still doing horrible. Practicing mc isn't going to help as my knowledge on the concepts and material just isn't strong. I'm officially on vacation mode as I get ready to leave Thursday morning on my anniversary trip. So once I get back its me, Yeager, and exammatrix.
If it makes you feel better, I'm still on chap 1 but I'm confident I'll be ready by 11/30. Maybe I'm too positive but I'm sure I'll pick up speed as the exam gets closer.
Just relax and enjoy your vacation. The more refreshed your brain is when you come back, the better it will retain the material when you resume studying.
I strongly believe that 50% of a passing grade is based on your motivation level and your drive/determination (maybe I'm getting the whole thing wrong : )
Anybody having problems trying to understand accounting changes and/or errors? When a change is retrospective opposed to prospective and where to record that change (retained earnings statement vs income statement). Maybe its too late to be studying, maybe I am spending too much time on something that might not be that important. Thoughts appreciated!!
AUD - 68 (did not prepare) rematch November 2012
REG - TBD
FAR - 10/22/2012
BEC - TBD
Accounting errors are adjusted retrospectively as a prior period adjustment. If prior periods are presented, they are restated, and any remaining balance affects beginning retained earnings net of tax.
Changes in accounting estimates are adjusted prospectively, because estimates are like predictions of the future; the past doesn't get affected.
Change in accounting principles get restrospective treatment though. I'm thinking this has to do with consistency.
@stokey: FAR 4 is ANNOYING…although I'm improving on it since my last 3 attempts at FAR lol. Back to your question:
Prior to the cash collection, the company thinks there's a chance that it won't be able to collect from whoever owes it money, so under the write off method, you would debit bad debt expense (inc) and credit A/R (dec). In a way, you realize you're not going to collect as much money as you expected to, so your accounts receivable decreases. I see bad debts as a way to estimate how much money you won't be collecting (not necessarily the BEST explanation though!), so this transaction will increase bad debts.
Now the company has collected the money. Looks like they ARE going to collect that money after all, so A/R must be revived. To do that you have to “undo” the write-off and reverse the journal entry, which increases A/R and decreases bad debts expense. Then, during cash collection, A/R decreases yet again.
I am planning on taking the exam in November, preferrably before Thanksgiving. However, I haven't scheduled it yet. I am only a quarter the way though the material and scoring in the low 70s on the MCQs. I haven't even attempted Sims yet. So much information, yet so little time. I need to get the ball rolling…
REG - 64, 72, 81!
FAR - 77
AUD - 79
BEC - 72, 79! And Done!
Today is a better date with FAR. I am not ready to chop off the beast's head today. Someone said that attitude has a lot to do with studying and I think that is true. I had a bad day yesterday and it was difficult to comprehend much of anything. I have been pressuring myself to hurry up and get done because I have been working on these exams since mid 2009. I am tired and that is understandable. I am trying not to pressure myself so much and do the best that I can and that is when I am able to do better.
I hope all of you are making progress with your studies and if you have a bad day, that is okay, tomorrow will be better! Let's keep moving forward together, one day at a time.
Lovely.. I am doing my review for my exam next week.. I have about 9 days to review total.. I started at F1, and now on F2.. I have forgotten SO MUCH… I don't know what to do…
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