I finally sat for FAR earlier this year after failing with a 58 in Nov. This second time around I received a 70. I am now in the midst of a graduate program, and I work full time. Is it possible for me to still study and pass the CPA exam while working full time and being in a part-time graduate program? I would like to keep going, but I'm not sure if I should. Has anyone ever done this successfully, and/or know if anyone else has? If I wait until after my grad program is over, I won't sit until 2018. I really would prefer to not wait until then, especially since the FAR material is still pretty fresh. Can someone please provide some advice/direction? I would greatly appreciate it. Thank you!
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Sittingforexam on "Please advise! Not sure what to do..."
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nach0girl on "new to another71"
hello! i have recently started my journey in my CPA studying! & i just wanted to say that these study groups "stickys' are quite amazing and the community on here is quite cool.
good luck with everyone!
i did have a question though, how early do we need to actually sign up for the exams? i see a lot of people have already signed up for like september and onwards... i already got my application through, but i'm worried if i sign up for it already i won't be ready for it by the time comes.
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yy612 on "Just took BEC"
Just took my second BEC exam this morning. I think MC went from Medium - Difficult - Difficult. As for WC, I did write what I thought was right, but English isn't my first language and I don't think I did very well...
Now I have to wait till 8/4...... already going crazy thinking about the result....
I hate, hate, and hate for waiting for the score....
Ugh...
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Nguyen on "Pass CPA exam but find no job"
Hi everyone
I would like to ask for advise on how to ace a job in mid-size to large public accounting firm. Actually, my target is national CPA firm. I passed 3 CPA exam and had a Master Degree. I have 1 year experience in private company (just staff accountant position) and 7 months experience in small CPA office. I just worked part time to use my time to study for CPA exam. Now I am ready to take the full time job but I have no luck in getting an interview even though I have sent a lot of resume. I have no network. I am living in Orance County, CA. Is it difficult to find a public accounting job in OC? I am thinking to apply for a job in different location such as San Jose or San Francisco. After sending a few resume, I still get no responses. Now I have a doubt on whether a CPA can help me to get a job. Please advise. Thanks
FAR: Passed (4/2016)
BEC: Pass (5/2016)
AUD: Pass (6/2016)
REG: 7/2016
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mehrong on "Discrepancies in Accounting Records vs. Conflicting or Missing Evidential Matter"
I just had this question:
Which of the following is an example of discrepancies in accounting records that could be used to assess the risk of material misstatement due to fraud?
A.
Inconsistent, vague, or implausible responses from management or employees arising from inquiries or analytical procedures
B.
Evidence of employees' access to systems and records inconsistent with that necessary to perform their authorized duties
C.
Unusual discrepancies between the entity's records and confirmation replies
D.
Unavailable or missing electronic evidence, inconsistent with the entity's record retention practices or policies
The answer is B
Can someone explain the difference? I looked it up once but it just lists out examples which includes B.
C literally has "discrepancies" in it but is actually a conflicting or missing evidential matter.
audit is so confusing...
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FutureCPAuhNY on "Percentage of Completion"
Simulation f2
Stoney Run Construction Company (U.S. GAAP) enters into a 3-year contract to build a new warehouse facility. Information for Years 1, 2, and 3 is shown below:
Year 1 Year 2 Year 3
Sale price $2,800,000 $2,800,000 $2,800,000
Estimated costs 1,600,000 2,000,000 2,000,000
Costs incurred to date (paid in cash) 400,000 900,000 2,000,000
Billed to date 250,000 1,150,000 2,800,000
Received in cash to date 190,000 950,000 2,800,000
The first part of the simulation asks for gross profit booked year one. The solution is estimated profit ( sale price 2800000 - estimated costs 1600000)= 1200000
Next percentage of completion is ( cost to date 400000/ estimated costs 16000000)= 25%
25% times 1200000= 300000
Why wouldn't I use estimated TOTAL cost as I did with literally every multiple choice question in Becker f2. it should be 2800000-1600000-400000= 800000n then 400000/2000000= 20% answer should be 160000.
