[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

[Anonymous]

@mpetrosk,

oh no… i hate to see you lose all 3 passed just because of FAR :(((((((((((( definitely praying for you for you next round.

For FAR, I also used Becker, but I also went to the library and borrowed Wiley CPA review book and did those MCQs mulitple times. I have heard good things about Yeager. Personally I like Roger, although I don't have Roger review materials, I went to youtube and watched some of his videos and just loved him. If i didn't pass audit my second try I am definitely getting Roger.

Good Luck!!

[Marivy22]

@mpetrosk,

I didn't pass for 1, but I can say that Wiley test bank helps a lot. I used Becker self study and Wilye test bank for both AUD & FAR.

Done 😉
Class of 2012!!!!
Lots of prayers and hard work....

[mzdima]

I m taking FAR 11/29 and very confused on this topic of Cash Flow. I m using Becker per notes and lecture its not making sense. The question I have is on Operating Liabilities for direct and indirect method.

Indirect method

1. when A/P increases its a inflow – add

2. When A/P decreases its a outflow – substract

Direct method

1. when A/P increases its a inflow – substract

2. when A/P decreases its a outflow – add

I know inflow is substract and outflow is add but want to clarify whether direct and indirect are done differently. Thanks.

Reg - Pass
Far - 74, 11/29/11
Bec - 66, 1/12
Aud - 2/12

[Megan]

With the Direct Method, the line item is “Cash PAID to Suppliers.” So the net is an outflow (cash PAID). If A/P increases, cash is NOT being PAID, it is being held as a liability, so it decreases “cash paid to suppliers.” If A/P decreases, that means cash IS paid to suppliers, so the liability is being eliminated and it increases what was actually PAID to suppliers.

With the Indirect method, the line item is “adjustments to reconcile net income to net cash PROVIDED by operating activities” so an increase in A/P, increases cash provided since the liability is still there and cash was paid. A decrease in A/P means cash was paid to eliminate the liability.

I hope that makes some sense!

BEC 52, 61, 74, 77
AUD 80
REG 75
FAR 50, 60, 70, 74, 83...DONE!!
..Texas.. Baby #2 born 4/11/11

[Anonymous]

Megan,

the way you explained I know you got 86 on your FAR! 🙂

[Megan]

Haha thanks David! I hope you're right! 🙂

Oh I left out an important word in the indirect method part. Next to last sentence: “the liability is still there and cash was NOT paid.”

BEC 52, 61, 74, 77
AUD 80
REG 75
FAR 50, 60, 70, 74, 83...DONE!!
..Texas.. Baby #2 born 4/11/11

[CPA_Dallas]

I studied really hard for FAR and I got 70. ;( I'm taking it again in Feb. I don't know where i went wrong. I finished the whole exam, didn't leave anything blank. I thought I did really good on sims, but the email I got from NASBA says weaker on SIMS and MC. 🙁 I had comparable on 4 out of 5 content topics. The email said I'm weaker in specific transaction events. Whats that? lol Can someone please give me examples/topics of specific transaction events so I can study those. I took becker and wiley and thought was well prepared for the exam. I actually walked out pretty confident. 🙁 sighh! Don't know what to feel or think anymore. Whats specific transaction events, and where does backer cover it?? any help would be greatly appreciated!

FAR 70 RETAKE 02.29.2012
BEC 05.30.2012

[momof4]

I just don't understand the feedback they give. On my last exam I was comparable in all areas in MC except stronger in not for profit and weaker in Governmental. Then my overall assessment was weaker in MC. I retake the exam Saturday. You have me worried. You never know what you will get. I really think it comes down to the Sims and which ones you get. I will spend the first 3 hours racing for the Sims. There is just so much information to cover and so many little details to remember.

Now I'm back to studying long term contracts.

Good luck everyone and Happy Thanksgiving.

BEC 84
FAR 80
AUD 85
REG 78

[momof4]

Today is the day. Will I get a normal exam or every obscure topic known to financial accounting? Please give me normal…or at least 75% normal.

BEC 84
FAR 80
AUD 85
REG 78

[Anonymous]

Good luck momof4. I hate to tell you but normal FAR exam does not exists! LOL

You'll be fine.

[Anonymous]

Hi Everyone, i am pursuing F8 and was working questions in pass master cant understand the answer to this question..KIndly Explain

Q Stone Corp. donated investments to Pine city and stipulated that income from investments be used to Acquire art of city's museum.Which of the following fund should be used to account for investments?

a Endowment fund

b Special Revenue Fund

c Private purpose trut fund

d Permanent fund

I think the answer should be B Special Revenue fund But the Answer in Becker is Permanent fund but why permanent fund, it only accounts for interest not Principal

Kindly Explain

[Sherrid]

The Permanent fund's principal cannot be spent only the interest can be. The art for the museum is acquired with the interest earned from the investments. The donor said that the interest was to be used for the art ( he meant don't touch the principal). The special revenue fund can spend both principal and interest and that's why it was put in the permanent fund. Hope this helps and good luck….I'm still waiting for my grade from 10/26/1953. BEC is a B**ch!

[Anonymous]

Thanks Sherrid , I got it ( Donor meant Dont touch the Principal) .

Thanks..God Bless You

[momof4]

I took my second attempt at FAR yesterday. I liked this exam much better. It is so random which Sims you get. Some stuff I really studied wasn't there at all. I would think I passed for sure if it was any kind of exam except CPA. I'll keep my fingers crossed.

I wonder how smart the exam is when it comes to checking Sims. If my answer is correct but different from the key will it count me wrong or correct? What about rounding?

Good luck to everyone. I am on to Audit now.

BEC 84
FAR 80
AUD 85
REG 78

[momof4]

I took my second attempt at FAR yesterday. I liked this exam much better. It is so random which Sims you get. Some stuff I really studied wasn't there at all. I would think I passed for sure if it was any kind of exam except CPA. I'll keep my fingers crossed.

I wonder how smart the exam is when it comes to checking Sims. If my answer is correct but different from the key will it count me wrong or correct? What about rounding?

Good luck to everyone. I am on to Audit now.

BEC 84
FAR 80
AUD 85
REG 78

[Author]

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