Am I Over Doing It?

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  • #189648
    Anonymous
    Inactive

    Hey everyone,

    I’m new here. I’m thinking of taking the FAR at the end of November (it’s my first CPA exam). But I am really unsure about myself. Maybe someone here with some experience can help me out.

    I’m using Becker’s self-study. I went through all the sections, read the book, watched the videos, and did the MCQs. I got most of the stuff but some of the details I just didn’t get. Now I’m redoing all the lectures, one lecture per day. I did F1-5, will do F6-7 through the weekend, and the rest next week.

    I know a lot of the stuff, but I still don’t feel comfortable. All the little details. I just can’t remember them all.

    I’m studying 4-6 hours a day on Becker’s, then I watch YouTube videos on accounting. Seriously. That’s what I’m listening to on the way to and from work. (If anyone wants, I can post a link to Rutgers on YouTube, they have great lectures on topics like leases, NFP, etc., though a bit long.) Whenever I have an extra minute I’m studying. I stooped following news and sports. I have no idea how many people have Ebola, how many people ISIS recently killed, or who’s poised to win the midterms. All I’m doing is studying and studying and studying.

    When I’m not studying I get nervous. I feel like I’m wasting my time. When my wife and kids talk to me, I’m getting annoyed.

    At night, I dream about leases, bonds, PV, FMV, consolidations, etc.

    Anyway, is getting all the little details really important? I’m taking notes when I’m doing the MCQs, see a sample after my post. Are details like the ones I have in the sample really important to remember?

    I have a 4.0 GPA, yet still find FAR to be tough. I think the reason is that I have to understand things. If I don’t understand something, it just doesn’t register in my head. FAR, at least the way Becker’s is presenting it, is all about memorization. I don’t understand the logic behind most of the rules (that’s why I like the Rutgers lectures, they “explain” the rules).

    Also, I’m getting between 80-95 on my MCQs. I’m comfortable in most areas including NFP. But there are areas I can improve, like pensions. When do I know I’m ready to take my exam?

    Thanks for hearing me out. Just having a place to vent and rant makes me feel better….

    Good luck all with your studying.


    Here’s a sample of my notes:

    Review Instalment sales F2, like-kind exchanges

    Officers’ salaries ARE related parties discourse under IFRS (not GAAP)

    10% of liabilities is NOT a measurement used for segment reporting

    Form 6-K semiannually foreign private issuers. Unaudited

    Accelerated filer 75. LARGE accelerated filer 60

    Form 11-K, employee benefit plan. DO include FS of plan

    Maintaining goodwill = expense

    R&D done by third party on your behalf = expense

    Un-mailed checks = do not record

    Prototype

    Goodwill impairment = reporting unit GAPP, cash generating unit IFSR

    Under IFRS, goodwill impairment CV – grater of FV (minus cost to sell) and future cash flows (value in use)

    Held to maturity long AND SHORT term bonds = carrying amount (unless permanently impaired)

    Foreign exchange gains and losses from AFS “debt” securities = IS under IFRS

    ******BE CAREFUL WITH THE DATES!!!!!!!!!!!!!!!!!!!!!****

    Goodwill created under equity investment is NOT subject to impairment test. The entire investment, however, is

    From equity to cost = do NOT restate. Use equity for beginning and cost for end. From cost to equity, restate.

    100% of sub dividends are eliminated in consolidation (NCI dividends are debited to NCI)

    Actual refinancing of a short term note to long term after BS date before FS release = long term liability

    Factoring = AR. Discounting = Notes receivable

    Deferred tax liability arising from depreciation = Long term liability

    Postdated checks is NOT cash/cash equivalent, neither is cash in sinking bond

    Prepaid asset is NOT part of quick ratio

    Overdrafts are recorded in liability section. It is NOT cash. (Unless it’s the same bank of a positive balance account and bank can offset the overdraft)

    Interest during construction should be capitalized even for own building

    Under IFRS an individual assets can NOT be revalued alone. The ENTIRE CLASS must be revalued

    Interest on land should NOT be capitalized, unless during construction???????. Architect fees = building. Sewage = land improvement

    Group = similar assets. Composite = dissimilar

    Impairment loss is recorded in Accumulated Depreciation account

    BE CAREFUL WITH THE DATES!!!!!!!!!!!!!!!!!!!!!

