Hi I plan to take FAR in August,2016 and I usually go to Sunnyvale Library. Published on May 27, 2013 I have been approached on and off, by several CPA aspirants, with various questions on how to do CPA. I made a PPT and presented to large group of CPA Students in one of the Becker Batches in Hyderabad. I thought it would very useful many others if it is placed on the net. TestimonyB Siva KumarBecker CPA StudentHyderabad, Spring, July, 2008Date of Presentation: 29th March 2009 CaveatThis presentation is a representation of theexperience of one individual in preparing andwriting the CPA Exams. This experiencemay not be relevant to all the students.Please make your best judgment inunderstanding the relevance of thispresentation to your own preparation. My academic and professional backgroundB. Com – April,1990CA – November, 1993ICWA-Inter, December, 1993CPA - February, 2009Post-CA experience about 16 years.My current employer: Pragnya Trustee andInvestment Management Company PrivateLimited

The Time LinesDate ofCommencement ofclasses: 20th July 2008Date of Closing ofclasses: 19th October2008Date of completion ofexams: 28th Feb. 09Total time taken fromstart to finish 223 daysor 7.43 months.21-Mar-0928-Feb-09Finance23-Mar-0923-Feb-09Auditing26-Mar-0919-Feb-09Regulation18-Mar-0914-Feb-09BusinessResult DateExam DateSubject Primary Requirements(All are equally important)DedicationHard workTime ManagementFamily Support and UnderstandingSacrificesNo Movies, TV, Long Drives, Avoidable ShoppingNo pleasure trips for SimulationE-mail support received from BeckerWebsiteVery good guidance received from theBecker Counselors and Faculty Things to do during classesAttend all the classes without failRedo any classes offline if required, in consultation with CounselorsInstall the Becker Software immediately after the very fist class.Finish the first time study of each module immediately during the weekfollowing the class.Finish all the questions in the Becker CPA PassMaster.

While doing thismake sure you mark all the difficult and / or time consuming questions.If have surplus time do a second review during the classes itself.Within a week of the final class you must have completed thePassMaster completely if you have been prompt in completing theweekly work.Morkie Poo Puppies For Sale In AzNote all important points in a separate document.Home Depot Door Drip CapRecord all your scores and time in PassMasterPractice all Simulations available in Becker Software.Pay the exam fee only after you have obtained 90% in the Final Examsin Becker Software.Used Tires In Mankato Mn Things to do after the Classes but beforethe ExamsMake sure you have reviewed the textmaterial at least three times.Make sure you have worked out thePassMaster at least three times.

Make sure you have completed both Final-1and Final-2 Exams in each of the subjects(total 4 * 2 = 8 Exams) with 90% score. Things to do during the ExamsSpace the Exams to suit your budget and level of preparation.If possible rework all the difficult questions identified during yourearlier preparation.If possible do a final review of the text books.During the exam sessions, first finish all the questions withanswers that are theoretical and then answer the questions withnumbers as the answers.During the exam sessions, balance a trade-off between the costand benefit of reviewing the answers.While attempting the simulation first make an attempt withoutreferring to research material. Then refer to research materialonly if you feel it is necessary. This may help you save a lot oftime. AcknowledgementsThe Almighty for the kindness and blessings.Becker for the excellent software, text books, classes and the support.George and Molly for the counseling and moral support.Prem, Amit and Praveen the Becker Faculty for all the guidance andencouragement.

My wife Suhasini and kids Saumya and Sindhuja for bearing with meduring the entire period of about 8 months.Kalyan, my friend for all the support and encouragement given before,after and during my stay in the US.My friend, Paul Wiley, Manager, Untract Early, CPA Firm, USA for allthe encouragement.Pragnya, my employer for giving me the necessary exam leave and notburdening me with weekend work.Fellow students for all the encouragement. THANKS&ALL THE BEST FORYOUR PREPERATIONAND EXAMSHome >> Inventory Accounting Topics Lower of Cost or Market Overview The lower of cost or market rule states that a business must record the cost of inventory at whichever cost is lower – the original cost or its current market price. This situation typically arises when inventory has deteriorated, or has become obsolete, or market prices have declined. The rule is more likely to be applicable when a business has held inventory for a long time, since the passage of time can bring about the preceding conditions.

The rule is set forth under the Generally Accepted Accounting Principles accounting framework. The “current market price” is defined as the current replacement cost of the inventory, as long as the market price does not exceed net realizable value; also, the market price shall not be less than the net realizable value, less the normal profit margin. Net realizable value is defined as the estimated selling price, minus estimated costs of completion and disposal. Additional factors to consider when applying the lower of cost or market rule are:You normally apply the lower of cost or market rule to a specific inventory item, but you can apply it to entire inventory categories. In the latter case, an LCM adjustment can be avoided if there is a balance within an inventory category of items having market below cost and in excess of cost.If inventory is being hedged by a fair value hedge, then add the effects of the hedge to the cost of the inventory, which frequently eliminates the need for a lower of cost or market adjustment.

Last in, first out layer recovery. You can avoid a write-down to the lower of cost or market in an interim period if there is substantial evidence that inventory amounts will be restored by year end, thereby avoiding recognition of an earlier inventory layer.Do not write down the cost of raw materials if the finished goods in which they are used are expected to sell either at or above their costs.You can avoid a write-down to the lower of cost or market if there is substantial evidence that market prices will increase before you sell the inventory.If there are unexpired sales incentives that will result in a loss on the sale of a specific item, this is a strong indicator that there may be a lower of cost or market problem with that item. Lower of Cost or Market Example Mulligan Imports resells five major brands of golf clubs, which are noted in the following table. At the end of its reporting year, Mulligan calculates the lower of its cost or net realizable value in the following table: