The CPA Exam basics. One of the first steps to becoming a licensed CPA is passing all four parts of the Uniform CPA Exam. Administered by the AICPA®, the CPA Exam is a computer-based test comprised of four sections testing the minimum knowledge and skills required of a CPA. Mar 09, 2015 CPA CMA CFA ® charter CIA ® CDMP CDSP CDMS-Strategy CDMS-Search CDMS-Social CertIFR Contact Center Morgan International Offshore: Lazarieh Building, Bloc 01 - 7th Floor Beirut Central District Lebanon + 961 1 999 211 [email protected].
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Becker CPA Review is a very popular review course for a reason. They’re currently the best option for students wanting to become a CPA. By offering a premium educational program with manifold study materials, it will provide you with a thorough study plan and a clear path toward a rewarding career. https://gqudwgh.weebly.com/blog/open-instagram-app-on-mac.
What’s especially impressive about Becker CPA Review is that it’s one of the only CPA exam review companies that offer live classes. This premium course is extremely comprehensive and has all sorts of tools that will prepare you for this notorious exam.
PROS
1. Excellent Material
The Becker course notes are thorough and provide all the information you could possibly need to know. Furthermore, your course comes with concise concepts, cutting down the information to what is actually tested on the exams.
Your Becker CPA Review course comes with two full practice exams for each section, more than 8,100+ multiple choice questions, and 530+ task-based simulations. Much of the learning material is interconnected, with answer descriptions for these practice questions providing direct links to sections in their lectures and eBooks. There’s even 150 hours of instruction from CPAs, attorneys, and exam experts that focus on helping you understand accounting concepts that you will encounter on the CPA exam.
2. Builds on Basic Knowledge
Becker does an excellent job at building on your existing accounting knowledge. That is why Becker is a great CPA exam prep course for students that are just coming out of college and need basic knowledge for most of the material.
If you need a lot of in-depth explanations and don’t have a solid knowledge foundation, then you can utilize Becker’s unlimited academic support tool. As a newly graduated student, this is an excellent CPA review course option for you.
3. Supplemental FAR Material
FAR is known as the hardest section to pass on the CPA exam. If you already know that you are going to need some extra help, Becker could be the course for you. You can purchase supplemental FAR study material, including video lectures and mock exams, to help you feel more confident to pass the upcoming exam.
Additionally, Becker’s updated their curriculum to include their once-premium flashcards for free with Advantage subscribers. As for their final review materials, these are now free with Premium or Pro subscriptions!
4. Online Functionality
Becker’s multimedia online format gives you some freedom to study at your own pace without deadlines. This is a nice option if you are still in school or busy with a full-time job.
Its Study Roadmap and Study Planner are tools that can help you along the way if you’re in these situations; it shows you exactly what to study and how much time to spend on each topic. Furthermore, the Study Planner helps you to create a customized study plan based on your schedule and study habits.
5. Live Courses (Online and In-Person)
Becker is one of the only CPA review courses that also offers Live courses. This may not be a big deal if you prefer learning online, but it’s nice to have the option if you prefer an in-person study plan.
On that note, if you want a live classroom experience without leaving the comfort of your home, you can choose the Live Online CPA Review Course with Becker. These courses are made to give you guidance wherever you chose to study.
But here’s the icing on the cake:
One of Becker CPA Review’s most recent updates is the addition of 5 academic tutoring sessions for all Pro subscribers. These live video sessions allow students to consult with Becker’s highly qualified instructors one-on-one via Webex.
6. Financing
It’s true that Becker CPA Review is one of the highest-priced CPA prep courses on the market (more on that later). However, they’ve made some recent changes to remedy this issue. With three revamped course tiers, students with tighter study budgets can enroll in their Advantage course for self-study or their Premium course for additional materials. Best of all, Becker has 0% interest financing options for those that need it, meaning even Pro subscriptions can be reasonably paid for!
CONS
1. No Audio Courses
Becker has three main ways for you to study: Self-Study, Live Online Classes, and Live Classes. This should only be an issue for a small portion of students who appreciate learning through audio recordings of lectures. If you are one of these individuals who appreciates listening to educational content while commuting or exercising, you will want to look into additional learning material or seek a different course entirely.
