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I'm planning to take mine in August too. FAR and BEC.

Hi Ankita & Oliva...welcome to the study group!  How far along are you on the exam??

A bit slow, but still going. :) I'm halfway through FAR and will be reviewing through flashcards and MCQs. 

I am taking FAR in late August.  I need to get my study motivation back.

2 things I use for motivation:

http://www.cpareviewforfree.com/

http://habitrpg.com

(The latter can seem distracting at first, but I found it helpful once I got into it.)

That's cool you found an app that works for you - whatever it takes Olivia!  ;-)

@Ankita - most profiles have the state the members are from.  This is an online study group so we don't do any real life study buddy match-ups here.  



Ankita Jain said:

Hello Friends,

I plan to give CPA exam in august. Anyone else?

I am planning on taking FAR in late August.  It is a struggle getting people to understand that I REALLY need quiet time when trying to study.  I am not one who can read the material once and get it the first time through.  I need quiet time to be able to focus.  Anyone else struggling with this?

I am taking FAR on the 29 of July. I am finishing up chapter five, 5 more to go and review. I could not understand Dollar Value LIFO... no clue.

@Mary Ellen - That is a huge challenge.  Have you tried going someplace else to study?

@Wali - I just helped one of my members with dollar value LIFO.  Below is part of that discussion.  I hope it helps!

Inventory accounting can be a tricky area.  LIFO can be especially
tricky if you are trying to learn it from someone who has never
dealt with a LIFO calculation in real-life before.

Try having someone explain LIFO when he or she has never sorted
through an inventory spreadsheet that has LIFO layers dating back
to 1954...it just doesn't work.

Here's the gist -

LIFO is last-in, first-out.  That means the newest stuff you bought
is assumed to be the first stuff you sell.  So, if you never sell
out of inventory, you will always have old stuff sitting in your
inventory system.

Now, it is important to remember this is not physically old...it is
just old from an accounting perspective.

For instance, if you bought 100 units in 2011, 300 units in 2012
and 250 units in 2013 and you sold 400 units during 2014, your LIFO
inventory system would show that you sold 250 units from 2013 and
150 units from 2012.

This leaves you with 100 units from 2011 and 150 units from 2012.
Does this mean that you physically have units that are 2-3 years
old sitting on your shelf?  No, but your accounting system shows it
that way.

Imagine you own a company that has been in business for 50 years
and you are on LIFO.  You may very well have inventory from just
about all 50 years sitting in your accounting system!

Now, let's think about how those units have to show up.  We
have to record inventory at the lower of cost or market.  We'll
leave market out of the discussion for now because cost is the
default valuation for inventory.

How do we track inventory cost by year going back 50 years?  For
every item that we sell, do we have to have each item listed 50
times (once for each year) to get the right cost?

If we did, that would be a tracking nightmare.  LIFO is a
nightmare, but a slightly less scary one because we can use
dollar-value LIFO.  Dollar-value LIFO eliminates the need for us to
track inventory on a unit-by-unit basis for all years in inventory
and just allows us to track inventory in big pools by year and
apply a cost index to those pools.

This is one of the rare areas where the accounting rules give us
some relief from complex requirements.

Awesome, thanks Rob!

Yes Mary

I have the same situation, I am struggling with F-7, using Becker and still three more chapters to go. I have postponed my exam until the first week of Oct. I think, its better to be confident with the preparation rather than struggling>

Are you using Becker's material too? If you are using the same, then I would like to ask few questions about certain areas.
 
Mary Ellen Smith said:

I am planning on taking FAR in late August.  It is a struggle getting people to understand that I REALLY need quiet time when trying to study.  I am not one who can read the material once and get it the first time through.  I need quiet time to be able to focus.  Anyone else struggling with this?

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