http://www.another71.com/cpa-exam-forum/forum/financial-accounting-reporting Powered by Another71.com en-US Thu, 09 Feb 2012 12:19:57 +0000 http://bbpress.org/?v=1.0.2 q http://www.another71.com/cpa-exam-forum/search.php http://www.another71.com/cpa-exam-forum/topic/conceptual-learning-vs-high-volume-of-questions#post-146286 Wed, 08 Feb 2012 06:47:32 +0000 jkey57 146286@http://www.another71.com/cpa-exam-forum/ <p>Hey Everyone,</p> <p>I've noticed in a lot of these topics/responses that some people prefer to do thousands of multiple choice questions as a method of learning and was wondering how well this worked?</p> <p>I spoke with a few professors at my school's acct department (granted, they are not professional test-takers) and they felt that too many students focus on MCQs, but really don't get the concepts and stall when they sit for the test; they simply end up memorizing practice answers. Anyways, the consensus was MCQs should only be used to evaluate where you stand after you feel that you've mastered certain concepts. Example of a typical week: After studying concepts for 20 hours, do 1 hr of questions, as opposed to studying for 14 hours and doing 7 hours of questions.</p> <p>Just wondering if any of you passed this way? I read in a post that someone did 3,000 questions in one month. That comes out to about 100 questions a day, which @ an average of 1.5 minutes a question, comes out to 2.5 hrs a day? That's a lot of questions and a lot of study time devoted to them!</p> <p>Good Luck! </p> http://www.another71.com/cpa-exam-forum/topic/far-cpa-exam-review-2011#post-66737 Tue, 30 Nov 2010 10:58:07 +0000 Jeff - another71.com 66737@http://www.another71.com/cpa-exam-forum/ <p>NINJA + Wiley: <a href="http://www.another71.com/products-page/" rel="nofollow">http://www.another71.com/products-page/</a> </p> http://www.another71.com/cpa-exam-forum/topic/just-did-far-ran-out-of-time-on-sims#post-143926 Mon, 30 Jan 2012 21:44:19 +0000 mds86 143926@http://www.another71.com/cpa-exam-forum/ <p>I'm writing this post to see what others think in regard to my overall feeling on FAR.</p> <p>I felt good about the 1st testlet, pretty good about the 2nd testlet, the 3rd was a bit of a challenge, but in comparison to my past FAR exams, I would say I felt OK on the 3rd testlet. OVERALL, I felt GOOD on the MCQs. I gave myself an hour for the sims and by the time i got halfway through, I was scrambling through them due to time. They were tough. Only one of the sims did I feel absolutely sure that I knocked it out. The others, I felt like I was just kind of putting as many right answers as I could. I couldn't even do the research questions. </p> <p>Has anyone been under the same experience? </p> http://www.another71.com/cpa-exam-forum/topic/new-to-becker-need-advice#post-142963 Sun, 22 Jan 2012 21:02:33 +0000 Thekid2576 142963@http://www.another71.com/cpa-exam-forum/ <p>Hello all,<br /> I am new to the forum. I am enrolled in the Becker fast track program, my first exam is going to be the FAR, YEAH!!! I am wondering if there is anyone out there that can provide me with some guidance, as far as the best, most efficient way to study (what has worked for them). I can not get over the depth of this thing, I knew it was going to be bad, but not this bad... I am looking to take the FAR at the end of February. I had problems with the software and wasted a week talking to their technical support department, all they really want to do is exchange e-mails it seems. I am finally up and running now, just having to play catch-up, which I am not fond of. Anyhow, thanks to any and all that can provide useful information, guidance with this. Good luck to everyone!!<br /> Best</p> <p>John </p> http://www.another71.com/cpa-exam-forum/topic/need-your-help-taking-far-on-22412#post-144859 Fri, 03 Feb 2012 18:27:56 +0000 realestatewhiz 144859@http://www.another71.com/cpa-exam-forum/ <p>I am taking FAR on 2/24/12 and i am currently studying with Becker.</p> <p>I work full time: usually 830am-6pm. I currently have read through chapter 5 and have down chapters 1,2,3 multiple choice.</p> <p>Does anyone have any recommendations on how to best use my time going forward?</p> <p>I would greatly appreciate your help!!! </p> http://www.another71.com/cpa-exam-forum/topic/exams-and-tests-are-stupid#post-146298 Wed, 08 Feb 2012 08:36:24 +0000 AnythingGoes75 146298@http://www.another71.com/cpa-exam-forum/ <p>Seriously, Is it just me or is this whole exam process utterly ridiculous? I took my first ever exam section of FAR a couple days ago and after the experience I am thinking to myself just how stupid this is. I'm not saying I'm quitting or anything like that, but these accounting boards want us to sit in a chair for 4 hours and try to answer 97 total questions that take me almost 4 hours just to read and understand the question &amp; figure out how to solve it let alone begin actually calculating the question to get the answer. On top of that, they word the questions so poorly that it just adds to the confusion. On top of that, the answer choices are all trying to trick you because they're all the calculations someone would make if they solved the question the simplest way possible. Why can't they just reduce the amount of questions or split the test up into more sizable chunks so I can actually understand the ins and outs of the accounting concepts NASBA is testing us on? No, instead I have to make up all of these stupid little mnemonics and abbreviations in my head just in case I have 1 or 2 questions on it during the real exam. About 75% of the formulas and concepts I memorized weren't even tested. I instead was tested on a lot of questions that weren't familiar to me and didn't have time to truly write out and attempt to make t-accounts for anyway. I only have like 2-3 minutes max to solve the hard MCQ's anyways. I'll I'm saying is if NASBA is going to test us on stuff that takes more than 2-3 minutes to solve then don't give us so many questions in the first place because maybe then I would feel good about myself. Is it really that hard to make it a 75 question test and make it 5 Sims instead? What's the point of so many questions, when no one has enough time to truly understand and figure out the answer without having to guess so much?</p> <p>Do you want to take a break during your 4 hour exam the screen asks me? Of course I want to take a break, but if I do then any chance I did have to score a 75 is even more unlikely to happen. It's like someone dangling a nice hot fresh piece of pizza in front of me and asking me if I want to have a snack. If I did have any urge to use the washroom during those 4 hours I was just going to do it right there at my desk. I have way too much time, money, and energy invested in this to take any chances. This is how ridiculous this whole CPA exam experience is. </p> http://www.another71.com/cpa-exam-forum/topic/wiley-questions-harder-than-cpa-exam#post-144411 Wed, 01 Feb 2012 18:39:15 +0000 Dave 144411@http://www.another71.com/cpa-exam-forum/ <p>Hi! Newbie here!</p> <p>I'm using Yaeger, which of course uses the Wiley textbooks and online testbank. I finished the video series this past weekend so now I'm working back through all of the suggested MCQs and Sims (in the textbook). I find that I'm struggling to break 60% correct on any given section... is this abnormal? Some of these practice questions depend on rules that are SO specific there's no way you could reasonably be expected to have them memorized.</p> <p>I'm taking note of the ones I'm unsure of or get wrong, then I go back and try to make sure I learn why it's wrong, so I'm not just zipping through the questions and not gaining anything from it. This is my first time working back through these questions (I already worked the ones covered in the videos, but these comprehensive lists cover more than was covered in the videos), so I'm trying not to get discouraged over it, but it's pretty depressing to repeatedly look at a question and think "I seriously just don't know this."