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December 2, 2015 at 3:06 am #198720
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December 2, 2015 at 12:36 pm #745931LarryParticipant
Hello again, gonna be in this forum until the score release on 12/9. It will determine whether I stay or move on to Audit. I pray for a nice gift from santa.
AUD - 83
BEC - 76
FAR - 78
REG - 82Licensed in FloridaREG - 82
FAR - 78
BEC - 76
AUD - 8/27/16December 2, 2015 at 2:25 pm #745932AnonymousInactive@ Papogator24, I am praying for the same but I think I will be back to study. The SIMS were long and run out of time
REG:77
BEC:73/74/81
AUD:58/76
FAR:11/30, praying prayingDecember 2, 2015 at 3:34 pm #745933TuthegreatParticipantCan someone tell me what is the proper way to fill out the SIMS for a Journal Entry.
On the Ninja CPA review: you must put a zero in the debt/credit side that is unused. Should I be doing that for the SIMS on the exam?
EX:
DR CR
A/D 0 -100
Depre 100 0Or should I answer it the old fashion way
A/D -100
Depre 100Im just so confused when it comes to the SIMS for FAR..just tell me what you want me to do CPA GOD
December 2, 2015 at 9:20 pm #745934marjorikaParticipantHello!
I wanted to see if anyone has developed a good tactics of memorizing a structured bulk of information they could share.
My FAR's scheduled in a month, and while I'm doing fine with any calculation-based problems, things like NFP, Gvrmt acct and anything I can't picture in my mind or rationalize – don't hold in my memory for too long. As soon as I switch to a different topic – they're gone 🙂 I'm self-studying using Becker, and using their mnemonics and acronyms, but that does not always help.
Anyone has a good tip on memorizing AND retrieving information at the right moment? 🙂Thank you!
FAR - 75
REG -77
AUD - 6/10/2016
BEC - 79December 2, 2015 at 9:22 pm #745935ruggercpa2bParticipant@Tut on exam day the question will tell you if you need to either enter a zero or enter the numbers as negative.
AUD - 1/6/18
FAR - TBD
REG - TBD
BEC - TBDAUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBDI am so ready for this nightmare to be over. Been at this way too long.
December 2, 2015 at 10:30 pm #745936AnonymousInactive@majorika — I used Becker self study and had the same problem. Nothing from Govt or NFP seemed to stick. The short Blitz video I watched on the topic really concisely put it all together for me. Jeff's tips were easier to remember and understand and he really eliminated a lot of the unimportant stuff. On my last attempt at FAR, Govt was heavily tested, so you definitely don't just want to skip over them.
December 2, 2015 at 11:12 pm #745937topenga87ParticipantHi there! Just started studying for FAR today! eek!
I studied 4 years ago and haven't really studied since, wish me luck!
Started studying in 2010, life got in the way majorly.
Starting over Dec 2015
FAR
AUD
REG
BEC 6/7/16 - 67 Retaking on 9/7December 2, 2015 at 11:33 pm #745938seattle_ninjaParticipantHello all,
I just signed up for this forum and looking forward to contribute and learn, and this is my very first post so I apologize for the long post.
A little bit about my CPA journey, I got a BA in Sociology but eventually years later I went back to school to get enough Accounting and business credits to take the CPA exam. I took my first exam REG in May and from the horror stories I read I basically studied like crazy, mainly going over Ninja MCQs, and Fast Forward Academy, which I wouldn't recommend getting both since the MCQ's were the same. I also had Ninja Audio and Flashcards. Anyways, after taking REG, I thought for sure I failed especially the SIM section where I didn't even get the research question right. I got a 78 and was in complete shock I passed, I was in tears 🙂
However passing my first exam was bad in a way in that it didn't give me a sense of urgency since I thought I was going to need to retake REG anyways. For a variety of reasons I pushed my second section back until this past Monday. I took AUD, and since I didn't major in Accounting, I never even took an Audit class before so it was a real struggle to even start. I used Fast Forward Academy, and I ended up buying Ninja MCQ because of access to Blitz promo, and I had Ninja Audio and Notes. I think some resources that helped me a lot were youtube videos by Amanda Loves to Audit, which explained it well. I ended up getting really behind on my studying and just crammed like crazy the week prior, I went into the test feeling very unprepared, but as I took the test, I felt better than after I took my REG exam, and I'm 99% sure I got the research SIM right. But I also heard when you think you did ok you probably failed, so just hoping for the best!