My Suggestion
I would suggest Becker’s online review course as the first choice for all CPA students. This course will certainly give you everything you need and more to pass the CPA exam. With Becker’s history, popularity, and excellent reputation, you will know that you are in good hands for passing the CPA Exam.
So… Are you ready to start studying?
Becker CPA Course Summary
Becker CPA Facts | Strengths |
---|---|
1. | Excellent Study Materials |
2. | Financing Options |
3. | Intuitive Mobile App |
4. | Clearly Structured Format |
5. | Great Supplemental Material |
Becker CPA Coupon Codes & Discounts
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****Updated October 16, 2019 – we’ve updated the FAR CPA exam sample questions to take into account the new lease distinctions.
FAR CPA Exam Practice Questions
Here are 12 FAR CPA exam practice questions with detailed answers that are similar to the type of questions you can find our FAR sample exams. We offer almost 500 FAR questions that can help you improve your FAR CPA score.
1. Drillfast is a drilling corporation with operations at oil rigs around the world. For the 2014 annual report, which business segment should be reported as an operating segment?
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A. South American segment, which contributes 8% of total revenues, 5% of profits and accounts for 9% of assets. South American operating manager reports to the chief operating officer.
B. African segment, which contributes 9% of the company’s assets, 16% of total revenues, and 18% of profits. The African operating manager reports to the British operating manager.
C. Australian segment, which contributes 10% of total revenues, 2% of assets, and 4% of profits. The Australian manager reports to the chief operating officer.
D. Texas based corporate headquarters
B. African segment, which contributes 9% of the company’s assets, 16% of total revenues, and 18% of profits. The African operating manager reports to the British operating manager.
C. Australian segment, which contributes 10% of total revenues, 2% of assets, and 4% of profits. The Australian manager reports to the chief operating officer.
D. Texas based corporate headquarters
ANSWER: C
The Australian segment has revenue that is greater than 10% of total revenue and local management reports to the chief operating officer. A segment is classified as an operating segment if either revenues, assets or profits are greater than 10% of the company totals and the segment reports to the chief operating decision maker.
2. Brayden Corporation issues bonds On May 1, year 1. The bonds are issued at 102 plus accrued interest, 100 of its 6%, $1,000 bonds. The bonds are dated January 1, year 1. The bonds mature on January 1, year 5. Interest is payable semiannually on January 1 and July 1. Brayden paid the investment bank $7,000 for the bond issue costs. Based on the information above, Brayden would realize net cash receipts from the bond issuance of
ANSWER: A
$100,000 of bonds are issued at 102 plus accrued interest (4 months, from January 1 to May 1) less bond issue costs of $7,000. The cash received for the bonds is 102% of $100,000, or $102,000. The cash received for the accrued interest is $2,000 ($100,000 x 6% x 4/12). Therefore, cash receipts total $97,000 ($102,000 + $2,000 – $7,000).
3. Tristan, Inc. operates a business manufacturing bamboo cell phone cases. He purchased a wood engraving machine in January year 1 for $30,000 and the estimated useful life was 10 years. The engraving machine was being depreciated using the straight-line method and has no salvage value. In year 5, Tristan, impressed with the machine, decides to extend the useful life to 12 years. What amount of depreciation expense should Tristan report in its financial statements for the year ending December 31, year 5?
A. $4,500
B. $2,250
C. $1,800
D. $3,000
B. $2,250
C. $1,800
D. $3,000
ANSWER: B
In previous years, Tristan reported a depreciation expense using the straight-line method and no salvage value. This depreciation expense was $3,000 ($30,000 ÷ 10 years) per year. Therefore, accumulated depreciation at January 1, year 5, was $12,000 ($3,000 × 4 years). The book value at January 1, year 5, is equal to $18,000 ($30,000 cost – $12,000 accumulated depreciation), and the remaining life is 8 years (6 years remaining + 2 years extended life). Therefore, the depreciation expense for year 5 is equal to $2,250 ($18,000 ÷ 8 years).
4. In a statement of cash flows, receipts from the issuance of debt in order to purchase a manufacturing machine should be classified as cash inflows from
Avira mac os x download. A. Capital Investing activities.
B. Operating activities.
C. Financing activities.
D. Investing activities.
B. Operating activities.
C. Financing activities.
D. Investing activities.
ANSWER: C
Receiving cash from issuing stock or spending cash to repurchase shares are categorized as cash flows from financing activities.
