FAR Study Group – Q2 2018 - Page 14

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  • May 12, 2018 at 10:06 pm #1795201
    CPATooleTime
    Participant

    Thanks MPR. I appreciate the list. I was looking over the blueprint today trying to develop a strategy for it.

    May 16, 2018 at 9:10 pm #1799756
    JMH
    Participant

    Hey Everyone,

    I am studying for my first attempt at FAR. I have 20 days to review but I have no clue where to even begin. I am using BECKER. Has anyone used Becker’s final review?
    Any advice on how to review these next couple weeks?
    Thanks!!

    May 17, 2018 at 3:02 pm #1800661
    Ambi
    Participant

    Hi All,

    I Took FAR exam Yesterday.

    The first Testlet MCQ was fine. 2nd Testlet MCQ was bit lengthy not tough.
    Testlet 3 had 2 sims… one was on research . I did well on this Testlet.
    Testlet 4 : One sim was from Cashflow with around 8 documents to refer. I really have nt understood the question or may be i was under pressure because time was running. I spent around 7 mins on this but still have nt understood what to do . So i submitted this testlet leaving this question blank.
    Testlet 5 : Could manage to do all three Simulations.

    The simulations were very lengthy . 5 out of 8 questions were very lenghty. each question had around 5 documents to refer to answer.

    As i left one simulation Blank . I am worried now. Just praying for the positive result.

    Have anyone cleared the exam by leaving one simulation without answering ?

    Regards
    Ambika

    May 19, 2018 at 10:20 am #1802482
    pytka
    Participant

    Hi all,

    I'm retaking FAR on June 9th. I see that they've added “Partnerships” as a new area to test on, but I'm not sure if it is testable before end of 2018 2Q or afterwards. Any help would be appreciated! Thanks!

    Michael

    May 19, 2018 at 1:26 pm #1802657
    kl123
    Participant

    For the AICPA blueprints, I cannot understand which Becker sims they are referring to.

    For example: F8.1-4 & F8.7

    Does this mean sim 1 numbers 1-4 and number 7? Or are they referring to sections in general?

    Because then I see: F8_SIM2_1 & 6

    Which clearly seems to be sim 2 numbers 1 and 6.

    Another example to explain the confusion:
    F1.1, F1_SIM 2_6
    F2.3
    Can someone explain which sims they are referring to please?

    May 20, 2018 at 2:35 pm #1803865
    Grey Worm
    Participant

    Im a little confused about Commitments, and what triggers disclosure. Does there need to be a contract, with a fixed price and amount, reasonably estimable? Something like “we contracted with xyz to buy 100 widgets each year for the next 5 years” certainly requires disclosure, but does something like “we will pay xyz company $5 commission per unit sold” count as committing to a certain purchase/expense requiring a commitment disclosure?

    ✓ BEC: 77 (4/2015)
    ✓ AUD: 87 (4/2016), [85] [67]
    ✓ FAR: 79 (6/2016), [74] [74]
    _ REG: __ (7/2016)

    May 22, 2018 at 2:20 pm #1806559
    Lennamey
    Participant

    I am taking min June 6th and I have been in my review stage since last week. I rewrote key notes or formulas … I also wrote down exceptions to general rules because I feel like they might test some of those. I have spent majority of the time just working on multiple choice questions and this weekend I will be working heavily on the sims. I am trying not to memorize the questions so whenever i get a questions wrong, i make note of it and come back to it hours or even a whole day after.

    I still feel like I am not ready but the truth of the matter is . . . . . I dont think i will ever feel 100% ready. I just want to pass !!!!!!

    May 23, 2018 at 10:36 am #1807607
    jeff
    Keymaster

    Video: AICPA Released Questions (PDF) for 2018

    Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

    May 23, 2018 at 3:43 pm #1807972
    Jmac645
    Participant

    Well, here I am. As I noticed earlier, today marks the 2 year anniversary of my first deposit into the CPA exam's wallet. Purchased three exams at once, failed them all. Not by much, including a 74 on my first exam, but enough. Anyway, here I am having passed three exams with one left to go..FAR. As some of you probably know, I can't describe how badly I want to be finished with these exams. I've been studying since early April, my exam is June 4th. I took this once & got mid-60s, my worst score. I don't think its the material thats so hard, but rather the amount of material. I finished going through all of the material on Becker, & now I have begun to dig in for the final 2 week review.