So now, I'm at my FAR exam, I plan to use Fast Forward Academy because I bought all 4 sections with them. I'm not going to buy Ninja products this time since money is tight and like I said I think Ninja MCQ and FF MCQ is the same. I do have Ninja flashcards though which I'll use. I'm also going to find other ways to study, hopefully good youtube videos like I found for Audit. If any of you know good study material I can find online, I'm all ears!
I'm scheduled to take my FAR exam 2/3/16 giving myself 2 months to really study, and I know I'm going to need extra motivation and support to get through this.
If you read this far, thank you and I hope we all pass!!!
December 3, 2015 at 3:42 am #745939AnonymousInactiveI started studying for this last week and I am struggling a lot! This is my last exam and I dont know if I am running out of energy or the material really is super tough. I am coming back from AUD where it was all conceptual and these number questions are killing me! Please someone tell me that I am not alone struggling..
December 3, 2015 at 11:08 am #745940RashmiRaghuMemberHi, I will be taking FAR on 4th Jan 2016 as my first ever attempt on my first ever CPA exam. Would anyone know how important is intercompany transactions topic?
December 3, 2015 at 12:38 pm #745941LarryParticipant@akduran, you are not alone. Many of us struggle during our time in studying for FAR. This section is definitely a beast of a monster.
AUD - 83
BEC - 76
FAR - 78
REG - 82Licensed in FloridaREG - 82
FAR - 78
BEC - 76
AUD - 8/27/16December 3, 2015 at 12:40 pm #745942LarryParticipant@Aguspesci, we are definitely praying. I hope you pass and be done with your journey. I am praying for a nice gift from santa to see a passing score so I can start to enjoying the wedding process as I am getting married in January.
AUD - 83
BEC - 76
FAR - 78
REG - 82Licensed in FloridaREG - 82
FAR - 78
BEC - 76
AUD - 8/27/16December 3, 2015 at 2:02 pm #745943sarah40460ParticipantHello, all. I will be joining you for FAR assuming I find out I passed AUD next Wednesday.
The waiting for score release is as hard (if not harder) than studying for the exam. Ugh.
AUD - 95
BEC - 90
FAR - 88
REG - 89Illinois CPA!AUD: 95 (11/2015)
FAR: 88 (02/2016)
REG: 89 (06/2016)
BEC: 90 (07/2016)
Ethics: 93I'm never studying for anything ever again!
December 3, 2015 at 2:22 pm #745944AnonymousInactive@Papogator, Thank you! They said the power of prayer sometimes can make a miracle happen! I've been trying to get the test out of my head but I can't not think of anything else.
Enjoy your wedding time!!! I've been praying for of all us in this journey!
December 3, 2015 at 3:33 pm #745945BroagParticipantA company enters into a three-year operating lease agreement effective January 1, year 1. The amounts due on the first day of each year are $25,000 in year 1, $30,000 in year 2, and $35,000 in year 3. What amount, if any, is the related liability on the first day of year 2?
a.
$60,000
b.
$0
c.
$5,000
d.
$65,000
Explanation
Choice “c” is correct. Operating lease expense must be recorded equally over the life of the lease. The average annual lease amount is $30,000 per year, or $2,500 per month. In year 1, the lease would be accounted for as follows:
Beginning of Year 1:
Debit (Dr) Credit (Cr)
Prepaid rent $ 25,000
Cash $ 25,000
Monthly AJE's for first 10 months:
Debit (Dr) Credit (Cr)
Rent Expense $ 2,500
Prepaid rent $ 2,500
Monthly AJE's for final 2 months:
Debit (Dr) Credit (Cr)
Rent Expense $ 2,500
Rent payable $ 2,500
After recording monthly AJE's for both November and December, our rent payable is $5,000 by 1/1/Y2.Why do you create a liability in the final two months? Why do the JE's change in November? I'm just not connecting the dots on this one. Thanks in advance!
REG - 79
FAR - ?
AUD - ?
BEC - ? -
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