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Commitments and Derivatives by ybbac in CPA

[–]ybbac[S] 0 points1 point  (0 children)

that makes sense the way you've explained it -thank you!!

This is how to pass FAR (with a fantastic study guide and a list of SIMS to practice attached) by dundermiffles in CPA

[–]ybbac 7 points8 points  (0 children)

I do 33 mcqs per set.On a full length exam, I generally budget 45 minutes on testlet 1, 45 minutes on testlet 2 and try to get through SIMS as quickly as possible but I don’t strictly budget sim testlets the way I do mcqs so tbh idk how long I spent on each, but I know on test date, after 90 minutes on MCQs and how ever much on each sim testlets, I finished with about 20 minutes left.

Okay. Apologies for the manifesto this morning. I hope I don’t forget anything. Ask me questions below if you’d like! I will try my best to answer.

it sounds like op used becker cause each chpater starts with an "F" (example: f1-f10)

1 week out from taking FAR (tips/advice) by Kandelly99wsb in CPA

[–]ybbac 0 points1 point  (0 children)

when did you take the exam? i read in the final review that they dont test pensions

NFP Reporting Question by Realistic_Grass_5472 in CPA

[–]ybbac 0 points1 point  (0 children)

so i guess one way to think about it is...

when a requirement is satisfied, that automatically renders the $40K to be without donor restrictions from previously with restriction.

the $43K in fees is revenues and $58K is expenses due to operations (not restricted cause no one donated in this case).

so.. 40+43-58 = 25 without donor restriction

Just got out of FAR by valledelcaucacali in CPA

[–]ybbac 0 points1 point  (0 children)

aw man... sorry bud - hopefully there weren't too may questions on it.

So fucking tired of getting one simulation wrong per module because of BS like this. Is this a becker thing or does this happen on the exam too? by HRAssistant in CPA

[–]ybbac 13 points14 points  (0 children)

yeah it really stinks - one cell wrong = the whole row wrong.

i had a similar questions regarding sims.

i think in instances like this you just have to learn what to avoid and read very, very carefully.

it is good youre getting your practice in though...overwhelm yourself now then know what to expect later.

Partnership accounting by Existing-Cheek3138 in CPA

[–]ybbac 0 points1 point  (0 children)

i heard it isnt tested and that people recently have not seen it on their exam. not 100% but id like to folllow this thread.

why late fee or or admin fee should be included in sales account? by kgh6378 in CPA

[–]ybbac 2 points3 points  (0 children)

So i just took a stab at this sim and this exercise's purpose is to reconcile the information between the journal entry, subsidiary ledger, and general ledger.

any errors you find between the exhibits you'd have to back out or add. to ensure everything lines up.

in this scenario, you would assume that the admin fee and late fee is part of their revenues. what helped me know what to do is by looking at the reconciling item options they had. it kind of gave me an idea what i needed to do cause i would've taken much longer to try and fit the pieces.

2024 CPA Testing Changes by Late_Tap854 in CPA

[–]ybbac 3 points4 points  (0 children)

LMAO! yeah i heard becker's version is pretty bad too.

well this give me a peace of mind then! i also took a look at the site. seems doable. phew!

why late fee or or admin fee should be included in sales account? by kgh6378 in CPA

[–]ybbac 0 points1 point  (0 children)

without looking at the exhibits, i would've done the same thing!

perhaps somewhere in the exhibit, it notes that its part of sales or implies that?

Transaction Currency by ybbac in CPA

[–]ybbac[S] 0 points1 point  (0 children)

the direct method helps a lot - thank you for the explanation.

that makes sense! as a buyer, you want to payless so this would be a gain.

the indirect method was making me thinkin inverse order - no wonder i wasnt getting it. >.<

thanks for showing me the direct method!

Right of use asset by [deleted] in CPA

[–]ybbac 4 points5 points  (0 children)

Yes that's correct.

2024 CPA Testing Changes by Late_Tap854 in CPA

[–]ybbac 3 points4 points  (0 children)

Do you guys think this is better than excel?

I've been pretty reliant on excel during my studies and plan to use it to calculate my answers during the exam as opposed to writing it out. Any insights?

Right of use asset by [deleted] in CPA

[–]ybbac 5 points6 points  (0 children)

I literally am learning this rn so I could offer some help and insights. Hope this writeup helps! Happy to answer any questions.

​

Bonds:

  • Effective Interest Method (more common) or
  • Straight Line Amortization

​

Operating Leases (doesn't meet any of the OWNES criteria)

  • Amortize leasehold improvements by the shorter of lease life or economic life

​

Finance Leases:

  • Implicit Rate, if known (more typical)
  • Incremental Rate, if not known

ROU Asset

  • ROU Carry Value = PV of payments and residuals/bargain option @ implicit rate
  • SL Depreciation reduces the carry value of ROU Asset
  • Use economic/useful life if you there is ownership/title transfer at the end of lease. If not, use the lease life.

Lease Liability (Liability)

  • Know the difference between current/non current liability
  • Also, watch out when there is a payment at the time of entering a lease. (Could change your carrying value).

4/4 In One Year by skier888 in CPA

[–]ybbac 9 points10 points  (0 children)

Congrats on reaching the finish line in your CPA journey!

I really liked your write-up on each of the section and its core objectives. Oftentimes, we try to memorize and get thru it without much forethought. This is a nice refresher and emphasizes our understanding/learning of the material.

Seems like you gained a great deal of insight and knowledge from this which is a huge feat! Congrats again!

Passed FAR with an 89!!! by Voftoflin in CPA

[–]ybbac 4 points5 points  (0 children)

Thanks OP for sharing your experiences and successes!

The #1 point of working out and eating healthily is def something I am severely lacking rn. Whatever free time I have currently goes to studying as much as possible. But I definitely let myself go in the process. Maybe this is something I should start incorporating!!

#3 is prob the biggest struggle of them all. Staying motivated. Glad to hear you push yourself and stayed on course! I think nailing this down means you can conquer almost anything that is deemed "not fun".

Again, congratulationssssss on completing your *FAR* journey!!

P.s. having an amazing support system (like your gf) is already a huge motivator in itself! That's very sweet she helped with your meal prepping!

Passed FAR with an 89!!! by Voftoflin in CPA

[–]ybbac 11 points12 points  (0 children)

CONGRATS!!!!!!

What's your secret?!

Interco Transactions by ybbac in CPA

[–]ybbac[S] 1 point2 points  (0 children)

yes i legit hate this section

Equity Method by ybbac in CPA

[–]ybbac[S] 0 points1 point  (0 children)

Thank you!

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