How Lumini helps with CPA FAR prep
You're doing multiple-choice questions in Becker, Roger, or Surgent on your Mac. You get a question wrong about lease accounting under ASC 842 — you treated it as an operating lease but the correct answer classified it as a finance lease because the lease term covers more than 75% of the asset's economic life.
Lumini sees the full question on your screen — the lease terms, the present value calculations, your wrong answer, and the correct answer explanation. Hold Ctrl+Option and ask "Why is this a finance lease and not an operating lease?" Lumini explains: "ASC 842 has five classification criteria. This lease meets criterion 4 — the lease term is 8 years and the economic life is 10 years, so 80% which exceeds 75%. I'm pointing at the lease term and economic life numbers. You also meet criterion 5 — the present value of lease payments exceeds 90% of fair value. You only need to meet ONE criterion for finance lease classification."
Governmental accounting — the FAR killer
Governmental accounting (GASB) is the section most CPA candidates struggle with because it's completely different from commercial accounting. Lumini helps you switch mindsets: "This is a governmental fund question. Stop thinking in accrual terms. Governmental funds use modified accrual — you recognise revenues when they're measurable AND available. 'Available' means collected within 60 days of year-end. I'm pointing at the collection date in the question — it's 45 days after year-end, so it's available and you recognise the revenue."
For the dreaded reconciliation questions: "You need to reconcile the governmental funds balance sheet to the government-wide statement of net position. Start with the fund balance, add capital assets (they're not in governmental funds), add long-term debt (same reason), and adjust for the different revenue recognition. I'll point at each adjustment in order."
Journal entry mastery
FAR tests your ability to construct journal entries from scratch. Lumini helps you build them: "You're issuing bonds at a premium. The debit is cash for the full proceeds. The credit is bonds payable for the face value. The difference is the premium. But wait — are there bond issue costs? Those get netted against the premium. I'm pointing at the bond issue costs in the question — you almost missed them."
Example questions to ask Lumini
- "Is this governmental, not-for-profit, or commercial accounting?"
- "What's the journal entry for this transaction?"
- "Operating lease or finance lease — which criteria does it meet?"
- "How do I calculate diluted EPS here — are the options dilutive or anti-dilutive?"
- "What's the difference between GASB and FASB treatment for this?"
How Lumini automates your CPA prep
Say "Create a note with the governmental accounting mnemonics." Say "Remind me to do 30 FAR MCQs at 6am." Say "Search the web for CPA FAR heavily tested topics 2026." All while staying in Becker.