</p> <p>Any other Yaeger students have a similar experience? I study about 20hrs/week and my exam is scheduled for Feb 27th, so the clock is ticking! </p> http://www.another71.com/cpa-exam-forum/topic/aicpa-released-questions#post-146392 Wed, 08 Feb 2012 12:22:54 +0000 CPATerminator 146392@http://www.another71.com/cpa-exam-forum/ <p>Guys,</p> <p>Are these questions similar to what's found on a "hard" testlet?</p> <p>I've looked at them before and was looking at the 2011 ones, but they seem very basic.....</p> <p>Are they helpful in any way? </p> http://www.another71.com/cpa-exam-forum/topic/bec-retake-1#post-146197 Tue, 07 Feb 2012 15:50:16 +0000 Tootsie 146197@http://www.another71.com/cpa-exam-forum/ <p>Just scheduled my BEC retake for 4/2. Will be studying another 8 weeks for this puppy. Should pass the second time around. For those retaking in Q2, are you studying differently? I'm taking the same approach but will focus more on my weaker areas. Let's do this!! </p> http://www.another71.com/cpa-exam-forum/topic/failed-far-after-months-of-studying#post-146245 Tue, 07 Feb 2012 19:35:16 +0000 CPAStew 146245@http://www.another71.com/cpa-exam-forum/ <p>I just got my FAR score and let me just say that I will be taking it again in April. I used Kaplan and I felt like it was not in depth enough. I picked up the 2012 Wiley book and I am going to use that along with NINJA notes. BTW there was alot of IFRS on my exam for those who are wondering if they are testing it much. Any suggestions for studying to get through this time would be appreciated. </p> http://www.another71.com/cpa-exam-forum/topic/score-release-8#post-146265 Tue, 07 Feb 2012 22:09:50 +0000 Mikey89 146265@http://www.another71.com/cpa-exam-forum/ <p>So let me get this straight, if I take the test Feb 10, I get it back on Feb 22? </p> http://www.another71.com/cpa-exam-forum/topic/warning-exam-disclosure#post-146260 Tue, 07 Feb 2012 21:29:53 +0000 Jeff - another71.com 146260@http://www.another71.com/cpa-exam-forum/ <p>Just a friendly reminder: you cannot ask people what they had on their exams or say you had x number of questions.</p> <p>First offense is a warning...second is a ban from the site. </p> <p>The AICPA takes their exam disclosure policy seriously and so should you.</p> <p>-Jeff </p> http://www.another71.com/cpa-exam-forum/topic/im-making-a-list-of-differences-between-gaap-and-ifrs-for-studying-help-me-out#post-143654 Sat, 28 Jan 2012 18:20:01 +0000 CPA_Magic 143654@http://www.another71.com/cpa-exam-forum/ <p>I'm trying to make a comprehensive list of GAAP / IFRS differences as a quick reference for CPA studying. I know that I'm missing a ton. Can anyone help me out and post some basic differences that I can add. </p> <p><strong>Statement of Cash Flows:</strong></p> <ol> <li>GAAP you can use either the indirect or direct method, IFRS you can only use the direct method</li> <li>For GAAP Interest X, Interest Rev and Dividend Revenues are always reported as operating. Dividends paid are reported as financing. Under IFRS Interest X and Dividends Paid can be reported as either operating OR financing. Interest Revenue and Dividend Revenues can be reported as operating OR investing</li> </ol> <p><strong>Construction contracts:</strong></p> <ol> <li>GAAP uses either percentage of completion OR completed contracts method, whereas completed contracts is prohibited by IFRS</li> </ol> <p><strong>Income Statement:</strong></p> <ol> <li>GAAP has a separate classification for "extraordinary items" that must be reported net of tax beneath net income. In IFRS no such classification exists.