kperrucci - Don't put too much stock in those final exam scores. They're simply based on a percentage, whereas the actual exam is not.
FAR 50, 60, 70, 74, 83...DONE!!
..Texas.. Baby #2 born 4/11/11
kperrucci - Don't put too much stock in those final exam scores. They're simply based on a percentage, whereas the actual exam is not.
Thanks Megan! We're taking the exam within one day of each other! Ridiculous that we will have to wait until June to get the scores. :-(
I have been studying for the exam for about 6 months now and passed three parts. I am just completely exhausted with studying, work, and life at this point. I'm scheduled to take my last (hopefully last) exam on 4/18/11. I definately do not think I put in enough study time for this exam at this point. My question is if I take the exam and not reschedule, can I resign up in the same window if I think I failed? For example, I take the exam on 4/18 and I come home and sign up to sit again at the end of May.
Will I be allowed to do that?
You can NOT take the same exam twice in the same window.
Thanks for you quick response, but you know this for sure?
Hmmm....It might be a good idea to reschedule the exam until May in this case.
Thanks for your response!
So this is from a Becker Final Exam (not the actual CPA exam, so no worries about giving out the question)
Please read this and give me input so I can make sure I'm not going crazy:
Zulu Transportation Inc.'s pension trustee provided the company with the following information for its defined benefit pension plan at December 31:
Unrecognized prior service cost 240,000
Unrecognized net gain 75,000
Net periodic pension cost 385,000
Zulu has an effective tax rate of 30%. What amount would Zulu report in accumulated other comprehensive income related to its pension plan on its December 31 balance sheet?
I put $115,500 as my answer and they marked it wrong. It says it should have been $0 and here is why:
Under IFRS, unrecognized prior service cost and unrecognized net gains are off-balance sheet items that are disclosed in the footnotes only and are not included in the pension benefit asset/liability or other comprehensive income.
It goes on to say that $115,500 is the correct answer if this was under US GAAP.
My question is....can you figure out anywhere in the question where I should have picked up that this was an IFRS related question?
It's on through words defined benefit obligation. Gaap has some other wording, I think its PBO?
Projected Benefit Obligation! Thank you! I could not figure it out.
Yes! Tricky question tho...be on le look out for things like that! And was the gaap answer choice A?
The GAAP answer was the one I had put: $115,500 So at least I wasn't completely off the grid.
I mean was that an mcq question or a sim?
Choice a) $0
Choice b) $115,500
Wow that's really tricky! I am always suspicious when choice A is the correct and I thought they put the right.answer first hehe...good luck with the beast
Thanks! I need it :-)
I found that more often than not under IFRS the amount was usually less than under GAAP as they don't count a lot of things that GAAP does.
So - I am scheduled to take this monster for the 3rd time on 5/14 and I am in sections 3 of 20 in the gleim review...failed 2x with becker and thought it was time for a change. I am getting really worried since the MCQ's are soooooo in depth and right now I am studying 3 days on one section with working full time. No other days are open for me to re-schedule since I have to take on a Saturday due to inflexibility at work. How am I ever gonna get this done???
By the way, for those of you that had ok SIMS - I am sooooo jelous, I seem to get the off the wall stuff there.
Any suggestion on how I can get this done in 5 weeks?
I just got done taking the exam, and I'm thinking I did horrible. My testlets never got harder, and my sims were not too tough. I know the sims are not adaptive, but with the testlets not getting noticeably harder, I seriously doubt I did well. But, we all know you can't tell anything based on anything.
Magster - I'm not the best person to talk to since I haven't passed FAR yet (it was really my own fault the first two times, not the number of weeks I studied), but my friend and I took FAR the first time at the same time and we prepared for 6 weeks. She passed, I didn't, but I was laid off 2 weeks before the test, so getting a job was much more important to me than passing since I'm the sole income for my family. My friend also was working full time and has a husband and child, so I think 5 weeks remaining should be enough time. It's tough, I know, it's just committing at least 4 hours a day to it.
This is probably terrible advice too, but I can say I'm glad I didn't spend lots and lots of time on one topic. I got such a mix of stuff, and I'm glad I didn't waste hours learning ins and outs of certain subject when I only had 3 or 4 questions total on a subject. I tried to get a complete general understanding of every subject and hopefully it benefited me this time.