I cannot figure this out for the life of me.
I feel like the sims throw curves balls that I have never seen before.
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Bear-Bear on "Halfway to score release and freaking out!"
I managed to put REG out of my mind for over two weeks since I took it..but now I'm starting to freak out waiting for August 4th. I'm expecting to fail, but hoping desperately for that 75. Anybody else awash in anxiety?
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theunexperienced on "BEC: Am I ready? (NINJA MCQ stats)"
My next (and hopefully last) test is tomorrow morning. I wrapped up my studies today by reading Roger's book from cover to cover. Based on these NINJA MCQ stats, am I ready?
Corporate Governance 90% avg, 96% trending
Economic Concepts 72% avg, 97% trend
Financial Management 69% avg, 83% trend
Info Systems and Comm 76% avg, 92% trend
Strategic Planning 67% avg, 80% trend
Operations Mgmt 67% avg, 86% trend
3101 mcq attempts, 76 hrs, 72% avg, 89% trend
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CantStopWontStop on "Video Interview via Take the Interview"
Hey everyone,
I applied for an American multi-national company and surprisingly I didn't get rejected. The next step they want is something I've never experienced before: a video interview. They wrote, "This video interview is your time to tell us who you are beyond the resume. This gives us a chance to introduce you to the right people, and get back to you quicker.
This process should take about 15 minutes to complete and will require a webcam and microphone."
"Please note that this is the next step in the process of your application to this role. The decision to move forward with your candidacy, either a phone screen or face to face interview will be based on the Hiring Manager and their needs after reviewing your Video Interview."
This will be done through a Take The Interview link. It doesn't give a time period when it should be done by but I'm assuming the sooner the better. Anyone familiar with this process? Seems like I won't be speaking to an actual person correct? Possible questions they might? Very silly question but I should be in dress shirt and tie? Guessing the pants part won't matter.
Thanks in advance.
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Tee L on "Ratio memory"
hey.. do anyone know a method to remember and learn ratios??
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CPAsweetness on "First Time Poster (BEC Formulas)"
So, I have been lurking on this forum for over a year now and I wanted to shout out.
I recently passed my first section of AUD. I am taking BEC next. I have to say that I don't think I would have passed AUD if it wasn't for this forum.
Since I recently started BEC, I noticed there are soooo many formulas. So, I typed out a lot of them, and I wanted to share my list with you. It's going to be quite long, but if copied and pasted to a to a source document, it shouldn't be as scary. Hey. Feel free to add if I missed one you think is important.
APR (annual percentage return) = Effective Interest Rate * # of periods in year
Asset turnover = Sales / Total Assets
Breakeven Point in terms of units = fixed costs / Contribution Margin
Breakeven Point in terms of dollars = fixed costs / contribution margin ratio
Cash conversion cycle = inventory conversion period + receivables collection period - payables deferrable period
Current ratio = current assets / current liabilities
Contribution Margin = revenue – variable costs
or = sales – variable costs
Cost of Goods Sold = Beg. Inventory + Inv. Purchases – End. Inventory
Dividend Payout Ratio = cash dividend per share / Earnings per share
Economic Value Added = net operating profit after taxes (NOPAT) – cost of financing
Effective Interest Rate = (principle * rate * time) / principle
Gross Margin = revenue – cost of goods sold (or gross profit)
Inventory conversion period = Average Inventory / Cost of sales per day
Average inventory = (Beginning inventory + Ending inventory) / 2
Make sure to use 365 days per year unless stated otherwise
Inventory Turnover = cost of goods sold / average inventory
Marginal propensity to consume = change in spending / change in disposable income
Marginal propensity to save = change in savings / change in income
Number of Days Sales in Inventory = # of days in year (usually 365 or 360) / Inventory Turnover
• Quick Ratio = Quick assets (cash, marketable securities, and A/R) / current liabilities
• Residual Income (RI) = operating profit – interest on investment (or required rate of return)
• Times interest Earned Ratio = earnings before interest and taxes / interest expense
• Total costs = fixed costs + variable costs or y = mx + b, where m = slope, x = variable value, and b = y intercept
• Variances – plug in the corresponding units:
• Labor Efficiency – SR * (SH – AH). Actual Quantity Purchased/Consumed *(standard price per unit – actual price per unit)
• Labor Rate – AH * (SR – AR). Standard price per unit * (standard quantity used – actual quantity used)
• Material Price – AQ * (SP – AP). Actual Quantity Purchased/Consumed *(standard price per unit – actual price per unit)
• Material Efficiency – SP * (SQ – AQ). Standard price per unit * (standard quantity used – actual quantity used)
• Fixed overhead spending – (budgeted-standard fixed overhead to incur – actual fixed overhead incurred)
• Fixed overhead volume – (budgeted-standard fixed overhead to incur – ((actual production * standard labor hours)*(budgeted-standard fixed overhead to incur/budgeted labor hours))
• Weighted Average Cost of Capital = [(cost of capital A / Total Amount)(rate of cost)(1-Tax Rate)] + [(cost of capital B / Total cost amount)(rate of cost)]
• Work in process = Direct Material used + Direct Labor + Manufacturing Overhead
• Average accounts receivable = (Beg. A/R + End. A/R) / 2
• Average accounts receivable collection period = sales on credit / average accounts receivable
• Average total assets = (Beginning total assets + Ending total assets) / 2
• Book value per share = common stock equity / common stock shares outstanding
• Common stockholders’ equity = stockholders’ equity – preferred stock liquidation value
• Contribution Margin Ratio = (sales – variable costs) / sales
• Cost of financing= (Total assets – current liabilities) * Weighted average cost of capital
• Cross-Elasticity = % change in demand for certain product A / % change in price of certain product B.
• Debt to equity = Total debt / total equity
• Debt to total assets = total liabilities / total assets
• Discounted Payback Period = multiply by Present Value factor until initial invested amount reached. Disregard salvage value
• Fixed asset turnover = sales / average net fixed assets
• Gross Profit = revenue – cost of goods sold
• Income Elasticity = % change in quantity demanded / % change in income
• Internal Rate of Return = Initial Investment + Cash Flow in Period n/ (1 + Discount Rate) to the nth power (# of periods).
• Marginal utility = change in total utility / change in quantity
• Market/Book Ratio = common stock price per share (or market value)/ book value per share
• Market Capitalization = Common stock price per share * common stock shares outstanding
• Operating leverage= % change in operating income / % change in unit volume
• Operating Profit Margin = Operating profit / net sales
• Preferred Stock Valuation – dividend per share / required rate of return
• Price/Earning (PE) Ratio = common stock price per share / Earning per share
• Profitability Index = project net present value / cost of project
• Receivables Collection Period = Average Accounts Receivable / Credit Sales per day
• Receivable Turnover = Net credit sales / average accounts receivable
• Reorder Point= delivery time of stock + safety stock or could be stated as = average daily demand * average lead time
• Return on Assets (ROA) = net income / average total assets
• Return on Equity (ROE) = net income / Average common stockholders’ equity
• Return on Investment (ROI) = Net Income / Total Assets
• Return on sales (ROS) = net income / Sales
• Safety Stock= (Max. Daily demand * Max. Lead time) – reorder point
• Total asset turnover = sales / average total assets
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gonatsyay on "Becker final exams destroying confidence..."
Hey guys,
I've been studying with Becker since that's what my firm is sponsoring.
I start working in September so since graduating in May, I've been studying full-time.
I studied AUD first right after graduation and took it in June.
Back then, my Becker AUD final scores were around 85, and I ended up with a 93 on the actual exam.
But, FAR has been making me doubt myself in so many ways (with some mental breakdowns and random screaming).
My FAR exam is on Tuesday, and my Becker final exam scores are only like 68, despite studying for over five weeks full-time.