    EXPENSE IMMEDIATELY capital assets used in r&d (if no alternative use) even if r&d takes more than a year. DO NOT DEPRECIATE

    Personal FS = Sttmnt of FINANCIAL CONDITION and sttmnt of CHANGES IN NET WORTH

Viewing 15 replies - 1 through 15 (of 38 total)
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  • #615723
    Tripp11
    Member

    You are doing EXACTLY what I was doing, and I have a wife and had a 3 year old at the time (now she's almost 5).

    Take EACH section individually, and just focus on that one section. I ended up doing every MC question at least 3x and the Sims 2x. I took DETAILED notes, just like yours, for the hardest concepts for me to master or the MC questions where I struggled, and I ended up memorizing each page of my handwritten notes. Those notes I relied upon when taking the exam, as those concepts were fresh in my mind. For the last 2-3 days, all I did was rework MC questions and memorize/review my notes.

    You WILL pass. I would wager heavily on you, if possible.

    AUD - 93
    BEC - 80
    REG - 86
    FAR - 83

    #615724
    jbisdamon
    Member

    You'll probably walk in there and feel like the Exam is a joke after all that work. keep it up. Becker over Prepares you in my opinion. I wish I had the good habits that you do.. Especially with the Reg exam I just Took haha. best of luck.

    BEC - 76 7/22/14
    AUD - 84 8/30/14
    REG - 75 10/16/14
    FAR - 87 11/24/14

    #615725
    whatislife
    Member

    Sounds like you are being WAY too detailed with FAR. (which is normal for your first exam…)

    I use Becker self-study also. I felt similar to you while studying for FAR and was worrying about knowing every little detail. Like you, I got a 4.0 in college so it's in my nature to have to know everything. I reread every chapter and did questions upon questions. BUT, with FAR I was so shocked at how smooth the exam went…. You will be surprised. FAR is a mile wide, but only an inch deep. So don't sweat every single detail as much. It seems overwhelming, but you will pass with flying colors. Just push through and keep reviewing steadily until test day. Don't burn yourself out though! Take breaks- enjoy some down time with your wife and kids. Trust me that you will do just fine… plus you have PLENTY of time left to review. Heck, you probably will be ready before the end of November…

    Good luck and have confidence!!!

    ps. I know nothing about current events either… oh the life of a future CPA…

    REG- 84
    FAR- 92
    AUD- 82
    BEC- 11/25/14

    #615726
    Kimboroni
    Member

    You sound obsessed. That's good. To me, the key to passing is getting obsessed with it. You've gone through the material and get most of it, and it's okay that there are a couple things here and there that you don't fully grasp. With FAR especially, that's to be expected. There's just so much material. Go take the thing. You sound ready.

    AUD 84 (1/9/14-Wiley books/TB + free materials)
    FAR 83 (5/21/14-the above + NINJA 10 Pt Combo Lite)
    REG 84 (7/9/14-Wiley books/TB + NINJA Audio/FC/Notes)
    BEC 76 (10/5/14-Wiley books/TB + NINJA Audio/FC)

    Disclaimer: My ninja avatar is not meant to imply that I have any affiliation with this site other than being a forum member. That's a pic of a T-shirt that my daughter gave me for my birthday. 🙂

    #615727
    Tux
    Member

    You're doing great! It's REALLY hard to over prepare, so don't worry about that.

    Just keep doing what you're doing.

    You mentioned that you have problems with some of the details. What helps with that is the repetition.

    Each time you go back over a topic, you'll notice additional details that you didn't notice before.

    So, repetition is the key.

    Don't worry about current events. Stay as focused as you are on studying.

    Since you have a month left, you might consider getting a second test bank to practice MCQ's.

    You might be familiar with the Becker questions already if you've gone through each section a couple of times. So, are you getting them right because you know the material, or because you're familiar with the question?

    Keep up the good work. You're NOT over doing it.

    FAR - 86 - 2/27/14
    AUD - 75 - 5/29/14
    BEC - 80 - 8/31/14
    REG - 89 - 2/27/15
    Praise Jesus! I'm done!!

    Study resources:
    Becker
    Wiley test bank

    #615728
    CPAfit
    Participant

    @aaa111 go and take the exam on saturday plz!

    AUD - 82
    BEC - 78
    FAR - 78
    REG - 83
    HIYA!

    NH Licensed CPA - Jun 2018

    #615729
    sumersrose
    Participant

    If you're getting “80-95 on my MCQs” then you're ready… go take the test! 🙂

    I've used Becker for all my exams; I typically wait until I consistently can get greater than 70% on the mcq's before I go to the exam. So far, I have passed 3 exams with that thought process. I think you'll be just fine!