@Megan, if your testlets were getting noticeably difficult as you progessed to the next testlet then I say the odds of passing are in your favor. When I took FAR, my 2nd testlet was slightly more difficult than the 1st and the 3rd testlet was easier than the 2nd (if I remember correctly) so the odds were def not in my favor.
So here I am studying for FAR and I am so stuck on the DEPS - somehow the questions I am working on are all a bit different and what worked in the last questions for solving is not working on the next. I suppose it is a good thing since it gives me all different directions the question could be asked. I switched from Becker to Gleim and must say that I see lots of things that did not even show up in Becker and I am not just talking about the IFRSs. Let's hope that this 3rd time will be a charm for me and I will get to see the light at the end of the tunnel.
For those of you on here that passed all four parts - what do you do with all your time now? I am already making a list of all the things I would like to do again at some point; things I have put to the side since I started this journey.
How about everyone else - how consumed are you by the CPA prep work? I feel like I don't do much else than work and study. How do you find the balance so you don't burn out?
Here's some other home made mnuemonics I made up.for FAR
Accounting standards codification Gal "PALS R EXPENSIVE OR INEXPENSIVE"
Dating girls -she can order the lobster or the big MAC lol
200- (P) Presentation
300- (A) assets
400- (L) liabilities
500- (S) Share holders equity
600- (R) revenue
700- (E) expenses
800- (O) other
900- (I) industry
GAAP primary Hierarchy
reliaBUL ="NeVeR listen to Bull shit artist"
(R) Representational Faithfulness
ReleVANce = Van Dame!! Punch, Flying kicks, Timecop
(P) predictive value
(F) feedback value
That's awesome, thanks!
herbieherb...the mnuemonics are great!! taking FAR in July and definitely pasting these and keeping them...thanks!
Just took FAR yesterday. After scoring a 70,71 and 73 I really need to pass. My sim scores were Great, Bad, Bad so far. My MC went Bad, Good, Good. After yesterday I think the sims went well and were actually pretty damn easy. The only thing that scares me is that there were a couple of slam dunk questions in my 3rd MC test. I really hope I didnt randomly bomb the MC this time.
I will be taking my first section (FAR) in the next 6 months or so after I complete my last accounting class (principles of auditing). My question for you all is: Can I pass FAR and the other sections of the CPA exam with just the $32 Wiley books that I can check out at my local library for free? With over $1,000 in exam fees for all 4 sections, not counting the re-tests for failed sections, why must one pay another $1,000 or more on review materials? Besides, I'd be lucky enough if I have time to just study my free Wiley books let alone all the rest like Becker, Gleim, Yaeger, and Roger.
Good luck on your exams. Most people go with a single CPA review course sometime supplementing a testbank for additional MCQ. I have used Becker for AUD, BEC, and FAR. I added Yaeger when I had trouble passing BEC. I also use a testbank for additional MCQ questions for trouble areas (I like Gleim more than Wiley - personal preference). Both Wiley and Gleim testbank questions come from the same source so test drive the product before buying and see which one you like better. The testbanks run about $60 per section.
An advantage of purchasing a CPA review course is that the actual exam focuses on certain topics and the review courses have identified these topics and prepare you for the actual exam. This saves you valuable time. The amount of material that could be tested is narrowed down to what is most likely to be tested. The CPA review courses also give you test taking tips, ways to approach sims, allocate your time on the test, tricks and traps that an informed test taker can avoid, etc.
It is a lot of money - but if it builds your confidence and enables you to pass more quickly it is well worth the money.
Let the forum know what you do.
I passed BEC and AUD on the first try just using Wiley books and Gleim software. I think the company that produces the Yaeger materials is the same as the one that makes the Wiley books as well.
Right now I'm studying for FAR with Wiley and Gleim software, and I'm feeling pretty confident since I passed BEC and AUD on the first try using the same materials. I did fail REG last window using this method, but Im still going to retake it in May using the same materials. I know now what areas I need to work on. If I fail REG a second time, then maybe i'll invest in Yaeger.
I think it really just depends on your learning style. I had Becker available to me for free through my previous job, but I ended up only using the multiple choice practice questions, hated the lectures so I never watched them. By the time I sat for AUD and BEC my Becker license had expired, and so I ended up using Wiley books and Gleim software instead.
