[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for FAR.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

[mtaylo24]

Whats up y'all? Got spanked by Reg yesterday, now it's FARs turn (I'm a glutton for punishment). Hoping to squeeze this one out in the extended window.

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Earla Riopel (NYCARE)]

Hi @mariyamn, I'm currently studying FAR using:
(1) Ninja MCQs: https://www.ninjacpareview.com/ https://www.another71.com/mcq/
(2) Ninja Plus: https://www.ninjacpareview.com/plus/ or part of https://www.another71.com/shop/ten-point-combo-far/
(3) Ninja Notes: https://www.another71.com/shop/ninja-notes-far/

Before Ninja, part of my training is through York University CPA, Becker CPA, Wiley CPA Textbooks, and CPA YouTube videos: https://www.youtube.com/channel/UCWu1tVBhdmMeAI-pkJeaGjQ/playlists

In fairness to my past accounting instructors, they have provided me the foundation. But writing FAR as an international student (educated in Philippines, Canada, & USA – exam only) is quite a challenge. Formerly passed BLaw (BEC); AUD & REG (expired in 2010) using the above materials.

Bought Ninja a few times, but always run out of time. By the the time I am done with my old Becker & Wiley materials, I don't have much time for Ninja materials.

Lately, I started letting go with my old materials and concentrate with Ninja only. Just finished viewing FAR Ninja Plus videos. All I can say, IT'S THE BEST CRAM REVIEW VIDEOS I EVER WATCHED IN MY LIFETIME! Seriously, Mr. Monette (RIP) summarized a whole chapter in 30-60 minutes.

In advance, my apology to all my accounting instructors, but the late Mr. Monette just ranked #1 on top of my list. The Ninja Plus is not a stand alone material though. You still need your main CPA review materials (i.e. books, notes, mcqs, flashcards, etc.). The closest replica (alive) is Mr. Roger Philipp & my former Becker/UBC instructor, Mr. Johan de Rooy. Again, my apology, I am a little bias here. Also, I am a former Becker CPA student rep. as well.

If you are on a budget, I highly recommend Ninja materials. Always grateful with Jeff. He's doing a lot of good things here, making it possible for us, to have quality current CPA review materials on a budget.

[Teal]

Hey, good job @mtaylo, I'm in here now too. When are you taking FAR?

FAR (66,68) Aug 26
REG (66) July 25
AUD (66) December 1st
BEC - October 3rd

[mtaylo24]

Teal what up dude? Gotta break out the CC tomorrow and get the ball rolling with the scheduling process. I'm hoping to take it Dec 7-10, hopefully something is open.

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[mckan514w]

Yay! its mtaylo24! Lets get this FAR party started 😉

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[mtaylo24]

McKan514w, Time to break my slump! This is my first time using Ninja w/ FAR, and im getting kilt

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[A1lessio]

mtaylo24 – is that enough time to prepare for FAR? I plan on taking it early January and cover roughly one Becker chapter a week. I would love to speed it up but I really struggle with the material and can't seem to do more than 20-30 questions per study session before getting distracted(and binge watching West world!).

AUD (08/02/2016)

[mtaylo24]

^^^Yup, I have a lot of good notes and calcs from when I studied from June-August. Just getting familiar with everything again, smashing Ninja MCQs now rather than later. Plus there is a lot of overlap from the other sections. I have enough materials as well, becker final review, ninja mcq, Gleim, and Wiley focus notes and book problems already worked. Just keep hammering away until test day.

I hit 4800 questions using Ninja w/ Reg in about 2 1/2 weeks. Hoping to hit 7000 w/ FAR.

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[mckan514w]

Mtaylo24 we got this– Ninja right now is handing me my A@@– I only got to it last time with about a week and half / 2 weeks to go… this time I am starting out with it and OMG… just killing me. Right now scheduled for Dec. 7th which was the latest seat my prometrics had… keep checking hoping one will open up the next week but am seriously thinking I may have to push it to January.

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[mtaylo24]

@McKan, Things can always be worse! At least its not as bad as Ninja for BEC. Keep on pluggin!

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[A1lessio]

studying for FAR is such a humbling experience

AUD (08/02/2016)

[mckan514w]

NOTHING is as bad as BEC Mtaylo– NOTHING…. 🙂

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[marti85]

Hello everyone,
I finished my becker review homework and now I’m doing MCQ’s from CPAexcel.
I learned from Becker that in consolidated statements all assets and liabilities of both the parent and the subsidiary are added together (adjustments are made at year end for FV). But for the Equity portion, its only the parent’s equity, or parents equity plus Noncontrolling interest.

Why is CPA excel lumping both parent’s equity and all subs equity together? Am I missing some basic concept?

Here an example of a question, shouldn’t the consolidated equity be the net assets of the 100% sub plus the Noncontrolling interest of the 10% Sub? ::

Mr. and Mrs. Gasson own 100% of the common stock of Able Corp. and 90% of the common stock of Baker Corp. Able previously paid $4,000 for the remaining 10% interest in Baker. The condensed December 31, year 2 balance sheets of Able and Baker are as follows:

Able Baker
Assets $600,000 $60,000
Liabilities $200,000 $30,000
Common stock 100,000 20,000
Retained earnings 300,000 10,000
$600,000 $60,000
In a combined balance sheet of the two corporations at December 31, year 2, what amount should be reported as total stockholders’ equity?

Correct answer is $426,000

[mckan514w]

They bought the remaining 10% for 4,000 thus they now own 100%
DR Shareholder Equity Baker 4,000
CR Cash Able 4,000

Thus your total assets equal 660-4=656
Your Liabilities= 230
For a shareholders equity of 426

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[mckan514w]

Deferred Taxes are kicking my A$$ grrrrrr…..

I thought that Tax expense equaled your tax payable + deferred tax asset??? So why is the answer here not 108,000???

In Year 2, Ajax, Inc., reported taxable income of $400,000 and pretax financial statement income of $300,000. The difference resulted from $60,000 of nondeductible premiums on Ajax's officers' life insurance and $40,000 of rental income received in advance. Rental income is taxable when received. Ajax's effective tax rate is 30%. In its Year 2 income statement, what amount should Ajax report as income tax expense—current portion?

A.$90,000

B.$102,000

C.$108,000

D.$120,000

ncome tax expense—current is the tax currently payable ($400,000 × 0.30 = $120,000)

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[Author]

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