FAR Study Group – Q1 2018 - Page 17

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  • February 12, 2018 at 12:22 pm #1711939
    Tim
    Participant

    @Pam

    I took it in October (date in sig). I used Gleim only and it was my first section so I don't think my studying was as efficient as it could have been. Obviously, I'm not gonna complain too much with the score I got. All I can really say regarding review is to focus on your weak areas. Hopefully the study material you're using breaks down your performance by topic so you can easily identify those. If you're really weak in a specific topic I'd suggest re-reading or rewatching the lecture for that topic then hammer MCQ's until it feels like a strength instead of a weakness.

    February 12, 2018 at 3:07 pm #1712134
    wakefern58
    Participant

    Hi All,

    Could someone please help me with Short-Term (original maturity period of under 1 year) Non-Interest Bearing Notes…

    A Becker MCQ states that Short-Term Non-Interest Bearing Notes are initially recognized at their Face Value because the terms are under 1 year…Yet when you move onto the next module, the textbook states “The accounting for Short-Term Non Interest Bearing Notes is similar to Long-Term Non-Interest Bearing Notes”.

    So which is it? Thanks all.

    February 12, 2018 at 5:05 pm #1712224
    mskcle
    Participant

    ST non interest bearing notes are recognized at face value.. LT non interest bearing notes are recorded at their face value being a credit with an additional debit being the discount applied based on the present value for the note… Hope that helps, if not look at example 7 on 5-34

    February 12, 2018 at 5:21 pm #1712239
    frog14
    Participant

    Hello everyone!

    I took AUD on Jan 25th so Mar 8th seems like lightyears away. Moving on to FAR and already struggling with Accrual Acctng. I understand I need to know this by heart. Is there a better way to learn this without the struggle? Thanks!

    February 12, 2018 at 9:58 pm #1712449
    Pendragon87
    Participant

    I took the test and didnt see any Partnership questions.

    Its weird because Gleim completely removed the topic from its 2018 book. Roger still has it.

    From what I've read some people say its still testable and some don't.

    I chose not to study it and focus on other topics.

    February 13, 2018 at 9:13 am #1712599
    Anonymous
    Inactive

    partnerships are no longer tested on the exam.

    February 13, 2018 at 3:18 pm #1712923
    SONA
    Participant

    @anyatver, How did your Exam go for FAR??

    February 13, 2018 at 3:26 pm #1712929
    Anonymous
    Inactive

    @SONA-I have no way of really knowing, but I felt better throughout. The questions weren't all in one area, I didn't think any of them were hard, but they never are as far as MCQs are concerned. The SIMS were manageable, I already know I made mistakes on some, but I would say 3 were for sure a slam dunk, including the research one. I felt much better going into it and coming out of it….Right now, I am thinking of it as I will need to re-take, only because I would rather experience pleasant surprise, rather than crushing disappointment as score releaseπŸ™‚ Study the blueprints, it really helps! What do you use for the review course? If you using Becker I would highly recommend leaving SIMS for review portion, and doing Skills Practices in the last week leading up to the test. I got so sick of MCQs that it felt like I was just going through the motions. So the last two days, i re-wrote all my notes in my own words, high level overview of each topic plus any related journal entries, and went over the SIMS I completed, plus did the Skills Practice in the areas that are marked “analysis” on the blueprint. We will see if this technique worked on March 8th.

    February 13, 2018 at 4:01 pm #1712963
    mskcle
    Participant

    @anyatver Did you find Ninja or Becker MCQ to be more comparable to the exam?

    February 13, 2018 at 4:56 pm #1712972
    SONA
    Participant

    @anyatver, Thanks for the reply and highlights. I think you got it. All the best. πŸ™‚

    I have Roger Cpa review and then I will be buying Ninja MCQs this weekend (still confused which one to buy for review phase NINJA or Wiley or Gleim ). I will be done with all Roger chapters next wednesday and will be doing only MCQs and Sims until the exam on 9th March.

    As far as Gleim, someone on this forum suggested me, it is a lot to do in 2 weeks review, you have to have a month to practice on Gleim.

    Your score on the audit looks great. Can you please suggest me for AUD. I will be retaking in April-2018 for the 3rd time. I know, the only thing not taking me over the hump is Audit procedure, audit evidence, corroborating evidence, U PERCEIVE etc. I had Becker 1st time + NINJA MCQs, Roger for 2nd time + NINJA MCQs, but could not do well.

    Need to pass AUD in April & FAR in March before my REG expires.

    Any suggestion, tips will be greatly appreciated from other forum members too.

    February 13, 2018 at 10:24 pm #1713137
    Anonymous
    Inactive

    AUD is very conceptual, it's almost like you have to get into the mindset of an auditor and follow the audit process along. You have to know the transaction cycles, the control procedures and what they are testing for-this was always the hardest for me. Ninja AUD SIMS and MCQ were actually great to supplement my studies with. I am not a great barometer for audit-I deal with external auditors as part of my job so a lot of it made sense to me.

    February 13, 2018 at 10:26 pm #1713139
    Anonymous
    Inactive

    @mskcle-I always think exam MCQ are more straightforward and easier than the ones you practice with. Both Ninja and Becker are comparable.

    February 13, 2018 at 11:20 pm #1713167
    wmont92
    Participant

    Got my FAR retake this friday! how likely (or often) is the CPA going to test for Reconciling Gov't-wide financial statements?
    Also, is this the last quarter before NASBA tests with updated FAR material?

    February 14, 2018 at 2:52 am #1713188
    Debbie4078
    Participant

    I’ve been studying since October 2017, used Wiley but switched b/c the material was bogging me down. I use Ninja book and have been writing over the entire thing..

    And then I plan on going over it again bit taking detailed notes. I am not overwhelmed bit at the same time I am hoping that I made the right decision to switch. I have been out of school a few years so I don’t remember much of anything. The only thing that I am afraid of is that this Ninja book too lengthy and does not have many calculations in the examples. I feel like Wiley really goes i to detail but it just too much detail.. So I will incorporate both for my studying. Taking FAR in April.. hope I pass…

    February 14, 2018 at 9:18 am #1713347
    Anonymous
    Inactive

    wmont92-I can't be sure, but I would say you don't necessarily have to know how to prepare the government wide financial statements, but I would know how to go from fund financials to government-wide (what to add or subtract in order to go from modified accrual to full accrual), for MCQ. NFP and gov't is heavily tested in the MCQ.

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