5. On January 8, Connor entered into a finance lease with a vendor for equipment. The finance lease for seven years. The equipment had no guaranteed residual value. Under the lease terms, Connor had to pay $400,000 annually on January 8. Anki cosmo mac app.
At the inception of the lease, the present value of an annuity due for seven years was 4.15. What amount should Connor capitalize as leased equipment?
A. $400,000
B. $1,660,000
C. $2,060,000
D. $2,800,000
B. $1,660,000
C. $2,060,000
D. $2,800,000
ANSWER: B
The equipment should be capitalized as the present value of the minimum lease payments. The present value of the minimum lease payments at January 8 is calculated as the present value of the annuity due factor times the payment, or $1,660,000 (4.15 × $400,000).
Part 2: Sample FAR CPA Exam Questions
6. Which of the following is not an accrued expense?
A. A company prepays for Internet services for one month in advance.
B. The lawn maintenance company has completed sprinkler maintenance services yet has not issued an invoice as of yet.
C. You receive delivery of a computer on May 5 and the invoice won’t post until after June 1.
D. The office supply store delivers merchandise and your corporate account is billed. You have 90 days to make the payment.
B. The lawn maintenance company has completed sprinkler maintenance services yet has not issued an invoice as of yet.
C. You receive delivery of a computer on May 5 and the invoice won’t post until after June 1.
D. The office supply store delivers merchandise and your corporate account is billed. You have 90 days to make the payment.
ANSWER: D
An accrued expense is an expense that an entity has already incurred, but for which there is not yet any expenditure documentation in the accounting system. Since the office supply store billed the customer it would not be an accrued expense.
7. As of December 31, year 1, Hunter Company had 100,000 shares of common stock issued and outstanding. In year 2, Hunter issued a 10% stock dividend on July 1. At the end of year 2 there were 30,000 unexercised stock options to purchase shares of common stock at $20 per share. During year 2, the average market price of Hunter’s common stock was $36 per share. Year 2 net income was $860,000. For year 2, what are the diluted earnings per common share?
A. $6.62
B. $6.97
C. $7.81
D. $6.14
B. $6.97
C. $7.81
D. $6.14
ANSWER: B
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Common shares outstanding at the beginning of the year were 100,000. 10,000 shares were issued as a stock dividend. The treasury stock method is used to determine the number of incremental shares in computing diluted earnings per share.
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https://newbaby771.weebly.com/little-flocker-download-for-mac.html. Proceeds from exercise (30,000 shares × $20) $600,000
Shares issued upon exercise 30,000
Less: Treasury shares purchasable ($600,000/$36) 16,667
Incremental shares 13,333
Shares issued upon exercise 30,000
Less: Treasury shares purchasable ($600,000/$36) 16,667
Incremental shares 13,333
The incremental shares of 13,333 are added to the 110,000 shares. Diluted Earnings Per Share = $860,000/123,333 shares = $6.97.
8. A corporation has prepared a 6 % bond with a date of January 1, 2014. However, the bond is delayed and actually sold on February 1. The bond will mature in 5 years and requires interest payments on July 1 and January 1 of each year. The bond was sold to investors at par.
What would the interest payable be credited as on
A. $1500
B. $0
C. $150
D. $900
ANSWER: C
To calculate the interest payable 30,000 x 1/12 x 6% = $150. The journal entries would be to debit cash $30, 150 and credit bonds payable $30,000 and credit interest payable $150.
B. $0
C. $150
D. $900
ANSWER: C
To calculate the interest payable 30,000 x 1/12 x 6% = $150. The journal entries would be to debit cash $30, 150 and credit bonds payable $30,000 and credit interest payable $150.
9. All of the items below are material items. However, which item should be presented in the income statement separately as an extraordinary item?
A. Foreign currency hedging losses.
B. Expropriation of oil field by Venezuelan government.
C. Almond crop failure in California.
D. Goodwill write-off.
B. Expropriation of oil field by Venezuelan government.
C. Almond crop failure in California.
D. Goodwill write-off.
ANSWER: B
Extraordinary items are income statement items that are unusual in nature and infrequent in occurrence. Expropriation would generally be considered unusual and infrequent.
