[jeff]

Welcome to the Q3 2017 CPA Exam Study Group for FAR. 🙂

Introduce yourselves and let your fellow NINJAs know when you plan to take your FAR exam.

The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

[DeterminedCPAer]

@frankrsa, I'm wondering the same. I heard a few people say they felt they got more NFP questions than they thought would appear. However, that was more NFP than Gov. Others said that the type of NFP/Gov MCQs were more like the analogy of being ocean wide but 1 inch deep. I am hoping for/hedging that these questions are more basic and dont have any type of reconcilation.

I finished F10 last week and already forgot CAN CPAS RIDE or SIT

[Vinti]

@DeterminedCPAer
Are you doing these MCQS for the first time or you already gone through it? And what is “CAN CPAS RIDE OR SIT”?

[DeterminedCPAer]

@vinti, I've done every MCQ once. I did each MCQ by module and chapter until I got each one correct. So, if I got 15 wrong on F3 module 1, I'd redo the 15 until I got them right.

Now i'm skimming and redoing them under the progress test as it tracks your score.

[frankrsa]

@determinedcpaer

I am hoping for the ‘ocean wide but 1 inch deep' analogy, ill definitely review the NFP information though. The CAN CPAS RIDE or SIT stuff is going to get maybe an hour of my time, i just cant see it being that crucial, especially when the assigned module on becker only has 14 questions relating to it?>?

[BBHYX]

Does anyone have a easy to understand list of the stuff in CAFR and the order it's in? I swear becker is teaching different information than ninja. I've tried looking online but at this point I'm just very very very confused.

[frankrsa]

@xyz107

1 – Introductory section (Letter of transmittal, organizational chart, list of principal officers) so basically fluff.
2 – All the required reporting stuff for general purpose gov. entities (from MD&A through to RSI)
3 – statistical section

It looks like they just slot additional information in at the beginning and end of the required materials. Does ninja teach it different? If so, how?

[Accountingbeans]

Can anyone explain why, when service contract revenue is deferred and repairs occur evenly throughout a period, you have to multiply by .5 to get repairs made in the current year?

Newbie
BEC- August 31

[CoachEmUp]

Diluted EPS Question:
Wiley's example is flustering me a bit. For this problem there are 2 types of preferred stock: Convertible and non-convertible. The convertible portion has dilution numerator/denominator effect of 2,000/25,000. Basic EPS of income from continuing operations is as follows: [1,500,000 (NI) – 9,000 (nonconvertible PS dividends) – 2,000 (convertible PS dividends)] / 276,000 (WACSO) = $5.39 … so far so good I get that.

But when they go to show the diluted EPS they leave out the after tax savings of the convertible preferred stock. They show diluted as follows: 1,500,000 – 9,000 / 276,000 + 25,000. Can anyone explain to me why the 2,000 convertible PS wouldn't be added back after-tax of 30%, or 1,400???

So I guess my question is, if PS is converted do we show the after-tax savings on top, or is that treatment only for convertible bonds?

[CoachEmUp]

@accountingbeans it just means that let's say we had a beginning balance of 200 and and ending balance of 300. If things were bought evenly throughout the year we would buy 8.33 per month (8.33 X 12 = 100 to get our ending to 300). At the end of June we would have 250 as our balance. In other words of the 100 we purchased evenly… multiply it by .5 to arrive at the average for the year.

[DeterminedCPAer]

@frankrsa, ya I can't imagine they give complicated reconcilation of governmental funds as MCQs. However, knock on wood. I am hoping it is basic NFP and Gov questions like what uses modified accrual vs accrual or which funds use current financial measurement focus vs funds who use economic measurement focus.

NFP is super vague to me right now so without a question I cant think of examples. However I am going to review the JEs for the basic stuff and hope that is enough. I don't want to waste time going over the details of what you said. You hit the nail on the coffin, even Becker only has 14 questions.

[Andria – Another71]

FAR Test Your Might! Be sure to post your answer in the FB thread to be eligible to win. 🙂

[Sweetie1]

@CRS123 – I took FAR on Thursday, and used Becker to study.
I did feel that the multiple choice questions were a good comparison to what was on the exam.

Again, as others have stated, I don't really feel the SIMS were a great representation of the actual exam. Though, they weren't terrible. They did prepare me for the feel of all of the different options that I could see. The problem is there is so much detail that could be tested in the sims, I don't know that any review course could possibly nail all of the material you could see in the sims. (If someone knows of a good sims review course I would be happy to hear about it because I have 3 more sections to take.)

I ended up having 2 DRS questions, and I do think that Becker sims were pretty good examples of what those are like. The DRS could include both math and conceptual information. Good luck~

[CoachEmUp]

Quiet in here today…

I spent the weekend reviewing Part 1- Conceptual Framework and tested out pretty well after squaring away a couple of topics (EPS-DEPS, Acquisitions/Consolidations specifically for Non-Controlling Interest, Cash Flow Statement).

Today I've spent roughly 5 hours going over Part 2- Select Financial Statement accounts and am about to bang out some MCQ's.

15 days to go!

[DeterminedCPAer]

@sweetie1

Did you think your SIMs were hard? What kind of DRS questions did you get, math or conceptual. And how detailed did the math get, if any?

[francker]

Initially planned to take exam Aug 14th, but lack of discipline in studying has me wanting to push it back. There is just so much in FAR. Now using BECKER all these modules I do not know if it has changed for the better. Some of these concepts are better off consolidated then having its own separate lecture.

[Author]

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