FAR – Exam Prep - Page 32

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  • July 19, 2011 at 5:01 pm #375143
    jnavarro
    Participant

    @ Red:

    What I did the day before test day: Took the day off of work. Slept in a little. Ate breakfast at a restaurant and had a second serving of coffee. Went into my study room and strictly reviewed my notes and flashcards. At this point, it was too late for me to do more questions. Later that evening, I took my wife to a simple dinner and discussed what this test meant to me. I went to sleep a bit earlier than the norm and said my prayers. The next day I felt so recharged and wasn't tired from cramming it all in the day before.

    BEC: pass
    REG: pass
    AUD: pass
    FAR: pass

    July 19, 2011 at 5:50 pm #375144
    Anonymous
    Inactive

    @Witchkizzle, I'm curious to hear how your exam went for you! I'm taking FAR on Monday, and am also scoring in the 65% range on Becker practice tests. I still have Final Review to work through, but the 65% is definitely making me nervous.

    July 20, 2011 at 3:04 pm #375145
    RedRage00
    Member

    My exam is Sunday and I think it's all starting to come together. I've been doing as many MCQs as I can and making sure I understand the concepts behind them. The last few days I've been getting between 75% and 95% correct on my mini tests depending on the topics. I just hope the SIMS don't trip me up. My FAR test is Sunday morning and I start my 5 week study for BEC on Monday!

    Texas CPA
    Licensed, March 2012

    July 20, 2011 at 3:57 pm #375146
    Anonymous
    Inactive

    Any body have experience with the ninja notes from FAR. I was thinking about buying them. They were helpful for BEC.

    July 20, 2011 at 4:17 pm #375147
    RedRage00
    Member

    I love the NINJA notes for FAR so much that I bought all the sections (BOGO sale).

    Texas CPA
    Licensed, March 2012

    July 22, 2011 at 6:09 pm #375148
    Anonymous
    Inactive

    I just took FAR today. I was wondering, do they give partial credit on the research sim? I may or may not have gotten it exactly right, but I'm pretty confident I was at least in the ballpark.

    July 22, 2011 at 8:35 pm #375149
    Anonymous
    Inactive

    Bad Asset,

    Unfortunately, I'm pretty sure the research sims are all or nothing.

    July 22, 2011 at 8:42 pm #375150
    kb24
    Participant

    @bad asset

    See the post from johndoe1121 on the previous page for what the aicpa says about the research question scoring.

    FAR 4/1/11 - 89
    AUD 4/15/11 - 85
    REG 4/29/11 - 80
    BEC 5/13/11 - 85

    July 24, 2011 at 6:12 pm #375151
    RedRage00
    Member

    I just took FAR today. I don't really know what to expect. Does anyone ever leave the testing center feeling good after a test? LOL

    I started the first testlet and it was going pretty good. I remember thinking to myself “I got this!” haha……then testlet 2 came around and it was the total opposite. It was TOUGH!! All sorts of things were going through my mind during that testlet. I had to guess on like 2 or 3 just to move on to testlet 3 for time management to make sure I kept 1.5 hours for the SIMS. Testlet 2 was really tough. Testlet 3 was better than 2. It allowed me to recover from the brutal testlet 2 and to catch my breath in a way.

    I remember some others on here saying they got the same IFRS question twice. I got the same question twice, but it wasn't related to IFRS. I thought it was odd, and I was glad I knew it LOL

    The SIMS were tough. I honestly don't know how I did on them. I was able to answer all 7 with just a couple minutes left. I just want to thank some of you on here for the advice on saving 1.5 hours for the SIMS because if I had not read this on here I would have been screwed because I'm sure I would have wasted a lot of time on the brutal testlet 2.

    I'm putting this behind me and starting BEC tomorrow.

    Texas CPA
    Licensed, March 2012

    July 24, 2011 at 6:18 pm #375152
    Minimorty
    Participant

    @Red – That doesnt sound too dissimilar from my experience with FAR. Its a good sign that you noticed testlet 2 was harder than testlet 1. I was neither confident nor worried exiting the test center. My thoughts were, “That was a tough test, I hope I did well enough to squeek by.” Now your wait begins. Good luck!

    July 24, 2011 at 6:26 pm #375153
    RedRage00
    Member

    Thanks Minimorty! Good luck on your AUD exam tomorrow!

    Texas CPA
    Licensed, March 2012

    July 26, 2011 at 1:48 pm #375154
    Anonymous
    Inactive

    I am wondering if someone can explain why the $8000 debit balance of Allowance for Doubtful Accounts in the Unadjusted TB at 12/31 is not added to the 3% of AR to arrive at the Adjusted TB. The question is as follows:

    The following accounts were abstracted from Roxy company's Unadjusted Trial Balance at Dec 31:

    Accounts Receivable $1,000,000 (Debit Balance)

    Allowance for Uncollectible Accounts 8,000 (Debit Balance)

    Net Credit Sales $3,000,000 (Credit Balance)

    Roxy estimates that 3% of the gross AR will become uncollectible. After adjustment at 12/31, the Allowance for Uncollectible Accounts should have a credit balance of:

    a. $90,000

    b. $82,000

    c. $38,000

    d. $30,000 <

    Correct Answer

    July 26, 2011 at 3:02 pm #375155
    PackerFan
    Participant

    Taking FAR again this weekend. Procrastinated again: I'm about 25-30% done studying, and have QUITE a bit to go. I figure I have about 40-45 hours to study before my test on 7/30. (880 MCQ @ 1 per minute and 15 modules @ 2 hours per module). From looking at my schedule/available time. I can find maybe 30 hours. I've taken Intermediate 1 and 2 in college and also already had one “go-around” with the test, so I'm hoping what I don't get to I can “get by”. I'm also thinking some of the modules are pretty short, maybe I can breeze by those to bring the module per hour down.

    Also thinking of purchasing the NINJA notes to peak at during work. I don't think they'd mind; they are reimbursing for the test and it's pretty slow at work this week.

    This post is nothing more than “misery loves company”. Thanks and best of luck to everyone!

    Kevin

    FAR 72 80
    AUD 89
    REG 88
    BEC 80

    July 26, 2011 at 7:53 pm #375156
    jimboace88
    Member

    @besuribansuri, $30,000 is the correct answer because they are using the percentage of receivables (balance sheet) method. Under this method, you calculate what your allowance for doubtful accounts balance should be and bad debt expense is a plug to adjust it to that amount.

    The question doesn't ask for bad debt expense, just for the balance in the allowance for doubtful accounts. This is computed by taking 1,000,000 * 3%, which gets you the answer of 30,000.

    Had you been using the income statement (percentage of sales) method, you would have netted the 8,000 debit balance against the 90,000 credit (computed by taking net sales of 3,000,000 * 3%) to get answer b, 82,000. However, you weren't using the percentage of sales method, so answer d is correct.

    FAR 07/27/11 - 87
    AUD 10/01/11 - 85
    BEC 11/15/11 - 87
    REG 01/03/12 - 92

    July 26, 2011 at 8:41 pm #375157
    gottagetmycpa
    Member

    @besuribansuri to make you solve the question even faster it says the gross of AR which means true AR without considering any allowances. So the 30,000 answer is correct

    FAR 76
    REG 76(2x)
    BEC FAILED (2x)
    AUD FAILED (2x)

    "When you don't give up, YOU CANNOT FAIL"

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