10. Of the following types of funds, which one would account for fixed assets like a “for-profit” organization?
A. Enterprise Fund.
B. General Fund.
C. Internal Service Fund.
D. Investment Trust Fund.
B. General Fund.
C. Internal Service Fund.
D. Investment Trust Fund.
ANSWER: A
An Enterprise Fund capitalizes its fixed assets within the fund. The fixed assets are used in the production of the goods or services provided and sold. For example, an airport charging user fees might be a non-profit but it would have similar accounting to a for-profit organization.
11. A lease contains a bargain purchase option. In determining the lessee’s capitalizable cost at the beginning of the lease term, the payment called for by the bargain purchase option would
A. Be added to the residual value.
B. Not be capitalized
C. Be subtracted at its present value.
D. Be added at its present value.
B. Not be capitalized
C. Be subtracted at its present value.
D. Be added at its present value.
How log out of itunes app on mac. ANSWER: D
When a bargain-purchase option exists, the lessee must increase the present value of the minimum lease payments by the present value of the purchase option price.
Minimum lease payments include the rental payments plus the amount of the bargain purchase option if it exists. The amount to be capitalized is the present value of the minimum lease payments. The present value of the bargain purchase option would be added to the present value of the rental payments.
Photo comparison app mac. 12. Prodigy the fat of the land rar files. The initial amount recorded by a lessee as a liability in a finance lease should:
A. Exceed the present value at the beginning of the lease term of minimum lease payments during the lease term.
B. Exceed the total of the minimum lease payments during the lease term.
C. Not exceed the fair value of the leased property at the inception of the lease.
D. Equal the total of the minimum lease payments during the lease term.
B. Exceed the total of the minimum lease payments during the lease term.
C. Not exceed the fair value of the leased property at the inception of the lease.
D. Equal the total of the minimum lease payments during the lease term.
ANSWER: C
The lessee shall record a finance lease as a debit to an asset account and a credit to a liability account for an amount equal to the present value of the total of the minimum lease payments as of the beginning of the lease term. However, if the amount so determined exceeds the fair value of the leased property at the inception of the lease, the amount recorded as the asset and obligation shall be the fair value of the l
eased property.
More FAR CPA Exam Questions?
If you want to practice more MCQ’s with detailed answers you can find our FAR CPA Exam questions here.
FAR Exam Structure
The FAR CPA exam is a four hour exam that is the most difficult section of the CPA exam. The FAR exam has 66 Multiple Choice questions and 8 different Task Based Simulations.
The FAR multiple choice questions count for 50% of your total score. The SIM section counts for the other 50%.
During the FAR Exam you will take five testlets.
1. 33 question MCQ Testlets
2. 33 question MCQ Testlet
3. Task Base Simulation Testlet with 2 Questions
1. 33 question MCQ Testlets
2. 33 question MCQ Testlet
3. Task Base Simulation Testlet with 2 Questions
***15 minute break
4. Task Based Simulation Testlet with 3 Questions
5. Task Based Simulation Testlet with 3 Questions
5. Task Based Simulation Testlet with 3 Questions
You can go through a full length FAR practice exam with the same user interface as the real exam at the AICPA site.
FAR EXAM CONTENT
The breakdown of content on the far exam is as follows:
25-35% Conceptual Framework, Standard-Setting and Financial Reporting
- Conceptual framework and standard-setting
- General-purpose financial statements: for-profit business entities
- General-purpose financial statements: nongovernmental, not-for-profit entities
- Public company reporting topics
- Financial statements of employee benefit plans
- Special purpose frameworks
30-40% Select Financial Statement Accounts
- Cash and cash equivalents
- Trade receivables
- Inventory
- Property, plant and equipment
- Investments
- Intangible assets
- Payables and accrued liabilities
- Long-term debt
- Equity
- Revenue recognition
- Compensation and benefits
- Income taxes
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20-30% Select Transactions
- Accounting changes and error corrections
- Business combinations
- Contingencies and commitments
- Derivatives and hedge accounting
- Foreign currency transactions and translation
- Leases
- Nonreciprocal transfers
- Research and development costs
- Software costs
- Subsequent events
- Fair value measurements
- Differences between IFRS and U.S. GAAP
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5-15% State and Local Governments
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- State and local government concepts
- Format and content of the Comprehensive Annual Financial Report (CAFR)
- Deriving government-wide financial statements and reconciliation requirements
- Typical items and specific types of transactions and events in governmental entity financial statements