This is killing my confidence, since I've become pretty comfortable with the materials, but some of the questions are like.. where are you coming from?
Anyways, I see that people end up with a higher score on their actual scores than their practice exams, but does anyone have an experience like me??
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tpeters321 on "Advice on Failures and Retakes"
Hello!
I was wondering if I could get advice on what my next step should be. I just got back my score for BEC and received a 74. I took FAR again for the second time in May and got a 73. It is really frustrating to be so close to passing twice but still not close enough. I really want to quit honetly but since I am so close I feel like should keep on trying. I am restudying for FAR again however I already purchased REG and AUD. They both expire in Oct. Would you suggest continuing studying for FAR and then move on to BEC or switch over to REG and AUD since I already paid for those test? By the way I am using Roger as my review course. Thank you!
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rzrbkfaith on "REG - Basis Summaries to Help with Studying"
Okay, I have seen several people asking for a summary of basis for REG, so as part of my final review, I thought I would post some of my notes. I will post them periodically today and tomorrow.
Shareholder Initial Basis:
Adj basis of prop transferred (including cash)
+ FMV of services
+ Gain recognized by shareholder
- Cash received
- Liabilities assumed by corp
- FMV of nonmoney boot received (i.e. bonds/debt securities)
= Basis of Common Stock
Note: A contribution of 80% must be made to qualify for a non-taxable transaction
Taxable transaction - Property transferred at FMV
Services do NOT count towards the 80% contribution
Initial Basis - Corporation
The greater of shareholder's basis in property (NBV + gain recognized) or debt assumed
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cpatax on "Want to learn CorpTax softare"
Hi, I want to learn how to use CorpTAx software, does anyone know some online sites which I can use. Suggestions for popular tax softwares are welcome.
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johnmba on "Would you rather have a CPA or MST?"
Assuming that you were to work in TAX your whole career and NOT AUDIT,
which would you prefer working towards?
Passing the CPA Exam OR
graduating with a Master's in Taxation?
Why?
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hannahFletcher16 on "FAR"
Hey guys,
So I am starting to study for FAR and there is a lot of information. A lot of smaller details as well. Anyway, from experience what would you guys say is the most important to commit to memory? Also, how did you guys go about learning this stuff. So far, I am watching lectures and doing homework. I feel the lectures go really fast so I have to pause a lot to think about it.
I would love any FAR advice from my fellow CPA friends!!
Thanks guys
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JakeISU16 on "Becker AUD"
Is Becker lectures and MCQ enough for audit. I do really well on the multiple choice but feel like so much is skipped in the lecture. Are the fine details something to worry about?
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julnk92 on "BEC Exam"
B1-B3 are primarily computations. But those of you who have taken BEC, did you find the conceptual stuff from B1-B3 also prevalent in the exam? In other words, I'm curious as to how important the B1-B3 concepts, rather than computations, are.
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728daniel on "Just took BEC..."
I couldn't really tell how the testlets difficulty progressed since I flagged about 4 each on the first 2 testlets. The last testlet although with some definition based questions, It was the most flagged one. Hence I don't know how the difficulty progressed. Could a testlet have some easy definition questions, yet be labeled as hard? I ended up having to guess, complete random guess, on about 5 of them.
The test I think was spread among all area equally. Had a bunch of COSO, IT, calculations. Some calculations made me go HUH?? Perhaps it was due to my English that I didn't even understand what was being asked. Exams like this always made me think not only am I getting tested on the content itself, but also English.
Oh yeah...and the sims. one of the sims was really out of the left field since it related more to FAR. The other two, although they were BEC stuff, I thought they were areas that are least-focused on in Becker. However I managed to put some stuff down though I am not sure what I wrote. All three sims had intro, body, and a conclusion at least....
Honestly I thought I did well in both Becker practice exam (1st score was in the 90's and 2nd was in the 80's). I honestly think it could go either way with this actual exam. I just have no idea.
Now the waiting beginssss.....Going to recharge for a couple of days then on to REGGGG...
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