[jeff]

FAR Study Group Links and Resources:

1. NINJA Monthly – $67 FAR Course
2. Free FAR Notes
3. FAR Course Comparison
4. How to Pass FAR (with NINJA)
5. How to Pass FAR (in 20 Days)
6. How to Pass FAR (after Failing)

See Also:

• FAR Study Group
• AUD Study Group
• REG Study Group
• BEC Study Group

[nicholasloprinzi25]

Just keep grinding through. I just retook FAR on Saturday, I failed the first time by 2 points. DEFINITELY KNOW Governmental & NFP. I got a ton of MCQ’s on both those topics. FAR is a beast, but you just need to know a little of everything imo. Hoping that was the last time I have to take a CPA exam. Good luck!

[Hannah]

Nome Co. sponsors a defined benefit plan covering all employees. Benefits are based on years of service and compensation levels at the time of retirement. Nome determined that, as of September 30, 20X2, its projected benefit obligation was $380,000, and its plan assets had a $290,000 fair value. Nome's September 30, 20X2, trial balance showed prepaid pension cost of $20,000. In its September 30, 20X2, balance sheet, what amount should Nome report as additional pension liability?

A.$110,000
B.$360,000
C.$380,000
D.$400,000

The correct answer is A, and I see they added the $90(difference between PBO and FV) with the $20. Can anyone show me journal entries for this?

[babybird]

My boss told me to take FAR first. I did and passed it the first time. BEC took two tries, AUD took 3 tries and I didn’t think I would ever pass REG because I was tired of studying. Finally after 3 times, I passed REG, but by then FAR expired. I am dying studying for this test, but I have to close this chapter in my life. A contact on LinkedIn said it took 37 times and he passed each section twice, but he finally became a CPA. Suit up and get it done. I feel your pain. Muhammad Ali said, “suffer now and live the rest of your life as a champion.”

[Hannah]

Caradonna Company has 100,000 shares of $5 par common stock issued and outstanding as of January 1, 20X5. The shares were originally issued for $22 per share. On February 3, 20X5, Caradonna repurchased 5,000 shares at $19 per share for the purposes of retiring them. On April 10, 20X5, Caradonna repurchased an additional 2,000 shares at $25 per share, with the same intention. No other transactions involving common stock occurred during the year. What will be the balance in additional paid in capital from retired stock as a result of those transactions?

A.$0
B.$15,000
C.$21,000
D.$9,000

The correct answer is 9,000. Can anyone explain this a bit for me? I tried doing some journal entries, but I'm not sure they were right

[Cat]

Hello all!! This will be my third time taking FAR. I overcompensated the second time on items I was weak in the first one and did not keep up with the other material. Do you guys have any suggestions? I'm using Becker only at the moment. Did the Ninja items really help to supplement your studying?

[Tncincy]

@Cat, I am studying for far. I am using Ninja I'm following the accelerated plan. So far it is going well. What is it about Becker you don't like?

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Cat]

@Tncincy It's not that I don't like Becker, I just think I may need something additional to supplement because this exam is a beast!

[piggyqueenie]

I need a little help with this question:
Farm Co. leased equipment to Union Co. on July 1, Year 1 and properly recorded the sales-type lease at $135,000, the present value of the lease payments discounted at 10%. The first of eight annual lease payments of $20,000 due at the beginning of each year was received and recorded on July 3, Year 1. Farm had purchased the equipment for $110,000. What amount of interest revenue from the lease should Farm report in its Year 1 income statement?
a) 5,750
b) 5,500
c) 0
d) 6,750
I get how to calculate the problem to get the correct answer A) 5,750, but no where in the module in Becker does it talk about any subsequent journal entries for a sales-type lease so I assumed the answer would be zero…
Do I just do the subsequent journal entry similar to the one under a direct financing lease?

Thanks!

[Tncincy]

@Cat, I think Ninja is a good supplement since it has the adaptive learning for the mcq's. It knows what you don't know, or struggle with perhaps. It has helped me.
@Piggyqueenie, sometimes you have to go online and find lectures on small things that your review course doesn't cover in detail. I used several lectures online to get a more clearer understanding on leases. But again, Ninja is a good supplement but online is free, 🙂
When do you guys plan to test?

It begins with a 75
Been here too long as a cheerleader....ready to pass

[kaithepug]

FAR is going to be my first exam. I just graduated last May, but I also started working full time (40-45 hours a week). I am currently using Wiley's CPAexcel platinum. For those who uses CPAexcel, do you practice the test bank right after each lesson, or did you only start using it after section or even after you're done with all the lessons? What I do right now is read the text, take an assessment, and test bank. I also used to do post assessment and tbs, but it's taking so much of my time. I'm still waiting for my NTS, but I am planning to take it on September 9 and I'm not sure it's doable since I'm only starting with the consolidated f/s.

[Tncincy]

@Kaithepug, You might have to short cut some of the steps with Wiley to get through the materials. I tried Wiley, I love their focus notes and their flash cards, but the course itself was too detailed for me. You might want to get through the materials (lectures), or read a the chapters and take good notes and then go for the mcq's. Just a thought.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[kaithepug]

@Tncincy – Thank you so much! I've been stressing so much on the materials! Where can I find the focus notes online? I just purchased the ebook version, so I don't have any printed materials. I know where to find the flash cards, but not too sure about the focus notes. Also, did you mean go through all the materials (all chapters) and then hammer the test banks in the end? I'm currently on the consolidated financial statements and been doing post assessment every lesson, but not the test bank yet.

[Hopefulcpa1234]

Hi everyone, wondering if anyone has any successful tips on how to conquer the governmental section? I am really struggling to get all (if any) of the information to process for me logically. Wondering if it is worth it to watch the NINJA plus videos on governmental accounting? I am also using becker along with NINJA. Any tips would be appreciated!

[nicholasloprinzi25]

MCQs, MCQs & more MCQs. It’s the best way I learned governmental & I wrote notes on the ones I got wrong or thought I may forget then I rewrote them until I was sick of seeing them.

[Parker]

Under one week until possibly my last exam! (Taking it next Monday). Any last bits of advice would be great. Feel like I am pounding my head into the ground at this point, I have been studying since my last exam 6/10/19.

[Author]

Replies