</li> </ol> <p><strong>Inventory:</strong></p> <ol> <li>GAAP can choose between LIFO and FIFO, in IFRS there is no LIFO option</li> <li>Under GAAP inventory is carried at lower of cost or replacement cost, for IFRS it is lower of cost or NRV</li> <li>Under GAAP inventory write-downs cannot be reversed. For IFRS if the reasons for the impairments no longer exist, the inventory can be written up back to the original basis</li> </ol> <p><strong>Current vs. Non-Current:</strong></p> <ol> <li>GAAP can report current liabilities as long term if a refinancing agreement exists prior to the issuance of the balance sheet. For IFRS a refinancing agreement must exist prior to the balance sheet date to qualify as non-current</li> </ol> <p><strong>Asset Valuation:</strong></p> <ol> <li>For GAAP the revaluation of assets is prohibited. For IFRS, it is an acceptable accounting policy to periodically apply to an entire class of assets. IFRS can revalue intangibles to FMV if there is a market for them to easily determine FMV</li> <li>In GAAP you rarely see component depreciation. For IFRS component depreciation is mandatory for assets where different components depreciate in different ways</li> <li>IFRS has a separate classification for "biological assets" (living animals and plants), that are reported at fair value less estimated cost to sell. In GAAP no such classification exists, and biological assets are reported at historical cost less accumulated depreciation.</li> </ol> <p><strong>Gains and Losses:</strong></p> <ol> <li>Under GAAP a loss contingency is accrued only if the loss is PROBABLE and the amount is reasonably estimable. For IFRS the loss only needs to be more likely than not to be accrued</li> <li>When a contingent loss is judged to be probable within a range of amounts and no number within that range is viewed as more likely, GAAP requires the recognition of the lowest number in that range. In that same circumstance, IFRS requires the recognition of the midpoint in the range</li> </ol> <p><strong>Costs:</strong> </p> <ol> <li>R&amp;D costs are expensed under GAAP, unless there is a separate standard to guide it. Under IFRS development costs are capitalized at technological feasibility assuming future economic benefits are probable</li> <li>Under GAAP costs incurred defending an intangible asset are capitalized as part of the intangible. Under IFRS they are expensed as incurred</li> </ol> <p><strong>Bonds:</strong> </p> <ol> <li>Under IFRS any extra amount that is received for a bond because of its convertibility is recorded as equity rather than as a liability. According to GAAP, the entire amount received is reported as a liability until such time<br /> as the bond is actually converted</li> <li>Under GAAP debt issue costs are put into an asset account and amortized over the life of the bond. Under IFRS, the bond liability is reported net of debt issue costs.</li> </ol> <p><strong>Leases:</strong></p> <ol> <li>To be a capital lease under GAAP one of the (TT, BPO, 75, 90) test must be met. To be a capital lease under IFRS the lease term must only consist of a "significant portion" of the assets useful life. This is a lower standard than GAAP</li> <li>For capital leases under IFRS both the lessor and the lessee must use the interest rate implicit in the agreement. Under GAAP the lessee can use the incremental borrowing rate as his interest rate. This means that under GAAP the lessor and the lessee can book different interest rates for the same transaction.</li> <li>Under GAAP if the fair value of the land component of a lease is greater than 25% of the total lease, the land and building must be reported separately. For IFRS the land and building are always recorded separately</li> </ol> http://www.another71.com/cpa-exam-forum/topic/are-there-journal-entry-questions-in-the-other-3-sections-of-the-cpa-exam#post-146237 Tue, 07 Feb 2012 18:14:18 +0000 AnythingGoes75 146237@http://www.another71.com/cpa-exam-forum/ <p>I'm not good with journal entries and FAR has plenty of them, so I was wondering if I get done with FAR will I also have to deal with journal entry questions in the other 3 sections of the exam? If there are more journal entry questions in the other sections, then which sections would it be &amp; would there be a lot of those questions? </p> <p>Thank you. </p> http://www.another71.com/cpa-exam-forum/topic/yankee-peanut#post-145566 Sun, 05 Feb 2012 15:55:02 +0000 hopeful_cpa 145566@http://www.another71.com/cpa-exam-forum/ <p>CONGRATS TO BOTH OF YOU!!!! I'm super stoked you guys passed this time window. Yankee I cant be happier knowing you finally got AUD out of the way, I unfortunately have to wait till next score release because I took it 1/19.