[jeff]

NINJA Study Notes, Flashcards, and Audio: https://www.another71.com/products-page/

Wiley Software: https://www.another71.com/wiley-cpa-software/

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

[jomarie]

Stewie –

Sorry to hear that it seemed bad but you may have surprised yourself

Gotta –

Good Luck!!

Started sitting in May 2002, on and off. But since 2008 I've been nonstop and my scores are....
AUD - 39, 48, 56, 65, 68, 73, 76!!! (Finally passed in Oct 2011!!!) Becker, NINJA, & Wiley
REG - 75 (Lost Credit) 72, 68, 73, 75 (Passed again in Aug 2011) Becker, NINJA, & Wiley
FAR - 65, 68, 75 (Lost Credit) 68, 73, 73, 80 (Passed again in May 2012) Roger, NINJA, & Wiley
BEC - 65, 68, 71, 72, 72, 71, 76 (Lost Credit)- 70, 76!!!! I AM DONE!!! - Roger, NINJA, & Wiley
After 10 long years of studying, I AM DONE!!!! Finally a Licensed CPA in the State of New York!!

[KrutiJ]

Hey Everyone,

I scheduled to take FAR exam on October 08th. Does anyone have a better study program/schedule i should follow? I'm taking Becker. I was thinking of going through self study instead of live lectures. In the past lectures, i have dosed off, and i felt like my time was being wasted. This is the last exam I'm taking – My energy has been drained after the first three exams!

Anyway, any idea/opinion would help. FAR is 9 chapters – that itself intimidates me!

Thanks,

[Anonymous]

Dear exam fighters, I'm @ Ch8 supplemental HW questions of FAR and am really frustrated… There's a series of questions regarding “Bel City”‘s general governmental fund and capital project fund. I'm OK with the more conceptual questions, but I just don't get the calculations. I finished the mini-chapter hw Qs and thought that I got the hang of it, but these questions I just still don't get. I don't even know what they're asking for and the numbers in the answers seem to be out of nowhere!

[kb24]

KrutiJ

I did self study with the Becker text, Wiley text, and Wiley test bank. I'm a visual learner so I figured that using the lectures would be a waste of my time and money. It worked well for me.

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

[Anonymous]

I took FAR last week. And didn't finish two of the SIMs. I am wondering if they are making the SIMs harder if you do well on the MCQs. I think this test is too long for the time allocated. They should at least let you do the SIMs first because it's 40% of the test….. I mean 40% of the test in a little over an hour left is stressful and should be looked into changing.

[kb24]

According to the AICPA the choice of SIMS is completely unrelated to your performance on the MCQ.

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

[Anonymous]

Hi–Does anyone have any methods to help remember transactions lacking (and having) commercial substance and/or also nonmonetary transactions?

For some reason, I can't get any of this information to stick!

I got a flipping 74% on FAR in May 2011 and if I don't pass my exam Monday, I lose BEC (for the 2nd time!) haha (not funny to most, but funny to me)

And for the person above with the question about the Bel City questions–I have issues with those too, not like that helps!

[Anonymous]

For commercial substance I ask myself “will the future cash flows of the entity change after this transaction?”

If yes, then it has commercial substance, if no, then it lacks commercial substance.

This website has some good examples of non monetary exchanges with journal entries. (you have to scroll down a bit to the part that says “accounting for asset exchanges”.

https://www.principlesofaccounting.com/chapter%2011.htm

Also, i just picked up Wiley focus notes for FAR, and I really like them! I got the nookbook so i can view the focus notes on my computer and on my android phone. I copied notes from all the cards and added to my ninja notes, it helps bring it all together. It also has journal entries for all the major transactions, which really helped me visualize the transactions.

[Stewie]

Sorry @gottagetmycpa… I have been out of the city on vacation with my family (and trying to forget about FAR).

I don't think that they were that hard compared to what some of the people said. In fact, I found some of them to be straight forward, except for one of them… (I am hoping that was the test one).

I would say, make sure that you know the basics. Having gone over some of the material that I was concerned with, I wish that I had done more journal enteries. It would have made it easier to answer some of the questions that were asked. I cannot say which areas of course (I know that the AICPA monitors this site and we should not give details anyways), but it would have made even the theory questions easier to answer.

Good luck all and to @gottagetmycpa! See you next time for BEC!

Regards,

Stewie

REG - 91
AUD - 92
FAR - 88
BEC - OCT 2011

[jomarie]

I don't know why but I'm having a hard time with Bonds. Any advice?