Personally, I learn by re-working practice problems and trying to figure out why I missed each one, etc. I like the practice software because you can get instant feedback on the answer, and you can test different topics all at once. The Gleim software doesnt have practice simulations though, and I definately struggled with the sims on REG. You could use the Wiley test bank as well, thats accessible online from any computer, and has practice simulations. I've heard that there isnt much overlap between the Wiley test bank and Wiley books, but I dont know for sure. I didn't see much overlap between the Wiley books and the Gleim software.
Hope that helps! Like you, I also didn't want to spend $2,000 on practice materials. And in my opinion, what you are really paying for are the lectures. I don't think these expensive programs really help you focus your studying, or give you any significant "tricks" to help you pass the exam.
I used Becker for AUD and was pretty pleased. I began BEC with them, but ended up using a Wiley book and Roger's Cram to get me ready (time will tell on that one). For FAR, I decided to go with Yaeger. One week into my 6-week FAR study plan and I'm loving the Yaeger approach - very instructive. It's been a while since I've messed with financial accounting, so I enjoy the lectures. Exam is on 5/31, so I'm hoping their approach works and sticks :)
Great information guys! I'll look into Yaeger for FAR. I do prefer video lectures versus reading lectures from a book any day because I am more likely to follow-through and complete the module. Video lectures are the most expensive versus just book materials, but they are better in motivation and keeping me interested. Hopefully I can find some free 2011 video material. I will still use the Wiley books for practice questions and their test tips. Please look at what I have amassed so far and let me know if this is enough to pass all 4 sections. I understand that certain CPA study companies are better for certain sections. Thank you!
So far I have access or acquired:
- Wiley 2011 FAR, AUD, BEC, REG Books ($32 online), free at library.
- Wiley 2011 AUD Test Bank Software
- Bisk 2009 FAR video lectures with Bob Monette (Is a 2009 FAR video lecture any good with IFRS now moving in???)
- Becker 2011- All 4 sections included with Class Notes, PassMaster, Summary Notes, and F1-F9 Ancillary Notes (no videos yet).
- Working on getting Yaeger Home Study CPA review FAR videos. (Any good?)
Looks like you have a lot of good material. I will say that I think the most important thing is setting aside enough time to prepare, and developing and committing to a study plan - that has gotten me through AUD and BEC so far. Here's my FAR study plan... it may give you some ideas for generating your own plan: http://bit.ly/eKeRSL
Hey Guys - I'm taking the FAR section in the next month or so. For those of you who recently took FAR and used the Becker study materials, how much of the ancillary material showed up on the test? Is reading once through enough or do you suggest really knowing the ancillary material as well? Thanks!
I have recently come to the conclusion that I need a sound proof room to study in...I don't know if it's because I'm extremely ADD or if I'm easily irritated when I'm staring at my FAR Becker book. Or perhaps its because I'm studying on my rare 3 day weekend off of work and not attending any family functions to catch up on studying.
Well, if you are out there and feel that you are the only person in the world sitting alone in a room somewhere studying while everyone you know and love is celebrating Easter and their time off, please remember that are not alone. Because those are my plans as well. I guarantee.
Don't feel bad. Our office is closed this week but I get up at my usual time and go into work (no dogs to bother me) and study for 6 hours. Come home, let dogs out, feed everyone, and then 2 more hours. So instead of enjoying a week off after tax season before hitting audits hard I'm stuck restudying FAR.
I am with you - it seems with all these calculations the smallest noise gets me off focus. Here I am thinking I was just too tense lol. Well, I actually get up at 5 am to study before work. On the weekends, I go to the bedroom and yes, this weekend I will NOT take part of the family gatherings. Amazing how this CPA certification robbs you of your life.......
I started restudying for my 5/26 test on Monday and have spent the past week off from work doing one Yaeger module a day. I'm up to Mod 13 D Pensions and feel as if there is absolutely no way I will be able to remember everything and pass this part. I've spent an avg of 8 hrs a day watching videos, taking notes (well over 400 note cards now) and doing MCQs.
Has anyone not finished the FAR simulations and still passed the exam?
