FAR Study Group – Q1 2018 - Page 14

Viewing 15 replies - 196 through 210 (of 373 total)
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  • #1705809
    Anna
    Participant

    Hi everyone!!

    I am 16 days away from exam day, and I am feeling really nervous. I've been pounding MCQ's daily along with the flashcards. Any suggestions on how to concur these last few days to finish strong on exam day?

    #1705812
    Anonymous
    Inactive

    @Anna-Have you practiced SIMS?

    #1705813
    Anonymous
    Inactive

    @Amor-I was just reading the section on NFP and functional expenses are still required I believe -that's not quite revenue recognition standard though, I think…I could be totally wrong.

    #1705863
    Anonymous
    Inactive

    @Anyatver, please take a look at the 2 screenshots below. The first photo is from Becker’s FAR 2017 edition, the second one is from the current version. Overall, I think they simplify NFP accounting this time, which I find it favorable to all of us. The previous NFP accounting was just ridiculously complicated.

    Statement of Functional Expenses

    #1705867
    Anonymous
    Inactive

    Read it today, actually but didn't really dwell on it I guess? 🙂 LOL I love that there is now “with” donor restrictions and ‘without” which makes it so much easier to classify!

    #1706053
    Anna
    Participant

    @anyatver yes, I'm also practicing SIM I still need to do some more work though.

    #1706089
    Anonymous
    Inactive

    How are increases/decreases in Deferred Income Tax Liabilities and Pension and Postretirement Liabilities treated /classified in the Statement of Cash Flows? Operating activities or financing activities?

    #1706109
    Anonymous
    Inactive

    ^^^This doesn't make sense to me-liabilities on the statement of cash flows? In a reconciliation of net income to operating activities is the only way I could think of….

    #1706220
    Anonymous
    Inactive

    These increases/decreases would be shown in Operating.

    #1706712
    nrik
    Participant

    Has anyone here passed the FAR section with surgent ? Any study tips with surgent? I am taking the exam on march

    #1706730
    Anonymous
    Inactive

    Hi Study Group…

    Just reporting in – I'll be taking FAR on Feb 7th. I haven't sat any of the CPA tests before, so this will truly be my first go around at them! I've been using Wiley CPAExcel (whatever the most expensive package was – can't remember the name). I've been out of school for over 10 years (graduated 2005) with a BA in Business Admin. Last year, I took a bunch of accounting classes at my local community college to get caught up on the credit requirement. Worked in banking/credit analysis so I'm quite familiar with the financials, but the actual accounting has always been a weakness. Decided to toughen up and become a CPA.

    Super excited but also terribly nervous. Being 34, I've been out of the ‘study regime' for a while.

    #1706733
    Anonymous
    Inactive

    @Cruz818-I am pushing 40, graduated college in 2001. Went back to get my accounting credits in 2013, sat for my first section (BEC) in January of 2017. Did well (3/3) until I hit FAR. A lot of people will say getting FAR out of the way first is a smart idea. Good luck!

    #1706737
    Kimberly
    Participant

    @nrik – I am using Surgent for the first time for FAR. I'll see how it goes in a week and change. I had used Wiley previously and that was fine for BEC/AUD, but I'm having a struggle with FAR and wanted something new for the retake. I made sure this time I have done two things I didn't do prior – get through all the MCQs (have done 2700 of them) and I'm almost done with the SIMS. Even if you don't have time to do all, make sure you do some SIMS to get some exposure to how they may ask you to “think” around a problem. I am hoping this is the piece I've been missing. I am finding it helpful to look at why what I typed was incorrect – as in stupid mistake or I have no idea what was being asked.

    How are you trending? How do you like Surgent?

    #1706808
    Anonymous
    Inactive

    @Kimberly, What did you think of Wiley for FAR? It seems like a TON of information. I've gone through every single MCQ (2700+), but only a handful of TBS. I find the Wiley TBS to have some odd formatting issues, confusing instructions, or unsure whether to put a positive or negative number in cells (or whether to round).

    I've been doing sets of 30 MCQs for practice and score anywhere between 70-83, so I'm in the ballpark, I hope!?

    #1706811
    Kimberly
    Participant

    @Cruz818 – My feelings were mixed. They were certainly thorough with the material. I took FAR for the first time in Q3 last year. And had spent, in retrospect, too long on the material with Wiley. Because it was summer and there was the long release, I studied for 2.5 months and I think it wasn't concentrated enough. There are SO many lessons for FAR, and it took a long time to get through. One frustration was definitely the way there was a lesson and you'd get to the end and they'd say the chance of this being tested is super super small but if you do see a question, you'll get it. There was just so much to cram into my mind! But FAR is massive. I think they maybe try to cover a little too much.

    I would say Wiley is great for the key areas, but they almost leave it up to you to determine the key areas, if you know what I mean. It was, at the time 240+ lessons. No way you can be an expert on all. I'd say if you are getting those numbers on MCQs, you should feel pretty good. Just try to focus on the highly tested areas and keep going back to take progress tests like you are. I do think most of their videos are good. I learned Govt very well from them and Pam Smith's cost to accrual formula is the only thing that has worked for me.

    And I will say, just try to expose yourself to some SIMs, even though I agree, they grade horribly, but I feel most do. I am finding that reviewing some SIMS in big areas, like leases, pensions, adjusting entries, is helpful to make sure I am understanding what they may ask. Hope that helps.

    I'm in a similar boat to you, regarding your story. I went back for a second bachelor's in accounting year's later and tackling the CPA in my mid-30s. Best of luck to you.

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