    Was wondering if anyone had any advice? Maybe recently taking the exam with some advice on where I should focus my time? I obviously don't have too much time left, so I wanted to know if anyone had any tips on what to really make sure I've got down. I know, I know..we need to know it all. But realistically, the CPA exam has a tendency to focus on certain things more heavily than others. For example, I know they stressed governmental on this exam a lot, through prior experience & word of mouth. Is this still true? Anything else?

    Any input is really appreciated, & good luck to everyone currently testing!

    May 23, 2018 at 3:45 pm #1807976
    Anonymous
    Inactive

    Hello everyone,

    Having a little trouble with this problem from Becker F8:

    “During the current year, the Finn Foundation, a nongovernmental not-for-profit organization, received a $1,000,000 permanent endowment from Chris. Chris stipulated that the income must be used to provide recreational activities for the elderly. The endowment reported income of $80,000 in the current year. What amount of contribution revenue with restriction should Finn report at the end of the current year?

    A. 1,000,000
    B. 0
    C. 80,000
    D 1,080,000

    Answer is D. My logical thought process is that only $1,000,000 was contributed, and that $80,000 are earnings. Is it always like this that income from an endownment is considered “contribution revenue”. Need to brush up on Govt and NFP a little more before I take the exam on June 2.

    Thanks!

    May 24, 2018 at 12:20 pm #1808866
    Audrey15
    Participant

    Hi Guys,
    I can't seem to find the AICPA Blueprints exams or SIMS questions on their website. Can someone please guide me in terms of exam practice?
    All the links I opened pertaining to the CPA exam took me to PDF documents for the most part.

    May 24, 2018 at 12:39 pm #1808908
    Anonymous
    Inactive

    Hey all,

    This is my first crack at any section, and I wanted to get the Beast out of the way before I start work on Aug 1st. I'm not so sure I'll be able to because my studying takes 3x longer than my review course says it should. I'm just not absorbing any of this and there's no way I'm going to be ready to sit in June like I'd hoped. I'm only on my 4th out of 10 study sections and I haven't really 100% completed any of the study sections. At this rate I feel like I'm never going to sit. Advice?

    Edit: Been studying since April 15th :S

    May 24, 2018 at 3:06 pm #1809095
    AgaCali
    Participant

    Can anyone explain the answer to me, please?

    n January 1, Dyer Co. acquired as a long-term investment a 20% common stock interest in Eason Co. Dyer paid $700,000 for this investment when the fair value and carrying amount of Eason’s net assets was $3.5 million. Dyer can exercise significant influence over Eason’s operating and financial policies. For the year ended December 31, Eason reported net income of $400,000 and declared and paid cash dividends of $160,000. How much revenue from this investment should Dyer report the year?

    Answer: 80,000

    Thanks

    May 25, 2018 at 8:11 am #1809443
    Anonymous
    Inactive

    Hello guys- Wondering if anyone could give me a quick explanation on the following Becker F9 M3 Problem:

    “Expenditures of a governmental unit for insurance extending over more than one accounting period:
    a. Must be accounted for as expenditures of the period of acquisition.
    b. Must be accounted for as expenditures of the periods subsequent to acquisition.
    c. Must be allocated between or among accounting periods.
    d. May be allocated between or among accounting periods or may be accounted for as expenditures of the period of acquisition.

    CPA-00956 Explanation Choice “d” is correct. Expenditures are decreases in net financial resources of governmental funds other than interfund transfers. Expenditures extending over more than one period may be allocated between or among accounting periods.Choices “a”, “b”, and “c” are incorrect per explanation above. Absolutes are generally incorrect”

    I am just wondering why it does not all have to be recorded as an “expenditure” in the period of acquisition?

    Thanks!!

    May 25, 2018 at 9:53 am #1809605
    felixsphone
    Participant

    @Channdler

    Answers A and B seem a little far fetched.
    Answer C seems like the only that I would struggle with the wording.

    If you have a 6-month car insurance coverage that starts 10/1 through 3/31, then A & B would violate that concept.
    I'm not sure how C & D apply.

    I suppose, using C, we had a 3-month policy – – it is saying you MUST do October November December, and somehow, the next accounting period?

    Was that explanation useless? lol. Sorry I couldn't give you a more definitive answer.

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