I took the FAR exam last Wednesday on April 20. The three MC testlets took a LONG time to finish but I felt pretty good about them. I knew mostly all of the concepts on the MCQ. However, I started my Simulations with only 45 minutes left on the exam and completed (in a rush) only 4 out of the 7 short simulations. Considering, the sims hold 40% of the exam weight under the new changes, I am really nervous about how I did.
Also, how was the curving in the first 2011 window?
@besuribansuri - Yes, I'm curious about the scoring too....
Hey guys. I'm new to the forum. I will be finishing up my Master's of Accountancy this May and just got a job offer. I wanted to take the Becker FastPass CPA review course over the summer but my organization wants me to start on May 31st. Since I'll have all of May to do nothing, I was wondering if you all think it is a wise decision to study for about 25 days in May and take the FAR section towards the end of May (like May 29th/30th/31st)? Do you all think it is possible to cover all the material and pass it? I'll be using the Becker self-study.
Really appreciate all the help.
I think its possible, especially if you aren't working. There is alot of material in FAR, but most of it is at least a little familiar, something you've probably had in an accounting class before. Even if you dont pass, the time won't be wasted because you would have at least gotten an intense month of studying out of the way, and you'll have the experiance of already taking it once already.
momo5 - I suggest to get your NTS NOW and schedule your exam if you can even still get a spot. Since you want to take the exam at the end of the window, availibility is limited. There is nothing worse then cutting your4 weeks studytime even shorter because the only available spot is middle of May.
dhuffman - I am taking FAR on 5/26 as well......
magster-has a good point. It can take awhile for the application to sit to get approved, and then takes more time to select your sections, receive your payment notification, and then get your NTS, and then actually schedule the exam.
And if you run into the problem I did you could be stuck taking it before you feel prepared. The Ok Accountancy Board had IT issues that cost me a week of time and so instead of the 30th like I wanted, I'm stuck with the 26th at 8 am. It's a 2 hour drive to the site for me and there is construction on the highway in front of the center which makes the drive all the more stressful. If I pass this time it will be a miracle.
Good luck to you magster!
Might be some luck involved with regard to not finishing some of the simulations. It would be great if the simulation they toss is one of the ones you didn't finish. I also read that if you're in a time crunch, skip the research simulation - it's worth one point.
Thanks a lot everyone for the replies. I looked online and one of the testing centers near me (~ 30 minutes away) has an open test date for May 25th. There's another one that is about 1 hours and 45 minutes away that has an open slot for the 27th. Both are for 12:30 P.M. Do you guys suggest I take the extra two days and take the test at the testing center that is about 2 hours away? Any and all suggestions would be helpful. If I do it on the 27th, I'll have about 22 days of studying as my last final is on the 4th of May. Think it's doable? I kind of want to try it because if I push it any later, it'll only get harder because I'll be working full-time.
I just got the coupon from my state board and paid the testing fees earlier today. Expecting to get my NTS in about 4 days hopefully.
I love the boards; I'm a long time reader and infrequent poster. I have the 2010 Becker Review. I got a 72 on FAR last fall when I took it. Should I go out and purchase Becker 2011 for FAR alone? That could be pretty costly. I'm debating whether to use Becker 2010 primarily and findind MCQ for 2011. Anyone have any thoughts on this? Much appreciated! Thanks guys, I'll hang up and listen!
( Written in a way that one would politely call into a radio talk show )
Can't you update the Becker 2010 to 2011 without rebuying it?
I think you could use Becker 2010 and Wiley book ($34) to supplement for the new IFRS and tab simulation changes. Not sure what Becker has for IFRS, but Wiley has a few pages at the end of every chapter that compare and contrast U.S. GAAP to IFRS for those types of transactions.
Yes, Becker was offering update 2010 materials to 2011 but I think the cutoff was March 15th. Check out there website or give them a call. Maybe they will help you out.
@PackerFan- When are you looking to take the test?
So like most of you out there in CPA-wanna be land, I've been studying for these test for FORVER (since the last week of August 2010 to be precise). I take FAR on May 23rd and, assuming I can pass, I WILL BE DONE! Which is really exiciting and i'm planning all these fun things to do once I pass. However, I just can't stay focused anymore! I just finished Becker's F7 chapter and need to keep on keeping on but ARGH! Where is my motivation?
Anyone got any suggestions out there to help me power through my (hopefully) last 3.5 weeks of studying?
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