</p> <p>Good job guys!!! </p> http://www.another71.com/cpa-exam-forum/topic/my-recent-aud-score-feelings#post-145959 Mon, 06 Feb 2012 18:05:25 +0000 hopeful_cpa 145959@http://www.another71.com/cpa-exam-forum/ <p>AICPA</p> <p>cash $$$$<br /> test administering liab xxxx</p> <p>ME</p> <p>anger and motivation xxxx<br /> cash $$$$$$$$$$$$$$$$$ </p> http://www.another71.com/cpa-exam-forum/topic/hr-block-certification-levels#post-146144 Tue, 07 Feb 2012 13:00:25 +0000 CalCPASoon 146144@http://www.another71.com/cpa-exam-forum/ <p>Sorry this posted in the FAR forum on accident.</p> <p>Does anybody have any information about the H&amp;R block certification levels? I know it has to do with the number of H&amp;R block training hours you'd taken, but does have an EA or CPA automatically put you at the highest level as a "Master Tax Advisor"? What is the general salary range for the different levels? </p> http://www.another71.com/cpa-exam-forum/topic/failed-reg-for-the-2nd-time-and-feeling-horrible#post-145818 Mon, 06 Feb 2012 12:40:12 +0000 SFMLE 145818@http://www.another71.com/cpa-exam-forum/ <p>I studied for six weeks for the first try, and four weeks of review for the second try and I still failed. I'm starting to feel so demotivated because I've given up spending time with friends and family to study for these exams, to only see failing scores. I'm starting to lose confidence and am starting to feel depressed :( </p> http://www.another71.com/cpa-exam-forum/topic/if-i-purchase-wiley-test-bank-can-i-download-to-my-phone#post-145874 Mon, 06 Feb 2012 14:53:16 +0000 cyn637 145874@http://www.another71.com/cpa-exam-forum/ <p>Just a quick question, if I download the Online Wiley Software Test Bank, can I download the application on my phone? Or is that extra $$? </p> http://www.another71.com/cpa-exam-forum/topic/studying-for-far-and-am-feeling-waaaay-overwhelmed-right-now#post-146009 Mon, 06 Feb 2012 20:46:58 +0000 hopeful_cpa 146009@http://www.another71.com/cpa-exam-forum/ <p>I just feel so screwed going through this material because its so much!!! I got my exam end of the month and i'm not even half way through the cram for it yet. </p> http://www.another71.com/cpa-exam-forum/topic/stock-dividends-received-under-cost-and-equity-method#post-145896 Mon, 06 Feb 2012 15:33:09 +0000 Ali Alabdullatif 145896@http://www.another71.com/cpa-exam-forum/ <p>studying FAR made me confused!!</p> <p>Can someone help me out to know if there is any Journal Entry for Receiving Stock Dividends using the cost method and Equity method?? Is it recorded as dividend income on the Income Statement like Cash dividend under cost method ? And is there any increase or decrease in Investment account using Equity method??</p> <p>Can some one help please??</p> <p>Thanks, </p> http://www.another71.com/cpa-exam-forum/topic/how-to-prepare-for-international-auditing-standards#post-146046 Mon, 06 Feb 2012 22:47:32 +0000 CPA Genie 146046@http://www.another71.com/cpa-exam-forum/ <p>Hi Everyone,</p> <p>I would like to have your advice on how to prepare for International Auditing Standards? I don't see that many practice questions from my study materials. </p> http://www.another71.com/cpa-exam-forum/topic/reg-depreciation-mid-quarter-convention#post-146045 Mon, 06 Feb 2012 22:46:27 +0000 Soproudofmyself 146045@http://www.another71.com/cpa-exam-forum/ <p>Help! </p> <p>I don't think understand how the mid-quarter convention works. </p> <p>It applies to machinery &amp; equipment. If &gt; 40% of it placed in service in the last quarter of the year....but how do you calculate it? </p> <p>Is this right? </p> <p>Quick Example:<br /> Machinery &amp; Equipment falling in the 7 year 200% class....</p> <p>Office furniture : $1,000 (placed in service in Sept 2011)<br /> Office equip : $2,000 (placed in service in Nov 2011)</p> <p>66% placed in service in the last quarter of the year so the mid-quarter convention applies. </p> <p>Is the depreciation $107 for the year? Half of the last quarter x 200%?