    REG: 2/26/2014 Pass
    BEC: 5/29/2014 Pass
    FAR: 8/31/2014 Pass
    AUD: 4th Attempt, 8/25/15 ... Omg, PASS w/a 93 and I'm done!!!

    #615730
    CPAfit
    Participant

    @sumersrose regarding becker you mean 70s on progress tests or the 2 becker final exams?

    AUD - 82
    BEC - 78
    FAR - 78
    REG - 83
    HIYA!

    NH Licensed CPA - Jun 2018

    #615731
    Anonymous
    Inactive

    Thank you all for the encouragement, it’s exactly what I need right now.

    I haven’t scheduled the exam yet. I’m aiming for the end of November. I want to finish Becker’s for the second time next week. Then take their final review course. That will take another week or so. That’s mid-November already. And I have a lot if YouTube stuff I want to watch…

    I’ll probably schedule at the end of next week. Then I’ll have a better feeling where I’m standing.

    I guess I’m a perfectionist. It was a plus in college, but sounds like a minus in FAR.


    Here’s a new detail I learned today:

    For a land lease, you can’t use the 75 and 90 percent test. And it makes sense; land has an indefinite life and the FCFs are immeasurable.

    I got this detail In a YouTube lecture, Becker’s does not mention it. How was I supposed to know this? Does the exam test you on such details?

    #615732
    sumersrose
    Participant

    Oh, as a follow up – if you're using Becker –>

    You are aware of the “Comprehensive Progress Test” area, where you say give me X number of questions on Y sections? Don't just do the Final Exams (since those don't change). The Progress Test area will randomize it (I mean, you'll get repeat questions but it will vary).

    Just wanted to be sure you saw that! I took the live classes and some people had no idea there was that area of the Becker's site.

    REG: 2/26/2014 Pass
    BEC: 5/29/2014 Pass
    FAR: 8/31/2014 Pass
    AUD: 4th Attempt, 8/25/15 ... Omg, PASS w/a 93 and I'm done!!!

    #615733
    playonwards
    Member

    Over-studying can never hurt….

    But you will be kicking yourself in about 6 months. For my first exam, I was all about being as prepared as possible. I probably wasn't quite as addicted to it as you seem to be, but I was studying as much as I could and gave myself plenty of time to review.

    After the first exam, it hit me. You need to want to be DONE as much as you want to STUDY. That means you should budget your time wisely. Don't use all your energy studying for one exam. It will kill you later on. Today, I'm finishing my 30th chapter of Becker (there are 30 total). I have about 10 days for review on BEC. I could not be more burnt out. I will study with my normal routine until exam day though.

    Bottom line is- studying sucks. And it's a marathon not a sprint. The first section you take is by far the easiest to study for. I can vouch that the 4th section is by far the worst. Don't completely over study and cost yourself a month of your life.

    FAR- 92 (7/25/2014)
    AUD- 93 (8/30/2014)
    REG- 93 (10/10/2014)
    BEC- 91 (11/10/2014)

    Using Becker self-study only. Working full-time.

    #615734
    sumersrose
    Participant

    @zubairs

    70% on the progress tests… I havent really used the Final Exam part because I tend to memorize the questions instead of learn the material. 🙂

    REG: 2/26/2014 Pass
    BEC: 5/29/2014 Pass
    FAR: 8/31/2014 Pass
    AUD: 4th Attempt, 8/25/15 ... Omg, PASS w/a 93 and I'm done!!!

    #615735
    CPAfit
    Participant

    @aaa111 damn you're good! if you don't mind, can I post my problem areas in this thread and you can post explanations to those? My exam is on tuesday (which is a re-take) and I'm an international candidate who's new to this whole CPA thing. I can really use your help coz if I fail FAR i lose BEC 🙁

    AUD - 82
    BEC - 78
    FAR - 78
    REG - 83
    HIYA!

    NH Licensed CPA - Jun 2018

    #615736
    Anonymous
    Inactive

    Yes, Sumer. I'm doing the progress test so i won't forget F1 when i'm at F5….

    #615737
    CPAfit
    Participant

    @summersrose thanks

    AUD - 82
    BEC - 78
    FAR - 78
    REG - 83
    HIYA!

    NH Licensed CPA - Jun 2018

Viewing 15 replies - 1 through 15 (of 38 total)
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