FAR Study Group – Q2 2018 - Page 4

Viewing 15 replies - 46 through 60 (of 237 total)
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  • Author
    Replies
  • March 28, 2018 at 10:10 am #1751150
    SONA
    Participant

    How far are you for FAR? we are testing one day apart. So let's study together. What's the strategy from today?

    March 28, 2018 at 1:36 pm #1751298
    satyakatiwal
    Participant

    @sona when is your exam ? Saw your signature 74 is brutal.

    March 28, 2018 at 3:53 pm #1751391
    SONA
    Participant

    It's next week on 3rd…….

    March 28, 2018 at 6:59 pm #1751477
    satyakatiwal
    Participant

    All the best .

    March 28, 2018 at 9:21 pm #1751586
    future_CPA_
    Participant

    @sona Thank you for the motivation, I really needed that. 🙂 I am taking FAR in the third week of April.

    March 28, 2018 at 10:10 pm #1751592
    cpaswag
    Participant

    @sona did u visit AICPA sample exam and see what i am talking about? i wanna get the solution and steps

    March 29, 2018 at 5:09 am #1751654
    SONA
    Participant

    I was doing troubled all day yday, but today for sure….

    March 29, 2018 at 11:32 am #1751808
    shawn0216
    Participant

    Hello all, I failed FAR last quarter and received my score on 3/20/2018. However, I have not received my score form yet where it explains which areas were my weaknesses. Does anyone know when they release this form?

    March 29, 2018 at 2:34 pm #1751925
    Anonymous
    Inactive

    @cpaswag I answered the question correctly.

    The adjustments for assets is based on the reduction of Accounts Receivable (450k) and the increase in inventory 350k which nets out to a decrease of (100k). This comes from the email where the accountant journals in the transaction for inventory that was shipped, but the email from the controller says the items are FOB Destination. Since they don't arrive until January, the transaction does not occur until then and the journal should be reversed.

    With all the other income items entered, the Net Income is reduced by (89k). On the balance sheet that would be be reflected as a reduction of Stockholder's Equity. For the balance sheet to balance, Liabilities must be reduced by 11k (100k assets = 11k liabilities + 89k Equity).

    Return on Assets is Net Income / AVERAGE Assets. When you take the average, you should get 45,000k. With the Net Income after adjustments of 1,309.5k this will get you ROA of 2.91%.

    March 29, 2018 at 2:35 pm #1751928
    Anonymous
    Inactive

    I haven't take any of the exams yet, how does the Sample Test compare with the actual exam?

    March 29, 2018 at 2:51 pm #1751934
    Earla Riopel (NYCARE)
    Participant

    Hi there,

    I last wrote the FAR exam in Dec 2017.
    The MCQs are mostly similar to all CPA exam reviewers I used:
    – Wiley Textbooks Question Banks (2014-2015),
    – Becker (2014) and
    – Ninja (2014-March 2018)
    As to SIMs, the AICPA Sample Tests are the closest similar format/style of the actual CPA exam.

    Good luck.

    March 29, 2018 at 3:40 pm #1751967
    SONA
    Participant

    Journal Entries:

    https://www.principlesofaccounting.com/illustrative%20entries/entrieslist.htm

    March 29, 2018 at 5:51 pm #1752018
    Anonymous
    Inactive

    Thanks for the link @sona !

    March 29, 2018 at 9:13 pm #1752125
    cpaswag
    Participant

    @AF thanks so much!!

    March 30, 2018 at 12:28 pm #1752546
    Pam
    Participant

    @shawn0216 – at least for MD, if you click the score (its a hyper link) it will take you to the details. I wouldn't spend too much time on those details, it only says if you were comparable or weaker and it only breaks it into the 4-5 sections… for a retake, hit the MCQ's and see where you're trending and need assistance, go to those sections and keep redoing (new) questions until you think you're getting the concepts. Write down what you didn't do right and understand it.

    Sorry to see you back here (with me) on this FAR Q2 forum 🙁 I retake on 4/20 (attempt #3)!

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