</p> <p>Maybe it's a silly question, but I'm not taking any chances this time =( </p> http://www.another71.com/cpa-exam-forum/topic/cpe-credits#post-146054 Mon, 06 Feb 2012 23:00:01 +0000 momo5 146054@http://www.another71.com/cpa-exam-forum/ <p>Hello all,</p> <p>I just needed some information on CPE credits for the CPA. Is it better to take CPE credits in-person or buy the courses from the AICPA? Also, do you have to take a test at the end of the courses if you buy them online? And is there any good company that offers these courses in-person? </p> <p>Please, any kind of help will be much appreciated. </p> <p>Thank you. </p> http://www.another71.com/cpa-exam-forum/topic/my-bec-experience-#post-145841 Mon, 06 Feb 2012 13:24:53 +0000 CPA Study Victim 145841@http://www.another71.com/cpa-exam-forum/ <p>I just don't know what to think. It was hard! There were a lot of questions that came out of nowhere on material that I have never seen before and also on the subject of the one test that I failed so far. That was just cruel!!! Do they look at your past testing experiences and try to torture you?? I feel that I did well on the computational questions and the few other questions that I had that related to BEC. 2 of my 3 WC were super easy. I have no idea if I did ok or not, since their scoring system is so out there. </p> http://www.another71.com/cpa-exam-forum/topic/3-day-grind#post-145945 Mon, 06 Feb 2012 17:09:28 +0000 Mikey89 145945@http://www.another71.com/cpa-exam-forum/ <p>I got 3 more days to prepare for FAR. Any suggestions on the best way to use these days? </p> http://www.another71.com/cpa-exam-forum/topic/just-finished-far-1#post-142618 Thu, 19 Jan 2012 19:11:49 +0000 chrispbeck 142618@http://www.another71.com/cpa-exam-forum/ <p>i live in clarksville tennessee and just finished here at the prometric center. It was my first try and first time to ever sit. I feel like i did ok on the mcqs but just hit a wall on the sims. They were not hard just so much to do in such little time. I wasted too much time chasing down the research (mistake) and ended up stuffing numbers where i could as i zipped through the sims. Someone please give me hope doing ok on mcq will be enough. The test really wasnt that bad... </p> http://www.another71.com/cpa-exam-forum/topic/how-to-handle-research-sim#post-145889 Mon, 06 Feb 2012 15:14:35 +0000 Ali Alabdullatif 145889@http://www.another71.com/cpa-exam-forum/ <p>While practicing Research Simulation question with Wiley test bank, my approach is to type the key words in the search filed given to reach to the topic then I continue my search using the normal Find option (from the keyboard press Control and F together) then I type the relevant words to find to the exact codification. </p> <p>Now, my question is: Do I have the normal Find option (Control and F) in the real exam? Or the search technique used in the exam is different?</p> <p>Can someone help please?! </p> http://www.another71.com/cpa-exam-forum/topic/score-reports-when-youve-passed#post-145699 Sun, 05 Feb 2012 23:39:02 +0000 katiekanton 145699@http://www.another71.com/cpa-exam-forum/ <p>I have seen a few posts in the past few days where people said their score report indicated what they were stronger/weaker on and they got a passing score. I thought you didn't get a score report unless you didn't pass. Where can I access mine? </p> http://www.another71.com/cpa-exam-forum/topic/cpa-review-courses-roger#post-145181 Sat, 04 Feb 2012 13:27:50 +0000 RKCPA 145181@http://www.another71.com/cpa-exam-forum/ <p>can someone tell me what your experience have been with different review courses. i know there are a lot out there &amp; i currently use Yaeger, i just don't know if i made the right choice with it. I just did some research on Roger CPA and it seems pretty good but i don't know for sure. Roger does have the enthusiasm that i might be looking for but just don't know for sure.</p> <p>any input would be very helpful!! </p>