Started sitting in May 2002, on and off. But since 2008 I've been nonstop and my scores are....
AUD - 39, 48, 56, 65, 68, 73, 76!!! (Finally passed in Oct 2011!!!) Becker, NINJA, & Wiley
REG - 75 (Lost Credit) 72, 68, 73, 75 (Passed again in Aug 2011) Becker, NINJA, & Wiley
FAR - 65, 68, 75 (Lost Credit) 68, 73, 73, 80 (Passed again in May 2012) Roger, NINJA, & Wiley
BEC - 65, 68, 71, 72, 72, 71, 76 (Lost Credit)- 70, 76!!!! I AM DONE!!! - Roger, NINJA, & Wiley
After 10 long years of studying, I AM DONE!!!! Finally a Licensed CPA in the State of New York!!

[Anonymous]

@jomarie

For bond questions, I write the journal entry out before i even try to answer the question. Sometimes I dont need the journal entry, but it helps me to visualize the transaction. I try to do this for foreign currency, consolidations, etc. Im taking FAR on Sat, and I just have trouble reading the question and trying to figure it out from nowhere. If I always write out the journal entry, then at least I have something to start off from.

[jomarie]

@CalCPASoon – That's what I was thinking of doing. I just did 20 MCQs and scored 50 but earlier today I did another 20 and scored 65. I'm going to do another 20 then I think I'm going to move on and come back later. I don't want to waste to much of my final review time on one topic. Good Luck on Saturday!! I'll be thinking of you as I'm reviewing!!

Started sitting in May 2002, on and off. But since 2008 I've been nonstop and my scores are....
AUD - 39, 48, 56, 65, 68, 73, 76!!! (Finally passed in Oct 2011!!!) Becker, NINJA, & Wiley
REG - 75 (Lost Credit) 72, 68, 73, 75 (Passed again in Aug 2011) Becker, NINJA, & Wiley
FAR - 65, 68, 75 (Lost Credit) 68, 73, 73, 80 (Passed again in May 2012) Roger, NINJA, & Wiley
BEC - 65, 68, 71, 72, 72, 71, 76 (Lost Credit)- 70, 76!!!! I AM DONE!!! - Roger, NINJA, & Wiley
After 10 long years of studying, I AM DONE!!!! Finally a Licensed CPA in the State of New York!!

[jomarie]

I'm starting to get really afraid of FAR. My exam is less than 2 weeks and I'm not prepared at all!!!

Started sitting in May 2002, on and off. But since 2008 I've been nonstop and my scores are....
AUD - 39, 48, 56, 65, 68, 73, 76!!! (Finally passed in Oct 2011!!!) Becker, NINJA, & Wiley
REG - 75 (Lost Credit) 72, 68, 73, 75 (Passed again in Aug 2011) Becker, NINJA, & Wiley
FAR - 65, 68, 75 (Lost Credit) 68, 73, 73, 80 (Passed again in May 2012) Roger, NINJA, & Wiley
BEC - 65, 68, 71, 72, 72, 71, 76 (Lost Credit)- 70, 76!!!! I AM DONE!!! - Roger, NINJA, & Wiley
After 10 long years of studying, I AM DONE!!!! Finally a Licensed CPA in the State of New York!!

[Mr.haha]

@@@@gottagetmycpa

i took far on the 9th of august and i left feeling as if i neither aced it nor bombed it.

my mcq's were all over the place and in general it was a very balanced exam with respect to the topics covered in becker. i certainly guessed on quite a few mcqs in testlet 2 but testlet 3 seemed really easly (i hope thats not a bad sign). i finished the MCQs with 1.5 hours left which gave me plenty of time work through the sims.

with regards to the sims, only 1 of the 6 calcuation sims was completely random. i wont divulge too much but i got a sim on one small piece of GASB reporting (a really small piece). i forgot most of this small government section so i had to make educated guesses. the other calculation sims were on point and nothing really suprised me.

Certainly know your JE as others have mentioned!

overall the sims were not hard, but they were tricky! two of my sims were setup in such a way that if you were in a rush, you might have missed a couple of the keywords that the sim was asking. im glad i caught this as i had to revise two of my sims after reviewing them.

also had 1 research sim which was a joke. wish i could have had 7 research qs.

btw, i used becker self study and found that the becker sims were FAR (no pun) more difficult than the exam sims.

BEC - 80 11/1/10
AUD - 74 on 11/30/11. retake 87 1/18/12
FAR - 79 8/8/11
REG - 80- 5/9/11

[Anonymous]

Question guys:

it's said in the text that Impairment Loss is equal to FV of Asset or PV of future CF, minus the net carrying value of the asset. How do we determine which one to use between the FV and the PV of future CF?

Thanks

BEC 92

AUD 78

REG 78

FAR Aug. 29th

[Author]

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